<SEC-DOCUMENT>0001104659-20-006239.txt : 20200327
<SEC-HEADER>0001104659-20-006239.hdr.sgml : 20200327
<ACCEPTANCE-DATETIME>20200123144045
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-006239
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CaliberCos Inc.
		CENTRAL INDEX KEY:			0001627282
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8901 E. MOUNTAIN VIEW RD.
		STREET 2:		SUITE 150
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		480-295-7600

	MAIL ADDRESS:	
		STREET 1:		8901 E. MOUNTAIN VIEW RD.
		STREET 2:		SUITE 150
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CaliberCo Inc.
		DATE OF NAME CHANGE:	20141205
</SEC-HEADER>
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                                                                                                      <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">manatt | phelps | phillips</P>


</TD>
    <TD STYLE="padding: 0; width: 57%; text-align: right; font-size: 10pt; text-indent: 0"><B>Thomas Poletti</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Manatt, Phelps &amp; Phillips, LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Direct Dial:&nbsp;&nbsp;(714) 371-2501</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">E-mail:&nbsp;&nbsp;TPoletti@manatt.com</TD></TR>
</TABLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">January 23, 2020 &nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Via EDGAR CORRESPONDENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Ms. Kim McManus and Ms. Stacie Gorman<BR>
Office of Real Estate and Commodities<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 5.65pt">CaliberCos Inc.<BR>
Amendment No. 4 to Offering Statement on Form 1-A<BR>
Filed January 3, 2020<BR>
File No. 024-11016</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. McManus and Ms. Gorman:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are submitting this letter on behalf
of our client, CaliberCos Inc. (the &ldquo;<U>Company</U>&rdquo;), in response to the written comments of the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) contained in your letter dated January 21,
2020 (the &ldquo;<U>Comment Letter</U>&rdquo;) in connection with the Company&rsquo;s Amendment No. 4 to the Offering Statement
on Form 1-A (the &ldquo;<U>Offering Statement</U>&rdquo;), as filed with the SEC on January 3, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attached as <U>Exhibit A</U> is a draft
response letter (including <U>Exhibit 1</U> to the draft response letter) which contemplates the proposed revisions to the Offering
Statement in bold underlined text (for added text) and strike-through text (for deleted text) in response to the Comment Letter.
Once the Company receives further comments or sign-off from the Staff in connection with the proposed revisions contained in the
draft response letter, the Company will file Amendment No. 5 to the Offering Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should you or the Staff
have additional questions or comments concerning the Company&rsquo;s proposed responses to the Comment Letter, please do not hesitate
to contact the undersigned at (714) 371-2501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.75pt 0pt 9pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.75pt 0pt 9pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>



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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><U>/s/ Thomas Poletti</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Thomas Poletti</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">

 &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">John C. Loeffler, II, Chief Executive Officer</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade Leung, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>CaliberCos Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"><U>Exhibit
A</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"><U>Draft
Response Letter</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">January [__], 2020 &nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Via EDGAR CORRESPONDENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 3233<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Ms. Kim McManus and Ms. Stacie Gorman<BR>
Office of Real Estate and Commodities<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 5.65pt">CaliberCos Inc.<BR>
Amendment No. 4 to Offering Statement on Form 1-A<BR>
Filed January 3, 2020<BR>
File No. 024-11016</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. McManus and Ms. Gorman:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are submitting this letter on behalf
of our client, CaliberCos Inc. (the &ldquo;<U>Company</U>&rdquo;), in response to the written comments of the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) contained in your letter dated January 21,
2020 (the &ldquo;<U>Comment Letter</U>&rdquo;) in connection with the Company&rsquo;s Amendment No. 4 to Offering Statement on
Form 1-A (the &ldquo;<U>Offering Statement</U>&rdquo;), as filed with the SEC on January 3, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For your convenience, our responses are
set forth below, with the headings and numbered items of this letter corresponding to the headings and numbered items contained
in the Comment Letter. Each of the comments from the Comment Letter is restated in bold and italics prior to the Company&rsquo;s
response. Capitalized terms used but not defined in this letter shall have the respective meanings given to such terms in the Offering
Statement. All page number references in the Company&rsquo;s responses are to page numbers in the Offering Statement, which is
being filed concurrently with this response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Security Ownership of Management
and Certain Stockholders, page 65</U></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><I>We partially reissue comment 6 of our letter. We continue to note that footnote one states
the table does not reflect the conversion of convertible debt securities into class a common stock. We also note the reference
to convertible debt in footnote 10 to the financial statements on page F-29. If the convertible debt may be converted within 60
days, please revise the table to include such conversions, as required by Item 403(a) of Regulation S-K and Exchange Act Rule 13d-3(d)(1).
Please also describe the terms of conversion for the convertible debt.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><U>Response</U></B>:
The Company has revised the disclosure on page 65 to confirm that (i) none of the named executive officers and directors or Donnie
Schrader beneficially own any shares of Series A Preferred Stock or convertible debt securities; and (ii) no holder of convertible
debt would become a beneficial owner of 5% or more of the Company&rsquo;s Class A Common Stock should any such holder convert all
convertible debt held by such holder within 60 days of the date of the Offering Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Attached hereto is Exhibit
1-1 which reflects the pages from the Offering Statement that will be revised in accordance with the foregoing. The bold underlined
font refers to text that is proposed to be added to the Offering Statement and strike-through font for text that is proposed to
be deleted from the Offering Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I><U>Repurchase and
Redemption of Shares, page 72</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><I>We note your response to comment 7 of our letter. Your disclosure indicates that you will
redeem shares at the &ldquo;per share price of the Series B preferred shares offered.&rdquo; However, in this section you state
that you agreed to repurchase Donnie Schrader&rsquo;s shares at $2.70 per share. Please clarify if you will repurchase Mr. Schrader&rsquo;s
shares at $2.70 per share or $4 per share. If you will repurchase at $4, please clarify if you have amended the agreement with
him to account for the change in price.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><U>Response</U></B>:
The Company has revised the disclosures on pages 66 and 73 to clarify that notwithstanding the terms of the Buyback Program, the
Company has agreed to redeem up to an aggregate of 613,085 shares from Mr. Schrader subject to monthly repurchase further to the
Buyback Program at a price of $4.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Please refer to Exhibit
1-2 which reflects the pages from the Offering Statement that will be revised in accordance with the foregoing. The bold underlined
font refers to text that is proposed to be added to the Offering Statement and strike-through font for text that is proposed to
be deleted from the Offering Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I><U>Plan of Distribution,
page 78</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><I>We note your response to comment 8 of our letter. Please clarify whether all purchases will
be made through the online platform or whether investors may purchase by other means. If investors may purchase other than through
the platform, clarify whether the 2% transaction fee will still apply. If not, please revise the disclosure throughout the offering
circular to make clear that investors will be paying a 2% premium if they purchase through the online platform. </I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><U>Response</U>:</B>
The Company has revised the disclosures on the cover page and page 80 to clarify that investors may elect to purchase the Series
B Preferred Stock directly with the Company and not through the online platform offered by SeedInvest and that in such instances,
the 2% transaction fee will not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Please refer to Exhibit
1-3 which reflects the pages from the Offering Statement that will be revised in accordance with the foregoing. The bold underlined
font refers to text that is proposed to be added to the Offering Statement and strike-through font for text that is proposed to
be deleted from the Offering Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I><U>Exhibit 12</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><I>Please have counsel revise the legal opinion to include the common shares to be qualified
in this offering. </I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><U>Response</U>:</B>
The Company has appended a revised legal opinion as Exhibit 12.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Please refer to Exhibit
2 which reflects a revised legal opinion that includes the common stock to be qualified in the offering. The bold underlined font
refers to text that is proposed to be added to the legal opinion and strike-through font for text that is proposed to be deleted
from the legal opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">****************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.75pt 0pt 9pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We thank you for your
prompt attention to this letter responding to the previously submitted Offering Statement and Comment Letter. Should you or the
Staff have additional questions or comments regarding the foregoing, please do not hesitate to contact the undersigned at (714)
371-2501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.75pt 0pt 9pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><U></U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Thomas Poletti</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">John C. Loeffler, II, Chief Executive Officer</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jade Leung, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>CaliberCos Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"><U>Exhibit
1</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"><U>Proposed
Amendments to Disclosure</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit 1-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Page 65</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Applicable&nbsp;percentage ownership is based on 15,495,212
shares of Class&nbsp;A Common Stock and 12,474,692 shares of Class&nbsp;B Common Stock outstanding as of November&nbsp;30, 2019.
Does not give effect to the conversion of shares of Series&nbsp;A Preferred Stock to Class&nbsp;A Common Stock or the conversion
of convertible debt securities into Class&nbsp;A Common Stock. <FONT STYLE="text-underline-style: double; color: #0070C0"><U>None
of the named executive officers and directors or Donnie Schrader beneficially own any shares of Series A Preferred Stock or convertible
debt securities. In addition, no holder of convertible debt would become a beneficial owner of 5% or more of the Company&rsquo;s
Class A Common Stock should any such holder convert all convertible debt held by such holder within 60 days of the date of this
Offering Circular.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #0070C0">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit 1-2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Page 66</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>In September&nbsp;2018, the Company agreed to repurchase all 6,239,846 shares (&ldquo;Buyback Program&rdquo;) owned by Donnie
Schrader for $2.70 per share of common stock in exchange for an amendment to his shareholder voting rights and other company protections.
Among other things, the Buyback Program is terminated when the Company completes an initial public offering and is listed on a
national exchange. The shares are being reacquired at various amounts ranging from 6,000 to 10,000&nbsp;units on a monthly basis
until such time as the Company has satisfied the termination conditions or until all of the shares have been reacquired, which
could be in 2075. As of November&nbsp;30, 2019, an aggregate of 109,000&nbsp;shares had been repurchased by the Company. <FONT STYLE="text-underline-style: double; color: #0070C0"><U>Notwithstanding
the terms of the Buyback Program, the Company has agreed to redeem up to an aggregate of 613,085 shares subject to monthly repurchase
further to the Buyback Program at a price of $4.00 per share as referenced below under &ldquo;Repurchase and Redemption of Shares&rdquo;.
By way of example only, if (i) two months have elapsed from the date of this Offering Circular, (ii) the Company has sold an aggregate
of $25.0 million of Series B Preferred further to this Offering Circular and (iii) the Company has not completed its initial public
offering and its stock is not listed on a national exchange, 613,085 shares held by Donnie Schrader would be redeemed by the Company
at a price of $4.00 per share as referenced below under &ldquo;Repurchase and Redemption of Shares&rdquo; and 12,000 shares would
be repurchased at a price of $2.70 per share further to the terms of the Buyback Program (6,000 shares per month for two months).</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Page 73</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Repurchase and Redemption of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September 2018, the Company agreed to
repurchase all 6,239,846 shares (&ldquo;Buyback Program&rdquo;) owned by Donnie Schrader, a significant shareholder of the Company,
for $2.70 per share of common stock in exchange for an amendment to his shareholder voting rights and other company protections.
Among other things, the Buyback Program is terminated when the Company completes an initial public offering and is listed on a
national exchange. The shares are being reacquired at various amounts ranging from 6,000 to 10,000 units on a monthly basis until
such time as the Company has satisfied the termination conditions or until all of the shares have been reacquired, which could
be in 2075. As of November 30, 2019, an aggregate of 109,000 shares had been repurchased by the Company. <FONT STYLE="text-underline-style: double; color: #0070C0"><U>Notwithstanding
the terms of the Buyback Program, the Company has agreed to redeem up to an aggregate of 613,085 shares subject to monthly repurchase
further to the Buyback Program at a price of $4.00 per share as referenced below under &ldquo;Repurchase and Redemption of Shares&rdquo;.
By way of example only, if (i) two months have elapsed from the date of this Offering Circular, (ii) the Company has sold an aggregate
of $25.0 million of Series B Preferred further to this Offering Circular and (iii) the Company has not completed its initial public
offering and its stock is not listed on a national exchange, 613,085 shares held by Donnie Schrader would be redeemed by the Company
at a price of $4.00 per share as referenced below under &ldquo;Repurchase and Redemption of Shares&rdquo; and 12,000 shares would
be repurchased at a price of $2.70 per share further to the terms of the Buyback Program (6,000 shares per month for two months).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit 1-3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Cover Page</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD><FONT STYLE="text-underline-style: double; color: #0070C0"><U>SI Securities, LLC intends to use an online platform provided
by SeedInvest Technology, LLC, an affiliate of SI Securities, LLC, at the domain name www.seedinvest.com (the &quot;Online Platform&quot;)
to provide technology tools to allow for the sales of securities in this offering. With respect to any sales of Series B Preferred
Stock made through the Online Platform, SI Securities, LLC will charge you a non-refundable transaction fee equal to 2% of the
amount you invest (up to $300) at the time you subscribe for our shares. Investors are able to make investments directly with the
Company outside of the Online Platform; no such fee will be payable to SI Securities, LLC in connection with any such direct investment.</U></FONT>
See &ldquo;Plan of Distribution&rdquo; for details of compensation and transaction fees to be paid to SI Securities, LLC and sales
agents that may be engaged by SI Securities, LLC.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Page 80</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SI Securities, LLC intends to use an online platform provided
by SeedInvest Technology, LLC, an affiliate of SI Securities, LLC, at the domain name www.seedinvest.com (the &ldquo;Online Platform&rdquo;)
to provide technology tools to allow for the sales of securities in this offering. <FONT STYLE="text-underline-style: double; color: #0070C0"><U>With
respect to any sales of Series B Preferred Stock made through the Online Platform, </U></FONT>SI Securities, LLC will charge you
a non-refundable transaction fee equal to 2% of the amount you invest (up to $300) at the time you subscribe for our shares. <FONT STYLE="text-underline-style: double; color: #0070C0"><U>Investors
are able to make investments directly with the Company outside of the Online Platform; no such fee will be payable to SI Securities,
LLC, in connection with any such direct investment.</U></FONT> In addition, SI Securities, LLC may engage selling agents in connection
with the offering to assist with the placement of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"><U>Exhibit
2</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"><U>Opinion
of Counsel</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">January
<FONT STYLE="color: red"><STRIKE>3</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: #0070C0"><U>__</U></FONT>,
2020</FONT> &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CaliberCos Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8901 E. Mountain View Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 150</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scottsdale, Arizona 85258</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 5.65pt">Offering Statement on Form 1-A</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to CaliberCos Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with its filing of an offering statement
on Form 1-A (File No. 024-11016) (the &ldquo;<U>Offering Statement</U>&rdquo;), filed by the Company with the Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).
The Offering Statement relates to the proposed issuance and sale on a continuous basis by the Company of up to 12,500,000 shares
of the Series B Preferred Stock of the Company (the &ldquo;<FONT STYLE="color: red"><STRIKE>Shares</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: #0070C0"><U>Series
B Preferred Stock</U></FONT>&rdquo;)<FONT STYLE="text-underline-style: double; color: #0070C0"><U>, which is convertible into 12,500,000
shares of the Class A Common Stock of the Company (the &ldquo;Class A Common Stock&rdquo;) </U></FONT>pursuant to Rule 251(d)(3)(i)(F)
of the Securities Act, as set forth in the Offering Statement. This opinion letter is furnished to you at your request to enable
you to fulfill the requirements of Form 1-A in connection with the Offering Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined such
corporate records, certificates and other documents, and such questions of law, as we have considered necessary or appropriate
for the purposes of rendering this opinion. We have relied, without independent verification, on certificates of public officials
and, as to matters of fact material to the opinion set forth below, on certificates of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
opinion, we have made assumptions that are customary in opinion letters of this kind, including (i) the authenticity of original
documents and the genuineness of all signatures; (ii) the accuracy and completeness of all documents submitted to us; (iii) the
conformity to the originals of all documents submitted to us as copies; (iv) the legal capacity of all natural persons; and (v)
that&nbsp;the Offering Statement and any amendments thereto (including post-effective amendments) will have become qualified under
the Securities Act. We have not independently verified any of those assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion herein
is expressed solely with respect to the Delaware General Corporate Law (the &ldquo;<U>DGCL</U>&rdquo;). We express no opinion as
to whether the laws of any jurisdiction are applicable to the subject matter hereof. Our opinions as to the DGCL are based solely
on a review of the official statutes of the State of Delaware and the applicable provisions of the Delaware Constitution and the
reported judicial decisions interpreting such statutes and provisions. No opinion is being rendered hereby with respect to the
truth, accuracy or completeness of the Offering Statement or any portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the foregoing,
and subject to the qualifications herein stated, we are of the opinion that <FONT STYLE="text-underline-style: double; color: #0070C0"><U>(i)</U></FONT>
the <FONT STYLE="color: red"><STRIKE>Shares</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: #0070C0"><U>Series
B Preferred Stock</U></FONT>, when issued and delivered against payment therefor in the manner described in the Offering Circular
will be validly issued, fully paid and non-assessable<FONT STYLE="text-underline-style: double; color: #0070C0"><U>; and (ii) upon
conversion of the Series B Preferred Stock in accordance with the terms of the Series B Preferred Stock into shares of Class A
Common Stock, such Class A Common Stock will be validly issued, fully paid and non-assessable</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is limited
to the matters expressly stated herein and is provided solely for purposes of complying with the requirements of the Securities
Act, and no opinions may be inferred or implied beyond the matters expressly stated herein. This opinion is based on facts and
law existing as of the first date written above and rendered as of such date. We assume no obligation to advise the Company of
any fact, circumstance, event or change in the law subsequent to the date of qualification of the Offering Statement, compliance
with any continuing disclosure requirements that may be applicable, or of any facts that may thereafter be brought to our attention
whether or not such occurrence would affect or modify the opinion expressed herein. We further assume no obligation to update or
supplement this opinion to reflect any changes of law or fact that may occur following the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion as an exhibit to the Offering Statement and to the reference to this firm under the caption &ldquo;Legal
Matters&rdquo; in the Offering Statement. In giving such consent, we do not believe that we are &ldquo;experts&rdquo; within the
meaning of such term as used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect
to any part of the Offering Statement, including this opinion as an exhibit or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is expressed
as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes
in the facts stated or assumed herein or of any subsequent changes in applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: red">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt; color: red"><STRIKE>/s/ Manatt, Phelps &amp; Phillips, LLP</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Manatt, Phelps &amp; Phillips, LLP</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

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