Adventures in Entrepreneurship

In this episode of the Kiss My Assets Podcast, Jamison Manwaring, CEO and Co-Founder of Neighborhood Ventures, breaks down two major reports — one from NMHC and another from GlobeSt — that reveal how the multifamily market is shifting in real time. After years of record construction and tough operating conditions, permits and completions are finally slowing, signaling fewer apartments coming to market in 2026–2027. At the same time, nearly $120 billion in multifamily loans are maturing within the next 18 months — many with debt-service-coverage ratios (DSCRs) below 1.20x, forcing some owners to sell or restructure. Jamison unpacks how this rare convergence of shrinking supply and financial stress could set the stage for the next great buying cycle in multifamily.

Host Kyle Macdonald and CEO Jason Manwaring break down how renewed 1031 exchanges and 100% bonus depreciation are reshaping the 2025 real estate market. They discuss how these policies free up liquidity, spur new transactions, and influence investor behavior—plus why capital raising and lending activity is roaring back to pre-pandemic levels. This episode dives into what's fueling the rebound: declining vacancies, a slowdown in new construction, easing rates, and major institutional inflows from firms like Blackstone, Brookfield, and Carlisle. Kyle and Jason also share how investors can position themselves to buy quality assets ahead of a potential multi-year rate-cut cycle. What You'll Learn: How the return of full bonus depreciation and 1031 exchanges is boosting liquidity Why tax strategy alone isn't enough—the asset itself still has to perform Early signs that commercial real estate activity and loan originations are rebounding Insights into multifamily, industrial, and office recovery trends Why institutional money is pouring back into U.S. real estate What a likely rate-cut cycle means for investors buying now ⚠️ Disclaimer: This conversation is for educational purposes only and should not be taken as tax, legal, or investment advice. Consult a qualified professional for guidance on your specific situation.

Host Kyle Macdonald sits down with CEO Jason Manwaring to unpack three big themes shaping multifamily right now: The top 20 U.S. submarkets for new apartments since 2021 (Phoenix & Dallas dominate), Phoenix August 2025 sales comps—why price-per-unit for 100+ unit deals matched 10–99 unit deals, and A national take: multifamily cap rates stabilizing as rent growth bottoms and supply gets absorbed. They compare Phoenix's short-term oversupply (and distressed buys at 40–45% discounts) with Flagstaff's near-zero pipeline and 100% occupancies, then dig into ABI's monthly comp set (from Kierland's $419k/unit to distressed buys near $137k/unit). The macro segment hits rate cuts, dry powder returning, and why rent growth, not just rates, could drive cap rates lower from here. What You'll Learn Where supply really landed: Phoenix submarkets (Avondale/Goodyear, West Glendale, South & Central Phoenix, Gilbert, Pinal County) vs. peers like Austin/Dallas/Houston/Nashville. Operator playbook in oversupplied markets: bank-negotiated distress, buying below replacement cost, turning C→B to expand the buyer pool. Flagstaff contrast: moratoria, no new supply, full occupancy—why the strategy flips to renovate & hold. August 2025 Phoenix comps: ~$289k/unit for both 100+ and 10–99 unit buckets (rare parity), with build-to-rent/newer product pulling averages up. Debt & underwriting now: permanent loans over bridge, prove-out rent bumps with current comps, not wishful pro formas. Macro inflection: first 25 bps Fed cut, loan originations and equity fundraising up, institutions favoring multifamily & industrial again. Cap rates & rents: why stabilizing rents (from ~1% toward ~2.25–2.5% next 12–18 months) may be the key driver of cap-rate compression—more than rates alone. ⚠️ Disclaimer: Educational discussion only—not tax, legal, or investment advice. Please consult your professional advisors.

Host Kyle Macdonald and Neighborhood Ventures CEO Jason Manwaring break down how mortgage-rate buydowns—once hailed as builders' “silver bullet”—are now coming back to haunt homeowners. They connect the dots between teaser-rate financing, negative equity, and the same dynamic playing out in commercial real estate through expiring rate caps. The conversation expands into how multifamily investors can navigate the volatility by focusing on low leverage, smart timing, and vertical integration. Key topics: Mortgage buydowns: what they are, how they work, and why they're expiring painfully “Survive ‘til 25” and the danger of kicking the can in both residential and multifamily markets Rate caps and how commercial operators are facing the same refinancing crunch Why distress creates opportunity for disciplined buyers below replacement cost The “silver tsunami” of retirees choosing to rent — and what that means for multifamily demand How vertical integration (in-house management, maintenance, and renovations) gives operators an edge ⚠️ Disclaimer: This episode is for informational purposes only and is not tax, legal, or investment advice. Always consult qualified professionals about your specific situation.

Jamison and Lexy unpack a new survey suggesting cap rates may have peaked as Treasury yields stabilize—and explain, in plain English, what a cap rate is, why it moves inversely with values, and how rate cycles flow through underwriting. They connect the dots between the Fed's dual mandate, tariffs, and inflation risk; why a true rate-cut cycle would flip us from buyer's to seller's market; and how to think about timing with the classic “market clock” analogy. Then they dive into the numbers: apartment transactions up ~12% in Q2, pricing vs. 2015–2019, why renting is still far cheaper than buying, and why new supply is set to fall off a cliff—a setup for future rent growth. They close with Neighborhood Ventures' playbook: buy below replacement cost, prefer well-located distressed assets, and renovate (or not) where it pencils. What they cover: Cap rates 101 → cash flow ÷ value, and the inverse relationship to pricing Why stabilized Treasuries + expected rate cuts could mark the turn The Fed's inflation/employment balancing act—and what tariffs might do Q2 deal flow: multifamily transactions rising and confidence returning Rent vs. buy gap: why apartments still have room to run Supply outlook: deliveries slowing sharply → conditions for rent growth Strategy now: buy vs. build, replacement cost math, and timing the “7 o'clock” entry ⚠️ Disclaimer: This episode is for informational purposes only and is not tax, legal, or investment advice. Always consult qualified professionals about your specific situation.

Jamison and Lexy break down a sweeping look at today's real estate economy — from Goldman Sachs' warning that a weak housing sector could tip the U.S. toward recession, to why Phoenix and other boomtowns are seeing record home price cuts. They unpack how the Fed's dual mandate (balancing inflation and employment) shapes interest rate policy, and what that means for homebuyers, sellers, and investors. Then, they dig into the latest data on multifamily absorption, build-to-rent momentum, and the office market's slow comeback, revealing how this period could mark a “generational reset” for real estate investors. What they cover: Goldman Sachs' recession warning: housing as the canary in the coal mine The Fed's dual mandate explained (and why rate cuts are slow to come) Pandemic boomtowns facing steep home price corrections Record multifamily absorption and why renters are driving stability Build-to-rent's rise and office market recovery through Class A amenities Why this could be a once-in-a-decade buying window for patient investors ⚠️ Disclaimer: This episode is for informational purposes only and is not tax, legal, or investment advice. Always consult qualified professionals about your specific situation.

Jamison and Lexy break down a fascinating Denver listing — the Lumber Baron Inn & Gardens — to explain how hospitality really pencils out. They cover “keys” vs. “doors,” what 1890s charm costs in maintenance, and why small boutique inns rarely support on-site management. Then they zoom out to today's housing market: why spring home sales fell despite record prices, what that means for buyer affordability and seller expectations, and how Taylor Morrison's $3 billion build-to-rent initiative signals long-term confidence in rental living. What they cover: Hospitality math → revenue, occupancy, FF&E, and risk vs. return Multifamily vs. STR: steady cash flow, lower intensity Single-family market correction and “strike price” psychology The rise of build-to-rent and what it means for investors ⚠️ Disclaimer: This episode is for informational purposes only and not tax, legal, or investment advice. Always consult qualified professionals about your specific situation.

Tax attorney and Directed IRA CEO Matt Sorenson joins Jamison to unpack the new federal tax law—what's real, what changed, and how it hits your 1040 and your P&L. We cover individual updates (permanent lower tax rates, the doubled standard deduction, child tax credit changes, and a higher SALT cap) and pro-business provisions like the return of 100% bonus depreciation (from 2025, permanent) and a permanent 20% QBI deduction for many pass-throughs. We also touch on phase-outs, the pullback of some green incentives, and the bigger macro questions (deficit, tariffs, policy whiplash). Bottom line: more after-tax cash for many households and operators—and planning opportunities you shouldn't miss. What we cover: Individual: rate cuts made permanent, doubled standard deduction, child tax credit updates, SALT cap → $40K Business: 100% bonus depreciation (back & permanent), 20% QBI made permanent Who benefits (and common phase-outs) + timing considerations for 2025 Practical implications for investors using IRAs/LLCs and real estate owners The tradeoffs: renewable incentives pared back, deficit concerns, policy uncertainty ⚠️ Disclaimer: This episode is for informational purposes only and is not tax, legal, or investment advice. Always consult a qualified tax professional or financial advisor about your specific situation.

CMBS delinquencies are at their highest level since the Great Recession — but what does that really mean for multifamily investors? Jamison Manwaring unpacks the data behind rising commercial distress, explaining how interest rate spikes, construction booms, and tighter lending have collided to create today's challenges — and opportunities. We also break down how new legislation is reshaping real estate, from extended Opportunity Zones and renewed bonus depreciation to why 1031 exchanges and UPREIT structures remain intact. Finally, Jamison offers perspective on why long-term fundamentals for multifamily remain strong and why patient investors could benefit most in this cycle.

Absolutely — here's the same title and description with a concise, professional disclaimer added: Selling in a choppy market? Jamison breaks down the three big exit paths for multifamily owners: an all-cash sale (and the tax hit), a 1031 exchange into another property, and a Section 721 UPREIT into a REIT—plus where a DST (Delaware Statutory Trust) fits. We compare tax deferral, control, fees, estate planning, and flexibility (including NV REIT's semi-liquidity), and outline who each option is best for—from long-time owners “graying out” with low debt to operators still scaling. Bottom line: With a bit of planning before you list, you can potentially save millions in taxes and simplify your life. What we cover: When a straight cash sale still makes sense—and its tax cost 1031 rules, timelines, “like-kind,” and when to level up into larger assets 721 UPREIT: rolling into REIT units for diversification, dividends, and estate simplicity DSTs: why some choose them, typical fee trade-offs, and liquidity constraints How to match your exit to goals: taxes, heirs, control, and hassle factor ⚠️ Disclaimer: This discussion is for informational purposes only and is not tax or investment advice. Always consult a qualified tax professional or financial advisor before making any decisions related to 1031 exchanges, UPREITs, or DSTs.  

In this episode, Jamison Manwaring breaks down the shifting multifamily landscape — from foreclosures and falling values to where the real opportunities lie. We discuss how rising interest rates, new supply, and tighter lending are reshaping the market, and why experienced operators like Neighborhood Ventures see this as a time to buy, not sit out. Jamison explains recent foreclosure headlines, including the story behind Tides Equities, and shares insights into how today's downturn differs from 2008. We also explore what it means for residents, investors, and the future of Phoenix multifamily.

In this episode, Jamison interviews seasoned real estate investor Larry Gustafson, who started his investing journey with just $500. With a background in insurance and real estate, Larry has amassed a portfolio of over 67 investment properties, and remarkably, not a single one has been a loss—his closest call still turned a small profit. He shares his experience, hoping to inspire even one listener to take the leap into investing. Larry walks us through his journey from the very beginning, including how he still lives in the first house he ever bought. His secret? He saves over 50% of every dollar he earns. Larry explains the importance of this disciplined approach and why it's worth considering, even though it's not always easy in today's materialistic world. We also delve into how he maintains his focus and resists temptations, his criteria for identifying the perfect investment property, and what red flags to avoid. Larry closes out the episode by offering his best advice to the younger generation: How should you be allocating your hard-earned money today?

This week, we dive deep into the world of wealth management with a special guest—Josh Manwaring, a seasoned Wealth Manager from the greater Phoenix area (and Jamison's brother!). Josh brings a wealth of knowledge to the table, offering practical, no-nonsense advice on how to simplify your retirement savings strategy. His key message? Save as much as you can and live frugally now to secure a prosperous future. In this episode, Josh demystifies what it really means to be a financial advisor, pulling back the curtain on the industry and explaining the often misunderstood ways that advisors are compensated. He addresses common concerns that people have when deciding whether to hire a financial advisor, providing a balanced view of the pros and cons straight from someone who knows the industry inside and out. The discussion takes an intriguing turn when Jamison shares how Tony Robbins' book, The Holy Grail of Investing, transformed his approach to saving and investment. Josh and Jamison explore how this book can serve as a valuable resource for anyone looking to refine their financial strategy. Josh also offers his expert take on the age-old debate between investing in real estate versus the stock market, explaining how your age and financial goals should guide your choices. For those curious about cryptocurrency, Josh shares his well-researched thoughts on its potential future, even though it's not his primary area of expertise. Whether you're just starting your retirement planning journey or looking to optimize your existing strategy, this episode is packed with actionable insights. Tune in to learn how to take charge of your financial future, navigate the complexities of investing, and set yourself up for a secure and prosperous retirement.

Welcome to the Kitesurfing Wealth Coach Podcast! I'm Jamison Manwaring, CEO and co-founder of Neighborhood Ventures, an online platform for commercial real estate investing. I'm thrilled to finally launch this podcast, a project that has been in the works for quite some time. In this first episode, my aim is to transform the way you perceive wealth and money. We'll explore healthy perspectives on finances and share some of my own personal experiences along the way. I'll introduce the three pillars of wealth, inspired by Robert T. Kiyosaki's "Rich Dad Poor Dad," and delve into how our childhood experiences shape our financial mindset from an early age. Through real-life stories and insights from my journey in the business world, I hope to illuminate how you can improve or even reshape your approach to money, enhancing its role and significance in your life. Throughout the life of this podcast, we will uncover countless wealth topics and essential financial principles. I am excited to share this valuable information with you and embark on this journey together toward financial empowerment and success.

Founder of Score NN', Jaron Lodge, explains how he began designing the skipping stones for his game, Skip NN Hole. Tune in to learn the research he used to find just the right shape to achieve the ideal wake for this product that's become a hit for your very own backyard pool game. Learn more about his product here! https://scorenn.com/

Mandy Heflin and Hogan Jamison dive into how they developed their company from commercial fishing into fresh fish markets and restaurants. They recognized the need for fresh fish in the desert and began delivering straight from the boat to their two Arizona locations.   Chula's created a culture with their Fish Fam team that encourages creating new dishes and exploring ways to expand Chula's brand. Chula's Seafood values focus on sustainable fishing by using the harpoon technique to catch swordfish and the Deep Set Buoy Gear technique.  

Co-Founders Jason Turnquist and Sean Elstins discuss the decade-long evolution of their web design company, Fyresite. They began by building marketing websites for clients. As they've expanded to offer more services, they now use Shopify's platform to build advanced eCommerce websites for their clientele. Jason and Sean share their insights on the long-term effects we can expect as companies integrate NFTs into their products and services and maintain balance in the supply and demand of cryptocurrency in virtual markets.

Jeff Gottfurcht discusses how he reshaped his destiny after being diagnosed with Rheumatoid Arthritis. He dedicated the next 10 years of his life to climbing the seven highest summits in the world and became the first person with Rheumatoid Arthritis to summit Mt. Everest. Jeff shares the lessons he's applied to his own life as he continues to make an impact on the world. Early in life, Derek Jackson developed a desire to understand how various technologies worked. His approach to pushing boundaries and learning how things broke shaped his perspective on finding solutions. Derek later applied this process during his time as a military intelligence officer. He created and led the first social media intelligence collection team for the SOJTF-OIR headquarters. As a leader, Derek was recognized as an honoree in Phoenix Business Journals' 40 Under 40 for shaping the valley into a better place to live and work. Together they've developed the technology to remove the barricades parents face when their child is introduced into the digital world. The real-time insights show parents what their child is being exposed to, and interested in, and help protect them from predators. The software now features daily mental health checks and offers insights that could help prevent issues such as eating disorders, self-harm, and suicide.

Jason Boyer discusses his start in real estate and the influential power thoughtful architecture can have.

From a college athlete to entrepreneur, Jim Stevens dives into his journey of growth.

In this episode, Jamison and Grayson sit down with Oleg Bortman, owner of The Brokery, a real estate firm. Oleg is FULL of passion and energy, and it's inspiring to see how he has migrated from Ukraine to America, and made a name for himself and his company in Arizona, all from nothing. Oleg also touches on the Ukrainian vs. Russia conflict, and how he feels as an immigrant from Ukraine. To hear more about Oleg selling over $350M in real estate this year, listen to this week's episode.

In this episode, Jamison and Grayson sit down with Mike Spangenberg of State Forty Eight clothing apparel. Mike explains what it takes to really start a clothing brand, from selling out of his car to opening storefronts and selling online, as well as B2B.

In this episode, we have the owner of Los Sombreros, Kurt Riske, on. Kurt took the leap from employee to business owner and now owns a few restaurants in the Phoenix area. Kurt actually started by working at Los Sombreros as an hourly employee and eventually was offered an opportunity to purchase the restaurant and decided to move forward with it, and hasn't looked back since. To learn more about his journey, the restaurant business, and entrepreneurship, listen to this week's episode with co-hosts Jamison Manwaring and Grayson Loupas.

In this episode, we sit down with Nick Heth, owner of Phoenix Mortgage Brokers, and talk all things business and real estate. Nick Heth has been a mortgage broker and loan originator his whole life, so we were excited to sit down and ask him questions about how entrepreneurs can get home loans. W-2 employees can pretty seamlessly obtain a mortgage if they have two years of consistent pay stubs- but the entrepreneur's income fluctuates. This is both a blessing and a curse- there's no cap on an entrepreneur's income, but it can be difficult to obtain a mortgage. Nick also talks about the real estate market as a whole, and where he believes it's going, especially in the hot market of Phoenix, AZ.

Ever wondered what it's like to be able to invest in start-up tech and artificial intelligence companies? Well, Tim Kelley is providing that experience for investors. Jamison and Grayson, sit down with Tim Kelley to talk about Canyon Angels, Tim's angel investing company, as well as what it's like to be an entrepreneur in Phoenix. Although Phoenix still isn't as connected as it could be, Phoenix is a booming city for an entrepreneur to live in right now. There are a lot of opportunities, especially for start-up companies. Grayson talks about his experience with his failed start-up, and Jamison talks about what it was like to start his current company, Neighborhood Ventures.

Tim Kelley, Chair of Entrepreneurship and co-host Grayson Loupas' professor, is not your typical college professor. While most professors teach from a book, Tim teaches from experience; a lot of it. Starting his entrepreneurial journey, lawn service, at the ripe age of 9 years to funding a $100 million cross-border mortgage venture, Tim is full of stories and experience. Tim set out to Latin America with his mind set on construction and real estate work. After years of directing a construction department, he decided to pursue a venture that provides mortgages for Americans buying property in Mexico. Co-host Jamison Manwaring actually owns residential property in Puerto Penasco, Mexico, so he understands the difficulty involved in starting a business like that.

In this episode, Jamison and Grayson talk with Brett about all of his crazy travelings, settling down, and business stories from his life and journey to becoming an entrepreneur. From working in a jail overseas to owning a commercial cleaning company, Brett has really done it all. Brett details his journey traveling across the world, from Hawaii to Asia and many more countries, Brett has a ton of exciting experiences and stories to tell. The three also talk about what it's like to start and own a business and really identify a problem and solution in the marketplace. Brett went from being an administrator to owning his own commercial cleaning/janitorial staffing company.

In this episode of Off The Grid Investing, Jamison and Grayson sit down with Jessica to talk about their new short-term rental management business. Jessica has a background in real estate, as she's been an agent in the valley for years. Finding success as an agent, she tried her luck in property management and so far it has paid off.   She manages about 30 units at Venture on Country Club, one of Neighborhood Venture's properties, and she also manages a short-term rental home as well. When she started this business, she didn't really know much about it; but her philosophy is that you learn by doing. Little did she know that right after committing to managing these short-term units she would find out she has a third baby on the way! Even with two middle schoolers and a baby on the way, she has still found a way to successfully launch her short-term management business.   Jessica also talks about the ins and outs of what managing units are like, how much up-front capital is required, and what she thinks the future of Airbnb will be. 

In this episode, Jamison, Grayson, Heather, and Jacob all sit down to discuss current events. All four bring a new perspective to the table, and why they believe all of these events are happening in today's world.   With crypto crashing, and Bitcoin down nearly 50% from all-time highs, we talk about what why the market is acting this way, and where we think it's going from here. With the NASDAQ barely avoiding its worst performing January of all time, even after a crazy earnings call from Tesla, we also discuss what's happening with the stock market, and the issues and tension between Ukraine and Russia.

In this episode, we speak with Bill Saul- an engineer who found real estate early on and has now been working in it for 40+ years, twice as long as co-host Grayson Loupas has been alive, and is now a partner in ApexOne Investment Partners, a commercial real estate fund.   We dive into Bill's background, his struggles growing up, losing his mom to cancer early on, and how that has motivated him as an entrepreneur. Bill reveals how he quit his job as an engineer the day he found out how much money he could make in commercial real estate, and how he's been doing it ever since. Bill is full of wisdom and anybody watching, entrepreneur or not, can learn something from his many years of experience as a human being.