06/05/2026
Brandon Turner’s deal was in trouble in 2019.
His biggest pain point was operations. He was starting Open Door Capital and moving from Washington to Hawaii. His soon-to-be COO was running this property from Maine. They were done dealing with the headache.
So Slocomb brought in a partner and made an offer. They told him they wanted to solve his operational headache now. They would take over management ASAP, before they even closed.
Here is what Brandon came up with. A master lease agreement that started the day we waived due diligence. Slocomb agreed to increase his purchase price by the equivalent of three months of his mortgage payments. Brandon’s words: "I'll pay the mortgage and I'll get it back in the purchase price because I know you're gonna close."
So Brandon kept paying the PITI, the insurance, and the taxes. Slocomb took over the property, collected the rents and the coin laundry income. Slocomb paid utilities, handled maintenance, started moving bad tenants out, and began unit turns using that revenue.
He got a three-month head start on the turnaround. No cost of debt. No carrying the insurance or taxes during that window.
That is what a master lease can do. The seller stays on title and keeps paying debt service, taxes, and insurance. The buyer takes over operations early and uses in-place revenue to fund the turnaround. The three months between waived diligence and close became runway instead of dead time. Both sides got what they needed. Brandon got out from under the operations. Slocomb got a head start. The structure made it work.
