Best Real Estate Investing Advice Ever

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis Watts discusses why chasing yield isn't the best investment strategy, sharing insights from a mentor with a high net worth who prefers low-risk investments. He emphasizes understanding risk profiles, preparing for market downturns, and determining how much income is enough.

 

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Direct download: JF_3451_Passive_Investor_Tips_82.mp3
Category:general -- posted at: 5:54am EDT

It’s no secret what’s been happening in office real estate across the country since the pandemic. During COVID-19, as work-from-home became ingrained in the American economy, office values plummeted. Now, with $117B in US CRE office debt maturing in 2024 and a 20% vacancy rate (the highest in 40 years), investors with dry powder are preparing to capitalize. 

And it’s not just Institutional investors who are ready to pounce. According to a recent piece in Commercial Observer, Chad Carpenter, founder of Reven Capital, and Ethan Penner, CEO of Mosaic Real Estate Investors, recently launched a $1 billion publicly traded real estate investment trust to raise capital for distressed office opportunity.

In this episode, Brian Pascus, the journalist who wrote the Commercial Observer piece, joins  the Best Ever Show to discuss this trend and what it means for the future of office real estate, and investors.


You can read his full piece here.

 

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Direct download: 3450final.mp3
Category:general -- posted at: 3:12am EDT

In this episode, Best Ever Show hosts Ash Patel and Joe Cornwell catch up for an impromptu roundtable discussion. Joe discusses the current state of his business as he tries to compete in a low-inventory multifamily environment, including marketing strategies and how he’s optimizing his deal flow. Meanwhile, Ash discusses the importance of marketing yourself (even on social media), why he thinks interest rates could actually go up rather than down, and why your ADHD might not be a flaw, but a superpower.

 

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Direct download: 49final.mp3
Category:general -- posted at: 3:00am EDT

In this episode, Joe Cornwell interviews Eugene Gershman, CEO of GIS Development Core, discussing real estate development, Gershman's entry into the field through his family business, the importance of planning and team expertise in projects, challenges faced, and the evolution of their business model focusing on partnerships and geographic diversification.

Key Takeaways:

  • Eugene Gershman's journey in real estate began with a family business, highlighting the advantage of having a construction and development background.
  • The importance of meticulous planning, team expertise, and not cutting corners in real estate development for project success.
  • GIS Development Core's business model focuses on partnerships, leveraging land value, and strategic project planning to navigate market challenges and achieve growth.

Eugene Gershman | Real Estate Background

  • CEO, GIS Development Corp
  • Portfolio:
    • 320 unit apartment in permitting
    • 18-unit boutique mix use condo
  • Based in: Bellevue, WA
  • Say hi to him at:
  • Best Ever Book: Oversubscribed by Daniel Priestley
  • Greatest Lesson: Multiple delays and re-work due to incomplete design and coordination.

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Syndication Attorneys

Monarch Money

My1031Pros

Direct download: Eug.mp3
Category:general -- posted at: 3:59am EDT

In today’s episode, Phil Boggia joins our host Ash Patel on the Best Ever Show. Phil is the director of acquisitions at NNN Invest, where they raise equity to buy existing and value-add NNN properties and vacant retail. A former U.S. Marshal and special agent for Homeland Security, Phil pivoted to residential real estate before discovering triple-net leasing. He then made the move to retail investing, focusing on single-tenant NNN investments. In this episode, Phil discusses how he mitigates risk in single-tenant retail, how to land national tenants, and why putting low money down isn’t always the best strategy.

 

Phil Boggia | Real Estate Background

  • Director of Acquisitions / NNN Invest
  • Raises equity to buy both existing cash flow NNN properties and value-add, vacant retail.
  • Based in:  Bergen County, NJ
  • Say hi to him at: 
  • Best Ever Book:  Rich Dad Poor Dad by Robert Kiyosaki

 

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Syndication Attorneys

Monarch Money

My1031Pros

Direct download: Phil.mp3
Category:general -- posted at: 3:38am EDT

Paul Shannon, owner and manager of the RedHawk Real Estate Invest Wise Collective, joins our host Joe Cornwell on the Best Ever Show. Paul is also an owner-operator and LP investor who went from medical equipment sales to buying real estate, eventually investing as a limited partner, which led him to start a fund to help other LPs enjoy the benefits of real estate. In this episode, Paul discusses his strategy for vetting investment opportunities for his LPs, the maturation of the syndication model, his outlook for 2024 and beyond, and more.

 

Paul Shannon | Real Estate Background

  • CEO of Shine Insurance
  • Helps CRE acquisitions and asset management teams build and implement Risk management & insurance strategies
  • Based in:  Bloomington, IN
  • Say hi to him at: 
  • Best Ever Book: Tribal Branding by Patrick Hanlon

 

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Syndication Attorneys

Monarch Money

My1031Pros

Direct download: Paul_Shannon_final.mp3
Category:general -- posted at: 3:47am EDT

Multifamily Fundamentals is a 10-part series hosted by multifamily investor and syndicator Matt Faircloth of the DeRosa Group. In each episode, Matt and his guests dive deep into the fundamentals of not just investing in multifamily, but in building a real estate business. They dissect everything from choosing the right market, to underwriting and financing multifamily properties, to mastering investor relations — all the way to building out your multifamily dream team.

In the episode, Matt Faircloth and Justin Fraser discuss strategies for successfully closing real estate deals, focusing on multifamily properties. They cover topics like equity arrangement, market selection, team building, offer making, and the importance of due diligence to ensure a deal's profitability. Justin shares insights on navigating multifamily acquisitions, emphasizing the critical role of asset management post-offer acceptance. They also delve into the complexities of contracts and negotiations in multifamily real estate.

Key Takeaways:

  • Due Diligence and Team Composition: Effective closing strategies in real estate emphasize the importance of thorough due diligence, careful market selection, and strategic team composition to ensure success.

  • Asset Management in Multifamily Acquisitions: For multifamily acquisitions, the role of asset management is critical, especially in understanding the complexities of contracts and ensuring a smooth transition from offer acceptance to successful closing.

  • Negotiation and Contractual Terms: Negotiations and a comprehensive understanding of contractual terms, such as the significance of a detailed Letter of Intent (LOI), are essential for aligning real estate deals with profitability and investment objectives.

 

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Direct download: JF_3445_Matt_Faircloth_6_Full.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis Watts shares his journey from time-for-money jobs to generating significant passive income, enabling a lifestyle of freedom, teaching others, and traveling. He emphasizes the power of passive income to reclaim life and offer choices beyond paycheck-to-paycheck living.

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Syndication Attorneys

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My1031Pros

Direct download: PIT_81_Final.mp3
Category:general -- posted at: 3:00am EDT

In this episode, Ash Patel discusses property management and real estate investment strategies with Mike Zucker, managing partner of Peak Properties LLC. They cover Mike's journey from starting in property management to managing over 8,500 units, focusing on achieving high ROI and low vacancy for real estate investors. Mike shares his approach to property management, the importance of adapting to market changes, and strategies for maintaining and increasing property value.

Key Takeaways:

  • Adaptability and Comprehensive Service: Mike Zucker's extensive experience in property management and real estate investment has led to the management of over 8,500 units, emphasizing the importance of adaptability and comprehensive service in achieving high returns on investment.

  • The Value of Perseverance in Real Estate: Starting from the ground up, Zucker's journey from managing a six-flat building to overseeing a vast portfolio of multifamily and commercial properties showcases the value of perseverance, hands-on experience, and strategic growth in the real estate industry.

  • Strategic Property Management for Success: Peak Properties' approach to property management focuses on maximizing occupancy and minimizing vacancy through proactive measures, detailed analysis of operational costs, and strategic investments, demonstrating the critical role of effective property management in the success of real estate ventures.

Mike Zucker | Real Estate Background

  • Managing Partner, Peak Properties LLC
    • Leads a team of over 150+. Together they manage multifamily and CRE properties, valued at over $3B.
  • Based in: Chicago, IL
  • Say hi to him at: 
  • Biggest Learning Experience: "In good times and bad, smart interest rates and smart debt rule the day."

 

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Syndication Attorneys

Monarch Money

My1031Pros

Direct download: Mike_Zucker_Final.mp3
Category:general -- posted at: 3:00am EDT

In this episode, Joe Cornwell interviews Jeremy Goodrich, as they discuss insurance and risk management in real estate investing. They highlight the importance of a holistic approach, common mistakes, and strategies to mitigate costs.

Key Takeaways:

  • Holistic Insurance Understanding: Recognizing the importance of seeing insurance as part of a larger risk management strategy to protect investments.
  • Avoiding Common Mistakes: Learning from typical oversights in risk management, such as inadequate safety practices and documentation.
  • Cost Mitigation Strategies: Implementing methods to handle increasing insurance premiums, including the selection of higher deductibles and choosing the right insurance broker.

Jeremy Goodrich | Real Estate Background

  • CEO of Shine Insurance
  • Helps CRE acquisitions and asset management teams build and implement Risk management & insurance strategies
  • Based in:  Bloomington, IN
  • Say hi to him at: 
  • Best Ever Book: Tribal Branding by Patrick Hanlon

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Syndication Attorneys

Monarch Money

My1031Pros

Direct download: Jeremyfixed.mp3
Category:general -- posted at: 5:07am EDT

In this episode, Ash Patel discusses real estate investing, lending strategies, and market trends with Kurt Weil. They explore the benefits of using lending brokers, changes in lending practices, and the importance of relationship-building with lenders. The conversation also touches on the challenges and strategies for securing loans in the current economic climate.

Key Takeaways:

  • Leveraging Lending Brokers: Utilizing the expertise of lending brokers to navigate the complex real estate lending environment, ensuring access to superior loan products and terms.

  • Fostering Strong Lender Relationships: The critical role of honesty and reliability in building and maintaining relationships with lenders, and how it impacts the success of real estate investments.

  • Adapting to the Changing Lending Landscape: Understanding the dynamics of the current real estate market and how shifts in lending practices require flexibility and strategic planning from investors.

Kurt Weil | Real Estate Background

  • President of Incline Commercial, LLC
  • Portfolio:
    • Multifamily & industrial/flex
  • Based in:  Cincinnati, OH
  • Say hi to him at: 
  • Best Ever Book: The Encyclopedia of Commercial Real Estate by Terry Painter

 

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Syndication Attorneys

Monarch Money

My1031Pros

Direct download: Kurt_V2.mp3
Category:general -- posted at: 3:00am EDT

In this episode, Joe Cornwell talks with Derek Peterson about shifting his marketing firm to focus on real estate, helping operators in fundraising and marketing. Peterson highlights the importance of niching down and authenticity in marketing, and shares his journey in real estate, now overseeing over 500 doors and developing a new project in Phoenix.

Key Takeaways:

  • Importance of Niching Down in Marketing: Derek Peterson emphasizes the critical role of focusing on a specific niche in marketing to effectively attract and engage a targeted audience, leading to more successful fundraising and brand building efforts within the real estate sector.
  • Transition to Real Estate from Marketing: Peterson shares his journey of leveraging his marketing expertise to transition into the real estate industry, detailing how he has grown to manage over 500 doors and undertake significant development projects, highlighting the synergy between marketing skills and real estate success.
  • Value of Authenticity and Building Relationships: The discussion underscores the importance of authenticity in branding and marketing, alongside the power of building strong relationships and networking within the industry to facilitate growth, raise capital, and achieve long-term success in real estate investment.

 

Derek Peterson | Real Estate Background

  • Head of Adapt Media Agency and 10Y
  • Portfolio:
    • 500+ doors, including 190 unit BTR currently under construction.
  • Based in: Charlotte, NC
  • Say hi to him at: 
  • Best Ever Book: The Power of One More - by Ed Mylett

 

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Direct download: JF_3440_Derek_Peterson.mp3
Category:general -- posted at: 3:00am EDT

In this episode, Joe Cornwell talks with Saad Dar, a BRRRR investor and head at Baselane. They talk about transitioning from CPA to real estate, the benefits of BRRRR in Philly, and leveraging FinTech and PropTech. They discuss the importance of market knowledge, contractor trust, and networking for investment success.

Key Takeaways:

  • Career Pivot to Real Estate Success: Saad Dar's transition from accounting to becoming a BRRRR investor and tech entrepreneur illustrates the power of aligning one's career with their passions and the innovative intersection of real estate with technology.

  • Keys to BRRRR Strategy Mastery: The episode highlights essential strategies for BRRRR success, including deep market knowledge, solid contractor partnerships, and efficient project management, especially crucial in fluctuating markets.

  • The Power of Networking in Real Estate: Saad Dar shares the importance of building strong connections within the real estate community, offering advice on how effective networking can help overcome investment challenges and unlock new opportunities.

Saad Dar | Real Estate Background

  • Head of Baselane
  • Portfolio:
    • 20+ Units, Including Duplexes
  • Based in: New York City
  • Say hi to him at: 
  • Best Ever Book: Multi-family Millions - by David Lindhal
  • Best Ever Advice: Relationships are the key to success.

 

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BAM Capital

Direct download: JF_3439_Saad_Dar.mp3
Category:general -- posted at: 3:00am EDT

Multifamily Fundamentals is a 10-part series hosted by multifamily investor and syndicator Matt Faircloth of the DeRosa Group. In each episode, Matt and his guests dive deep into the fundamentals of not just investing in multifamily, but in building a real estate business. They dissect everything from choosing the right market, to underwriting and financing multifamily properties, to mastering investor relations — all the way to building out your multifamily dream team.

Matt Faircloth and Herve Francois discuss multifamily underwriting, emphasizing its importance in the real estate business. They explore the roles within their company, DeRosa, highlighting the hunter's role in identifying investment opportunities and the underwriter's role in analyzing and implementing business plans. The discussion includes strategies for scaling a business, the significance of market selection, and the intricacies of underwriting, such as assessing market attractiveness, building relationships, and detailed property analysis.

Key Takeaways:

  • Multifamily underwriting is crucial for real estate success: This takeaway highlights the importance of thorough financial analysis and risk assessment in multifamily real estate investments. Underwriting involves evaluating the property's financial performance, market conditions, and potential for future growth to ensure a profitable investment.
  • Different roles, like hunters and underwriters, are essential in a real estate team: This point underscores the collaborative nature of real estate investing. Hunters are responsible for finding potential investment opportunities, while underwriters analyze these opportunities' viability. Both roles are critical for identifying and executing successful real estate deals.
  • Effective market selection and detailed property analysis are key for investment decisions: This takeaway stresses the importance of choosing the right market based on economic indicators, demographic trends, and real estate market conditions. Additionally, conducting a comprehensive analysis of the property, including its condition, location, and potential for appreciation or cash flow, is crucial for making informed investment decisions.

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Direct download: JF_3438_Matt_Faircloth_5_.mp3
Category:general -- posted at: 5:39am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode of Passive Investor Tips, Travis Watts discusses five methods to teach children about money management and investing. The episode covers the importance of starting financial education early, using relatable books, personal finance discussions, setting up brokerage accounts, gift-giving focused on financial growth, and mentorship in financial literacy.

 

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BAM Capital

Direct download: JF_3437_Passive_Investor_Tips_80.mp3
Category:general -- posted at: 3:00am EDT

Welcome to the Best Ever midweek news brief, a new series where we will highlight the top headlines CRE investors should be paying attention to this week, followed by a deep dive on a larger news topic or trend alongside a CRE expert.

Today’s Headlines:

  • Retail is Back, Baby: Retail vacancy has hit a 17-year low, prompting landlords to withdraw the rent discounts and concessions they’ve been offering struggling tenants since the pandemic. This signals intensifying competition, meaning that retail may officially be back.

  • PHX Leads in Q4 Apartment Demand: Apartment demand in Q4 outpaced pre-COVID norms in some key markets, with Phoenix leading the way with an absorption of nearly 4,300 units in Q4 — close to 3,500 more than the annual average in the decade leading up to the pandemic.

  • Rental Fraud on the Rise: According to a new survey from the National Multifamily Housing Council and the National Apartment Association, more than 70% of major apartment landlords say they have seen an increase in fraudulent rental applications over the past 12 months. With this report, it appears that this problem is here to stay. (Here’s our previous episode on how renters are using TikTok to defraud landlords.)

 

Today’s Guest: Andy McQuade is the principal of The ARM Companies, which provides procurement and management consulting to clients in the real estate industry. Andy joins host Paul Mueller to discuss recent JLL reports which suggest that material costs are expected to increase in 2024 by anywhere from 2-6%, but electrical and related switchgear costs could be higher as companies continue to face labor and availability issues. Meanwhile, HVAC manufacturers and suppliers have also announced price hikes as high as 10% in some cases.

Andy McQuade | Real Estate Background

 

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Direct download: JF_3436_Andy_McQuade_News_Show.mp3
Category:general -- posted at: 3:00am EDT

Andrew Brewer, a real estate developer and the owner of IronGall Investments, joins our host Ash Patel to discuss his strategy for development in one of the nation’s hottest markets: Austin, Texas. His former career as a stationary engineer led him to real estate development, and in this episode, Andrew details his due diligence process, the right time to raise capital, how he works with local municipalities, and more.

Key Takeaways:

  • His Competitive Edge: Andrew targets hyper-local projects in the Austin area to maintain a competitive edge. He carefully invests only in the city's fastest-growing submarkets — communities seeing major growth and development of their own job centers beyond just being commuter towns into Austin. By focusing on these localized markets with increasing housing demand, Andrew maintains a competitive edge vs. out-of-market investors.

  • Being Diligent with Due Diligence: Andrew's ideal land contract includes 4-5 months of due diligence with two months to close, plus 30-day extensions on both. This allows time for necessary third-party reports like geotech studies, endangered species assessments, utility mapping, and meetings with the city planning office to confirm allowable density. He prefers to sequence reports by risk level rather than paying for everything upfront, avoiding sunk costs if a deal-breaker emerges.

  • Working with the City: Andrew invests in both raw land and land zoned for multifamily. He aims to maximize density, but scales based on target demographics and pricing. While cities generally don't oppose his projects, he avoids battles by targeting locations aligned with their future land use plans. He secures variances to tweak development requirements, but ensures the overall project conforms to the area's designated use.

Andrew Brewer | Real Estate Background

  • Owner, Developer | IronGall Investments
  • Portfolio:
    • Multifamily, townhomes, mobile home parks, RV parks, single-family subdivisions
  • Based in: Austin, Texas
  • Say hi to him at:
  • Best Ever Book: Michael Collins, by Tim Pat Coogan
  • Greatest Lesson: Make sure that you are very careful when choosing a partner and make sure that the people you partner with can actually deliver on what they say they can do.

 

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BAM Capital

Direct download: JF_3435_Andrew_Brewer_.mp3
Category:general -- posted at: 3:15am EDT

Sarah Sullivan, CEO of SuGo Capital, joins our host Joe Cornwell on the Best Ever Show to discuss her road from Silicon Valley to the headaches of single-family investing and eventually to multifamily and alternative assets, including how diversifying her personal portfolio turned into a shift in her business model and the opportunities SuGo provides to investors.

Key Takeaways:

  • Outsource, Simplify, Educate: Sullivan likes to outsource as much as possible. Managing vendors is easier than managing employees. If you bring someone in-house, that's a big commitment. SuGo doesn’t have property management in-house. They have investor relations and marketing in-house, but everything else — legal, accounting, etc. — is all outsourced. Their marketing strategy is simple: strictly email. You won't find Sullivan on social outside of LinkedIn, and her company focuses on virtual events to educate investors with the goal of providing as much value as possible.

  • A Business Model Is Born: Looking at her personal investments, Sullivan realized at one point that she was 90% invested in multifamily. Realizing she was exposed to market trends that could impact her entire net worth, she built out a portfolio that included alternative assets to get her multifamily exposure to 60%. She then packaged these alternative investments like forex and gold — which she does due diligence on herself — for investors, and they were a hit, effectively shifting her business model to offer more options for her investors.

  • Due Diligence Never Stops: Companies grow. Team members change. Executives change. The way they do business changes. Doing continuous due diligence on your partners and with whom you invest ensures that as relationship dynamics change, your partners continue to align with your goals and trajectory. (You can download Sullivan’s investor due diligence checklist here.)

Sarah Sullivan | Real Estate Background

  • CEO | SuGo Capital
  • Portfolio:
    • Multifamily, energy, forex, and gold
  • Based in: San Francisco, CA
  • Say hi to her at: 
  • Best Ever Book: Rich Dad, Poor Dad, by Robert Kiyosaki
  • Greatest Lesson: When you’re getting started, don’t try to do everything yourself. The right partnership can really launch you. Find someone who’s 10 years ahead of you, figure out how you can add value to them, learn from them, and then you can take off on your own.

 

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BAM Capital

Direct download: JF_3434_Sarah_Sullivan_.mp3
Category:general -- posted at: 3:11am EDT

What does the Air Force’s nuclear weapons department have in common with multifamily syndication?

Geoff Kudlacz.

Kudlacz — known as “Geoffrey Dollars” on social — joined our host Slocomb Reed on the Best Ever Show to discuss his transition from Air Force nuclear missile operator to multifamily syndicator, including how he got started by raising capital from family and friends for his first deal, which was located in a neighborhood that you would not want to find yourself in. Kudlacz goes on to discuss his tips for getting started in multifamily syndication, the mistakes he and his team have made and the lessons borne from them, and why finding the right partner(s) is everything.

Key Takeaways:

  • The Property Management Tipping Point: The reality about third-party property management is that they’ll never do everything the way you want it to be done. That’s the tradeoff. Operationally, once you get your business in order and you optimize NOI, then it’s time to consider vertically integrating with in-house property management. It’s a natural evolution that every syndicator eventually reaches.

  • Mistakes and Lessons: The road from nuclear missile operator in the Air Force to being a GP on 700 multifamily units was littered with mistakes and valuable lessons learned — mistakes like overspending in the wrong areas, overshooting rent projections, and buying buildings outside of the team’s operational wheelhouse. But mistakes have to happen. If you worry about being perfect on your first deal, you'll never get started.

  • Partnerships Are Everything: When choosing partners, don’t be blinded by the dollars they might bring to the table. You can find money anywhere. The right partners are rare. A partnership is like a marriage — you’ll be interacting with this person and having difficult conversations with them daily. Treat the search process as such.

Geoff Kudlacz | Real Estate Background

  • Managing Partner | Pacific Sands Funds
  • Portfolio:
    • GP on 700 multifamily units across four states
  • Based in:
    • Los Angeles, Calif., and Kansas City, Mo.
  • Say hi to him at: 
  • Best Ever Book: Buy Back Your Time, by Dan Martell
  • Biggest Lesson: Stick with what you know. If you’re going to buy something that’s outside of your purview, make sure it’s at a small scale and you’re doing it with your money and not your investors’ money.

 

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BAM Capital

Direct download: JF_3433_Geoff_Kudlacz_.mp3
Category:general -- posted at: 3:00am EDT

Ash Patel and Dan Lewkowicz discuss Dan's real estate journey and expertise in net lease investments. They explore strategies for risk mitigation and profit maximization in single tenant properties, comparing them with multifamily assets. Dan offers practical advice for investors in the retail and net lease sectors, emphasizing the importance of analyzing tenant and property health.

Dan Lewkowicz | Real Estate Background

  • Senior Director | Encore Real Estate Investment Services
  • Based in: Birmingham, Michigan
  • Say hi to him at:
  • Best Ever Book: Think And Grow Rich by Napoleon Hill
  • Greatest Lesson: Having to start over as a CRE broker after getting out of house flipping.

 

Sponsors

BAM Capital

Direct download: JF_3432_Dan_Lewkowicz.mp3
Category:general -- posted at: 3:00am EDT

Multifamily Fundamentals is a 10-part series hosted by multifamily investor and syndicator Matt Faircloth of the DeRosa Group. In each episode, Matt and his guests dive deep into the fundamentals of not just investing in multifamily, but in building a real estate business. They dissect everything from choosing the right market, to underwriting and financing multifamily properties, to mastering investor relations — all the way to building out your multifamily dream team.

 

On this episode, Matt Faircloth and Vincent Celeste delve into the intricacies of raising capital and nurturing investor relationships for multifamily real estate projects. They discuss creating a strong investor database, leveraging social media for outreach, and the importance of systematic processes in business growth. The conversation also highlights the need for investor education and building a robust infrastructure before seeking deals.

 

Key Takeaways:

  • Investor Database Importance: The episode underscores the significance of building a robust investor database. This foundational step is crucial for successful fundraising and maintaining long-term relationships with investors in the multifamily real estate sector.
  • Educating Investors: Matt Faircloth and Vincent Celeste highlight the need for educating investors. Providing comprehensive knowledge and insights about the multifamily market can build trust and encourage more informed investment decisions.
  • Systematic Processes and Social Media: They emphasize the role of systematic processes in business growth and the effective use of social media. These tools are vital for outreach, marketing, and maintaining investor engagement, thereby playing a key role in the success of real estate ventures.

 

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BAM Capital

Direct download: JF_3431_Matt_Faircloth_4.mp3
Category:general -- posted at: 3:36am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis Watts discusses improving personal financial management as a crucial step before investing, highlighting ways to save on everyday expenses like utilities and vehicle costs, and the importance of hiring tax strategists and reviewing insurance premiums.

 

Sponsors

BAM Capital

Direct download: JF_3430_Passive_Investor_Tips_79.mp3
Category:general -- posted at: 3:00am EDT

In this episode, host Joe Cornwell is joined by David Meyer, a real estate investor who serves as VP of data and analytics at BiggerPockets. David discusses current market conditions and trends, the dangers of sitting on the sidelines, and what he’s buying now and why. 

Key Takeaways:

  • The Great Interest Rate Debate — What He’s Seeing: Mortgage rates likely won't continue falling linearly, as hoped, in 2024 due to factors like record-low affordability, inventory shortages, and sluggish sales. Some demand and supply improvements are happening slowly, but no big shifts in market dynamics appear to be coming over the next few months. While bond investors expect further rate cuts, we may see more volatility first before rates can meaningfully decline again.

  • The (Dangerous) Waiting Game: Trying to time the real estate market is dangerous and near impossible. If rates fall again, competitive conditions will return, erasing affordability gains. Rate declines are expected to be slow. Even a small decrease may spur lots of new competition and higher prices. So while tempting, waiting for the perfect entry point doesn’t necessarily guarantee better affordability or opportunity.

  • The Midwest Resurgence: David is currently focused on acquiring small multifamily and single-family rental properties in the Midwest, bullish on the region long-term even as others eye the Southeast. “I think in 10, 20 years, we're going to see a resurgence in the Midwest,” said Meyer. “And I want to get into it.”

David Meyer | Real Estate Background

  • VP of Data and Analytics at BiggerPockets
  • Portfolio:
    • Rental properties and one lonely STR in Colorado
    • Passive investor in multiple multifamily syndications
    • Lending funds

  • Based in: Amsterdam, Netherlands
  • Say hi to him at: 
  • Greatest Lesson: Not outsourcing things quickly enough and trying to do everything himself.

 

Sponsors

BAM Capital

Direct download: JF_3429_David_Meyer_.mp3
Category:general -- posted at: 4:10am EDT

Farris Gosea, the founder of Farris Gosea Capital, talks about scaling his multifamily portfolio to 920 units, including the challenges he’s experienced along the way from finding great maintenance technicians to implementing better systems.

Key Takeaways

  • Scaling in Real Estate: Farris emphasizes the importance of transitioning to larger properties and why it’s critical to have a long term mindset prior to scaling.
  • Financial Strategies and Management: Farris shares insights into his approach to financing and managing his properties, including self-management strategies, and the benefits of using professional property management software. He also highlights the importance of maintaining control over operations and the strategic decision not to raise external capital for his investments.
  • Maintenance Challenges and Deal Sourcing: Farris discusses the challenges faced in scaling a real estate business, particularly in maintenance and staffing. He provides tips on finding good deals, focusing on off-market opportunities, and his criteria for identifying profitable investments.



Farris Gosea | Real Estate Background

  • Greatest Lesson: TSet aggressive goals, and have a longterm mindset. Then work backwards from there.

 

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BAM Capital

Direct download: JF_3428_Faris_Ghosia_.mp3
Category:general -- posted at: 5:28am EDT

Ferd Niemann, a seasoned mobile home park operator and real estate attorney, dives into the niche world of mobile home park investing. He shares expert insights about the nuances of real estate law, the specifics of mobile home park operations, and some of the risks associated with mobile home park investing that investors often overlook.

Key Takeaways

  • Transitioning to Mobile Home Park Investing: Ferd Niemann shares his journey from working in insurance and as a county appraiser to becoming a real estate lawyer and mobile home park operator. He emphasizes the shift from single-family homes to mobile home parks due to competitive market conditions and the pursuit of greater returns.
  • Navigating the Challenges of Mobile Home Parks: Ferd discusses the unique challenges of mobile home park investments, including zoning issues, the value of vacant sites, and the significance of local market conditions. He provides insights into managing these challenges, emphasizing the importance of due diligence and understanding local market dynamics.
  • Strategic Approaches and Best Practices for Mobile Home Park Operations: The episode covers strategic approaches to mobile home park investing, such as focusing on parks with potential for infill and improvement, and the benefits of owning multiple parks in a region for managerial efficiency. Ferd also delves into best practices for setting up legal entities for different aspects of the investment to mitigate risks and streamline operations.



Ferd Niemann | Real Estate Background

  • The MHP Law Firm
  • Portfolio:
    • 1,500 mobile home park sites
    • Various LP investments
  • Based in: Kansas City MO
  • Say hi to him at: 
  • Best Ever Book: Rocket Fuel by Gino Wickman
  • Greatest Lesson: Trust your gut.

 

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BAM Capital

Direct download: newupdatedmac.mp3
Category:general -- posted at: 3:00am EDT

Neil Timmins, CEO of Agent Optional, shares his journey from being a top Remax agent to an opportunistic commercial real estate investor. He details how he transitioned from residential to commercial real estate, his strategies for acquiring and managing industrial and retail properties, and his innovative approach to creating passive income streams for real estate professionals.

Key Takeaways

  • Transitioning from Residential to Commercial Real Estate: Neil discusses his shift from a successful career in residential real estate to commercial investments, emphasizing the importance of diversifying income sources and the challenges and rewards of this transition.

  • Strategies for Acquiring and Managing Industrial and Flex Properties: Neil shares his criteria for selecting commercial properties, including his preference for fewer tenants and longer lease terms. He discusses his experiences with retail and office space as well, including the nuances of managing these assets, from lease enforcement to tenant turnover.

  • Creating Passive Income Streams for Real Estate Professionals: Neil explains the concept of passive income in real estate, the importance of diversification, and how he assists other professionals in achieving financial stability through commercial investments.

 

Neil Timmins | Real Estate Background

  • CEO of Agent Optional
  • Portfolio:
    • 96,000 sq ft of industrial
    • 20,000 sq ft of office
    • 15,000 sq ft of retail
    • 23 doors of multifamily
    • Two Airbnbs
  • Based in: Des Moines, IA
  • Say hi to him at: 
  • Best Ever Book: Winning Through Intimidation by Robert Ringer
  • Greatest Lesson: Get a mentor early, and get educated. You’re going to pay for it one way or another, so you’re best to do it through a mentor.

 

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BAM Capital

Syndication Attorneys

Direct download: JF_3426_Neil_Timmins_.mp3
Category:general -- posted at: 3:00am EDT

Ward Schraeder, a versatile real estate mogul with over 30 years of industry experience, shares lessons he's learned spearheading massive commercial and healthcare developments, acquiring failing businesses, and simply seizing the right opportunities regardless of asset class.

Key Takeaways

  • The Power of Diversity in Real Estate Investments: Ward emphasizes the importance of diversification in real estate, highlighting his ventures across hospital developments, commercial real estate, and bank repo acquisitions. His approach to diversification acts as a hedge against downturns, creating stability and growth. 

  • Leveraging Opportunities in Bankruptcy Acquisitions and Turnarounds: Schraeder shares his experience in acquiring and turning around failing companies, shedding light on the strategic approach of assessing and revitalizing distressed assets. He discusses the significance of understanding the fundamentals of business management in successful turnarounds, including managing accounts receivable, payable, and effective tax planning.

  • Insights into Medical Real Estate Development: Ward shares his projects in the healthcare sector, such as the development and operation of medical facilities across the country. He provides valuable perspectives on the landscape of healthcare real estate, including regulatory challenges and opportunities for independent developers in this niche market.

     

Listen to Ward’s previous episode: 2429 - Taking Opportunities To Next Level

 

Ward Schraeder | Real Estate Background

  • Schraeder Family Partnership
  • Portfolio:
    • Hospital and other CRE properties
  • Based in: Kansas City, MO
  • Say hi to him at: 
  • Best Ever Book: Count of Monte Cristo by Alexandre Dumas
  • Greatest Lesson: Get started young, and let time do it’s thing. 

 

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BAM Capital

Syndication Attorneys

Direct download: JF_3425_Ward_Schraeder.mp3
Category:general -- posted at: 3:00am EDT

Multifamily Fundamentals is a 10-part series hosted by multifamily investor and syndicator Matt Faircloth of the DeRosa Group. In each episode, Matt and his guests dive deep into the fundamentals of not just investing in multifamily, but in building a real estate business. They dissect everything from choosing the right market, to underwriting and financing multifamily properties, to mastering investor relations — all the way to building out your multifamily dream team.

Guest host Matt Faircloth and Vincent Celeste of The DeRosa Group dive deep into the strategies of building and nurturing your investor database to raise capital. 

Key Takeaways

  • Building a Strong Investor Database: Learn how to create an extensive investor database and understand why it's crucial to establish this infrastructure before hunting for deals. Discover strategies to effectively communicate and engage with potential investors, ensuring a solid foundation for future ventures.
  • Creating a Lead Funnel: Understand how leads and potential investors may interact with your business depending on where they are in their decision-making process. More importantly, understand how you can customize your communication efforts to meet them where they are.
  • Creating Engaging Content and Utilizing Social Media: Uncover the power of consistent, educational content creation to attract and retain investors. Learn how to effectively use social media platforms to build credibility, share knowledge, and establish a strong online presence.

 

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BAM Capital

Syndication Attorneys

Direct download: JF_3424_Matt_Faircloth_3_-_Herve_Francois.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis reviews a brief history of American tax law to give listeners an accurate perspective of how modern day tax policy fits into the broader historic landscape. He also shares some tips for stacking the odds in your favor when it comes to reducing your tax burden such as investing long term and investing in real estate.

 

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BAM Capital

Syndication Attorneys

Direct download: JF_3423_Passive_Investor_Tips_78.mp3
Category:general -- posted at: 3:00am EDT

Dave Holman, Founder of Holman Homes, explores the world of green building syndications, historic renovations, and innovative refugee housing. He shares how he’s built a $40 million portfolio and is able to give back to his community while remaining profitable.

Key Takeaways

  • Sustainable and Cost-Effective Building Practices: Dave emphasizes the importance of green building and sustainability in real estate, discussing how environmentally friendly practices can be both cost-effective and beneficial for long-term investment. He critiques certifications like LEED, advocating for practical sustainability over marketing gimmicks.
  • Investment Strategies and Refugee Housing: Holman shares the intricacies of managing and investing in refugee housing, highlighting how this approach aligns with both profitability and social responsibility.
  • Renovating and Modernizing Historic Properties: Living in Maine, many properties are circa Revolutionary War construction. Dave shares the challenges and opportunities this creates for investors looking to bring these buildings into the 21st century.

Dave Holman | Real Estate Background

 

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Syndication Attorneys

Direct download: JF_3422_Dave_Holman.mp3
Category:general -- posted at: 3:00am EDT

Sam Bates from Bates Capital Group talks about shifting his real estate business from acquisitions to development, mainly in multifamily and retail spaces, due to recent market changes. He discusses challenges like zoning laws and investor management, and the impact of COVID-19 on the sector. Bates also shares insights on financial strategies and risk mitigation in large-scale real estate development.

Sam Bates | Real Estate Background

  • Owner of Bates Capital Group
  • Portfolio:
    • 1,000+ multifamily units
  • Based in: Dallas, TX
  • Say hi to him at: 
  • Best Ever Book: The Success Principals by Jack Canfield

 

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BAM Capital

Syndication Attorneyshttps://www.bestevercre.com/podcast/building-success-insight-int

Direct download: JF_3421_Sam_Bates_1.mp3
Category:general -- posted at: 3:39am EDT

Vanessa Alfaro, a real estate investor with $50 million assets under management and founder of Venus Capital Partners, shares her profound insights on leveraging AI in real estate. This episode, recorded at the onset of 2024, delves into the transformative impact of AI on property management, acquisitions, and investor relations within commercial real estate and how teams can integrate it to maximize returns.

Key Takeaways:

  • AI in Real Estate Operations: Vanessa discusses how AI technologies like chatbots are revolutionizing property management by offering efficient and scalable solutions. She emphasizes the importance of adapting AI not only for acquisitions but also for everyday business operations, ensuring a competitive edge in the rapidly evolving real estate market.
  • AI-Driven Personalization and Efficiency: AI has an extraordinary ability to personalize interactions, both in terms of investor relations and property dealings. Vanessa shares how she uses AI for analyzing investor profiles and broker personalities, enhancing her communication strategies, and optimizing investor engagement processes.
  • Future Trends and Adaptability: Looking towards the future, Vanessa advises listeners to stay adaptable, highlighting the rapid pace of technological development and the need for constant learning and application of new AI tools to stay ahead in the industry.

 

Listen to Vanessa’s previous episode: 3261 - Disrupting the Real Estate Game with AI

Vanessa Alfaro | Real Estate Background

  • Co-Founder of Venus Capital and Founder of LunaX AI
  • Portfolio:
    • $50mm AUM in TX, LA, MS, KY and MO
  • Based in: Houston, TX
  • Say hi to her at: 
  • Best Ever Book: Buy Back Your Time by Dan Martell
  • Greatest Lesson: You pay for education one way or another, either through coaching or through experience and mistakes.

 

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BAM Capital

Syndication Attorneys

Direct download: JF_3420_Vanessa_Alfaro_2.mp3
Category:general -- posted at: 3:09am EDT

Daniel Wood, a real estate developer and event promoter from Sweden, reveals the unique challenges and opportunities in European real estate development, particularly in the post-COVID landscape. Daniel shares his expertise in UK investments, his innovative approaches to property development, and the unique way he’s bringing investment education to crowds around the world. 

Key Takeaways:

  • Challenges in European Real Estate Markets: Daniel provides insights into the European real estate landscape, highlighting the differences and challenges compared to the US market. He discusses heavy regulations in some European countries as well as his strategic choice to invest in the UK.
  • The Power of Innovative Investment Strategies: Daniel is a part of the Rich Dad program, bringing Cashflow Clubs to cities worldwide with the hope of educating thousands about real estate investing. He also discusses his unique approach to raising capital through joint ventures instead of traditional fixed-interest models, reducing risk and increasing profitability.
  • Adapting to Market Changes Post-COVID: Daniel shares his experience navigating the real estate market during and after the COVID-19 pandemic. He talks about how the UK property market reacted differently compared to other parts of the world and how he capitalized on government stimulus measures.

 

Check out Daniel’s previous episode: 2463 - Recovering from a Huge Loss

Daniel Wood | Real Estate Background

  • Real estate developer and event promoter
  • Portfolio:
    • Developments in the UK
  • Based in: Gotland, Sweden
  • Say hi to him at: 
  • Best Ever Book: 7 Habits of Highly Effective People by Stephen Covey
  • Greatest Lesson: Switching to joint venture structures in our deals has been worth its weight in gold as opposed to the syndication model.

 

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BAM Capital

Syndication Attorneys

 

Direct download: JF_3419_Daniel_Wood_1.mp3
Category:general -- posted at: 3:33am EDT

Wyatt Simon of Full Circle Equity Partners shares his journey from aspiring NBA player to a successful real estate entrepreneur, revealing the strategies and challenges he faced while building his portfolio of 176 units. In this episode, we explore Wyatt's unique approach to real estate, including his transition from single-family homes to multifamily properties, his hands-on experience in property management, and how he developed his own direct to seller system.

Key Takeaways:

  • Starting Small and Scaling Up: Wyatt’s real estate journey began with a modest duplex, progressing to single-family homes, and eventually to large multifamily properties. He shares his methodical approach to scaling and some of the challenges he encountered in his early days of self-management.
  • The Importance of Effective Property Management: Wyatt shares his transition from using third-party management to setting up his own management company, highlighting the challenges and learning curves involved in self-managing a large portfolio.
  • Leveraging Direct Seller Systems for Better Deals: By setting up direct to seller systems and partnering with a business associate skilled in systems management, Wyatt was able to acquire more properties efficiently. This strategy highlights the importance of finding off-market deals and creating a reliable deal flow in the competitive real estate market.

Wyatt Simon | Real Estate Background

  • Best Ever Book: 7 Habits of Highly Effective People by Stephen Covey
  • Greatest Lesson: Buying a single family home without inspections and being unaware that I needed permits to do the remodeling. 

 

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BAM Capital

Direct download: JF_3418_Wyatt_Simon_bam.mp3
Category:general -- posted at: 3:00am EDT

Multifamily Fundamentals is a 10-part series hosted by multifamily investor and syndicator Matt Faircloth of the DeRosa Group. In each episode, Matt and his guests dive deep into the fundamentals of not just investing in multifamily, but in building a real estate business. They dissect everything from choosing the right market, to underwriting and financing multifamily properties, to mastering investor relations — all the way to building out your multifamily dream team.

In the second episode of Multifamily Fundamentals, host Matt Faircloth, alongside real estate expert Justin Fraser, dives deeper into the essentials of multifamily investing. This episode is a treasure trove of knowledge for anyone from beginners to seasoned syndicators in multifamily real estate investment. The focus shifts to the nitty-gritty of structuring deals, investor relations, and making sound decisions in the multifamily arena.

Key Takeaways:

  1. Structuring Deals and Understanding Splits: There's no hard and fast rule for structuring deals with investors. While industry standards exist, everything in a deal is negotiable. The episode emphasizes the importance of finding a balance in profit distribution among general partners (GPs) and investors, ensuring a win-win scenario. They debunk myths around fixed profit splits and advocate for flexibility to adapt to different market conditions and deal specifics.

  2. Investor Relations and Trust: Building trust with investors is paramount. The episode delves into the philosophy of treating investors' money with utmost respect and prioritizing their interests. Faircloth and Fraser stress the importance of being custodians of investors’ funds, focusing on risk mitigation, and delivering desirable returns.

  3. Decision-Making and Asset Management: The discussion highlights the thousands of decisions made in asset management, from minor fixes to significant renovations, and how each of these should be guided by what’s best for the investors. This includes prioritizing steady, trustworthy progress over high-risk, high-reward strategies.

  4. Negotiation and Communication: A significant portion of the episode is dedicated to the art of negotiation and transparent communication with investors. Understanding investors' expectations and crafting deals that meet these expectations is crucial for long-term success.

 

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BAM Capital

Direct download: JF_3415_Matt_Faircloth_2.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis explores the key factors that should go into your decision to quit your W-2 job. He also shares that this path is not for everyone and truly depends on your investment and retirement goals.

 

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BAM Capital

Direct download: JF_3416_Passive_Investor_Tips_77.mp3
Category:general -- posted at: 3:39am EDT

Ash Patel interviews Adam Carswell from RaisingCapital.com. Adam shares his journey from semi-pro basketball to capital raising. He discusses the importance of due diligence, integrity, and legal aspects in capital raising, and highlights the value of networking and mentorship in real estate investing.

Adam Carswell | Real Estate Background

  • Director of Connections at RaisingCapital.com
  • Based in: Tampa, FL
  • Say hi to him at: 
  • Best Ever Book: The Way of the Superior Man
  • Greatest Lesson: Service above self.

 

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BAM Capital

Direct download: adam.mp3
Category:general -- posted at: 5:35am EDT

Discover the power of social media for capital raising with Jesse Futia, real estate brand advisor and co-founder of Fin Ghost. He shares the transformative role of platforms like LinkedIn in capital raising and investor networking, and provides tips for investors looking to boost their digital brand and capital raising efforts.

Key Takeaways:

  • Building a Digital Brand: Jesse emphasizes the importance of a strong digital presence, particularly on LinkedIn, for real estate professionals. Regular content creation is key to establishing trust and authority in the industry.
  • Capital Raising through Social Media: Leveraging social media, especially LinkedIn, for capital raising is a pivotal strategy. Jesse shares his own experience of engaging with potential investors through consistent, relatable content, stressing the need for a personal touch in digital interactions.
  • Consistency and Content Quality: The consistency of posting and the relevance of content are crucial. Jesse advises posting daily or several times a week, sharing both professional insights and personal stories, to build credibility and attract higher investment contributions.

Jesse Futia | Real Estate Background

  • Co-Founder of Fin Ghost
  • Portfolio:
    • 150 units self-storage and multifamily
    • Student housing in Upstate New York
  • Based in: Seattle, WA
  • Say hi to him at: 
  • Best Ever Book: Can’t Hurt Me by David Goggins
  • Greatest Lesson: Your digital brand is the most valuable asset you have. Take it seriously, and be consistent with your posting. You will see dramatic results in your capital raising and investing efforts.

 

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BAM Capital

Direct download: JF_3414_Jesse_Futia_.mp3
Category:general -- posted at: 3:00am EDT

Joe Riley, CEO of Patriot Family Homes, discusses the dynamic world of short-term rentals, focusing on challenges and opportunities within this niche. He shares his thoughts on how the short-term rental industry will be impacted alongside economic decisions in 2024 and how owners can maximize profits going into the new year.

Key Takeaways:

  • Shift in Business Focus: Joe discusses the strategic shift from acquiring properties to acquiring short-term rental operators, a response to the challenges in real estate acquisitions due to fluctuating home prices, interest rates, and rising operational costs.
  • Market Dynamics and Regulatory Impact: The episode highlights how market regulation levels significantly affect the short-term rental industry. Less regulated areas have seen a surge in supply, impacting investor returns, while tightly regulated markets like Savannah have been more stable.
  • Advice in Maintaining Profitability: For short-term rental owners, Joe recommends diversifying listing platforms, adjusting booking strategies, and targeting medium-term guests during off-seasons to maintain high occupancy and revenue.

Joe Riley | Real Estate Background

  • CEO of Patriot Family Homes
  • Portfolio:
    • 550+ short-term rental units in 13 states 
  • Based in: Chattanooga, TN
  • Say hi to him at: 
  • Greatest Lesson: Find your niche, and stay focused. Become the absolute best operator in that niche that you can be.

 

Check out Joe’s previous episode: 2738 - The Innovative Strategy to Scale Military Short-Term Rentals

 

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Direct download: JF_3413_Joe_Reilly_v2.mp3
Category:general -- posted at: 3:15am EDT

William Edwards of GDD Invests explores his dynamic journey from small-scale beginnings to managing substantial real estate portfolios. William shares the steps he took to teach himself real estate investing, how he progressed from LP to GP deals, and the role local market knowledge can play in your investment deals.

Key Takeaways:

  • Transitioning into Real Estate Investing: William shares his journey from a 24-year career in ERP and CRM software to real estate investing. He shares the importance of capital preservation and asset diversification in response to economic uncertainties like the 2008 financial crisis and COVID-19.
  • Strategies for Growth in Real Estate: William details his progression from limited partner investments to general partnerships in multifamily properties. He provides insights into the selection and management of multifamily units, with a focus on market knowledge and property type.
  • Investing for Your Goals: William talks through the stages of his investing career. The deals he pursued always reflected the goals he had at the time, and his criteria changed over time to align with those goals.

William Edwards | Real Estate Background

  • Managing Partner at GDD Invest
  • Portfolio:
    • GP of 188 multifamily units
    • LP of 5,000 multifamily units
    • One self storage fund
    • Land investments
  • Based in: Charlotte, NC
  • Say hi to him at: 
  • Best Ever Book: Tax-Free Wealth by Tom Wheelwright
  • Greatest Lesson: Walk every unit. 

 

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BAM Capital

Direct download: william.mp3
Category:general -- posted at: 4:41am EDT

Jeremy Kane of Patriot Capital Investments shares his journey from house hacking while in the military, to scaling up to 1,200 doors of multifamily in two years, to taking the lead on a 70,000 square foot ground up development industrial warehouse project. He shares creative strategies for putting yourself in front of potential investors and why he’s diversifying his portfolio into industrial. 

Key Takeaways:

  • Balancing Financing and Investment Strategy: Kane discusses the intricacies of financing commercial real estate projects, emphasizing the balance between loans, investors, and equity splits to achieve success. He also provides insight into the approach of building a 70,000 square feet industrial warehouse complex in San Antonio without loans, focusing on bringing in investors and potential refinancing for quick replenishment of funds.
  • Creative Approaches to Capital Raising: Kane shares some unique ways he’s put himself in front of people with “expendable” income and business acumen, ideal investors for commercial real estate deals.
  • Transitioning Strategy in Real Estate Ventures: Kane emphasizes the significance of transitioning between different real estate ventures, from smaller multifamily properties to midsize deals, and the importance of staying grounded and humble despite past successes.

Jeremy Kane | Real Estate Background

  • Patriot Capital Investments
  • Portfolio: 
    • 1,200 multifamily units
    • 3 residential properties
  • Based in: Austin, TX
  • Say hi to him at: 
  • Best Ever Book: Atomic Habits by James Clear
  • Greatest Lesson: Building your team with the right people that match your values and risk is okay if it’s calculated.

 

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BAM Capital

Direct download: JF_3411_Jeremy_Kane_full.mp3
Category:general -- posted at: 2:41am EDT

Multifamily Fundamentals is a 10-part series hosted by multifamily investor and syndicator Matt Faircloth of the DeRosa Group. In each episode, Matt and his guests dive deep into the fundamentals of not just investing in multifamily, but in building a real estate business. They dissect everything from choosing the right market, to underwriting and financing multifamily properties, to mastering investor relations — all the way to building out your multifamily dream team.

In the first episode of the Multifamily Fundamentals series, seasoned real estate professionals Matt Faircloth, Hervé Francois, and Justin Fraser delve into the Core Four method, unraveling the secrets behind scaling a successful multifamily real estate business. From discovering deals to underwriting, raising capital, and executing the business plan, they offer invaluable insights into the pivotal roles that drive long-term growth in commercial real estate.

Key Takeaways:

  • The Core Four Superpowers: Explore the critical roles of the hunter, brain, money, and hammer in multifamily real estate. Understanding these distinct roles and their interplay is pivotal for scaling and sustaining a successful business.
  • Importance of Collaboration: Successful multifamily teams thrive on collaboration. While each role operates independently, their synergy and collective effort determine the success of a deal. Collaboration among hunters, brains, money managers, and hammers ensures a comprehensive approach.
  • Roadmap to Success: Having a roadmap and educating yourself can significantly improve your chances of success. Learning from the bumps along the way, creating a solid roadmap, and staying confident can pave the way for real estate investors to achieve their goals and scale their businesses effectively.

 

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BAM Capital

Direct download: JF_3410_Matt_Faircloth_1__1.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis discusses the idea of creating your own economy and focusing on what’s in your control. We are constantly bombarded by headlines about the economy and real estate investing, and a lot of it impedes us from achieving our goals. So, Travis encourages you to change your perspective and think about what you can do to take control and make 2024 your best year yet.

 

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BAM Capital

Direct download: Travisfinal.mp3
Category:general -- posted at: 3:27am EDT

Jon Hilley, Founder of 1031 Specialists, unravels the mysteries and myths surrounding this powerful tax-saving strategy. He shares the potential benefits of 1031 exchanges, addressing common misconceptions, and even some lesser-known hacks that investors can use to their advantage.

Key Takeaways:

  • The Power of Compounding Tax-Free Returns: John Hilley highlights the significant advantages of using 1031 exchanges to defer capital gains taxes. By reinvesting your profits tax-free, you can exponentially grow your real estate portfolio and maximize your returns over time.
  • Debunking Myths: Many investors believe that 1031 exchanges are complicated or restricted to specific scenarios. However, John dispels these myths, emphasizing that 1031 exchanges can be more flexible and straightforward than commonly thought. He also clarifies misconceptions about property types, entities, and transactions that can qualify for a 1031 exchange.
  • Timing Matters: Understanding the timing of a 1031 exchange is crucial. John explains that while you can defer taxes by initiating a 1031 exchange, the year of the first property sale is what ultimately determines when you pay those taxes. He provides insights into managing your tax liability by strategically navigating the 1031 exchange process, even if you opt out of it.

Jon Hilley | Real Estate Background

  • Founder of 1031 Specialists
  • Based in: Denver, CO + Orange County
  • Say hi to him at: 
  • Best Ever Book: The Giving Tree by Shel Silverstein
  • Greatest Lesson: Raising $100MM doesn't guarantee success.

 

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BAM Capital

Direct download: Jon.mp3
Category:general -- posted at: 5:44am EDT

Sterling Griffin, Founder of Sterling Capital, shares his journey from homelessness to financial freedom through medical real estate investing. He discusses the unique strategies he employs in this niche market, the importance of mentorship, and valuable lessons learned along the way.

Key Takeaways:

  • Buy Off Market, Sell on Market: Sterling emphasizes the importance of buying off-market properties in the medical real estate sector. By identifying hidden opportunities that haven't yet been priced at their full market value, investors can secure unique deals that offer significant potential for profit.
  • The Power of Mentorship: Sterling attributes much of his success to mentorship. He highlights the value of learning from those who have already achieved what you aspire to accomplish. Mentorship can provide essential insights, shortcuts, and the right mindset needed to thrive in the world of commercial real estate.
  • Investing in Medical Real Estate: Sterling's approach to medical real estate investing involves securing existing properties, planning for specific tenants, and having exit strategies in place. While the market dynamics may change, Sterling focuses on delivering consistent returns, typically targeting around 30-31% returns, showcasing the importance of adaptability in real estate investment.

Sterling Griffin | Real Estate Background

  • Founder of Sterling Capital
  • Portfolio:
    • $20 million in medical real estate
    • $9.5 million in other NNN commercial properties
  • Based in: Austin, TX
  • Say hi to him at: 
  • Best Ever Book: The Success Principles by Jack Canfield
  • Greatest Lesson: Not getting everything in writing and relying on a tenant's word as I invested heavily into specialized development for their needs.

 

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BAM Capital

Direct download: griffin.mp3
Category:general -- posted at: 4:52am EDT

The Federal Reserve decided in December to keep its key interest rate unchanged for the third consecutive meeting. This decision came as inflation showed signs of cooling and economic conditions seemed stable overall. In addition, Federal Open Market Committee members unanimously voted to pave the way for multiple rate cuts starting in 2024 and beyond. Specifically, they projected at least three quarter-percentage point decreases in 2024, assuming the economy evolves as they expect. This rate cut forecast is not as aggressive as what some market participants had anticipated, but more aggressive than what Fed officials had previously signaled.

 

In this Best Ever Roundtable, our hosts — Ash Patel, Slocomb Reed, and Joe Cornwell — discuss the Fed’s December meeting and what its indications about future rate cuts could mean for investors in 2024.

 

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BAM Capital

Direct download: roundtable.mp3
Category:general -- posted at: 3:00am EDT

Today, in the final episode of our year-end Best of 2023 series, we’ll feature the best of the co-founder of Ashcroft Capital — also the founder of Best Ever CRE and the creator of the Best Real Estate Investing Advice Ever Show — the one and only, Joe Fairless. From the Best Ever Conference, to the Best Ever book club, to the Cincinnati meetup, to the podcast itself, Joe has shared a tremendous amount of knowledge and experience with the Best Ever community in 2023. 

In this episode, Joe relives his worst-ever deal, looks back on his biggest mistakes, and shares some key takeaways from the books he’s read in 2023.

 

You can listen to the full episodes of each show below.​​ 

Also, click here to join the Best Ever Book Club, and if you want to secure 15% off your Best Ever Conference ticket, click here and use the promo code BEC2024.

 

 

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BAM Capital

 

Direct download: jffinal.mp3
Category:general -- posted at: 3:17am EDT

Today, in the fourth installment of our year-end Best of 2023 series, we’ll focus on something that will make our host Ash Patel very happy.

Industrial real estate.

Industrial has risen up the ranks in desirability when it comes to commercial assets in 2023, with flex industrial emerging as a new darling asset class. So we’ve pulled the best clips from some of the best episodes from 2023 that featured the best industrial (and flex) investing advice ever. In this episode, Faraz Hemani explains why he is expanding from self-storage into flex industrial, Joel Friedland touts Chicago as America’s biggest industrial hub, and Neil Wahlgren discusses the benefits and nuances of NNN leases and how investors can pivot from multifamily to industrial. 

 

You can listen to the full episodes below.​​

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Direct download: industrial.mp3
Category:general -- posted at: 6:11am EDT

Today, in the third installment of our year-end Best of 2023 series, we’ll focus on one of the hottest asset classes in recent memory.

Mobile home parks.

In this episode, Derek Vickers takes us through his first mobile home park investment, sharing the lessons he learned in the process of turning a nasty, crime-ridden park into a prime cash-flowing asset. Meanwhile, Tyler Lekas highlights the biggest mistakes mobile home park investors make, Mario Dattilo explains vertical integration and why there’s safety in scale, and Daniel Weisfield debunks mobile home park myths and shares how investors can get in on the mobile home park development game.

 

You can listen to the full episodes below.​​

 

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Direct download: mobilehomeparks.mp3
Category:general -- posted at: 3:14am EDT

Today, we’re continuing our countdown to the new year by looking back at some of the best episodes from the Best Ever Show in 2023. We’ve pulled the best clips from some of this year’s best episodes that featured the best self-storage investing advice ever. In this episode, we’ll hear from Connor Gross, Faraz Hemani, Travis Baucom, AJ Osborne, and the Sultan of Storage himself, Baird Kleinsmith. You can find links to each of their episodes in the show notes.

Connor discussed why he chose self-storage over other asset classes, including how he 3X’d the NOI on his very first deal. Meanwhile, Faraz provides tips on how to find — and talk to — the right sellers in a competitive market, Travis takes us through his due diligence process, and AJ explains his firm’s buying strategy in 2023, including how he accounts for the threat of new construction disrupting the supply and demand balance in a particular market. Baird wraps it up by explaining why he targets “crappy” self-storage facilities, his secrets to quickly scaling to eight facilities, and the hardest lessons he’s learned along the way.

 

You can listen to the full episodes below.​​

 

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Direct download: newyear2.mp3
Category:general -- posted at: 3:13am EDT

Today, we’re going to start counting down to the new year by looking back at some of the best episodes from the Best Ever Show in 2023. So what we’ve done — and what we’ll do over the next five days heading into 2024 — is pull some of our favorite Best Ever segments from shows throughout the year so you can get educated and inspired as we move into the new year.

In this episode, we’ll focus on multifamily, pulling clips from episodes with Vikram Raya, Patrick Grimes, Jay Balekar, and the king of creative finance, Pace Morby.

Vikram discusses how he went from Zero to $700M AUM in about eight years, including acquiring his first property, a 118-unit deal on a C-class property outside of Atlanta that he and his partners only got the inside track on because the lead buyer backed out after there was a murder on the property. Meanwhile, Patrick explains some of the biggest lessons he learned from the recent economic downturn, Jay provides his tips on working with third-party property management companies, and Pace explains the Zero down, 4% seller finance deal he did that became the standard for his multifamily deals.

 

You can listen to the full episodes below.​​

 

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Direct download: bestyearfinal2222.mp3
Category:general -- posted at: 5:04am EDT

Wil Glafenhein, Owner of Honors Real Estate Services, dives into his strategies for success in building an $85 million portfolio. He shares tips for bringing in direct to seller leads and stresses the need for consistency and patience in today’s market where most deals just aren’t penciling.

Key Takeaways:

  • Lead Generation Strategies: Wil discusses various lead generation strategies, including targeting properties based on ownership type (individual vs. LLC) and understanding the importance of allocating sufficient resources to marketing campaigns. He emphasizes the need for patience and consistency in generating leads, especially in competitive markets.
  • Mindset and Purpose: Beyond profit, Wil emphasizes the importance of mindset and purpose in the commercial real estate business. He recommends maintaining clarity on your goals and values while fostering a positive mindset.
  • Effective Communication and Planning: Wil stresses the significance of clear communication and strategic planning when partnering with others. Having contingency plans and outlining expectations upfront can prevent potential conflicts and ensure smooth operations over the long term.

Wil Glafenhein | Real Estate Background

  • Owner of Honors Real Estate Services
  • Portfolio:
    • $85 million AUM: apartments, office, assisted living 
  • Based in: Knoxville, TN
  • Say hi to him at: 
  • Best Ever Book: The Screwtape Letters by C.S. Lewis
  • Greatest Lesson: Disciplined effort with a clear vision is what is needed to grow with consistency.

 

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Direct download: JF_3403_Wil_Glafenhein.mp3
Category:general -- posted at: 3:00am EDT

Jason Yarusi, Owner of Yarusi Holdings, shares the investing wisdom he’s earned from building a portfolio of over 2,300 multifamily units. He discusses the value in developing a long-term strategy and sticking to it despite economic conditions, investing in tertiary markets outside the ebbs and flows of major metros, and why the Fed’s recent announcement about potential interest rate cuts was so surprising.

Key Takeaways:

  • Adapting to Market Uncertainty: Jason emphasizes the importance of having a flexible business plan that can adapt to market fluctuations. He discusses how Yarusi Holdings strategically navigates through changing economic conditions and maintains a focus on long-term investment goals.
  • Investor Education and Strategy Alignment: Jason suggests educating investors about the market and helping them understand how specific opportunities fit into their portfolios. Having a clear strategy and a diversified approach can mitigate risks in uncertain times.
  • The Impact of Interest Rates and Market Sentiment: The conversation touches on the surprising announcement of potential interest rate cuts by the Fed. Jason and Ash discuss the significance of market sentiment and its influence on investor decisions. Understanding the broader economic context is crucial for making informed investment choices.

Jason Yarusi | Real Estate Background

  • Owner and Managing Partner of Yarusi Holdings
  • Portfolio:
    • 2,300 units
  • Based in: Murfreesboro, TN
  • Say hi to him at: 
  • Best Ever Book: How to Master a Fit and Rich Life in 15 Days by Jason Yarusi
  • Greatest Lesson: Develop a long-term strategy, and stick to it.

 

Check out Jason’s previous episode: 2877 - Producing Massive Results in an Unpredictable Economic Climate

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Direct download: JF_3400_Jason_Varusi_.mp3
Category:general -- posted at: 3:01am EDT

Mauricio Rauld, SEC Attorney with over 25 years of experience in real estate syndication law, shares what syndicators need to know to avoid SEC violations. He highlights some of those most common mistakes he sees syndicators making, why capital raisers need to speak with an SEC attorney, and the impact the Corporate Transparency Act will have on investors.

Key Takeaways:

  • Building Investor Relationships: Mauricio emphasizes the importance of quality interactions over time in order to protect yourself against relationship-based SEC violations. He clarifies that the SEC doesn't have a specific timeframe but looks for the depth of the relationship. A three-day field trip with meaningful conversations can be more effective in establishing a substantial relationship than a year of one-sided communication through newsletters or social media.
  • Corporate Transparency Act (CTA): Mauricio highlights the upcoming CTA, set to take effect in 2024. This act requires individuals with ownership or control of entities to provide personal information, including home addresses and driver's license details, to combat money laundering and tax evasion. Failure to comply with the CTA can result in substantial penalties, making it crucial for investors to stay informed and ensure compliance.
  • Common SEC Pitfalls: Mauricio highlights the three most common violations syndicators commit, which include not realizing they are selling a security, getting compensated to raise capital for sponsors, and promoting a deal on social media.

Mauricio Rauld | Real Estate Background

  • Founder of Premier Law Group, SEC Attorney
  • Portfolio:
    • LP in syndication deals
  • Based in: Macomb, MI
  • Say hi to him at: 
  • Best Ever Book: Buy Back Your Time by Dan Martell
  • Greatest Lesson: Trust, but verify. You can never go wrong doing proper due diligence to protect yourself in any deal.

 

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Direct download: JF_3399_Mauricio_Rauld_.mp3
Category:general -- posted at: 3:03am EDT

In this episode, we sit down with Matt Drouin, the managing partner at Oak Grove Companies. With 17 years of experience and a portfolio spanning 176 units and over 500,000 square feet of commercial real estate space, Matt's journey from residential sales to multifamily investments and ultimately, to thriving in the evolving office space sector, offers valuable lessons for both seasoned and aspiring real estate investors.

Key Takeaways:

  • Redefining Office Space: Matt's success in downtown office spaces challenges conventional wisdom. He emphasizes that smaller, sub-3,000 square feet, well-located office units geared toward mom-and-pop businesses can be the secret to thriving in this sector. Understanding the specific needs of your market and potential conversion opportunities are crucial.
  • Adaptability is Key: The discussion underscores the importance of adaptability in real estate investing. Matt's strategy revolves around finding deals that offer a plan B if the initial thesis doesn't pan out. Whether repositioning as an office building or converting to residential use, having multiple exit strategies can mitigate risks and enhance returns.
  • Networking and Education: Matt's advice for investors centers on the significance of networking and continuous learning. He encourages real estate enthusiasts to surround themselves with experienced investors and become obsessed with their aspirations. Leveraging platforms like podcasts and actively participating in real estate investor associations can provide valuable insights and support.

Matt Drouin | Real Estate Background

  • Managing Partner At OakGrove Companies
  • Portfolio:
    • 70% multifamily, 30% retail, industrial and office
  • Based in: Rochester, NY
  • Say hi to him at: 
  • Best Ever Book: The Snowball Warren Buffett Effect by Alice Schroeder
  • Greatest Lesson: If you focus on long term stakeholder value, you'll generate higher returns for your investors.

 

Check out Matt’s previous episode: 2507 - Financial Freedom by Age 33

 

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Direct download: JF_3398_Matt_Drouin.mp3
Category:general -- posted at: 3:00am EDT

George Roberts, data scientist and principal at Roberts Capital, shares his insights on how to get your foot in the door with a GP team, steps to becoming a thought leader, and why he thinks interest rates may fall sooner rather than later.

Key Takeaways:

  • Economic Insights and Challenges: George discusses the challenges posed by the ever-increasing national debt and its potential impact on interest rates and the economy. He emphasizes the importance of understanding historical data and market sentiment when making investment decisions. George highlights that success in commercial real estate requires a deep dive into market specifics, as real estate is hyper-local, and what works in one area may not work in another.
  • Multifamily Investment Strategies: George's journey from single-family to multifamily investments underscores the value of partnerships and networking in the real estate industry. He explains the importance of driving for deals, being patient, and playing the long game in finding lucrative opportunities. George sheds light on the concept of "value over price," urging investors to focus on the fundamentals rather than simply chasing after deals.
  • Navigating LinkedIn and Building Authentic Content: When discussing success on LinkedIn, George emphasizes the power of authenticity and storytelling. He suggests sharing your journey, including challenges and successes, to engage your audience and create relatable content. George encourages investors to use social media as a platform for education and connection, building relationships and trust within the industry.

George Roberts | Real Estate Background

  • Principal at Roberts Capital
  • Portfolio:
    • 310 units 
    • One single family rental
    • 3 single family homes in the process of construction
  • Based in: Macomb, MI
  • Say hi to him at: 
  • Best Ever Book: How to Win Friends and Influence People by Dale Carnegie
  • Greatest Lesson: Don't fall victim to FOMO and commit to a deal that doesn't truly make sense. A bad deal can hurt you more now than ever before. 

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Direct download: JF_3397_George_Roberts_.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

Value-add strategies are everywhere. You just have to know how and where to find them. In this episode, Travis shares his own personal stories of embracing a value-add mindset outside of real estate to negotiate great terms and turn a profit.

 

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Direct download: JF_3395_Passive_Investor_Tips_75.mp3
Category:general -- posted at: 3:00am EDT

Welcome the the Best Ever midweek news brief, a new series where we will highlight the top headlines CRE investors should be paying attention to this week, followed by a deep dive on a larger news topic or trend alongside a CRE expert.

 

Today’s Headlines:

$4.5B Portfolio for Sale: Lennar has put a massive 11,000-unit multifamily portfolio up for sale. The portfolio is spread across 38 properties in 15 states and is valued at a staggering $4.5 billion. JLL has been tapped to manage the sale.

Bye Bye, Boom: Warehouse construction starts have plunged 48%, the steepest drop since 2009, all while industrial real estate sales at large fell by 45% in Q3, prompting the Wall Street Journal to declare that the Great American Warehouse Building Boom is over.

Retail’s Heating Up: Office real estate posted a third consecutive month of pricing gains while retail thrived, posting a fourth straight month of pricing gains and an average occupancy rate of nearly 86%, its highest since October 2022, according to Crexi data.

Today’s Guest: Jarred Schenke is a veteran commercial real estate journalist and currently writes for Bisnow. Recently, he researched and wrote a piece about how when it comes to multifamily, renter application fraud has gained significant momentum in 2023, largely due to three key factors:

  1. The ease with which renters can forge documentation in the digital application process — or apply using a stolen identity altogether.

  2. The accessibility on social media (like TikTok, Twitter, Reddit, and more) to information on how to forge such documents (or, in some cases, the ability to purchase fully fraudulent document packages directly).

  3. Law enforcement’s inability (and, let’s be real, unwillingness) to do anything about it.

 

He joined our host, Paul Mueller, to discuss his piece, the biggest surprises from his research, the overall trend of renter fraud, and how social media is enabling the troubling trend.

 

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Direct download: v2upload.mp3
Category:general -- posted at: 3:12am EDT

In this episode, we chat with Martin Grizzanti of Suplex Properties. Martin has over $20 million in AUM in the Rochester, New York area. Martin and Slocomb discuss their unique approaches to finding off-market deals, the power of partnerships, and the valuable lessons they've learned along the way in their investing journeys.

Key Takeaways:

  • Off-Market Opportunities: Marty and Slocomb emphasize the importance of creating your own market by actively seeking off-market deals. Their successful strategy involves cold calling, direct mail, and targeted marketing campaigns, which have proven to be effective in finding hidden opportunities.
  • The Value of Partnerships: The podcast highlights the significance of choosing the right partners in commercial real estate ventures. Marty shares a valuable lesson about the importance of having candid conversations about roles and expectations within a partnership before diving into a deal, ensuring a smoother and more equitable collaboration.
  • Continuous Learning: Whether it's exploring various asset classes or refining sales and marketing skills, they believe that continuous learning and adaptation are key to long-term success in the ever-evolving commercial real estate industry.

Martin Grizzanti | Real Estate Background

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Direct download: JF_3393_Martin_Grizzanti_.mp3
Category:general -- posted at: 1:44am EDT

Victor Leite, Partner at Twenty-Five Eight Capital, delivers his take on how to strategically scale a portfolio and the operations to go along with it in today’s market. He shares tips on going direct-to-seller on deals, how syndicators can minimize damage on distressed deals, and advice to new investors looking to dip their toe into the CRE world.

Key Takeaways

  • Preserve Your Reputation Above All: Victor emphasizes the significance of reputation and trust in the world of commercial real estate investing. He believes that safeguarding your reputation and maintaining the trust of your partners and investors is more valuable than any capital in your bank accounts.
  • Flexibility and Long-Term Thinking: Real estate is a long-term game, and Victor advises investors to adopt a forward-thinking approach. Instead of seeking perfection in every deal, focus on progress and flexibility, adjusting your strategies to changing market conditions.
  • Prepare for Market Cycles: Victor acknowledges the uncertainty in today's market, with shifting interest rates and economic conditions. He recommends staying prepared for market downturns, collaborating with experienced partners, and actively seeking off-market deals to capitalize on opportunities.

 

Victor Leite | Real Estate Background

  • Partner at Twenty-Five Eight Capital
  • Portfolio:
    • Mix of single family homes, multifamily, flex industrial, and retail
  • Based in: Virginia Beach, VA
  • Say hi to him at: 
  • Best Ever Book: Breaking the Habit of Being Yourself by Joe Dispenza 
  • Greatest Lesson: Trying to do everything myself and not bringing in my partners sooner.



Listen to Victor’s previous episode: 2096 - Going From The Medical Field to Investing

 

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Direct download: JF_3392_Victor_Leite_.mp3
Category:general -- posted at: 3:20am EDT

Bill Ham, founder of Real Estate Raw and previous owner of over 1,000 multifamily units, shares his wisdom on gauging market cycles, the importance of cash flow and net worth, and why he chose to sell his entire real estate portfolio. 

Key Takeaways:

  • Cash Flow vs. Equity: Bill emphasizes the importance of balancing cash flow and equity in your commercial real estate investments. He aptly states, "Cash flow gets you out of a job, but equity keeps you there." This insightful perspective highlights the need to consider both short-term profitability and long-term wealth-building when making investment decisions.
  • Legacy Wealth and Business: Bill challenges the notion of leaving behind individual assets as a legacy. Instead, he suggests focusing on leaving a legacy of education, business models, and systems, emphasizing that individual assets may not always be the best gift to pass on to the next generation.
  • Getting Started: Bill's best advice for aspiring commercial real estate investors is simple: get started. He encourages listeners to acquire an education, analyze deals, and network within the industry. Bill dispels the myth that real estate investing is only for a select few, emphasizing that anyone can succeed in the business with the right knowledge and determination.

Bill Ham | Real Estate Background

  • Real Estate Raw
  • Portfolio: 
    • Nothing - sold everything in 2022
  • Based in: Atlanta, GA
  • Say hi to him at: 
  • Best Ever Book: Creative Cash by Bill Ham
  • Greatest Lesson: Get an education and get started. It's always the right time to buy real estate.

 

Check out Bill’s previous episode: 2449 - Master Seller Financing, Leasing and Creative Financing

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Direct download: JF_3391_Bill_Ham_.mp3
Category:general -- posted at: 3:00am EDT

On this episode, Joe Cornwell interviews Jordan Moorhead, a real estate investor who has transitioned from multifamily properties to mobile home parks for better scalability and lower maintenance. Morehead also runs a real estate business with a focus on house hacking, emphasizing adaptability and strategic partnerships in real estate investing.

Key Takeaways -

  • Investment Strategy Evolution: Jordan Morehead transitioned from focusing on small multifamily deals to investing in single-family homes, and most recently, to mobile home parks.
  • Scalability and Maintenance: He emphasizes the scalability and reduced maintenance of mobile home parks compared to single-family homes.
  • Real Estate Agent Business: Morehead operates a real estate agent business, specializing in assisting clients with house hacking strategies.
  • Importance of Adaptability: The episode highlights the need for adaptability in real estate investing, adapting strategies to market conditions and personal growth.

Jordan Moorhead | Real Estate Background

  • The Moorhead Team
  • Based in: Austin, TX
  • Say hi to him at: 
  • Best Ever Book:  Cashflow Quadrant by Robert Kiyosaki
  • Greatest Lesson: Buying without proper due diligence.

 

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Direct download: JF_3396_Jordan_Moorhead_.mp3
Category:general -- posted at: 3:00am EDT

Ashley Wilson, CEO of Bar Down Investments, covers a wide variety of topics and challenges facing today’s real estate investors. She discusses the current market conditions and the challenges her team is facing in evaluating property values. Ashley shares the types of value-add deals they are looking for, including distressed properties and unfinished projects with insights into the losses experienced by developers in the current market.

She also shares her insights on preparing for the impact of COVID-19 and gives recommendations for giving back and learning from investment mistakes.

Key Takeaways:

  • Operations is Everything: In a downturn, when interest rates and costs are rising fast, the only thing you can fall back on is solid operations. Ashley shares the strategies and safeguards her team has in place to protect their deals and their investors when times get tough.
  • Relationships Are Key in Commercial Real Estate: Ashley emphasizes that commercial real estate is a highly relationship-based industry. Building strong rapport with brokers, investors, and other stakeholders is paramount to gain a competitive edge.
  • Adaptability and Forward Thinking: Ashley's experiences during the COVID-19 pandemic demonstrate the significance of adaptability and forward thinking in real estate. She outlines the steps her team took before the pandemic hit, which allowed them to thrive when others struggled. Planning for multiple scenarios and being prepared for unexpected market shifts is crucial.
  • Value-Add Strategies and Community Building: Ashley discusses her approach to value-add investments, focusing on existing properties. Her strategy extends beyond cosmetic enhancements, encompassing operational improvements, safety measures, and community engagement. By making investments that benefit both tenants and the local community, investors can create long-term value and goodwill.

Ashley Wilson | Real Estate Background

  • CEO of Bar Down Investments
  • Portfolio: 
    • Multifamily properties
  • Based in: Newtown Square, PA
  • Say hi to her at: 
  • Best Ever Book: Rich Dad, Poor Dad by Robert Kiyosaki
  • Greatest Lesson: Not everyone analyzes deals the same way, and that’s okay. Not every deal has to fit in your perfect little box.

 

Check out Ashley’s previous episode: 2377 - Raising Occupancy and Avoiding Skips during Covid with Ashley Wilson

 

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Direct download: JF_3389_Ashley_Wilson_.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis shares the story of one investor who is sharing his wisdom about passive investing with his friends and family by teaching them the milk bucket strategy - a reliable and approachable way to learn about and automate passive investing to create financial freedom.

 

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Direct download: JF_3388_Passive_Investor_Tips_74.mp3
Category:general -- posted at: 3:00am EDT

Welcome the the Best Ever midweek news brief, a new series where we will highlight the top headlines CRE investors should be paying attention to this week, followed by a deep dive on a larger news topic or trend alongside a CRE expert.

 

Today’s Headlines

Six Interest Rate Cuts in 2024? A recent report from ING Economics predicts that federal interest rates will likely be cut six times in 2024. That’s a bold prediction based on what we’ve seen in 2023. The report cites three key factors: a labor market that it intentionally describes as “cooling, not collapsing,” a gradual easing of inflationary pressures, and — even though spending is still strong — the outlook points to financial pressure hitting millions of households, and soon, which should curb spending and slow overall economic activity.

 

Midwest Corners Market on Apartment Competition: In RentCafe’s 2023 Year-End Report, the company broke down the U.S. rental markets based on competition. And while Miami was the nation’s hottest rental market, the Midwest was the clear winner, with three cities in the top 5 and 10 of the top 30 most competitive rental markets in the U.S. for 2023.

 

Today’s Guest: Logan Freeman, co-founder and principal at FTW Investments, joins Paul Mueller to discuss two recent bills proposed in Congress targeting institutional investors that would reduce their ability to own single-family homes. The first — called the End Hedge Fund Control of American Homes Act — would impose tax penalties that would force big investors to sell off the single-family homes they own over a 10-year period, effectively banning them from owning them entirely. A second bill titled the American Neighborhoods Protection Act was also introduced, and this bill would require corporate owners of more than 75 single-family homes to pay an annual fee of $10,000 per home into a housing trust fund to be used as down payment assistance for families. 

 

Key Takeaways:

  • The title of the first bill may refer to hedge funds, but the definition within the bill says that it would target any applicable entity that “manages funds pooled from investors,” which encompasses a large swath of commercial funds and businesses.

  • Should these bills pass, mobile home parks could be significantly impacted by institutional investors shifting their focus. As investors move out of single-family rentals and into multifamily properties and mobile home parks in an attempt to profit from the affordability crisis, rental rates for manufactured and small homes in these parks may rise sharply. This could benefit park owners but exacerbate the affordability crisis for renters living in mobile homes, who may struggle with rising housing costs.

  • These Democrat-led bills are unlikely to pass in a Republican-controlled house; however, these bills (and those that have come before them) are an indication of what Congress is thinking about. So even if these bills don’t pass — and if Congress decides not to entertain the myriad of potential alternatives that could help with affordable housing — future attacks on real estate investors, institutional or otherwise, could be in coming down the pike.

 

Logan Freeman | Real Estate Background

Direct download: BestEverShow12-12v1.mp3
Category:general -- posted at: 3:00am EDT

Iven Vian, the Apartment Ninja Warrior with an 800+ unit portfolio, shares his wisdom about the importance of proactive asset management, being in alignment with your property management company, and facing the realities of real estate investment.

Key Takeaways:

  • Shift from Reactive to Proactive Management: Ivan highlights the critical importance of understanding how today's decisions impact the property's future, focusing on mitigating risks, and maximizing long-term profitability.
  • The Business Mindset in Real Estate: Iven stresses that owning commercial real estate is not just about property ownership; it's about running a business. He dispels the myth that investing in real estate is a passive endeavor, highlighting the necessity of aligning ownership goals and involving property management companies as integral parts of the business strategy.
  • Closing the Gap Between Expectations and Reality: Iven calls for transparency and realism in the industry, advocating for a more seamless transition from underwriting to property management. He believes in addressing misalignment in ownership teams, setting clear priorities, and ensuring all stakeholders have a deep understanding of the operational aspects of a property investment.

Iven Vian | Real Estate Background

  • Owner of Apartment Ninja Warriors
  • Portfolio:
    • 880 doors
  • Based in: Oklahoma City, OK
  • Say hi to him at: 
  • Best Ever Book: Think and Grow Rich by Napoleon Hill
  • Greatest Lesson: If you're doing this as a GP or operator, you have to approach real estate as a business and treat it like one.

 

Check out Iven’s previous episode: 2702 - 4 Ways to Balance a Full-Time Job with Multifamily Investing

 

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Direct download: JF_3386_Iven_Vyan_.mp3
Category:general -- posted at: 3:15am EDT

Matt Picheny, a real estate investor and coach with a portfolio of over 4,500 multifamily units, shares his strategies for navigating around increasing expenses, including evaluating your budget for potential savings, creating additional income where possible, and contesting property taxes when appropriate.

Key Takeaways:

  • Expense Reduction Strategies: Matt emphasizes the importance of scrutinizing every line item in the financials, questioning vendor relationships, and seeking opportunities to reduce expenses. He highlights negotiating insurance and taxes, renegotiating contracts, and in-house hiring for specific trades as effective methods to cut costs.
  • Property Tax Contesting: Matt shares his experience with contesting property tax increases, emphasizing that it's an ongoing process. He discusses the alignment of interest with consulting firms that work on a contingency basis, ensuring that they only take on projects where savings are achievable.
  • Acquisitions in the Current Market: Matt outlines his acquisition strategies for the current market, focusing on properties where he can assume seller debt and secure favorable financing terms. He also discusses the potential of new construction deals with advantageous financing, presenting them as the ultimate value-add opportunities.

Matt Picheny | Real Estate Background

  • Real Estate Investor & Coach
  • Portfolio:
    • 4,500+ multifamily units as a GP
    • 7,000+ units as an LP
  • Based in: Brooklyn, NY
  • Say hi to him at: 
  • Best Ever Book: Principles by Ray Dalio
  • Greatest Lesson: I should have bought rate caps on several deals as opposed to using variable rate debt.

Check out Matt’s previous episode: 2679 - 5 Tips for Transitioning from LP to GP

 

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Direct download: JF_3385_Matt_Picheny_.mp3
Category:general -- posted at: 3:00am EDT

Mike Deaton, founder of Flipping Dirt and Deaton Equity Partners, sheds light on the world of land flipping. His simple buy low, sell high strategy requires very little time and energy, and results in major profits.

Key Takeaways

  • The Formula for Simple Land Flipping: There are a variety of business models when it comes to land flipping. Mike’s strategy consists of buying properties significantly under market value, doing nothing to them, remarketing them, and selling them within 4 weeks for a hefty profit. There are very few outside parties and logistics involved.
  • Marketing Tips for Land Deals: Mike shares his techniques for marketing and selling land properties quickly. He talks about the websites and platforms he uses to list properties, how and when he works with realtors, and how he approaches conversations with buyers.
  • The Tax Advantages of Multifamily: After seeing such success with land flipping, Mike’s tax bill was less than ideal. He decided to diversify his portfolio by investing in multifamily to take advantage of the tax and depreciation benefits that asset class brings. Now, his tax bill is near zero.

 

Mike Deaton | Real Estate Background

  • Founder of Flipping Dirt and Deaton Equity Partners
  • Portfolio:
    • $1M in land holdings
    • 1,000 multifamily units
  • Based in: Woodland Park, CO
  • Say hi to him at: 
  • Best Ever Book: Mindset by Carol Dweck
  • Greatest Lesson: the current financial environment is providing tons of learning

 

Check out Mike’s previous episode: 2710 - 4 Strategies to Scale as a Multifamily Syndicator

 

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Direct download: JF_3384_Mike_Deaton.mp3
Category:general -- posted at: 3:19am EDT

Ross McArthur, co-founder of Follow the Deal Investments, shares his journey in CRE investing, from being terrified to invest in a four-unit property in 2020 to closing 15 deals in 15 months to establish a 600 unit portfolio today.

Key Takeaways

  • Treating Real Estate Like a Business: Even if investing is just a side hustle for you, treat it like a business, not a hobby. This means organizing your operations, setting up dedicated email accounts, and implementing proper accounting and tracking software from day one.
  • Strategic Team Building: The key to building a great team is hiring where you’re weak. You don’t have to hire a full team at 40 hours a week right away. Ross shares the transformative impact that hiring a part-time CFO and partnering with a real estate-focused CPA has had on his business and overall bottom line.
  • The Power of Cash Out Refinancing and Local Banks: Ross increased his portfolio by 100 units in 12 months by utilizing the cash out refinance method and building relationships with local banks who gave him favorable financing terms. In today’s environment, having a good relationship with your local credit union may make the difference in getting a deal done or not.
  • Applying a Sales Process to Your Investing Business: Ross has developed relationships with several key brokers in his market. He calls each of them several times a month to review their pipeline, analyzing new deals and returning to ones he may have passed on previously. This gives a steady pipeline of deals to underwrite and off-market access to potential properties.

 

Ross McArthur | Real Estate Background

  • Follow the Deal Investments
  • Portfolio:
    • Multiple multifamily properties in Indiana
  • Based in: Indiana
  • Say hi to him at: 
  • Best Ever Book: The Decision by Kevin Hart
  • Greatest Lesson: You have to treat real estate investing like a business, not a side hobby. And that means having some form of accounting and tracking software, having a specific email set up, basic things to keep yourself organized like a business.

 

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Direct download: JF_3383_Ross_McArthur.mp3
Category:general -- posted at: 5:17am EDT

Commercial real estate expert Corey Peterson shares his journey of becoming a master of scaling in the multifamily industry. He reveals valuable insights and strategies for success, emphasizing the importance of curiosity and learning from others. Corey discusses various aspects of commercial real estate investing, from engaging with investors to navigating challenges like rising interest rates. 

Key Takeaways

  • The Power of Curiosity and Learning: Corey emphasizes the significance of asking questions and seeking advice from experienced individuals in the field. Being a master copier, he advocates for continuous learning and staying humble, as it's crucial for growth and success in commercial real estate.
  • Effective Investor Engagement: Corey shares his approach to working with investors, highlighting that many are more interested in the operator's track record than chasing high returns. He stresses the importance of quantifying your pitch deck and demonstrating clear value to potential investors.
  • Navigating Market Challenges: Corey provides valuable insights on dealing with challenges like rising interest rates and handling distressed assets. He encourages open communication with lenders, getting lean during tough times, and being prepared for potential capital calls to weather market fluctuations.

 

Corey Peterson | Real Estate Background

  • CEO and Founder of Kahuna Investments
  • Portfolio:
    • 3,000 units/beds valued at over $250 million
  • Based in: Chandler, AZ
  • Say hi to him at: 
  • Greatest Lesson: Become a master copier of those you admire and want to follow.

Past episodes featuring Corey Peterson - JF3240, JF1631

Don't forget to grab Corey's latest book, Trust But Verify: The Passive Investor's Guide to Evaluating Real Estate Syndicators by texting "trust" to 480-500-1127 for a comprehensive guide to vetting syndicators and making informed investment decisions.

 

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Direct download: JF_3382_Corey_Peterson.mp3
Category:general -- posted at: 3:00am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

On this episode of Passive Investor Tips, Travis Watts shares his journey from a dangerous oil and gas job to a safer, fulfilling career through passive income investments. His story illustrates how passive income can provide more life options and freedom, emphasizing its importance for a better work-life balance.

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Direct download: JF_3381_Passive_Investor_Tips_73.mp3
Category:general -- posted at: 3:00am EDT

Commercial real estate expert, Reid Bennett, joins host Paul Mueller to discuss the trends and challenges that investors should keep an eye on as they navigate the complex landscape of commercial real estate in 2024. From rising insurance premiums to supply chain issues, Bennett shares valuable insights that will help investors make informed decisions in the coming year.

Key Takeaways

  • The Three Ds of Selling: Bennett emphasizes the importance of monitoring owners' motivations, often driven by "death, disease, or divorce," which can lead to opportunities for investors. Additionally, lenders are facing tough decisions as debt service coverage ratios drop, potentially resulting in distressed property sales.
  • Timing the Market: Bennett advises investors not to try to time the market's bottom but instead to focus on deals that make sense with today's debt. He highlights the potential for deals to work out well even with current interest rates, stressing the importance of realistic assumptions.
  • Prepare for Distressed Opportunities: With a prediction of increased distress in 2024, Bennett suggests that investors act swiftly when opportunities arise. He cautions against overestimating rental increases and expense reductions, advocating for a conservative approach to assumptions.

Reid Bennett | Real Estate Background

  • National Council Chair of Multifamily Properties for SVN, a full-service commercial real estate franchisor of the SVN® brand comprised of over 1,600 commercial real estate advisors and staff that continues to expand across the globe. Multifamily real estate broker who works without council to serve multifamily clients in over 170 markets around the country.
  • Based in: Chicago, IL
  • Say hi to him at: 
  • Best Ever Book: Insider’s Edge to Real Estate Investing by James L. Nelson
  • Greatest Lesson: Hire a coach, and if you don't have an admin, you are one.

 

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Direct download: PaulNewsFINAL.mp3
Category:general -- posted at: 3:00am EDT

Bonus Operations is a series hosted by apartment owner/operator and Best Ever Show host, Slocomb Reed. In each five- to ten-minute episode, Slocomb provides his top takes for executing your business plan and maintaining cash flow.

As a real estate investor or operator, you don’t get to decide when maintenance issues and emergencies rear their ugly heads. To protect your business plan, your property, and your tenant’s happiness, the best time to address maintenance issues is before they arise.

In this episode of Bonus Operations, Slocomb Reed shares tips and stories about why keeping up routine maintenance is essential to your success.

 

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Direct download: JF_3379_Slocomb_Solo_Show_-_Preventative_Maintenance.mp3
Category:general -- posted at: 2:55am EDT

Known for their success in multifamily real estate, Tim Vitale and Tim Vest share their journey, strategies, and the importance of building a thriving community of investors. Discover how they balance their individual strengths, the benefits of partnerships, and insights into commercial properties. 

Key Takeaways

  • Maximizing Partner Strengths: Tim Vest and Tim Vitale emphasize the significance of understanding each partner's strengths and weaknesses within a real estate partnership. By leveraging complementary skills, they optimize decision-making and achieve better outcomes.
  • Building a Thriving Community: The hosts discuss the power of community building, showcasing their Makin' Moves in Multifamily Facebook group. They highlight the value of mentorship and networking in real estate, emphasizing the role of collaboration in success.
  • Effective Time Management: Tim Vest and Tim Vitale share insights into time management and delegation. They emphasize the importance of focusing on tasks that require critical thinking while offloading repetitive or distracting work to optimize productivity and decision-making.

 

Tim Vitale | Real Estate Background

  • Co-Founder of Vive Equity and Makin Moves
  • Portfolio:
    • 1200+ apartment units
    • 3 NNN locations
  • Based in: Wilmington, NC
  • Say hi to him at: 

Tim Vest | Real Estate Background

  • Founder of Harvest Properties Group and Co-Founder of Makin Moves
  • Portfolio:
    • 1200+ apartment units
    • 3 NNN locations
  • Based in: Charlotte, NC
  • Say hi to him at:

 

Check out the Makin’ Moves Facebook Community!

 

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Syndication Attorneys

Direct download: JF_3378_Tim_Vitale_and_Tim_Vest_.mp3
Category:general -- posted at: 3:21am EDT

Grant Warrington, a seasoned investor with over 41 units under his belt, shares his journey, from starting as a handyman to becoming a successful commercial real estate investor and educator. He discusses the importance of creating content and leveraging social media to reach a wider audience. Grant also highlights his course, the Apartment Buying Blueprint, which equips individuals with the knowledge and confidence to venture into commercial real estate.

Key Takeaways

  • Content Creation and Relatability: Grant emphasizes the power of creating relatable content on social media. By sharing his experiences and knowledge in a simple and understandable way, he reaches a broad audience of aspiring investors who may not be familiar with commercial real estate.
  • The Apartment Buying Blueprint: Grant's course, the Apartment Buying Blueprint, offers a comprehensive education on purchasing apartment buildings, especially in the 5 to 20 unit range. This course covers everything from property management to finding off-market deals, making it an invaluable resource for those looking to enter the commercial real estate arena.
  • Off-Market Opportunities: Grant discusses the significance of off-market deals in today's competitive market. He shares his techniques for finding off-market apartment buildings, highlighting the importance of persistence and effective communication with property owners. Off-market opportunities can be a game-changer, especially in a challenging real estate landscape.

 

Grant Warrington | Real Estate Background

  • Principal at Warrington Capital
  • Portfolio:
    • 41 units personally owned
    • 98 units as small % of GP
  • Based in: St Petersburg, Florida
  • Say hi to him at: 
  • Best Ever Book: How to Win Friends & Influence People by Dale Carnegie
  • Greatest Lesson: Always camera main drain lines.

 

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Direct download: JF_3377_Grant_Warrington_.mp3
Category:general -- posted at: 3:48am EDT

This episode is the audio from our November 2023 meetup in which host Slocomb Reed guides a panel of short-term rental investment experts. This episode covers key property management topics like parking, laundry, and pet policies, offering practical advice for landlords in the Cincinnati real estate market, along with a Q&A session for professionals.

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Direct download: JF_3376_November_Meet_Up.mp3
Category:general -- posted at: 4:08am EDT

Julian Vogel, fund manager at Colony Hills Capital, shares his insights on the world of commercial real estate, specifically focusing on garden-style multifamily properties and innovative capital-raising strategies.

Key Takeaways:

  • The Power of Co-GP Strategy: Julian discusses Colony Hills Capital's unique approach to raising capital through a co-GP (General Partner) strategy. By bringing together LP (Limited Partner) investors and deploying their funds alongside Colony Hills' principles and employees on a deal-by-deal basis, investors can enjoy outsized returns and diversification.
  • Investor Confidence and Trust: Julian emphasizes the importance of building trust and confidence with investors. He highlights the significance of one-on-one Zoom or in-person meetings with potential investors, allowing them to connect with the sponsorship team and understand the strategy and underwriting of the deals.
  • Top-Down Approach to Investing: Julian advises active real estate investors to take a top-down approach. Start by identifying markets or sub-markets with strong demographics, industries, and population growth. Then, dive into the deal specifics, analyzing cap rates, potential renovations, and expense reductions to maximize returns.

 

Julian Vogel | Real Estate Background

  • Fund Manager at Colony Hills Capital
  • Portfolio:
    • Multifamily - $1.2 billion in total capitalization, +12,000 units, and 36 transactions
  • Based in: Wilbraham, MA
  • Say hi to him at: 
  • Best Ever Book: Ethics of our Fathers by Pirkei Avos
  • Greatest Lesson: Invest using a top-down approach. So, look for markets or sub-markets where there's strong income, strong demographics, strong industry, etc. And that those industries are resilient to downturns in the market, like tech, distribution, medical, education.

 

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Direct download: JF_3375_Julian_Vogel_.mp3
Category:general -- posted at: 3:01am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode, Travis Watts breaks down the three steps he uses to determine if an investment is right for him at any given point in time. They include knowing your goals, knowing your values, and evaluating the investment to see if it matches those two things.

 

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Direct download: JF_3374_Passive_Investor_Tips_722.mp3
Category:general -- posted at: 5:55am EDT

Jason Balara of Lark Capital Group shares his journey from being a veterinary surgeon to becoming a successful real estate investor. With a focus on multifamily properties, student housing, self-storage, and even small businesses, he provides insights and strategies that will captivate commercial real estate investors looking for diverse opportunities.

Key Takeaways:

  • Diversification Matters: While specializing in multifamily properties in a specific market, he also explores opportunities in student housing, self-storage, and even small businesses. Diversification can help mitigate risks and create a well-rounded portfolio.
  • The Power of Syndication: Syndication allows investors to scale their projects and take on larger deals while transitioning from a hands-on approach to a more CEO-like role. It's a way to leverage the expertise of others and build wealth over the long term.
  • Impact-Driven Investing: Apart from financial gains, Jason discusses the importance of making an impact through investments. He shares his commitment to helping fellow veterinarians improve their financial situations and highlights the significance of strategic partnerships and giving back to the community.

Jason Balara | Real Estate Background

  • CEO Lark Capital Group
  • Portfolio:
    • Active:
      • 236 units multifamily
      • 450 units self-storage
      • 101 units student housing
    • Passive
      • 600+ units multifamily
      • Fund: 450 units multifamily
  • Based in: Los Angrles, CA
  • Say hi to him at: 

 

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Direct download: JF_3373_Jason_Balara_.mp3
Category:general -- posted at: 3:00am EDT

Brian Alfaro of Headway Capital Investments provides valuable insights on how to succeed in the competitive world of commercial real estate investing from building trust with investors to navigating the complexities of raising capital.

Brian Alfaro | Real Estate Background

  • Headway Capital Investments
  • Portfolio:
    • 3,335 units
  • Based in: Houston, TX
  • Say hi to him at: 
  • Best Ever Book: 7 Habits Of Highly Effective People by Stephen Covery
  • Greatest Lesson: Watching somebody else succeed on a deal I backed out on just because I was scared. Don't get stuck in analysis paralysis. If you've done the math, and it works, go for it.

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Direct download: JF_3372_Brian_Alfaro_.mp3
Category:general -- posted at: 7:20am EDT

Ash Patel interviews Nelson Chu, founder and CEO of Percent, a credit marketplace. Chu discusses how Percent, started in 2018, fills gaps left by banks post-financial crisis, offering private credit lending, including in real estate. He explains how Percent caters to non-bank lenders needing to raise money and highlights the increasing demand for private credit due to banking regulations and changes.

Nelson Chu | Real Estate Background

  • Greatest Lesson: "Previously started a company that failed; business is about timing."

 

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Direct download: JF_3371_Nelson_Chu_.mp3
Category:general -- posted at: 2:55am EDT

On this episode of the Best Ever Show,  Joe Cornwell interviews Ryan Emrich. From an accounting background, he transitioned to real estate and focused on off-market multifamily properties by emphasizing the importance of formal partnerships and direct mail campaigns for finding deals.

Ryan Emrich | Real Estate Background

  • Blue Canyon Equity Partners
  • Based in: Boston, MA
  • Say hi to him at: 
  • Best Ever Book: Crushing It in Apartments and Commercial Real Estate - Brian Murray
  • Greatest Lesson: "You lose control with partners, but gain new perspectives and can accomplish more."

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Direct download: JF_3370_Ryan_Emrich.mp3
Category:general -- posted at: 4:38am EDT

Tim Vitale, a real estate investor and co-founder of Vive Equity, shares his journey from Wall Street accountant to real estate success. He emphasizes networking, education, and adding value to others as key to his transition from single-family to commercial real estate. Vitale's story highlights the importance of long-term strategy and strong relationships in the industry.

Key Takeaways:

  • Strategic Networking and Education: Tim Vitale emphasizes the importance of building strong relationships and continuously learning in the real estate industry. His success is partly due to his commitment to networking, attending events, and being actively involved in the community.

  • Transition from Single-Family to Commercial Real Estate: Vitale shares his journey of moving from single-family properties to managing a large portfolio of over 1200 apartment units and commercial properties, highlighting the significance of scaling up and diversification in real estate investments.

  • Value of Long-Term Vision and Consistency: The discussion underlines the importance of having a long-term perspective and being consistent in efforts. Vitale's story shows that real success in real estate requires patience, consistent action, and a focus on building long-lasting relationships.

Tim Vitale | Real Estate Background

  • Co-Founder of Vive Equity
  • Portfolio:
    • 1200+ apartment units, 3 NNN locations
  • Based in: Wilmington, NC
  • Say hi to him at: 
  • Best Ever Book: Never Split the Difference - Chris Voss
  • Greatest Lesson: "Quitting my W2 job and burning the ships, no options but to succeed really changes the way you look."

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Direct download: JF_3369_Tim_Vitale.mp3
Category:general -- posted at: 5:30am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this episode of Passive Investor Tips, Travis Watts discusses redefining retirement as a financial goal rather than an age-based concept, emphasizing the importance of passive income through real estate and sharing data on retirement savings and expenses.

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Direct download: Passive_Investor3367.mp3
Category:general -- posted at: 3:30am EDT

Ryan Tanel, founder of Top Producer Investment Capital, shares strategies to maximize returns and accelerate wealth growth such as structuring deals that appeal to different types of investors, being flexible with your business plan, and executing fast property turnarounds.

Key Takeaways

  • Know Your Investors' Goals: Tailor your deal structure to align with your investors' objectives. Some seek quick wealth accumulation, while others prefer stable, long-term investments. Understanding their goals helps you craft appealing opportunities.
  • Force Appreciation and Trade Up: Ryan emphasizes the value of maximizing property appreciation within a shorter timeframe. Learn how forcing appreciation can lead to significant equity growth and the strategy of trading up to continually leverage your capital.
  • Operational Challenges and Partner Selection: Real estate success hinges on effective partnerships and sound operational management. Ryan shares his experiences dealing with unexpected occupancy drops and expense increases, highlighting the importance of reliable partners and adaptability in a dynamic market.

Ryan Tanel | Real Estate Background

  • Best Ever Book: Shoe Dog by Phil Knight
  • Greatest Lesson: Figure out who your partners really are because a lot of people can talk a big game, but when it comes to the daily grind of getting to do a lot of work or communicate effectively with a team, you really can see a different side of a lot of people. 

 

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Direct download: JF_3368_Ryan_Tanel.mp3
Category:general -- posted at: 3:00am EDT

In this episode of the Best Ever Show, Ryan and Dr. Francesca Byrne, from Cashflow Capital Club, discuss their multifamily real estate strategy. They focus on revamping underperforming properties in Texas, South Carolina, and Georgia, aiming for high investor returns through efficient management and strong partnerships.

 

Ryan and Dr Francesca Byrne | Real Estate Background

  • Cashflow Capital Club
  • Portfolio:
    • 2,000+ limited partnerships | Actively managing 800+ units / $100M+
  • Based in: Dallas, TX
  • Say hi to them at: 
  • Best Ever Book: Real Estate Raw by Bill Hamm
  • Greatest Lesson: Risk-adjusted returns with CRE vs Single Family, and how big the appetite was for our opportunities.

 

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Direct download: JF_3366_Ryan_and_Dr_Byrne_Audio.mp3
Category:general -- posted at: 3:29am EDT

The Best Ever Book Club is a special monthly series hosted by Best Ever founder Joe Fairless. In each insightful episode, Joe dives into influential books that shape the world of investing, exploring key principles, strategies, and lessons to enrich both the seasoned investor and the curious novice.

In this episode of the Best Ever Bookclub, Joe Fairless and co-host Paul Mueller discussed "The Asset Mindset" by Daniel Fielding, emphasizing the importance of a positive mindset, choosing the right peer group, and the power of gratitude and perspective in personal growth. They highlighted taking action against fear and avoiding negative comparisons as key to self-development.

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Direct download: JF_3365_Joe_Book_Club_October_-_The_Asset_Mindset_by_Daniel_Fielding_1.mp3
Category:general -- posted at: 3:00am EDT

From creative financing strategies to building valuable relationships with brokers, multifamily investing expert Jered Sturm delves into the key strategies that have fueled his success. Discover how he overcame challenges, his approach to sourcing quality deals, and the crucial lessons he's learned on his journey. 

Key Takeaways:

  • Quality Deal Flow is Crucial: While opportunities may abound, focusing on deals that align with your investment criteria and market conditions is paramount. Building strong relationships with top brokers in your target market can be a strategic way to access high-quality deals.
  • Building Meaningful Relationships: Going the extra mile to foster relationships with investors, brokers, and partners can set you apart in a competitive market. It's not just about transactions; it's about making a genuine impact.
  • The Responsibility of Raising Capital: Jered's perspective on raising capital is rooted in responsibility. He underscores that investors should treat the capital entrusted to them as a portion of someone's life. Understanding the significance of this responsibility can guide your approach to raising and deploying capital wisely, ultimately benefiting both you and your investors.

 

Jered Sturm | Real Estate Background

  • SNS Capital Group
  • Portfolio:
    • Multifamily assets in Ohio
  • Based in: Cincinnati, OH
  • Say hi to him at: 
  • Best Ever Book: Outlive by Peter Attia
  • Greatest Lesson: Financial returns are supported by operations, and operations are supported by having the right people in the right seats that align with your organization's values.

 

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Direct download: JF_3364_Jered_Strum.mp3
Category:general -- posted at: 5:24am EDT

Commercial real estate experts Slocomb Reed, Ash Patel, and Joe Cornwell share their best and worst experiences in real estate investing. They offer valuable insights, lessons, and strategies that every investor should consider.

Key Takeaways:

  • The Importance of Reserves: Slocomb Reed discusses the necessity of having sufficient reserves in real estate deals, especially when working with inherited tenant bases or C-class properties. He highlights the importance of staying disciplined and not compromising on the quality of contractors to avoid costly mistakes.
  • Staying True to Your "Why": Joe Cornwell delves into the challenge of managing capital and the temptation to rush into new deals. He emphasizes the need to focus on your "why" in real estate investing, staying patient, and not letting idle cash dictate investment decisions.
  • Lessons for All Investors: Ash Patel shares invaluable advice for real estate investors. He stresses the importance of comfortable idling large sums of cash, finding partners or selling deals if necessary, and understanding your "why" to maintain focus and purpose in your real estate journey.

 

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Direct download: JF_3363_Round_Table_Part_2_-_Best_Deals.mp3
Category:general -- posted at: 3:24am EDT

Michael Margarella, founder of Next Play Investments, delves into the nuances of commercial real estate investing, shedding light on the intriguing dynamics of the multifamily and self-storage sectors. In this episode, we uncover the evolving trends and opportunities in these markets while gaining essential insights into the strategies and challenges that resonate with commercial real estate investors in 2023.

Key Takeaways:

  • Shifting Market Trends in 2023: Michael discusses how market trends have evolved in the commercial real estate space. In 2021 and 2022, self-storage opportunities seemed abundant, but by 2023, there was a decline in available self-storage opportunities. Multifamily, on the other hand, started to see more appealing opportunities in the latter half of 2023, attracting reasonable sellers. Understanding these market shifts is crucial for investors to adapt their strategies.
  • Direct-to-Seller and Broker Relationships: Michael emphasizes the importance of building strong relationships with both sellers and brokers. He highlights the value of getting direct to sellers and shares his plans to enhance this aspect of his business in the coming years. Additionally, he discusses the significance of being on brokers' shortlists and fostering connections that make investors top of mind when opportunities arise.
  • The Power of Lean Investing: One valuable lesson from the conversation is the importance of avoiding over-reliance on pro forma assumptions. Michael shares an example where their pro forma projections were heavily dependent on a new building, leading to challenges, delays, and increased costs. This experience highlights the significance of lean investing and relying on existing property fundamentals rather than overly optimistic assumptions.

 

Michael Margarella | Real Estate Background

  • Next Play Investments
  • Portfolio:
    • Self-storage facilities (200,000 sq. ft.)
    • Multifamily (~200 units)
  • Based in: New York, New York
  • Say hi to him at: 
  • Best Ever Book: Rich Dad Poor Dad by Robert Kiyosaki
  • Greatest Lesson: Specific to self-storage, never move forward on a deal that only pencils with the addition of a newly constructed building on the property.

 

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Direct download: JF_3361_Michael_Margarella__1.mp3
Category:general -- posted at: 3:00am EDT

Commercial real estate experts Slocomb Reed, Ash Patel, and Joe Cornwell share their best and worst experiences in real estate investing. They offer valuable insights, lessons, and strategies that every investor should consider.

Key Takeaways:

  • The Importance of Reserves: Slocomb Reed discusses the necessity of having sufficient reserves in real estate deals, especially when working with inherited tenant bases or C-class properties. He highlights the importance of staying disciplined and not compromising on the quality of contractors to avoid costly mistakes.
  • Staying True to Your "Why": Joe Cornwell delves into the challenge of managing capital and the temptation to rush into new deals. He emphasizes the need to focus on your "why" in real estate investing, staying patient, and not letting idle cash dictate investment decisions.
  • Lessons for All Investors: Ash Patel shares invaluable advice for real estate investors. He stresses the importance of comfortable idling large sums of cash, finding partners or selling deals if necessary, and understanding your "why" to maintain focus and purpose in your real estate journey.

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Direct download: JF_3362_Round_Table_1_-_Worst_Deals_Part_1.mp3
Category:general -- posted at: 8:47am EDT

In this podcast episode, Ash Patel interviews Jim Sheils who discusses his transition from renovating to building new construction properties in Florida, focusing on the build-to-rent sector. He highlights the advantages of new constructions, the company's approach to targeting affordable markets, and their comprehensive property management services. The episode provides insights into investment strategies and the benefits of new constructions for investors.

Key Takeaways:

  • Shift to New Construction: Jim Sheils emphasizes the strategic shift from renovating older homes to building new construction properties, especially in response to the evolving real estate market conditions.

  • Build-to-Rent Focus: The episode highlights the advantages of the build-to-rent sector, including its potential for better returns, reduced maintenance issues, and more predictable cash flow for investors.

  • Comprehensive Property Management: Jim discusses the importance of offering all-inclusive property management services, easing the burden for investors and ensuring a more streamlined and efficient investment experience.

Jim Sheils | Real Estate Background

  • Partner at Southern Impression Homes & Co-Founder at 18 Summers
  • Portfolio:
    • Build to Rent New Construction Single Families, Duplexes, and Quads.
    • +5,000 Buildable lots in Florida
  • Based in: Jacksonville, FL
  • Say hi to him at: 
  • Best Ever Book: The Alchemist by Paulo Coelho
  • Greatest Lesson: "Go deep in your own unique abilities & delegate the rest."

 

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Direct download: JimFULL.mp3
Category:general -- posted at: 3:17am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

In this installment of Passive Investor Tips, Travis Watts discusses three strategies to gain a broader perspective in real estate investment. He focuses on foundational aspects beneficial to both beginners and experienced investors, emphasizing principles and life lessons vital in the field of real estate.

 

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Direct download: JF_3360_Passive_Investor_Tips_70.mp3
Category:general -- posted at: 6:31am EDT

In this episode, we dive deep into a powerful wealth-building strategy with real estate investor and military veteran, Charlie Hardage. Charlie shares his insights on using Home Equity Lines of Credit (HELOCs) to accelerate your real estate investments. Learn how to leverage HELOCs, even if you have a W-2 job, and discover the game-changing benefits of this strategy.

Key Takeaways:

  • HELOCs: A Game-Changing Tool for Real Estate: Charlie explains how HELOCs can be a powerful tool for real estate investors, allowing them to tap into their home equity to fund new investments, all while minimizing closing costs and interest payments. He shares his own experiences using HELOCs to invest in various real estate opportunities, from apartments to self-storage.
  • The Importance of Tracking Net Worth: Tracking your net worth is a critical step towards financial success. Charlie emphasizes the significance of monitoring your net worth regularly, as it provides an accurate measure of your financial progress. Setting ambitious goals and celebrating your achievements along the way can keep you motivated and focused on building wealth.
  • Giving Back: Apart from his real estate journey, Charlie and his wife are passionate about giving back to the community. They have plans to establish charities to combat food waste and support local communities with healthy food options. Additionally, Charlie's military background fuels his desire to create a sense of community for veterans, especially those dealing with PTSD, to ensure they never feel alone.

 

Charlie Hardage | Real Estate Background

 

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Direct download: JF_3358_Charlie_Hardage_.mp3
Category:general -- posted at: 4:18am EDT

Ian Cruz, a seasoned real estate investor, shares his experiences and strategies in the world of commercial real estate. From networking tips that have propelled his success to the power of taking action and learning from mistakes, Ian's expertise is your secret weapon to thrive in the competitive world of commercial real estate. 

Key Takeaways:

  • The Power of Networking: Ian emphasizes the importance of networking and how it played a pivotal role in his real estate journey. He recommends attending various meetups and events, even those outside your comfort zone, to expand your network and find like-minded investors.
  • Taking Action and Learning from Mistakes: One of the most significant lessons Ian shares is the importance of taking action. He highlights the trap of analysis paralysis and how it hindered his progress initially. Ian encourages aspiring investors to start, even if it feels uncomfortable, as the best learning often comes from real-world experiences.
  • Building Trust in Partnerships: Ian discusses the value of trust in forming successful partnerships. He touches on the significance of transparent communication, sharing experiences, and building a track record to attract capital partners. Additionally, he emphasizes the importance of having the right team, local connections, and systems in place to ensure project success.

 

Ian Cruz | Real Estate Background

  • Founder of ELEV8 Capital
  • Holds an active CPA license
  • Manager of Finance at a Venture Capital firm
  • Based In: San Jose, CA
  • Multifamily investor in the Bay Area, CA and Cincinnati
  • Leads and organizes a 100+ member group of investors focused on the Cincinnati market via Fractional, a one-stop shop that makes it easy to form partnerships (create LLC, bookkeeping, file K1's, source PM, secure financing, serve as guarantor for loan, etc.) and buy properties together.
  • SAREcon 2023 Speaker, NVST Quarterly Mixer Speaker

 

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Direct download: JF_3357_Ian_Cruz_.mp3
Category:general -- posted at: 3:41am EDT

In this episode, we sit down with Shelley Peterson, a seasoned real estate investor and co-founder of Kahuna Investments, to discuss her journey in the world of commercial real estate investing. Shelley shares valuable insights into the challenges and opportunities she has encountered, emphasizing the importance of mentorship and taking action. We also delve into her unique approach to syndication and her commitment to giving back to the community.

Key Takeaways:

  • Jump In and Take Action: Shelley's advice for aspiring real estate investors is simple yet powerful – don't overanalyze, take action. She encourages investors to dive into their first deal, whether through partnerships or joint ventures, and gain hands-on experience. Learning by doing is the fastest way to understand the intricacies of the real estate market.
  • Importance of Effective Team Building: Shelley highlights the significance of building an effective team within your real estate investment endeavors. She discusses the book "The Five Dysfunctions of a Team" by Patrick Lencioni, which emphasizes trust, vulnerability, and teamwork as essential elements for success in real estate investing. Surrounding yourself with the right people is key.
  • Community Involvement: Beyond financial success, Shelley and her team are passionate about giving back to the community. They actively engage in charitable activities and emphasize the importance of contributing resources and time to support local causes. As a real estate investor, making a positive impact in the community goes hand in hand with financial success.

Shelley Peterson | Real Estate Background

  • President of Kahuna Investments
  • Portfolio:
    • 3,000 units valued at over $250 million
  • Based in: Chandler, AZ
  • Say hi to him at: 
  • Best Ever Book: 12 Rules of Life by Jordan Peterson
  • Greatest Lesson: Finding the faith and courage to undergo a personal reinvention.

 

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Direct download: JF_3356_Shelley_Peterson.mp3
Category:general -- posted at: 3:24am EDT

In this episode, Ash Patel interviews Michael Mandel, the CEO of CompStak, a leading provider of commercial real estate data. They delve deep into the world of commercial real estate data, discussing how it can be a game-changer for investors and uncovering the power of creativity in real estate investments. Listen in as they explore various data sets, discuss case studies, and provide insights into finding profitable deals using data-driven strategies.

Key Takeaways:

  • Creativity Trumps Data Alone: While data is essential, Michael emphasizes that the key to success in commercial real estate investing lies in creativity. Investors who can think creatively and find unique ways to extract value from properties will often achieve the most significant returns.
  • Data-Driven Decision-Making: Michael highlights how investors can leverage data to make informed decisions. They discuss the importance of using multiple data sets, such as lease rates, property details, loan data, and market analytics, to identify opportunities and mitigate risks.
  • Identifying Profitable Deals: The conversation explores how data can help investors identify potentially lucrative deals. By analyzing data on property leases, square footage, loan maturities, and more, investors can uncover properties with untapped potential, creating opportunities for significant returns on investment.

Michael Mandel | Real Estate Background

  • CEO and Co-Founder of CompStak
  • Based in: New York, NY
  • Say hi to him at: 
  • Best Ever Book: The Hard Thing About Hard Things by Ben Horowitz
  • Greatest Lesson: The real estate investors that are gonna be the most successful are those who are the most creative, who can see beyond that data and find a new way to make money from an asset that isn't otherwise obvious.

 

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Direct download: JF_3355_Michael_Mandel.mp3
Category:general -- posted at: 4:22am EDT

In this insightful episode, commercial real estate investor Justin discusses valuable insights and trends in the industry. Join the conversation as he shares his experiences in managing and growing his portfolio. From the evolving demand for one-bedroom apartments to the secrets of managing studios, Justin delves into what it takes to succeed in the dynamic world of commercial real estate.

Key Takeaways:

  • Shifting Apartment Demand: Justin highlights the changing landscape of apartment demand, emphasizing the surprising growth in one-bedroom units. He explores the factors driving this shift and how it relates to broader economic trends.
  • Maximizing Studio Apartments: Justin shares his strategies for success with studios, from managing turnovers to optimizing rental income. His insights shed light on why studios are in high demand and how to capitalize on their appeal.
  • Thought Leadership and Branding: Justin's best-ever advice revolves around building a thought leadership platform. He stresses the importance of utilizing social media, podcasts, blogs, and meetups to showcase your expertise and attract valuable opportunities in the commercial real estate industry.

Justin Goodin | Real Estate Background

  • Next Level Equity
  • Portfolio:
    • 500 units
  • Based in: Indianapolis, IN
  • Say hi to him at: 
  • Best Ever Book: Limitless by Jim Kwik
  • Greatest Lesson: Choose quality over price when it comes to contractors. It can make or break your entire project.

 

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Direct download: JF_3354_Justin_Goodin.mp3
Category:general -- posted at: 7:52am EDT

Passive Investor Tips is a weekly series hosted by full-time passive investor and Best Ever Show host, Travis Watts. In each bite-sized episode, Travis breaks down passive investor topics, simplifying the philosophy and mindset while providing tactical, valuable information on how to be a passive investor.

On todays episode of Passive Investor Tips, Travis Watts examines the stages of market cycles, pointing to current signs of a potential recession, such as rising interest rates and inflation. It contrasts these indicators with the recent profit in market indexes and stable housing prices, suggesting a complex economic situation.

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Direct download: JF_3353_Passive_Investor_Tips_69.mp3
Category:general -- posted at: 3:00am EDT

Are you curious about the untapped potential of the commercial real estate market? Discover the power of holding property and the critical lessons learned by J Scott in his journey of flipping 450 houses. Join us as we delve into the fascinating insights he shares about affordability, government intervention, and cash management in this engaging episode.

Key Takeaways:

  • Market Dynamics and Affordability: J Scott discusses the evolving dynamics of the real estate market, emphasizing the impact of shifting demographics on affordability. He highlights the importance of understanding the distinctions in the rental market and how different income brackets are affected.
  • Cash Management and Inflation: J Scott emphasizes the significance of cash management and the role it plays in real estate investing, especially during periods of inflation. He provides valuable insights into the relationship between inflation and treasury yields, offering a balanced perspective on the impact of inflation on investment strategies.
  • Government Intervention and Long-Term Solutions: J Scott explores the role of government intervention in addressing affordability challenges in real estate. He advocates for incentivizing investors to create market-based solutions, rather than relying solely on legislative measures, and discusses the potential long-term implications for the real estate landscape.

 

J Scott | Real Estate Background

  • Partner at Bar Down Investments and Host of the Drunk Real Estate Podcast
  • Portfolio: 
    • About 1,000 units of SFR and multifamily
    • 5,000 units as an LP
  • Based in: Sarasota, FL
  • Say hi to him at: 
  • Best Ever Book: Thinking, Fast and Slow by Daniel Kahneman
  • Greatest Lesson: The value in holding property for the long-term. That's where real wealth building happens.

 

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Direct download: JF_3352_J_Scott_.mp3
Category:general -- posted at: 3:16am EDT