Episodes

Developing properties from the ground up is more profitable than acquiring existing properties, but entails far more expertise and risk. For starters, the approval and entitlement process is complex, and these projects generally take at least three to five years from approval to completion, and often longer. Many things change in this time frame from borrowing costs, the economy, plus labor and material costs. Very few operators have the expertise to both develop and acquire existing properties....

Although prices on multifamily have come down from their peak more than at any other time in recent history, they still have more to go before they present a good buying opportunity. Rents have not risen, interest rates have not been lowered as anticipated, and oversupply persists in many markets. Yet prices are not reflecting these headwinds. Senior living, on the other hand, can generate 8% yield year one with significant upside. Kent Eichanas, CEO of Stackstone Ventures, has acquired several ...

While new multifamily development grapples with high construction costs and elevated interest rates, stabilized, newer construction assets can be acquired for significantly less than replacement value. Michael Zaransky, a four-decade veteran in the multifamily space, buys properties from merchant builders who face construction loan maturities or investor pressure, leading to forced sales. These acquisitions not only achieve a low-cost basis, de-risking the investment, but agency financing from F...

Consistent returns are generated when there’s scarcity. One asset class that epitomizes scarcity is Manufactured Housing. Not only are new parks not being built, but the supply is also actually shrinking. Drawing on a unique foundation in data analytics and a decade at Capital One, Amanda Cruise applies rigorous financial discipline to acquire and optimize smaller mobile home communities. Amanda details her strategy of identifying off-market opportunities, building direct relationships with owne...

Multifamily investment advisor Darin Garman returns with his "no-BS" assessment: the market is more resilient than expected, thanks to strong renter demand and savvy operators. Operating in Iowa, Darin details his strategy of acquiring well-maintained, garden-style properties (built 70s-2000s) from "mom-and-pop" owners to unlock significant value through income optimization. He also shares his unconventional, yet effective, month-to-month lease strategy across his nearly 1,500 units. This approa...

Danny Catan, Founder of PIA Residential, returns to share his insights on the current multifamily market. While many have lost money due to variable debt and oversupplied southern markets, Danny explains why disciplined investors are finding opportunities. He focuses on workforce housing in secondary and tertiary markets across the Southeast, looking for properties 30% cheaper than the 2022 peak. Danny details his rigorous due diligence process—going beyond the property to understand local demog...

How much you pay, your debt, and staying power determines your success. From 2019-2022, too many people over payed for multifamily properties and utilized floating rate debt. Now many of these operators are under water and unable to hang on to their properties. Christopher Urso, Managing Partner at URS Capital Partners, saw that properties were overpriced at this time and made only one acquisition. He has made twelve acquisitions since January 2024. Over the past fifteen years, Chris has acquire...

The ability to see what others don’t can be the necessary ingredient to achieving outsized returns in commercial real estate. Real Estate is a creative business that requires original thinking and an ability to identify compelling themes and recognize upcoming trends. Tom Shapiro, President, CIO and Founder of GTIS, has been a forward-thinking investor in several asset classes both domestically and internationally. Tom has been a successful value-add operator and developer of large multifamily p...

Although prices on multifamily have come down from their peak more than at any other time in recent history, they still have more to go before they present a good buying opportunity. Rents have not risen, interest rates have not been lowered as anticipated, and oversupply persists in many markets. Yet prices are not reflecting these headwinds. Senior living facilities, on the other hand, are generating 8% yield year one with significant upside. Brian Burke, President and CEO of Praxis Capital, h...

When there’s a growing industry with a high demand for capital and few sources available, it creates an opportunity for solid risk adjusted returns. A current example is cannabis, one of the country’s fastest growing industries. For complex regulatory reasons, banks are not permitted to make loans in this industry. As a result, there’s a vacuum for private lenders to make loans to this category at 12-15% interest that can include further upside upon payoff. Chris Reece, Founder and CEO of MJ REI...

Evan Polasky, Director of Capital Raising for Blackgate, reveals how his firm is achieving attractive 7-8% cap rates in suburban retail strip centers. Unlike the crowded multifamily market, Blackgate focuses on smaller community centers with necessity-based tenants like urgent care, dentists, quick-serve restaurants, and tutoring centers. With new construction at historic lows and high tenant demand, Evan explains why the retail leasing environment has "never been easier," offering stable, less ...

While there’s still a lot of money chasing most quality real estate assets, great opportunities exist for those willing to take more risk with heavier value-add assets. One of the best examples is office buildings in rebounding markets that are selling at 10 to 20 cents on the dollar. Another example is well-located indoor malls that have rebounded and thriving since the pandemic. Travis King is Founder and CEO of REALM, an exclusive investment collective consisting of 100+ ultra-high-net-worth ...

Donald Trump campaigned on reducing our national trade deficit. Despite this aim and increased tariffs over his first year in office, however, deficits have still persisted at their previous levels. The U.S government is investing aggressively in A.I. to become the world leader over China in this technology and remain the world’s preeminent super power. Richard Duncan, author of “The Money Revolution, How to Finance the next American Century,” has a prescription for future growth and prosperity ...

Distress has emerged in the multifamily space. Lenders are taking projects back from sponsors and selling them for the debt or even taking losses in many cases. As a result, some great deals are being made by sponsors to capitalize on these situations and acquire solid workforce properties at a discount. David Lilley, Founder & CEO of Reap Capital, is acquiring 80’s vintage properties in Dallas and San Antonio at steep discounts. He’s also starting to consider expanding into Florida and Arizona....

Although many of the southern U.S. markets are oversupplied with new multifamily apartments and facing challenges, midwestern markets are seeing higher occupancy levels and growing rents. These markets have also experienced only moderate expense increases. Harrison Riley, Founder of Glass Beach Ventures, specializes in multifamily in Cleveland and Erie, PA. He buys older buildings from $40,000-$60,000 per unit and implements value-add business plans where he can raise rents up to 100%. He manage...

The value of national currencies has always plummeted to zero in the course of history, usually because of money printing and inflation. There has also never been an international fiat currency. This is what the role of cryptocurrency plays and why it is ultimately indestructible. Crypto has no issuer, so therefore cannot be destroyed. It also has finite supply, so will likely continue to appreciate, perhaps significantly. Chris Snook, Managing Partner of Atomiq, helps RIA’s, High Net Worth inve...

Appreciation is great, but predictable cash flow is what enables a steady retirement. Real Estate funds are a great way to achieve steady cash flow because they’re less risky than syndications because of a diversified base of assets. Jay Patel, Founder and Fund Manager of Proptex, helps investors and pre-retirees earn 11% annually backed by collateralized real estate. Proptex has stabilized assets, distressed properties, and debt in the fund to provide liquidity and the option to redeem out of y...

Alternative investments produce more cash flow with less volatility than public markets. This is why money invested in alternative assets have more than doubled over the last decade, from $7.2 trillion to $18 trillion, and expected to grow to $29 trillion by 2030. Investments like Private Credit, niche commercial real estate, oil & gas, and specialized finance are exploding. Bob Fraser, Co-founder and CFO of Aspen funds, and USA Today bestselling author of Invest Like a Billionaire, has several ...

Many operators launch funds to achieve scale and create diversification for themselves and their investors. Funds also attract lower cost of capital and achieve operational efficiencies that result in improved yield. From an investor standpoint, funds mitigate additional risk because of compliance requirements and third-party auditing. Bridger Pennington, co-founder and CEO of Fund Launch, has helped incubate over 400 funds including Real Estate, VC and Private Equity funds. Bridger recently sta...

Many think Private Credit has elevated risks, but the economy is strong and borrowers have healthy balance sheets. One of the least hyped but most interesting areas of credit are special situations and distressed debt. The potential for alpha, mid-teen returns is significant, but it requires precision. Distressed debt requires understanding legal frameworks, financial health, and industry landscapes. Dan Bird, founder of Thornwood Hill LLP, specializes in credit and alternative asset management....

Most of the problems in multifamily over the past few years have been related to debt. Many operators are now in their second extension phase and not making payments or keeping up with their properties. Several of these have been taken back by the lenders. Lenders are identifying experienced, local operators to take over these properties. James Eng, “The Professor” of multifamily financing, is the National Director at Old Capital in Dallas. James has helped hundreds of multifamily investors stra...

An asset class that thrives in different economic cycles is student housing, especially at the best colleges. The demand to attend these schools always far exceeds supply. On the operations side, revenue per square foot often exceeds multifamily apartments because leases are done by the bed. Mark Weinstein, President of MJW Investments, has acquired over $1.5 Billion of student housing, over $1.5 Billion of apartments, plus several commercial buildings, industrial, and self-storage facilities ov...

Multifamily investing can be profitable, but it is not without risks. One of the ways to generate mid-teen returns while mitigating risk is to invest in pref equity. As an investor in pref equity, you’ll be paid after the first mortgage and before the common equity holders. It’s therefore safer than common equity and you’ll still get the same attractive tax treatment. Steeve Breton, President of Velocity Capital, is a multifamily operator, developer and loan broker. Steeve also has a pref equity...

80% of new apartments built in the last ten years are luxury class A. As a result, the supply of B class workforce housing has not nearly kept up with demand. Unless someone can afford to own a home or pay close to $4,000 per month for an A class two bedroom or $1,500 for an A class one bedroom unit, they are relegated to renting a B class apartment. Class B apartments cost 30%-50% less. As $800 Billion of floating rate loan maturities are coming due, great opportunities are emerging to acquire ...