Family Offices Texas: gaining access through proof

Family Offices Texas - you don't enter through the front door with polished slides, but with a first name whispered at the right moment. Trust is built away from the spotlight: an investor who has tested you, who has seen what you deliver when no one is looking... and who simply says, "Talk to them." At that moment, there's no more storytelling: either you have proof, or you don't. In these circles, the decisive pass comes from the field: a flat approved, a drainage taken up without delay, a take-out honored despite steel prices. The rest follows: milestones met, deviations accepted, reporting without surprises. In Texas, where entitlement structures value, the recommendation always precedes the presentation. We win access because we deliver, not because we promise.

By Thibaut Guéant, Co-founder & Investor Relations Director (LandQuire)

Thibaut Guéant is co-founder of LandQuire (Miami Beach, FL), a proptech specialized in land investment in the United States. Since 2021: $40M raised, 130+ projects financed, ~400 investors involved. An expert in land entitlement in Texas, he supports family offices in their land strategies and structuring. LinkedIn

Mapping a discreet and demanding ecosystem

Family estates in Texas manage multi-generational assets with tight governance. Access almost always follows the same trajectory: sponsorship, then screening, then due diligence by third parties who have no interest in pleasing you. Decision-makers (CIOs, investment committees, legal and tax advisors) assess traceability: KYC/AML policies, compliance, auditable reporting, legible waterfall, real co-investment. On the ground, they scrutinize local specificities: controlled entitlement, flat preliminary, FEMA constraints(floodplains), MUD/SUD/UD districts for networks, specific titles (easements, mining rights), realistic timetable. Not to mention the ability to document deviations (capex, deadlines) and to prevent rather than suffer. For Texas Family Offices, alignment of interests is not a slogan: it must be read out on a page, with figures to back it up, within an ordered and time-stamped data-room.

Why Texas attracts patient capital

Sustained population growth fuels structural residential demand. What these circles are looking for in Texas is demanding predictability. Value is created legibly:

Entitlement (zoning, preliminary plat, plans, permits)
Servicing (roads, water, sewers, drainage)
Outlets for homebuilders in slices

Data analysis: our tool runs 3,143 US counties through >120 criteria to prioritize Texas corridors, before cross-referencing with field expertise. Less promises, more speed.

💬 Talk to a LandQuire expert

MUD/SUD/UD: why these districts count

In Texas, Utilities Districts (MUD/SUD/UD) make it possible to finance and operate networks (water, sewerage, drainage) on a project or perimeter scale. For a committee, it's an uncertainty reducer: we know the technical scope, responsibilities, financing arrangements and governance. The review covers: district capacity, assessments, extension rules, compatibility with topography and FEMA floodplains. Properly framed, these districts improve the predictability of capex, streamline permitting and secure the timing of releases. They do not replace engineering or local acceptability, but structure the pace of development and the legibility of risk for legacy investors.

Entitlement: typical chronology and tipping points

Legible entitlement follows a clear chronology: pre-app with the city/county, preliminary plat, engineering plans (roads, water, sewers, drainage), permit, then final plat. Tipping points to anticipate: quality of title review (easements, mineral rights), hydrology and retention basins, traffic impact, inter-departmental coordination, comments from local residents at public hearings. The committee observes the stability of this chain: realistic deadlines, change orders, sourced technical responses, and the ability to replan without slipping. A good file shows how a hazard (e.g. drainage recalculation) is absorbed by re-sequencing, not by promises. The expected result: a clean preliminary flat, a budget kept, and pre-negotiated exits.

What family offices in Texas are really looking at

They look for evidence of execution: batches taken out cleanly, dishes approved without surprises, take-outs held despite the weather and flaming steel. Governance isn't an organization chart: it's how an uncomfortable decision is made at 7pm on a Friday. Transparency is a sourced, time-stamped data-room; alignment is seen in real co-investment and a legible waterfall. In Texas, this translates into visible milestones: drainage recalculated without shifting the Gantt, change orders traced, variance analysis shared in good time, and quarterly reporting that explains both deviations and successes. A committee doesn't want promises or superlatives; it wants a file that stands up on its own, secure contract builders, and documented proof that, under pressure, the team decides quickly and communicates clearly.

The 4 assessment pillars

Operational governance: how do you slice and dice under duress?
Documented transparency: data-room, versioning, Q&A.
Proven alignment: co-investment managers, clear fees and promoters.
Verifiable track record: direct, unfiltered reference calls.

Loyalty: a significant proportion of investors reinvest - a sign that alignment works.

Risk matrix: three-line reading

The committees want a clear risk matrix: Technical (hydraulics, soil, networks), Administrative (permits, delays, hearings), Economic (costs, financing, liquidity). For each risk: probability, impact, mitigation andkill-switch. Example: steel/PVC → high volatility, medium impact; supplier hedging + budget contingency + contractual penalties. FEMA floodplains → localized probability, high impact; hydraulic studies, freeboard, basins, traced variants. Permitted delays → medium probability, high impact; pre-apps, realistic schedules, margins. What a committee reads: not "zero risk", but tamed risk and clear fallback paths. Confidence comes from monthly monitoring and an owner's rep who arbitrates quickly.

LandQuire method: prove, document, reassure

Our approach is based on seven concrete pillars, proven on a double-digit ROI (22% in 2023 on exited projects): a clear thesis by segment and corridor, disciplined sourcing with filters and kill-switches, an orderly data-room (versions, Q&A, proofs), sourced financial models with sensitivities and downside, a readable legal/tax structure (LLC/LP, side letters, K-1/1099), cadenced reporting (KPIs, variance analysis, photos, as-builts), and verifiable references via reference calls. In Texas, these pillars translate into well-executed pre-apps, approved dishes with no surprises, networks financed via MUD/SUD/UD and secure take-outs. The aim: to make the method visible and auditable, so that each committee can see, on one page, the alignment of interests and the control of risk.

1. Clear thesis

Land segment, timing, barriers to entry. Focus: entitlements in the Dallas-Austin-San Antonio triangle.

2. Written procedures

Origination → closing, checklists, acceptance thresholds, kill-switch. High flow of offers analyzed each month ⇒ process discipline.

3. Robust data room

Tree structure, versioning, traceability, time-stamped Q&A. Real-time portal + quarterly project reports.

4. Audited financial models

Sourced assumptions, sensitivities, downside case. Technical validation by recognized Texas engineering firms.

5. Legal & tax

LLC/LP diagrams, side letters, K-1/1099 implications if required. Dedicated SPVs for direct project control.

6. Disciplined reporting

Cadence, KPI, variance analysis, site photos, as-builts. Monthly in-house + quarterly investors.

7. Verifiable references

Direct contact, unfiltered reference calls. Press coverage available on request (media kit).

Data-room architecture: what a committee sees

A convincing data room looks like an orderly room: 01_Governance (bylaws, powers, D&O, KYC/AML policies); 02_Finance (accounts, cap table, models, sourced assumptions, variance); 03_Technical (surveys, geotech, hydrology, traffic, plans) ; 04_Titles (covenants, easements, mineral rights, exceptions); 05_Permits(pre-apps, plats, permits, letters); 06_Commercial (LOI/term-sheets, builders, earnest money); 07_Reporting (KPIs, photos, as-builts). Each file has a timestamp, an owner responsible and a changelog. Q&A follows a format (question, answer, attachment, date, status) to avoid confusion. The aim is for an external reader to reconstruct the project film on his or her own, and confirm the consistency between the terrain, the figures and the schedule.

A concrete example

Mid-term drainage replat: 15 days, 3 city meetings, supplier renegotiation, variance shared with the committee on the same day. Result: +3.8% capex, delay absorbed by re-sequencing, take-out preserved. Not "spectacular" - predictable. That's what pays off.

Investor reporting: pace and useful KPIs

Reporting is not a newsletter; it's a decision-making tool. Frequency: quarterly to investors, monthly internally. KPIs: entitlement progress (milestones reached, sticking points), capex committed vs. budget, permit chronology, contingency consumed, probable take-out, emerging risks + action plan. Add a one-page executive summary, two graphs (calendar slippage, burn rate) and a "variances vs last quarter" insert. Site photos and as-builts document reality. The no-surprises principle applies: if a risk appears, it is declared, quantified and addressed. A committee doesn't buy prose; it buys predictability.

Term-sheets builders: securing output

Value creation materializes in term-sheets with homebuilders. Key clauses to be framed: takedown schedule by tranches (lots, calendar, outside dates), earnest money progressive and non-refundable at objective milestones, pricing and indexation mechanisms (input costs, eligible change orders ), development standards (roads, utilities, drainage) and municipal acceptance criteria, cure periods and penalties, restricted assignment, controlled force majeure, HOA/POA requirements, and transfer of warranties. A good file includes closing checklists, representative as-builts and letters of intent convertible into contracts. The challenge is not to announce an exit, but to pre-negotiate an exit corridor that is executable, documented, and compatible with local constraints (FEMA, MUD/SUD/UD). This is what turns a pipeline into predictable cash flows.

💬 Thinking about a mandate or co-investment? Contact LandQuire - answer in French or English, with concrete examples to back it up.

Case study : Disciplined residential subdivision

(Anonymized case study - PORTFOLIO 15 type)

Target: 80 gross acres → serviced lots for homebuilders
Location: Marion, Texas (growth corridor)
Timeline: 24 months to completion
Projected ROI: 63% (base case)

1: Acquisition & Analysis (M1-M3)

Title review, easements, FEMA zones
Geotechnical & traffic studies, topo
Pre-apps: preliminary flat front municipal alignment
Base/downside modeling + sensitivities

2: Entitlement (M4-M12)

Preliminary plat: submission & approvals
Engineering plans: roads, utilities, drainage
Building permits (multi-department)
Public hearings & stakeholder management

3: Development (M13-M20)

Infrastructure: roads, water, sewage, electricity
Quality: regular inspections, as-builts
Qualified pre-marketing builders
Final plat: registration & subdivision

4: Output (M21-M24)

Bulk sales
Closing: title, financing, walk-throughs
Distribution (SPV): capital + capital gains
Final reporting & lessons learned

Keys to success: early hydraulics (basins, freeboard), controlled costs (steel/PVC), early dialogue with authorities, pre-qualified pipeline builders.

Taxation for foreign investors (overview)

For non-US investors, the challenge is to avoid unpleasant surprises. Forms: SPV in LLC/LP with adapted documents. Income: depending on the case, ECI vs FDAP; possible consequences on deductions and declarations. Documents: K-1/1099 according to structure and nature of flows. Numbers: ITIN/EIN if required. Treaties: some treaties avoid double taxation, but require rigorous documentation. Key message: work upstream with US tax specialists and country of residence, anticipate timing of obligations (IRS/state deadlines) and standardize tax packages provided to investors. The aim here is not individualized advice, but a clear framework that avoids turning a good project into an administrative headache.

Express checklist for your first FO screening

Core (J-7) : deck 15–20 p, one-pager + 3 case studies, org chart & politiques, track-record chiffré.
Modèle (J-3) : base/downside + sensibilités, waterfall clair, comparables, stress tests.
Juridique (J-1) : schéma LLC/LP, KYC/AML, D&O, fiscalité (K-1/1099), clauses de sortie.
Opérationnel (Jour J) : process mapping, écosystème vendors (engineers, lawyers, title, GC), cadence de reporting, réseau de références.
Après RDV : accès data-room, DD package, reference calls < 48 h, next steps & timeline.

Classic trap: over-promising the calendar. It's better to be conservative and over-deliver.

ESG strategy applied to real estate: what makes the difference?

When it comes to land, ESG isn't a banner; it's concrete. E: robust hydraulics, sized basins, protected soils, stormwater management, choice of right-of-way to limit impact. S: early coordination with schools, controlled traffic impact, prepared public hearings, clear information for local residents. G: traceable vendor selection, calls for tender, justified change orders, conflict-of-interest policy. A heritage committee rewards operators who treat ESG as a risk discipline - not as a marketing rubric. A simple appendix (indicators, milestones, documents) is all that's needed to make the audit-proof approach more fluid.

Key points to remember

In Texas, sponsorship opens the door, the data-room makes people stay, and alignment seals the relationship. Value is created through entitlement + nurturing, not promises. Regular reporting, even when there's "nothing to say", builds lasting partnerships.
Organization: a team of ~60 people spread over several countries, supported by specialized partners.

Mini-glossary Texas land (committee reading)

Entitlement: set of administrative authorizations opening the way to development.
Preliminary plat: preliminary subdivision plan, before final plat.
Final plat: registered final plan, officially creating the lots.
MUD/SUD/UD: districts financing/operating networks.
Freeboard: safety margin above the calculated water level.
Earnest money: security deposit in a builder's contract.
Change order: contractual modification, costed and approved.
Variance analysis: deviation from budget/planning, with causes and actions.
Kill-switch: factual criterion that stops a project.
Take-out: exit via sale of lots to homebuilders.
This vocabulary is the grammar of committees: mastered and documented, it makes the project readable in just a few pages, without any loss of meaning.

FAQ - Family Offices Texas

Why would a Texas family choose an operator over a fund?
For direct control, hands-on visibility and fine-tuning via dedicated SPVs.

How long does a complete due diligence take?
4-12 weeks, depending on complexity, with stabilized documents and rapid responses.

What initial ticket should be considered?
Often a personal test ticket (≈100 k$), then gradual ramp-up after 1-2 quarters delivered.

Do they demand co-investment?
Very often, yes: they want to see managers exposed to the same risks and rewards.

Conclusion - Building trust, one milestone at a time

Texas family offices don't buy eloquence or thrills; they buy cadence and work ethic. What counts are milestones delivered when it's sunny and when it's raining: a plat approved, drainage adjusted without slippage, builder contracts honored. Show how you manage variance - not just how you explain it: variance analysis, change orders plotted, decisions documented. Bring alignment to life: real co-investment, legible fees, waterfall that can be understood on a single page. Keep regular reports, even when there's "nothing to say", and maintain a clean, time-stamped data-room, ready for auditing. At this rate, confidence builds up by the quarter, not by the slogan: the door opens a little more with each cycle, because you've proved that your method stands up to the reality on the ground, not just the slides.

💬 Ready to structure your thesis, discreet mandate or co-investment?
Contact LandQuire - We'll be happy to answer any questions you may have in English or French, with concrete examples to back it up.

🔗 Additional resources :

SEC Family Offices Rule (PDF)
ILPA Due Diligence Questionnaire
Investopedia - Family Office
LandQuire.com - Our approach and references