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New data on investor sentiment shows optimism in the multifamily market, but given the lag between fast-moving economic developments and the Jan.-Feb. time period when the data was gathered, some of this investor enthusiasm may be blunted in light of the recent volatility. That being said, strong fundamentals and improving long-term rent growth trends have been consistent in the multifamily market, and as short-term revenue difficulties intersect with looming loan maturities, investors will be looking for opportunities to invest in distressed assets in 2025.Sources discussed in this episode:RealPage: “Modest Momentum Builds in February Rent Growth, Occupancy Readings” - https://www.realpage.com/analytics/february-2025-data-update/Yardi Matrix: Feb. 2025 National Multifamily Report: “Multifamily Market Set to be Tested” - https://www.yardimatrix.com/publications/download/file/6945-MatrixMultifamilyNationalReport-February2025 Redfin: “U.S. Asking Rents Rose 0.4% in February—A Small Increase, But the First in 6 Months” - https://www.redfin.com/news/rental-tracker-february-2025/ Bisnow: “'Pure Chaos': Inside The CRE Fallout From DOGE's Slash And Burn Campaign” - https://www.bisnow.com/national/news/office/doge-gsa-lease-termination-cancellation-impact-brokers-owners-128504 Urban Institute: "The Implications of Shrinking the Federal Workforce by DOGE's Recommended 75 Percent" - https://www.urban.org/urban-wire/implications-shrinking-federal-workforce-doges-recommended-75-percentMarcus & Millichap: “High-Speed Cycles Require Long-Term Thinking” - https://www.marcusmillichap.com/research/videos/high-speed-cycles-require-long-term-thinking CRE Daily, John Burns Research and Consulting: “Fear and Greed Survey, Q1 2025, ” - https://cdn.credaily.com/uploads/2025/03/Burns-CRE-Daily_Fear-and-Greed-Index-Chartbook_2025-03-with-ad.pdf Berkadia: “Investor Confidence in Multifamily Sector Remains Strong for 2025, Despite Economic Challenges” - https://berkadia.com/wp-content/uploads/2025/03/2025-Multifamily-Investor-Sentiment-Survey.pdf Download Gray Capital's latest report: https://www.graycapitalllc.com/window/Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
What if the secret to success isn't just about what you do—but how you think? In this episode, we sit down with Margot Machol Bisnow, author of Raising an Entrepreneur, to unpack the mindset that fuels solopreneurs and self-starters alike.We're diving into the grit, resilience, risk-taking, curiosity, and compassion that define entrepreneurial success—whether you're raising a future business owner or stepping into solopreneurship yourself. Margot shares wisdom from 99 entrepreneurs and their families, revealing the common threads that shaped their paths.Do you need to be fearless?What role does failure really play in success? Can you raise an entrepreneur, or is it just in the DNA?And, of course, we tackle one of the biggest myths in entrepreneurship—the idea that if you love what you do, you'll never work a day in your life. (Spoiler: That's not exactly how it works!)This is a must-listen for anyone carving their own path in business—don't miss it! Listen now on The Aspiring Solopreneur and be sure to subscribe for more game-changing insights!Being a solopreneur is awesome but it's not easy. It's hard to get noticed. Most business advice is for bigger companies, and you're all alone...until now. LifeStarr Intro gives you free education, community, and tools to build a thriving one-person business. So, if you are lacking direction, having a hard time generating leads, or are having trouble keeping up with everything you have to do, or even just lonely running a company of one, be sure to check out LifeStarr Intro!Access LifeStarr Intro
The multifamily market looks forward to strengthening fundamentals in 2025 as the apartment supply wave recedes while housing demand remains consistently high. Recent tariffs may not change these dynamics in the near-term, but higher materials and construction costs could move the market from a supply wave into a supply shortage, bringing rent growth much closer to historical averages after ~18 months of below-average rent growth. Sources discussed in this episode: New York Times: “Tariffs in Trumps second term in office” Updates: https://www.nytimes.com/live/2025/03/04/us/tariffs-us-canada-mexico-china Bisnow: "25% Tariffs On Mexico, Canada Begin, Complicating CRE Outlook”: https://www.bisnow.com/national/news/commercial-real-estate/trump-to-implement-25-tariffs-on-mexico-canada-128313 US News and World Reports: “How Will Trump's Tariffs Affect Homebuyers?” - https://realestate.usnews.com/real-estate/articles/how-will-trumps-tariffs-affect-homebuyers Apartment List: National Apartment Report, Feb. 2025 (1st monthly apartment market report that we've covered in a while): https://www.apartmentlist.com/research/national-rent-data Download Gray Capital's latest report: https://www.graycapitalllc.com/window/ Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
Networking is more than just exchanging business cards—it's about cultivating meaningful, lasting connections that open doors to new opportunities and mutual growth. In this episode of The Greatness Machine, Ryan Begelman shares his proven strategies for building relationships with intention, hosting impactful events, and using curiosity to forge deeper connections. He reveals how adding value to every interaction can help you stand out and create a network that fuels both personal and professional success. From practical tips to mindset shifts, this conversation explores how to transform your approach to networking and turn it into a powerful tool for growth and influence. In this episode, Darius and Ryan will discuss: (00:00) Ryan Begelman's Background and Early Influences (02:58) The Journey into Entrepreneurship (05:54) The Birth of Summit and Bisnow (08:48) Navigating the Corporate World and Side Hustles (12:12) Lessons from Early Career Experiences (14:49) Advice for Aspiring Entrepreneurs (17:58) The Evolution of Summit Series (29:07) Challenges and Triumphs in Event Planning (35:32) The Shift from Summit to New Ventures (46:04) Networking Strategies for Entrepreneurs (49:32) Inspiring Figures and Lessons Learned Ryan Begelman is an executive coach, entrepreneur, and investor. As CEO of Bisnow Media, he grew the company from $1 million to $20 million in revenue before its sale in 2016. He co-founded Summit, described by Forbes as “The Davos of Generation Y,” and has invested in startups like Uber, Warby Parker, and Coinbase. A mindfulness practitioner based in NYC, Ryan is passionate about cycling, cooking, and lifelong learning. Sponsored by: Indeed: Get a $75 sponsored job credit to boost your job's visibility at Indeed.com/DARIUS. NPR Tech Unheard Podcast: Tune into Tech Unheard from Arm and NPM—wherever you get your podcasts. Shopify: Sign up for a $1/month trial period at shopify.com/darius. Stash: Don't let your savings sit around - make it work harder for you. Go to get.stash.com/GREATNESS to see how you can receive $25 towards your first stock purchase and to view important disclosures. Connect with Ryan: Website: https://www.ryanbegelman.com/ LinkedIn: https://www.linkedin.com/in/ryanbegelman Instagram: https://www.instagram.com/ryanbegelman/ Connect with Darius: Website: https://therealdarius.com/ Linkedin: https://www.linkedin.com/in/dariusmirshahzadeh/ Instagram: https://www.instagram.com/imthedarius/ YouTube: https://therealdarius.com/youtube Book: The Core Value Equation https://www.amazon.com/Core-Value-Equation-Framework-Limitless/dp/1544506708 Write a review for The Greatness Machine using this link: https://ratethispodcast.com/spreadinggreatness. Learn more about your ad choices. Visit megaphone.fm/adchoices
Send us a textEpisode 7 in series 3, Sarah, Dan and Deenie discuss:- The Class Foundation Community Marketing Hub insights- Takeaways from the Bisnow SFH Event including tech, ESG, branding & the potential of the sector- PBSA's contribution to Labour's housing targetsPlus hear about the launch of Ask the Expert: Submit your questions!Our sponsor for this season, theEword are true experts in digital marketing specifically for the property sector.We are also delighted that MyStudentHalls are continuing to sponsor the podcast, Mystudenthalls.com - Find your ideal student accommodation across the UK.Each week, Sarah Canning, Deenie Lee of The Property Marketing Strategists and Daniel Smith of RESI Consultancy will be delving into a wide variety of subjects and asking the questions that aren't often asked. This podcast is for anyone who works in Student Accommodation, BTR, Co-living, Later Living, university accommodation, Operational Real Estate or Shared Living.Disclaimer: The views and opinions expressed in this podcast are the personal views of the individual hosts and guests.
This episode charts Tanya Ragan's, President and CEO of Wildcat Management, journey from fashion to urban redevelopment pioneer in Downtown Dallas.The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with top CRE professionals. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, host Jessica LaRusso guides us through Tanya's journey from Minnesota to becoming a leading female entrepreneur in real estate and venture capital in Dallas, Texas. Tanya discusses her pivot from a decade in fashion to breaking new ground in oil and gas, and ultimately real estate. She highlights the importance of relationships, hard work, and hustle, explaining how these fundamentals are critical across different industries. Introduction to The Crexi PodcastMeet Tanya Ragan: A Trailblazer in Real EstateTanya's Journey from Fashion to Real EstateThe Importance of Relationships in BusinessDaily Habits for SuccessNavigating Volatility in Real EstateProudest Achievements and Future OutlookBoots on the Ground: Real Estate OpportunitiesCurrent Economic Trends and Real EstateChallenges in the Real Estate MarketRaising Capital in Today's MarketThe Importance of Relationships in Real EstateAdvice for Newcomers in Commercial Real EstateRapid Fire Questions with TanyaFinal Words and Where to Find Tanya About Tanya Ragan:Tanya Ragan is President and owner of Wildcat Management, a woman-owned and operated company based in Downtown Dallas, Texas that specializes in real estate investment and development. Their mission is to ignite economic turnaround and foster community growth through mission-driven projects and strategic public-private sector partnerships. The team at Wildcat Management is continually making headlines with our cutting-edge work in historic rehabilitation and has a booming business in real estate investing, oil and gas, and venture capital.At the helm of Wildcat Management, Tanya Ragan sits as an accomplished entrepreneur but also an advocate and leader of the movement to redevelop Downtown Dallas. As a female business owner and self-made entrepreneur, she is breaking barriers for women in commercial real estate, construction, and venture capital. Tanya's remarkable achievements have not gone unnoticed. She was recently honored with a Women Leading Real Estate Award by Bisnow and consistently ranks as a top commercial real estate developer in the Dallas Business Journal's prestigious annual Book of Lists. Her expertise and subject matter knowledge have been widely recognized and celebrated by numerous media news publications and industry organizations. These accolades highlight Tanya's exceptional leadership, innovative approach, and remarkable contributions to the real estate industry. Tanya's commitment to excellence and innovation fuels Wildcat Management's relentless pursuit of success. If you enjoyed this episode, please subscribe to our newsletter and enjoy the next podcast delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out Crexi's blog. Ready to find your next CRE property? Visit Crexi and immediately browse 500,000+ available commercial properties for sale and lease. Follow Crexi:https://www.crexi.com/ https://www.crexi.com/instagram https://www.crexi.com/facebook https://www.crexi.com/twitter https://www.crexi.com/linkedin https://www.youtube.com/crexi
Send us a textIn this episode, DJ chats with author Margot Machol-Bisnow about the link between parenting and entrepreneurship. Margot has interviewed over 70 entrepreneurs and shares her findings about childhood commonalities. They highlight the value of praising effort and resilience over outcomes and supporting children's unique interests. Margot also explains how entrepreneurship is about more than starting businesses—it's about making a positive impact no matter where you work.Learn how fostering kindness, compassion, and risk-taking can help your child develop an entrepreneurial mindset and thrive in any career path!
Margot Machol Bisnow is a writer, wife, and mom from Washington, DC. She spent 20 years in government, including as an FTC Commissioner and Chief of Staff of the President Reagan's Council of Economic Advisers, and is the author of “Raising an Entrepreneur: How to Help Your Children Achieve Their Dream.” Her book is based on her interviews with icons such as film director Jon Chu, Under Armour founder Kevin Plank, YouTube CEO Susan Wojcicki, supermodel Karolina Kurkova, and more. Follow Margot on Instagram @margotbisnow.
In this episode, Tudor speaks with Margot Machol Bisnow, author of 'Raising an Entrepreneur.' They discuss the vital role parents play in fostering entrepreneurship in their children, emphasizing the importance of support, creativity, and resilience. Margot shares insights from her interviews with successful entrepreneurs, highlighting how parental encouragement and unconditional love can shape a child's path. The conversation also touches on cultural perspectives on entrepreneurship, the challenges of parenting in a digital age, and practical advice for parents to nurture their children's passions and help them navigate failure. The Tudor Dixon Podcast is part of the Clay Travis & Buck Sexton Podcast Network. For more visit TudorDixonPodcast.comSee omnystudio.com/listener for privacy information.
In this episode of the Where Parents Talk podcast, host Lianne Castelino interviews Margo Machol Bisnow, an author and speaker with a background in the US government and nonprofit sector. Bisnow discusses her book, 'Raising an Entrepreneur,' which features 99 stories from diverse families whose children have achieved entrepreneurial success. She emphasizes the importance of parents supporting their children's passions, embracing failure as a learning opportunity, and creating conditions that foster entrepreneurial thinking. The conversation touches on Bisnow's personal experiences with her own entrepreneur children, the changing job market, and specific parenting methods that encourage independence and self-discovery. Bisnow's key message is for parents to believe in and support their children unconditionally, fostering a mindset of curiosity, resilience, and confidence.00:41 Margo's Career Shift to Entrepreneurship01:31 The Importance of Belief and Support05:08 Defining Entrepreneurship and Parental Roles08:17 Creating Conditions for Entrepreneurial Success10:35 Discovering and Supporting Children's Passions16:03 Parental Self-Awareness and Changing Times18:43 Unique Parenting Methods and Success Stories
Margot Machol Bisnow spent 20 years in government, including as an FTC Commissioner and staff director of the President's Council of Economic Advisers. For the last 10 years, she has spoken to parent groups about raising creative, confident, resilient children who achieve their dreams. She served as an Advisor to EQ Generation, an after-school program in New York City that gives children the skills to succeed; on the Advisory Board of the MUSE School in Malibu, that prepares young people to live consciously through passion-based learning; and on the Board of Spark the Journey in Washington DC, that mentors low-income high school students to achieve college and career success. Her new book is Raising an Entrepreneur: How to Help Your Children Achieve Their Dreams – 99 Stories from Families Who Did. Learn more at raisinganentrepreneur.com.
For more than 25 years, Bill Wilhelm has played a pivotal role in helping shape R.D. Olson Construction to become one of the nation's leading general contractors, commemorating 40 years in business this year. Under Wilhelm's leadership, R.D. Olson Construction has earned an award-winning reputation across the Western U.S. and Hawaii for projects spanning hospitality, multi-unit, adaptive reuse, education and senior living. The firm has been repeatedly recognized by Engineering News-Record as a Top 400 Construction Company Nationwide and Top 40 General Contractor in California. Wilhelm has spearheaded some of R.D. Olson Construction's most iconic projects and continues to cultivate the company's nationwide reputation as a trusted, relationship-focused builder. Notable projects completed under his leadership include Lido House, Los Angeles' NoMad Hotel, Irvine Spectrum Marriott, Paséa Hotel and Spa, Chapman University's Reeves Hall and Atria Senior Living, among many others. Wilhelm's hands-on leadership approach and forward-thinking industry expertise has made him a highly sought-after speaker for events such as The Lodging Conference and Bisnow. He also frequently contributes his insights to Forbes, The Wall Street Journal, GlobeSt, Construction Today, Hotel Business Magazine and other prominent business and commercial real estate publications. In addition to leading R.D. Olson Construction, Wilhelm has dedicated his career to giving back to the local community by volunteering, fundraising and building homes alongside his employees for Habitat for Humanity, Olive Crest, HomeAid, Pediatric Cancer Research Foundation and OC United. His team-oriented leadership and civic-minded approach has helped garner the company numerous awards and recognitions, including “The Olive Crest Leadership Award,” Orange County Business Journal's “Best Places to Work” and OneOC's “Civic 50” – a coveted list of the top 50 philanthropic companies in Orange County. In 2019, Wilhelm was recognized by Boy Scouts of America, Orange County Council, as a Men of Character Honoree. Wilhelm graduated from California State University, Long Beach with a bachelor's degree in industrial engineering. He later went on to study at the University of Southern California, where he completed the university's Management Development Program followed by Harvard University's Executive Finance Program. He continues to strengthen the core of the company and attributes his leadership success to his ability to bring out the best in his associates, employees and project partners through a collaborative, team-oriented work environment. -- Critical Mass Business Talk Show is Orange County, CA's longest-running business talk show, focused on offering value and insight to middle-market business leaders in the OC and beyond. Hosted by Ric Franzi, business partner at REF Orange County. Learn more about Ric at www.ricfranzi.com.
This is the Women of Influence Podcast series, delivering next level insights and expertise live from GlobeSt.'s Women of Influence Conference.The Women of Influence Podcast Series is an exclusive mini-series of The Crexi Podcast, an insider's look at all things commercial real estate, produced in collaboration with GlobeSt. The Crexi team visited Women of Influence and recorded in Lake Tahoe, California, from the floor of the conference, highlighting movers and shakers in commercial real estate. The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Shanti Ryle sits with DeLea Becker, Founder and Owner of Beck-Reit Commercial, and Barbara Morrison, Founder and President of TMC Financing, to cover wide-ranging topics, including:Introduction to The Crexi PodcastMeet DeLea Becker: Background and AchievementsDeLea Journey into Commercial Real EstateNavigating the Great RecessionTransition to Commercial Real EstateThe Importance of Long-Term VisionEmpowering Women in Commercial Real EstateAdvice for Aspiring InvestorsConclusion and Contact InformationMeet Barbara Morrison: A Pioneer in Small Business AdvocacyThe Journey of TMC FinancingExpanding Impact: Working Solutions and TMC Community CapitalBarbara's Early Career and Civic LeadershipBarbara's Path to Commercial Real EstateUnderstanding the SBA 504 Loan ProgramTrends and Insights in Small Business Real EstateAdvice for Aspiring Women EntrepreneursConclusion and How to Connect with Barbara About DeLea Becker:DeLea Becker is the Founder & Broker of Beck-Reit Commercial & Beck-Reit Asset Management. In addition, she owns with her husband, a 25-year-old Heavy Highway Civil Construction Company, Beck-Reit & Sons, Ltd which specializes in TxDOT road & bridge repair.Her experience in Commercial Real Estate started as an investor and developer. She has vast knowledge in the greater Austin area real estate market with expertise in East Austin. She seeks to purchase Income Producing Properties across Texas, Vacant Properties to tenant in Central Texas, and Old Buildings to gut and rehab in Austin Texas. She lowers her risk exposure in investing by having her companies manage all aspects - Brokerage, Property Management & Construction. DeLeas's focus is growing her personal CRE portfolio while the majority of her brokerage clients are serviced by Brokers she has working for her company.DeLea actively champions women with careers in Commercial Real Estate to become active investors with their knowledge and expertise. Real Estate has proven through history to be an excellent path to growing wealth, DeLea is adamant that women get in the game.DeLea is a member of many professional organizations that are specific to Commercial Real Estate and Business. She has been honored with awards from Austin Business Journal, Bisnow, CREW, CCIM, WRECONF, CREi Summit, Otso Influencer, and the National Association of Realtors.About Barbara MorrisonBarbara Morrison, a Bay Area small business advocate and civic leader, is the founder and president of TMC Financing, a certified Development Company that provides SBA commercial real estate financing.In 1981, Barbara founded TMC Financing to provide access to affordable capital with the SBA 504 loan program for small business owners to purchase the real estate utilized by their business. From just 6 employees lending in the 9 Bay Area counties, TMC has grown into the largest CDC in the nation, providing financing for small businesses in California, Arizona, Nevada, Oregon, and Hawaii. Under her visionary leadership, TMC has facilitated over $14 billion in SBA commercial real estate loans for over 7,000 small businesses, leading to the creation of an estimated 60,000 jobs.Recognizing the needs of smaller entrepreneurs, not able to take advantage of the 504 program, Barbara expanded her impact by founding Working Solutions a Community Development Financial Institution (CDFI), in 1999. This initiative addressed the financing gaps faced by start-ups, women, minorities, and low-income businesses unable to access conventional funding sources. Working Solutions was “incubated” in the TMC office until it grew into self-sufficiency. Today, it is one of the most successful CDFIs in the country.In 2018, repeating the method of incubating another nonprofit, Barbara founded TMC Community Capital (TMC CC), an online, technology-based microlender. Since its inception, TMC Community Capital has disbursed over $7 million to approximately 350 businesses, providing crucial support to under-served entrepreneurs. Notably, 82% of the loans facilitated by TMC CC supported entrepreneurs of color, while 56% benefited women-owned businesses and 75% aided business owners with low-to-moderate income levels.Morrison developed her passion for small business economic development early in her career while serving as deputy director of the Mayor's Office of Economic Development in San Francisco.A former mayor and city council member for the city of Belvedere, Morrison has been widely recognized for her advocacy for women and small business owners, as well as the leadership she provided for many community organizations.Currently, Barbara participates in several influential organizations, including the Oakland Chamber of Commerce and the International Women's Forum (IWF). Her engagement in these organizations reflects her ongoing commitment to fostering economic growth, supporting entrepreneurship and helping local communities grow and thrive.About GlobeSt. Women of Influence: The Women of Influence Conference is an exclusive two-day event that celebrates the women who drive the commercial real estate industry forward. These influential leaders will discuss the critical issues facing CRE now and in the future, what it means to be a woman in business today and how women CRE leaders can uplift and support each other on their journey to the top. If you enjoyed this episode, please subscribe to our newsletter and enjoy the next podcast delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out Crexi's blog. Ready to find your next CRE property? Visit Crexi and immediately browse 500,000+ available commercial properties for sale and lease. Follow Crexi:https://www.crexi.com/ https://www.crexi.com/instagram https://www.crexi.com/facebook https://www.crexi.com/twitter https://www.crexi.com/linkedin https://www.youtube.com/crexi
In this episode of A Dad's Path, Will Braunstein welcomes Margot Machol Bisnow, author of Raising an Entrepreneur: How to Help Your Children Achieve Their Dreams. Margot, a former FTC Commissioner and Presidential staffer, shares insights from her journey of interviewing 99 entrepreneuers about raising creative, resilient, and confident children. Together, they discuss what makes an entrepreneur, how failure is a stepping stone to success, and why fostering your child's passions is critical—even when it's outside the traditional path. This conversation provides dads with practical advice on raising kids willing to take risks, embrace grit, and pursue their dreams, whether in business or any other passion. Tune in for invaluable lessons on how believing in your kids can empower them to reach their full potential in their careers and beyond.
For the first time, most Americans want to become entrepreneurs. But how do parents raise their children so they have the right traits to succeed? Many parents resist letting their children figure out their own path because they think it means encouraging pursuits that aren't serious. But only doing what their parents think will make […] The post Raising Entrepreneurs, With Margot Bisnow – Part 2 first appeared on Business Creators Radio Show with Adam Hommey.
Send us a textIn Episode 2 of Season 2 of Housed Sarah, Deenie and Dan share the key takeaways from their recent industry conference visits and discussed some of the other big news in the shared living sector.This episode covers:
13 million dollars is a lot. But is it enough to retire on? For pre-epiphany Ryan Begelman, the answer is no. Ryan built his wealth working in the corporate world, then decided to risk it all and bought into Bisnow. That risk paid off, and Ryan made a huge profit. But despite his successes, he found himself grappling with lifestyle inflation, misguided investments, and financial uncertainty. In this episode, Ryan opens up about his struggles with managing wealth after a big exit, how flashy spending left him unprepared, and why life coaching became the tool that helped him find real security. We dive deep into his financial epiphany, his coaching career, and how he halved his spending while learning to respect money in a whole new way. This is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits. Who is Sam Parr? Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022. This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups. Chapters: Ryan's Early Career and BizNow Success (02:32) Financial Mismanagement and Realizations (06:09) Family Influence and Flashy Spending (09:37) Life Coaching and Personal Epiphany (12:38) The Start of a Coaching Journey (20:05) Financial Success and Security (20:45) Existential Financial Concerns (22:44) Modeling for Financial Future (23:17) Spending Adjustments and Reflections (26:56) Endurance and Self-Care in Business (32:38) Final Thoughts and Reflections (38:24) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.
In this podcast episode, Wes lays out all of the student housing conferences that are being hosted this fall and provides insights from a few of the organizers. This episode is sponsored by TheGuarantors. To find out more about how they can help your property approve more prospect and help eliminate bad debt, visit their website at: https://bit.ly/3WmNsqa Links: Student Housing Insight: www.StudentHousingInsight.com ShopTalk Webinar: www.ShopTalk.info IMN Student Housing 360: https://events.imn.org/event/0df79910... FHA Conference: https://www.fraternalhousing.org/2024... NMHC Student Housing Conference: https://www.nmhc.org/meetings/calenda... NMHC's OpTech Conference & Expo: https://www.nmhc.org/meetings/calenda... Bisnow's Student Housing and Higher Ed Development Summit: https://www.bisnow.com/events/philade... Discount Code: Check back. Bisnow has not provided it yet. LeasCon+TurnCon: https://interfaceconferencegroup.com/ Our Email: Contact@StudentHousingInsight.com
Join Scott "Shalom" Klein on his weekly radio show, Get Down To Business with guests: Josh Seiden Ben Arendt Heather Cox Margot Machol Bisnow
This is the Women of Influence Podcast series, delivering next level insights and expertise live from Globe Street's Women of Influence Conference.The Women of Influence Podcast Series is an exclusive mini-series of The Crexi Podcast, an insider's look at all things commercial real estate, produced in collaboration with GlobeSt. The Crexi team visited Women of Influence and recorded in Lake Tahoe, California, from the floor of the conference, highlighting movers and shakers in commercial real estate. The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Shanti Ryle sits with Tanya Ragan, founder and President of Wildcat Management, and Carmen Perkins, President of CIVITAS, to cover wide-ranging topics, including: Introduction to the Women of Influence Podcast SeriesGuest Introduction: Tanya ReaganTanya's Journey into Commercial Real EstateRevitalizing Downtown DallasFuture of Urban Development in DallasAdvice for Women in Commercial Real EstateCelebrating Women's WinsCarmen Perkins: A Journey in Commercial Real EstateCarmen's Background and Career PathProud Achievements and Key ProjectsChallenges and Career AdviceMentorship and Women in Real EstateCurrent Trends in Commercial Real EstateFuture Outlook and Final ThoughtsConclusion and Contact InformationIf you enjoyed this episode, please subscribe to our newsletter and enjoy the next Podcast delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out Crexi's blog.Ready to find your next CRE property? Visit Crexi and immediately browse 500,000+ available commercial properties for sale and lease.Follow Crexi:https://www.crexi.com/ https://www.crexi.com/instagram https://www.crexi.com/facebook https://www.crexi.com/twitter https://www.crexi.com/linkedin https://www.youtube.com/crexiAbout Tanya Ragan:At the helm of Wildcat Management, a woman-owned and operated company based in Downtown Dallas, Texas that specializes in real estate investment and development, you will find Tanya Ragan, our founder and President. Tanya is not only an accomplished entrepreneur but also an advocate and leader of the movement to redevelop Downtown Dallas. As a female business owner and self-made entrepreneur, she is breaking barriers for women in commercial real estate, construction, and venture capital. Tanya's remarkable achievements have not gone unnoticed. She was recently honored as a Women Leading Real Estate Award by Bisnow and consistently ranks as a top commercial real estate developer in the Dallas Business Journal's prestigious annual Book of Lists. Her expertise and subject matter knowledge have been widely recognized and celebrated by numerous media news publications and industry organizations. These accolades highlight Tanya's exceptional leadership, innovative approach, and remarkable contributions to the real estate industry. Tanya's commitment to excellence and innovation fuels Wildcat Management's relentless pursuit of success.About Carmen PerkinsCarmen Perkins, President of CIVITAS, brings 25+ years of business experience, with a background in investment banking, real estate finance, and investment management. She served as Executive Vice President of Durham Capital, originating and closing over $4 billion in debt financing. Carmen also worked at Goldman Sachs and Price Waterhouse in M&A and international tax roles. She holds an MBA in Finance from Columbia University, a BA in Economics from the University of Virginia, and serves on several educational and community impact organization boards.About GlobeSt Women of Influence: The Women of Influence Conference is an exclusive two-day event that celebrates the women who drive the commercial real estate industry forward. These influential leaders will discuss the critical issues facing CRE now and in the future, what it means to be a woman in business today and how women CRE leaders can uplift and support each other on their journey to the top. If you enjoyed this episode, please subscribe to our newsletter and enjoy the next podcast delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out Crexi's blog. Ready to find your next CRE property? Visit Crexi and immediately browse 500,000+ available commercial properties for sale and lease. Follow Crexi:https://www.crexi.com/ https://www.crexi.com/instagram https://www.crexi.com/facebook https://www.crexi.com/twitter https://www.crexi.com/linkedin https://www.youtube.com/crexi
For the first time, most Americans want to become entrepreneurs. But how do parents raise their children so they have the right traits to succeed? Many parents resist letting their children figure out their own path because they think it means encouraging pursuits that aren't serious. But only doing what their parents think will make […] The post Raising Entrepreneurs, With Margot Bisnow – Part 1 first appeared on Business Creators Radio Show with Adam Hommey.
Lower housing starts could exacerbate housing affordability issues, and while much of the US multifamily market is cooling due to to increased supply, midwestern multifamily markets are showing solid performance above national averages. Sources cited in this episode: The United States Census Bureau: "New Residential Construction, May 2024" - https://www.census.gov/construction/nrc/current/index.html The Wall Street Journal: “Rent Hikes Loom, Posing Threat to Inflation Fight” - https://www.wsj.com/real-estate/rent-hikes-loom-posing-threat-to-inflation-fight-e6797e39 RealPage: “Most U.S. Apartment Markets Recording Occupancy Improvement” - https://www.realpage.com/analytics/strong-occupancy-growth-in-april-may/ Bisnow: “'The Darling Of The Party': Investors Flock To Midwestern Multifamily As They Flee Struggling Asset Classes” - https://www.bisnow.com/chicago/news/multifamily/the-darling-of-the-party-investors-flocking-to-midwestern-multifamily-as-they-flee-struggling-asset-classes-124744 Yardi Matrix: National Multifamily Report, Summer 2024 - Multifamily's Second-Half Balancing Act” - https://www.yardimatrix.com/publications/download/File/5778-MatrixMultifamilyNationalReport-Summer2024 Learn more about Gray Capital's latest multifamily investment opportunity: SolanaIndy.com For the latest multifamily news from across the internet, visit the Gray Report website: https://www.grayreport.com/ Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
Dallas may soon have another feather in its cap when it comes to attracting people, businesses and growth to the region. Some of the world's largest financial institutions just announced the launch of a new stock exchange in Dallas that could be a catalyst for more business and population growth. Some are even speculating that the Texas Stock Exchange will help turn Dallas into a global banking hub that could rival Wall Street. Hi I'm Kathy Fettke and this is Real Estate News for Investors. Please sign up for a RealWealth membership at newsforinvestors.com to find out how Dallas is benefiting RealWealth investors. We have a property team there that can help you find rental properties in high-demand areas. As for this new Texas Stock Exchange, Mike Rosa of the Dallas Chamber of Commerce told Bisnow: “This might tip the scales” and attract even more corporate relocations to Texas. The Longhorn State is already known as a business-friendly state with a low cost of living and no state income tax. Bisnow points out that the business environment that is attracting so many companies to move to Texas is also great for a new stock exchange. Commercial site selection expert John Boyd lists the advantages as a great mid-continent location in the central time zone, airport and seaport connectivity, and already existing financial and cybersecurity companies. Plus, he says of the biggest backers: “Can you think of two better supporters than BlackRock and Citadel?”... ...At RealWealth, we have been watching the real estate boom in Dallas for a long time, and it's still going. Sign up for a free RealWealth membership at newsforinvestors.com and check out our page on Dallas! And remember to subscribe to the podcast and leave us a 5-star rating! Links: https://www.bisnow.com/national/news/commercial-real-estate/this-could-tip-the-scales-new-stock-exchange-could-make-texas-an-even-stronger-bet-for-companies-124657 https://www.prnewswire.com/news-releases/txse-group-inc-announces-plans-to-create-the-texas-stock-exchange-302164049.html https://www.cnn.com/2024/06/05/investing/texas-stock-exchange/index.html https://therealdeal.com/national/atlanta/2024/06/11/large-leases-bolster-atlanta-office-market/
In this episode we sit down with one of the most inspiring entrepreneurs ever. Elliot Bisnow is the cofounder of Summit Series, an iconic global events company for entrepreneurs, visionaries, and world leaders with attendees including Sergey Brin. Richard Branson, Sam Altman, and Jeff Bezos. He's also a prolific investor and an early investor in companies like Uber, Coinbase, and Warby Parker. Elliot is also the former owner of Powder Mountain Ski Resort in Utah which recently sold to Netflix CEO Reed Hastings. He's the author of the incredibly powerful book 'Make No Small Plans'. In this conversation we talk about Elliot going from college dropout to business icon, finding your purpose overcome imposter syndrome, and building dreams.
Demand for housing in and around Dallas, Texas continues to soar. While investors have been pouring millions of dollars into creating more affordable housing, the metro is attracting so many people that tens of thousands of homes are still needed. Supply isn't expected to catch up to demand any time soon. An article in Bisnow says that investors have put a record amount of money into the area, but it hasn't done much to close the affordable housing gap. Executive director of the Texas Affiliation of Affordable Housing Providers, Roger Arriaga, says: “The demand is excruciatingly big. We haven't really even dented what the true need is for affordable housing.”... ...This is why we started a North Dallas Rental Fund, which is now closed to new investment, but is still in the process of buying and renovating properties. The plan is to lease the updated homes to tech professionals who are moving to the area. My fund partner is also a property manager and helps individuals build their own rental portfolio. You can find out more about that by signing up for a free RealWealth membership at newsforinvestors.com. You can also learn about the Dallas market by attending our live event on Saturday, May 4th, in San Francisco. There's more information on that at our website at newsforinvestors.com. That's it for this episode. And be sure to sign up in advance for the live event on May 4th in San Francisco. We'll have a total of six property teams giving presentations, plus a cocktail party afterward. Just go to newsforinvestors.com, click on Connect and then Live Events. And please remember to subscribe to this podcast if you haven't already! Thanks for listening! Kathy Links: 1 - https://www.bisnow.com/dallas-ft-worth/news/affordable-housing/behind-the-eight-ball-record-levels-of-investment-have-barely-dented-the-need-for-affordable-housing-in-dallas-123668 2 - https://www.nar.realtor/newsroom/in-the-news/austin-dallas-fort-worth-seen-as-nations-top-two-home-markets-in-2024-houston-no-6-the-dallas
Since the Congressional Budget Office last released its long-term outlook for the federal deficit and strength of the U.S. economy, things have become a teeny bit better. Why? The CBO points to increased immigration and last year’s spending deal struck between Congress and President Joe Biden. And, we’ll get into the looming commercial real-estate reckoning. Plus, we’ll weigh in on tote bags, Free Blockbuster libraries and more in a round of Half Full/Half Empty! Here’s everything we talked about today: “PRP Pays $323M For Market Square, D.C.’s Largest Sale In 18 Months” from Bisnow “Budget Office report credits immigration and spending deals with improved outlook despite huge debt” from AP News “The Long-Term Budget Outlook: 2024 to 2054” from the CBO “How the tote bag became the hottest fashion accessory around” from Marketplace “Tired of Streaming? Free Blockbuster Libraries Offer an Alternative.” from The New York Times “Encyclopædia Britannica is eyeing a $1 billion valuation in its IPO, report says” from Quartz “I Pizza A | Voodoo Ranger” from Voodoo Ranger “Walmart Is Luring Wealthy Shoppers With Blazers and Duck Breast” from Bloomberg Help us meet our spring fundraiser goal and get your throwback Marketplace swag today!
Since the Congressional Budget Office last released its long-term outlook for the federal deficit and strength of the U.S. economy, things have become a teeny bit better. Why? The CBO points to increased immigration and last year’s spending deal struck between Congress and President Joe Biden. And, we’ll get into the looming commercial real-estate reckoning. Plus, we’ll weigh in on tote bags, Free Blockbuster libraries and more in a round of Half Full/Half Empty! Here’s everything we talked about today: “PRP Pays $323M For Market Square, D.C.’s Largest Sale In 18 Months” from Bisnow “Budget Office report credits immigration and spending deals with improved outlook despite huge debt” from AP News “The Long-Term Budget Outlook: 2024 to 2054” from the CBO “How the tote bag became the hottest fashion accessory around” from Marketplace “Tired of Streaming? Free Blockbuster Libraries Offer an Alternative.” from The New York Times “Encyclopædia Britannica is eyeing a $1 billion valuation in its IPO, report says” from Quartz “I Pizza A | Voodoo Ranger” from Voodoo Ranger “Walmart Is Luring Wealthy Shoppers With Blazers and Duck Breast” from Bloomberg Help us meet our spring fundraiser goal and get your throwback Marketplace swag today!
Since the Congressional Budget Office last released its long-term outlook for the federal deficit and strength of the U.S. economy, things have become a teeny bit better. Why? The CBO points to increased immigration and last year’s spending deal struck between Congress and President Joe Biden. And, we’ll get into the looming commercial real-estate reckoning. Plus, we’ll weigh in on tote bags, Free Blockbuster libraries and more in a round of Half Full/Half Empty! Here’s everything we talked about today: “PRP Pays $323M For Market Square, D.C.’s Largest Sale In 18 Months” from Bisnow “Budget Office report credits immigration and spending deals with improved outlook despite huge debt” from AP News “The Long-Term Budget Outlook: 2024 to 2054” from the CBO “How the tote bag became the hottest fashion accessory around” from Marketplace “Tired of Streaming? Free Blockbuster Libraries Offer an Alternative.” from The New York Times “Encyclopædia Britannica is eyeing a $1 billion valuation in its IPO, report says” from Quartz “I Pizza A | Voodoo Ranger” from Voodoo Ranger “Walmart Is Luring Wealthy Shoppers With Blazers and Duck Breast” from Bloomberg Help us meet our spring fundraiser goal and get your throwback Marketplace swag today!
D.C. could be “ground zero” for office distress, AKA expensive downtown office buildings sitting unused and empty. And It could have big impacts for all of us, because D.C. relies on office taxes for revenue. So if office values go down, we've got a big problem. Emily Wishingrad, reporter at BisNow, has been covering the story of what D.C.'s office distress means for the city. Check out more of Emily's comprehensive reporting on this topic. And if you want to support those impacted by the WAMU layoffs, here's how you can do that. At this difficult time for D.C. journalism, consider supporting your favorite outlets. If we're your go-to source, you can become a City Cast DC member today, for just $8/month. Want some more D.C. news? Then make sure to sign up for our morning newsletter Hey DC. (TRY TO CHANGE IT UP EVERY TIME) Interested in advertising with City Cast? Find more info HERE. Learn more about your ad choices. Visit megaphone.fm/adchoices
Apartment landlords are finally seeing positive revenue four years after Covid-related rent moratoriums, but the eviction saga continues. Landlords are able to replace non-paying tenants by evicting them, but the legal proceedings don't happen overnight. As you know, Covid triggered eviction moratoriums for tenants who weren't paying rent. That helped many people who lost jobs, got sick, or had other Covid-related issues. But the protections continued well past the end of the emergency. Although most of those moratoriums were canceled more than a year ago, some ended just months ago. According to BisNow, landlords are now slowly replacing tenants who don't pay their rent and are finally seeing revenue from those units. They reported during fourth-quarter earnings calls, that this sliver of revenue is helping multi-family focused REITs get back on their feet. This comes at an especially good time since many apartment landlords also face issues with higher costs from inflation and loan maturities that need to be refinanced at higher interest rates. As BisNow reports, “REITs eked out razor-thin margins over analysts' expectations” but it's enough to keep them afloat... ...That's it for this episode. You'll find a link to the BisNow report in the show notes at newsforinvestors.com. Sign up for a free RealWealth membership if you'd like to continue your real estate education. You'll also find opportunities for investing by logging into the investor portal. Again, it's free to be a member and take advantage of our market data. We appreciate you subscribing to this podcast also, if you haven't already. Links: 1 - https://www.bisnow.com/national/news/multifamily/multifamily-apartment-reit-2023-q4-earnings-bad-debt-new-supply-122946
This week on The Hamilton Review Podcast, we are pleased to welcome author, Margot Bisnow to the show! Margot has written a fabulous book entitled: "Raising an Entrepreneur: How to Help Your Children Achieve Their Dreams." In this conversation, Margot chats with Dr. Bob about the book and how to we can guide and support our children to achieve their dreams. This is a wonderful conversation, friends and we are honored to have Margot on the show. Enjoy! Margot Machol Bisnow is a writer, wife, and mom from Washington, DC who speaks on raising fearless, creative, entrepreneurial kids who are filled with joy and purpose. She is the author of Raising an Entrepreneur: How to Help Your Children Achieve Their Dreams — 99 Stories From Families Who Did. Margot has a BA in English and an MBA, both from Northwestern, and spent 20 years in government, including as an FTC Commissioner and staff director of the President's Council of Economic Advisers. In the 1990s she established a non-profit that set up economic think tanks in Eastern Europe's emerging democracies. Both her kids are now grown: Austin started a popular band, Magic Giant; Elliott founded Summit, a noted international conference series for Millennial entrepreneurs and creatives, and led the purchase and development of Utah's Powder Mountain ski resort, subsequently sold to Netflix founder Reed Hastings. Her husband Mark was a late-blooming entrepreneur, and wishes his parents had read her book when he was growing up, so he might have started his company before he was 50. Margot is on the Board of Spark the Journey that mentors low-income DC-area high school kids. How to contact Margot Bisnow: Margot Bisnow on Instagram Raising An Entrepreneur website Order Margot's book here! How to contact Dr. Bob: Dr. Bob on YouTube: https://www.youtube.com/channel/UChztMVtPCLJkiXvv7H5tpDQ Dr. Bob on Instagram: https://www.instagram.com/drroberthamilton/ Dr. Bob on Facebook: https://www.facebook.com/bob.hamilton.1656 Dr. Bob's Seven Secrets Of The Newborn website: https://7secretsofthenewborn.com/ Dr. Bob's website: https://roberthamiltonmd.com/ Pacific Ocean Pediatrics: http://www.pacificoceanpediatrics.com/
Rental application fraud has always been a problem, but there's a new trend on social media to share techniques for duping your future landlord. Deceptive tenants are learning from people boasting about their success at scoring luxury apartments with fake documents… and sharing tips on how to create them. Bisnow published an extensive report on the problem just recently. It's called “How Renters Are Using TikTok, X to Defraud Landlords at Luxury Apartments.” But it isn't “just” luxury apartments. It could be an apartment where there's a lot of competition among tenants, so the less worthy ones give themselves a phony upgrade... ...The NAA says that many of this fraud cases involve professional criminals, but easy-to-follow instructions on social media, the most unassuming rental applicant could suddenly become a fraudster. The NAA published a great article on how landlords can protect themselves. You'll find a link to that article in the show notes at newsforinvestors.com, along with links to the other articles mentioned in this episode. I encourage you to sign up as a RealWealth member to learn more about the real estate business. You'll find hundreds of “how to” webinars on buying rental properties and creating a portfolio that will give you passive income. You can also connect with other investors, real estate professionals, and our investment counselors. It's free to join and just takes a few minutes. Also, please remember to subscribe to this podcast, and leave a review! Thanks for listening! Kathy Fettke Links: 1 - https://www.bisnow.com/national/news/multifamily/how-tiktok-instagram-are-fueling-apartment-application-fraud-into-overdrive-121895 2 - https://snappt.com/fraud/?utm_term=snappt&utm_campaign=Brand&utm_source=adwords&utm_medium=ppc&hsa_acc=3404946819&hsa_cam=17124549291&hsa_grp=133583795222&hsa_ad=595908534849&hsa_src=g&hsa_tgt=kwd-438833505077&hsa_kw=snappt&hsa_mt=p&hsa_net=adwords&hsa_ver=3&gad_source=1&gclid=Cj0KCQiA7OqrBhD9ARIsAK3UXh09UKkEkoQP1oXoBLsgdH-hnPttAy_4uu8PpLUboTz4comcJv7k8iQaAqGNEALw_wcB 3 - https://www.naahq.org/how-property-managers-can-combat-application-fraud
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: The ease with which renters can forge documentation in the digital application process — or apply using a stolen identity altogether. 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). 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. Sponsors BV Captial BAM Capital
Bisnow has released the fourth installment of the annual story tracking the levels of gender and racial diversity among commercial real estate leaders. On this episode, we break down the latest figures, and examine the current threats that diversity programs in the U.S. -- as well as talk about how backlash and the Supreme Court rulings on affirmative action could filter through to the industry. Read More: SPECIAL REPORT: Diversity In CRE Is Rising, But The Industry's Troubles Threaten ProgressPolitical Backlash Against DEI Having A ‘Chilling Effect' On CRE's Diversity Push
Asland Capital's Jim Simmons, speaking at Bisnow's New York State of the market, on the importance of mixed use developments, raising money from diverse sources and getting affordable housing built in a challenged economic environment. Read more: More Uncertainty Means Lenders, Developers Need More Partners To Get Deals ClosedFormer Ares, Apollo Exec Launches CRE Investment Firm, Buys 2 Apartment Buildings
New data showing that multifamily loan originations are down 50% from last year (and down by 40% compared to pre-pandemic 2019 numbers) joins a growing discussion about the changing state of multifamily lending, and a recent report suggests that rent growth patterns are stabilizing and trending toward historical norms. Sources discussed in this episode: Mortgage Bankers Association: “Quarterly Survey of Commercial / Multifamily Mortgage Bankers Originations | Q3 2023” - https://www.mba.org/docs/default-source/research-and-forecasts/cmf-originations-index/3q23cmforiginationssurvey.pdf RealPage: “After Rapid Cooldown, Apartment Rents Plateau (For Now)” - https://www.realpage.com/analytics/october-2023-data-update/ Cushman & Wakefield: “Multifamily Monthly: Preferred Equity Update” - https://www.cushmanwakefield.com/en/united-states/insights/multifamily-monthly Reuters: “US regulators agree to ramp up oversight of systemically risky non-banks” - https://www.reuters.com/business/finance/us-financial-regulators-approve-process-revive-systemically-important-non-bank-2023-11-03/ Bisnow: "REPORT: Freddie Mac Investigating Meridian Capital" - https://www.bisnow.com/national/news/capital-markets/freddie-mac-begins-investigation-of-meridian-capital-121524 For the latest multifamily news from across the internet, visit the Gray Report website: https://www.grayreport.com/ Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest.
Bisnow's U.K. Editor Mike Phillips talks about the possibility of a WeWork bankruptcy, and the impact on office landlords. Read More: WeWork President, COO Heads For The ExitWeWork Skips $95M In Interest Payments WeWork Assembles Team To Avoid Bankruptcy As NYSE Starts Delisting Process
The Federal government announced a plan to make it easier for builders to get new housing on the market. It's part of the Biden administration's Housing Supply Action Plan. This program, announced on July 27th, would reduce land use and zoning restrictions, increase financing for affordable energy efficient housing, and promote the conversion of under-used commercial space into homes. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. Oversized Demand, Limited Supply The housing crisis is the result of an oversized demand for housing, a limited supply of affordable homes, and a whole lot of rules and regulations that make it difficult to build more homes. Each city and municipality has zoning rules and land use policies that lean toward low-density housing, like single-family detached homes. The new program will provide $85 million in funding to help communities increase their housing density. For communities that can identify ways to do this, the program will pay grants of as much as $10 million. The money would help create new policies for higher-density zoning, simplify procedures for the planning and development of affordable housing, and reduce things like land use restrictions and parking requirements. This new HUD funding along with funds from the Inflation Reduction Act and Infrastructure Investment and Jobs Act will also be available for the conversion of office space to homes. Bisnow reported on a study that says as many as 34% of office buildings in 14 North American markets are conversion candidates, but the study also found that developers feel the cost for doing this is prohibitive and that more incentives are needed. There's also an effort to identify federal properties that could be converted. Plan Calls for Several Far-Reaching Goals The White House said in the press release that the announcement is a “down payment” on a plan that will “boost supply, lower costs, cut dangerous climate pollution, promote homeownership, protect renters, and promote fair housing.” As the president of the National Multifamily Housing Council, Sharon Wilson Geno, commented: “Policies that actually move the needle and expand housing supply are the only real way we are going to lower the cost of housing and broaden housing availability.” The housing program is a multi-pronged action plan that also involves: 1 - The Department of Transportation to help with transportation and access issues as part of a previously announced “Reconnecting Communities and Neighborhoods” program. 2 - The Economic Development Administration to steer the grantmaking process toward efficient land use that includes housing density and access to commercial, economic, and employment opportunities. 3 - The Environmental Protection Agency to mobilize private capital and financing for clean energy projects and retrofits. There are several departments involved with various clean energy efforts related to housing. 4 - The Federal Housing Administration to make it easier to finance the building and rehabilitating of apartment buildings. The FHA is also making it easier for homeowners to get financing for accessory dwelling units. One of the big policy changes is the ability to use expected rental income from an ADU to qualify for the purchase or the refinancing of a home. White House Plan to Protect Tenants There are also new efforts to protect renters. About 35% of the U.S. population live in rental housing. That's about 44 million people. Many faced eviction after pandemic moratoriums were eliminated. Bisnow says that in some cities, eviction filings surged by 50% this last summer. But to keep things in perspective, the eviction rate was close to zero during the pandemic, so a 50% increase may not be a huge amount. Landlords also need to collect rent to remain in business. In regards to the White House effort to protect tenants, the plan is to: 1 - Ensure fair tenant screening practices which involve guidelines for landlords and landlord-tenant communication on why tenants were rejected. 2 - Provide new funding to support tenant outreach and education. This will help tenants who are part of HUD's rental assistance program. 3 - Ensure that public housing tenants are given at least a 30-day eviction notice. Zillow is also contributing to the White House plan. The real estate website says it will provide a Cost of Renting Summary that will give users a better idea of the total amount they will have to pay for a rental property. That includes disclosures on unexpected or “sneaky” fees that are often a surprise to renters. It said in a news release: “Zillow is proud to partner with the White House in an effort to turn on the lights for renters by surfacing these fees and offering solutions to help renters save money.” That's it for today. If you want to learn more about how you can use real estate to build wealth, hit the join for free button on our website. And please remember to hit the subscribe button, and leave a review! Thanks for listening. I'm Kathy Fettke. Links: 1 - https://www.bisnow.com/national/news/affordable-housing/biden-administration-rolls-out-plan-to-cut-zoning-and-land-use-red-tape-120000 2 - https://www.whitehouse.gov/briefing-room/statements-releases/2023/07/27/biden-harris-administration-announces-actions-to-lower-housing-costs-and-boost-supply/ 3 - https://www.whitehouse.gov/briefing-room/statements-releases/2023/01/25/fact-sheet-biden-harris-administration-announces-new-actions-to-protect-renters-and-promote-rental-affordability/ 4 - https://www.zillowgroup.com/news/a-rental-market-that-works-for-everyone/
Fraud concerns are growing in connection with the Nightingale investment firm's handling of investor funds. We just reported on the disappearance of millions of dollars raised on the CrowdStreet platform for two Nightingale deals. And now, CrowdStreet is worried about the management of a Nightingale office tower in Chicago, which was also partially paid for by CrowdStreet investors. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. In a previous podcast, we reported that Nightingale is accused of misappropriating more than $50 million that investors pumped into two high-end properties in Atlanta and Chicago. The deals never closed, and when the money went missing, CrowdStreet recommended the appointment of an independent manager. Shareholders agreed and hired Anna Phillips. She then placed the entities created for those deals into bankruptcy to help track down the money. CrowdStreet Reviewing Nightingale Campaigns Now CrowdStreet is taking a closer look at the Nightingale campaigns and wants to put Phillips in control of the Chicago property. That's after a request for audited financial records went unanswered. But in this case, putting an independent manager in charge is more complicated because the Chicago office tower is an operating asset with equity investors who are not connected to CrowdStreet. There's also an ownership transfer to deal with and several loans. Nightingale acquired the building in February of last year for $130 million. $25 million came from CrowdStreet investors. The rest came from other sources, including an $86 million mortgage from Citibank. CrowdStreet sponsors, like Nightingale, are expected to provide investor updates on a quarterly basis along with other information such as performance and distribution reports and annual tax documents. In the first quarter report, which was reviewed by Bisnow, the entity's name was changed from Nightingale Realty LLC to Nite Sky Realty LLC. It reported that the building was about 91% occupied and aligned with the business plan but that the distribution couldn't be paid because three tenants were late on their rent. There was an apology for the delay, and a promise to provide a distribution date in the near future. It also said the building had about $10 million in reserves but there hasn't been another update since the mid-May report. Issues Piling Up for Nightingale One investor told Bisnow: “Where's that money? Is it still there?” CrowdStreet has told investors that it has hired a forensic accountant to review financial records that it received previously, around the time of the funding, and is talking to lawyers about how investors can wrestle control away from Nightingale. Although there's no evidence of fraud as yet, the issues are piling up for Nightingale. Bisnow reports that Nightingale faces a growing number of lawsuits and debt defaults. It says that Nightingale lost a 2.2 million square foot property in Philadelphia to receivership, that Nightingale is facing foreclosure lawsuits for commercial buildings in Manhattan and Brooklyn, and that it is sitting on one of the biggest vacant office buildings in New York City. In the meantime, CrowdStreet is reassuring investors that it remains confident in its vetting process, and that escrow is now a requirement for deals that haven't closed. Ultimately, responsibility for due diligence lies with the investor. As I mentioned in a previous podcast, this is one reason that only accredited investors are allowed to invest in these kinds of deals – so they can afford to have legal and financial professionals review the documents. It's important that the deal is understood by the investor or someone on the investor's team. This is why I've decided to create a master course on development, that will be helpful for both investors and developers. So many syndications require development of some kind, and it's important that investors understand how to analyze the deal. It's also going to be valuable for developers because the courses will be taught by my developer partners. You can find out more at GrowDevelopments.com. Thanks for listening! Kathy Fettke List: 1 - https://www.bisnow.com/chicago/news/office/crowdstreet-seeks-takeover-of-another-nightingale-asset-after-landlord-goes-dark-119919 2 - https://realwealth.com/category/real-estate-due-diligence/
Some CrowdStreet investors are expressing disbelief, and rage, after learning that millions of dollars of their investment funds have gone missing! Investors pumped more than $60 million into two deals sponsored by Nightingale Properties on that platform, and Poof! The money has mysteriously disappeared! Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. As reported by Bisnow, Nightingale did a great job pitching the deals to CrowdStreet investors. One was Nightingale's purchase of the Atlanta Financial Center for $182 million, which represented a $78 million loss for the seller and instant equity for the buyers. The Real Deals reports that more than 650 investors clamored into that deal with $54 million. The other deal was the renovation of a Miami Beach office building that Nightingale already owned. It raised $9 million for that project. Slick Marketings Pitch Nightingale told investors that it has a stellar track record with more than 30 big deals that never lost money. And it enticed investors with what it described as a rare opportunity to invest in trophy-style real estate. University marketing professor, Zhiyong Yang, invested 50K into Atlanta and told Bisnow that “they did a wonderful marketing job.” Investor, Mike Huber, says the news about the missing funds is mind-boggling. He has 150K in the project, and is now wondering, like other investors, how this could have happened. Red Flags Their worries began last August thanks to a Wall Street Journal article. The Journal reported that Nightingale had failed to tell investors about two previous deals that lost money, which would have tarnished the sterling reputation that Nightingale was selling. Potential investor Ian Ippolito told Bisnow that he was initially interested and was partially sold on the pitch that Nightingale had never lost money. But then Ippolito, who writes a blog called The Real Estate Crowdfunding Review, decided to investigate further, and found that Nightingale's track record is not so sterling – that it had lost money in those two deals. He thought to himself: “There's something shady going on here. I'm not going near this deal.” What Went Wrong? Although CrowdStreet is just a platform, there are questions about where it went wrong in vetting Nightingale, and why it didn't do more to safeguard investor funds, which it collected. If you're not familiar with CrowdStreet, it attracts all kinds of independent real estate investors, from all walks of life. It was founded in 2014 but really took off during the pandemic, raising $1.2 billion from retail investors in 2021 alone. CrowdStreet's CEO, Tore Steen, told Bisnow that he is “shocked and angered” by the Nightingale fiasco. He says: “This is not a crowdfunding issue. This was simple illegal behavior by a real estate developer. There were investors outside of the CrowdStreet platform that were involved here. Whether it's online or offline, fraud exists in this industry.” Although Steen doesn't believe that the platform exposed investors to a higher risk of fraud, investors want to know why CrowdStreet handed the funds over to Nightingale instead of putting them into escrow. Investors Blindsided One investor told Bisnow: “It's surprising that CrowdStreet was not taking a more guardian role when the Wall Street Journal article came out.” The article did prompt some investors to ask for refunds, especially as the deals experienced more delays in closing. And some did get refunds, along with plenty of positive sounding communication from Nightingale, including Christmas cards. One investor on the West Coast says: “They gave us the option to withdraw the funds. That gave me comfort. They do all those things to make you feel that they are super-legit. I was entirely blindsided.” Nightingale ended up processing about $9 million in refunds, but Bisnow reports that the refund process wasn't consistent. CrowdStreet became concerned at that point, and requested bank statements and operating agreements for the two deals. Instead of producing those documents, Nightingale started communicating with CrowdStreet through an attorney, and CrowdStreet recommended that shareholders take on an independent manager for these two deals. With a background in forensic accounting, former Cousins Properties executive, Anna Phillips, was chosen for that position. She told investors that it's not clear what Nightingale did with the funds but she did immediately see some irregularities, such as the transfer of $12 million into an account owned by Nightingale's CEO, Elie Schwartz, instead of an account managed by the company. But even that policy is being questioned because investors thought that because the deals hadn't closed, the money would have gone into escrow. Escrow for Unclosed Deals CEO Steen said in a statement that: “Establishing an escrow process was one of many components of our transition to the broker model and something we have been working on for many months.” CrowdStreet has since incorporated an escrow process into its funding deals. As to questions about the vetting of Nightingale, Bisnow reports that CrowdStreet had done a background check and received more than a half dozen references from well-known institutions like Citibank. These problems could be attributed to growing pains for CrowdStreet, but it is also a failure in due diligence by investors. Accidents Waiting to Happen According to investor Ippolito, some crowdfunding deals are “accidents waiting to happen,” which you could probably say about any kind of investment and that investors need to do more of their own research on sponsors. He says you wouldn't go to buy a car and trust everything the salesperson is going to tell you. Investor Chris Honcik of Idaho told Bisnow: “I'm a little bit angry at CrowdStreet at not having vetted this a little bit better. I don't think I should be the person vetting Nightingale. But in the end, it all comes down to me. It's kind of my fault.” At this point, almost all of the money is still missing and both Nightingale and CEO Schwartz have been accused of misappropriating funds. Phillips is hoping to track it down. She put both deals into Chapter 11 bankruptcy because the reorganization process will help her find out what happened. Who's Responsible? In the meantime, investors are taking it on the nose, not knowing if or when they'll get a refund, and CrowdStreet will continue to do damage control. CEO Steen said in an interview with Bisnow: “I really don't believe it has anything to do with the fact that it's crowdfunding. It has to do with the type of individual that chose to blatantly disregard the law and ethical behavior, and in this case, fiduciary responsibility.” Here's my thoughts. Regardless of who's to blame, the funds are missing and may not be recovered. How can investors avoid this type of catastrophe in the future? 1. Verify and then trust. Yes, this is a twist to trust and then verify. Just because the deal was on a large crowdfunding platform like Crowdstreet does not mean the operators could be blindly trusted. Many real estate crowdfunding sites are just platforms for developers and syndicators to post their deals. Crowdstreet may or may not have performed due diligence, and it doesn't matter. If you are investing a few thousand dollars into a deal, maybe you don't need to research it fully as you can may be afford to lose the money. But if you are investing tens of thousands or even hundreds of thousands of dollars, you absolutely must vet the sponsor and the deal. This is why only accredited investors are allowed to invest in these kinds of opportunities - because they can afford to have a CPA, attorney and underwriter review the documents and pro-forma. Someone on your team needs to understand the deal when investing that much money. 2. All investments have inherent risk. That's why they are investments, and not guaranteed. That is why you should diversify and not put too much money in any one deal. Even a well-underwritten deal can go sideways when there are challenges like a global pandemic that shut down the economy and caused supply chain issues, or interest rates tripling in a year. 3. Finally, make sure you know exactly where your money is going. Escrow accounts protect your money - at least in the sense that the escrow company will ensure that the funds go to the closing table. You can find out more about how to invest responsibly as a RealWealth member. It's free to join, and takes just a few minutes. Keep up with important real estate news at newsforinvestors.com, and please remember to subscribe to this podcast to get new episodes automatically delivered to your phone! Thanks for listening! Kathy Fettke Links: 1 - https://www.bisnow.com/national/news/capital-markets/crowdstreet-investors-say-accusations-about-nightingale-mind-boggling-as-they-face-a-possible-total-loss-119896 2 - https://therealdeal.com/national/2023/07/14/fiduciary-to-investors-funds-in-nightingale-projects-misappropriated/ 3 - https://www.bisnow.com/new-york/news/capital-markets/nightingale-properties-crowdstreet-scandal-illegal-behavior-119884?utm_source=outbound_pub_58&utm_campaign=outbound_issue_69142&utm_content=link&utm_medium=email
It's another dose of bad news for office space providers. Researchers had previously estimated that remote work would take a 28% bite out of office values by 2029, but they apparently underestimated the impact. They are now predicting the decline will be closer to 44%. On the flip side of that coin, a drop in values will also make it easier for at least some of those buildings to be converted to badly needed housing, with the help of government incentives. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. Please remember to subscribe to this podcast and leave us a review. As Bisnow reports, researchers had reported last year that office values would lose about $500 billion in value over ten years, from 2019 to 2029. Now those academic researchers from New York University and Columbia University are saying that office values have already surpassed that amount in just three years, from 2019 through last year. (1) Half a Trillion Dollar Loss in Value In New York City, values were down about $70 billion. In San Francisco, the loss in value was more like $33 billion. And in Charlotte, it was about $5 billion. Their research estimated a total of $506 billion, or more than half a trillion dollars, in lost value for the entire nation. Researcher Arpit Gupta says of the update: “The primary reason for the change is that we now estimate a more persistent work from home regime than before.” He also says that researchers took into account work-from-home rates for various cities and says that New York was hit hard because of a high number of remote workers. Lost Tax Revenue, Lifeless City Centers Office owners aren't the only ones grappling with this situation. Cities are also dealing with lost tax revenue and downtown corridors that appear lifeless as office space sits empty. Unfortunately, not all office space is suitable for a conversion, and conversions are expensive. According to Josh Bernstien of Bernstein Management in the New York Times, just one in 20 office buildings in Washington, D.C. would be suitable for a conversion. And then the conversion might cost a whopping $400 to $500 a square foot. Bernstein says that it's often the case that building from scratch would cost less. (2) Most Office Space is Not Suitable for Conversion The Times cited a Moody's analysis that found only three percent of the buildings it tracked would be candidates for conversion because the median rent is so low. In New York, the median rent is just $55 a square foot. The analysis shows that only 36% of the office properties roughly match that value. And then on top of that, there's the cost of the conversion which includes design issues. As the Times reports, offices may have columns that are 20 feet apart, huge open areas, and windows that don't open. But, there is a growing trend to turn at least some of the now empty office space into housing. And state and local governments are recognizing the need for incentives. (3) States, Cities Incentivize Conversion Projects California is one of them with a $400 million program. Chicago is another. It's making almost $200 million available for developers in “tax increment financing” or TIFs. The Department of Transportation website describes a TIF as: “A value capture revenue tool.” It says: “The TIF creates funding for public or private projects by borrowing against the future increase in these property-tax revenues. The intent is for the improvement to enhance the value of existing properties and encourage new development in the district.” (4) Bisnow reports that the opportunities exist for these so-called “Office-to-Resi” projects and that developers are showing interest, so long as there's public money to subsidize them. A big decline in office values will also help make these conversions more affordable. Researchers say the key takeaway from all of this is that: “Remote work is shaping up to massively disrupt the value of commercial office real estate in the short and medium term.” For real estate investors, when one door shuts, another opens. And the trend to convert office space to residential units is an opportunity, especially when it comes with government incentives. You can read more about this by following links in the show notes at newsforinvestors.com. If you haven't become a RealWealth member, hit the Join for Free button to learn more about real estate investing. It's easy to sign up, and will just take a minute. And please remember to subscribe to this podcast! Thanks for listening! Kathy Fettke Links: 1 - https://www.bisnow.com/new-york/news/office/persistent-wfh-could-wipe-44-from-office-values-by-2029-119082 2 - https://www.nytimes.com/2022/12/27/business/what-would-it-take-to-turn-more-offices-into-housing.html 3 - https://www.bisnow.com/national/news/office/more-cities-are-giving-away-money-for-office-to-resi-projects-as-threat-of-obsolescence-grows-118474 4 - https://www.fhwa.dot.gov/ipd/value_capture/defined/tax_increment_financing.aspx
In this Real Estate News Brief for the week ending April 22nd, 2023… we have two new forecasts on whether we'll see a recession this year, some good news about the cost of construction materials, and a report that shows how much wealthier you are if you own instead of rent. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. Economic News We begin with a look at economic news from the past week. There are a few new reports predicting that we'll have a “mild” recession in the second half of the year. The Conference Board's leading economic indicator index, or LEI, was down for a 12th month in a row in March. It fell 1.2%, which is the biggest decline in the last three years, according to MarketWatch. The index is a compilation of 10 indicators. One Conference Board manager says: “Economic weakness will intensify and spread more widely throughout the U.S. economy over the coming months, leading to a recession starting in mid-2023.” (1) Fannie Mae economists are also predicting a recession later this year. The GSE's Economic and Strategic Research Group says the economy is “running out of steam.” Although the economy got off to a strong start this year, the ESR group expects to see an economic contraction during the second half of 2023. Fannie Mae's chief economist Doug Duncan, says: “The economic slowdown has resumed – whether the end result is a modest recession or simply a soft landing remains unanswered.” He attributes much of his optimism to the strength of the housing market, saying: “The greater-than-expected resilience of the housing sector to the affordability pressures of higher home prices and mortgage rates is central to our expectation that the recession will be modest.” (2) The Labor Department reported another weekly increase in jobless applications, which are now at their highest level since the end of 2021. Initial claims were up another 5,000 to a total of 245,000. That's still an historically low number. Continuing claims also jumped a bit. They were up 61,000 to a total of 1.87 million. (3) Housing starts were down .8% in March, to a rate of 1.52 million. The drop is mostly due to a slowdown in condo construction which fell 6.7%. Starts for single-family homes offset that a bit with an increase of 2.7%. Permits for single-family homes were also higher, by 4.1% while permits for multi-family buildings were down almost 25%. The pullback in apartment construction follows a red-hot building streak over the last several months. (4) Builders are feeling more confident about the market as demand grows for new homes. The National Association of Home Builders says its monthly confidence index was up one point to 45 in April. It's the fourth month that the index has gone higher, and it's now the strongest it's been since September of last year. Demand is strong because the inventory for existing homes is so low. (5) Meantime, existing home sales were down 2.4% in March, to an annual rate of 4.44 million. Compared with March of last year, they are down 22%. Prices are also falling which means that current homeowners would lose some of their equity if they sold now. The National Association of Realtors says that prices were down 1% in March, which is the biggest monthly drop in a decade. That's a national number. A recent report from Black Knight says that prices are falling in the West but rising in the East. Prices are falling the most in cities that experienced a pandemic housing market boom. (6) (7) Mortgage Rates Mortgage rates started rising again this last week. Freddie Mac says the average 30-year fixed-rate mortgage was up 12 basis points to 3.69%. The 15-year was up 22 points to 5.76%. (8) In other news making headlines… Prices Dipping for Construction Materials Prices for construction materials are finally coming back to earth. According to an analysis by the Associated Builders and Contractors group, they are lower today than they were a year ago. It's the first year-over-year decrease we've seen in more than 18 months. Construction Dive says that building costs are still almost 40% higher than they were right before the pandemic struck. (9) Costs for some individual construction materials remain high, however. Bisnow reports that concrete is up 14.5% from a year ago. Construction machinery and equipment is also about 12% higher. Prices are also fluctuating a lot from month to month. Chief Economist Ken Simonson for the Association General Contractors of America told Construction Dive that: “Contractors remain wary about committing to projects” because of the price volatility. Some contractors are also putting the brakes on hiring. The Bureau of Labor Statistics reports a 50% drop in construction job openings at the start of this year. Homeowner vs. Renter Wealth Report Many homeowners are becoming much wealthier than renters, thanks to an increase in their home equity. A study by the National Association of Realtors shows that over the last decade, homeowners became more than 40 times wealthier than the average renter because of that equity. (10) The average gain since 2012 is about $99,000 for low income homeowners, about $122,000 for middle-income homeowners, and about $150,000 for upper-income homeowners. That's it for our latest economic and housing market updates. Please check the show notes for links at newsforinvestors.com. And please remember to click on the Join for Free button at our website for information about real estate investing, and don't forget to subscribe to this podcast, if you haven't already! Thanks for listening. I'm Kathy Fettke. Links: 1 - https://www.marketwatch.com/story/the-u-s-economy-is-headed-toward-recession-leading-index-keeps-signaling-afe5f314?mod=economy-politics 2 - https://www.scotsmanguide.com/news/fannies-latest-forecast-maintains-modest-recession-still-in-play/ 3 - https://www.marketwatch.com/story/jobless-claims-climb-to-245-000-and-signal-rising-layoffs-5409f9d7?mod=economy-politics 4 - https://www.marketwatch.com/story/u-s-housing-starts-decline-in-march-as-apartment-construction-cools-717828a7?mod=economic-report 5 - https://www.marketwatch.com/story/builder-confidence-rises-for-fourth-consecutive-month-amid-low-number-of-resale-listings-d377885e?mod=economic-report 6 - https://www.marketwatch.com/story/u-s-existing-home-prices-fall-nearly-1-in-march-biggest-drop-in-a-decade-910e9be5?mod=economic-report 7 - https://www.cbsnews.com/news/home-price-regional-breakdown-mortgage-housing/ 8 - https://www.freddiemac.com/pmms 9 - https://www.bisnow.com/national/news/construction-development/construction-material-costs-lower-than-a-year-ago-still-39-higher-than-pre-pandemic-118528 10 - https://www.nar.realtor/magazine/real-estate-news/study-homeowner-wealth-is-40-times-higher-than-renters
Demand for badly needed housing has triggered another ban on single-family zoning. Lawmakers in Arlington County, Virginia, approved a controversial plan to eliminate single-family exclusivity, and allow as many as six homes on one property. The decision came after a contentious three-year debate, and is part of a growing trend to dismantle the long-standing concept for single-family communities. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. Please remember to subscribe to this podcast and leave us a review. The policy was unanimously approved by a five-member county board after a battle that included a so-called “Missing Middle Housing Study.” The missing middle is a phrase that refers to housing that falls between apartments and single-family homes. It covers several kinds of housing including townhomes, duplexes, and triplexes with more space than apartments. It could also include backyard cottages or in-law units which are more officially known as accessory dwelling units or ADUs. Divisive Debate Over Single-Family Zoning Ban As reported by the Washington Post, some Arlington County residents supported the idea, saying a ban on exclusive single-family neighborhoods would increase affordable housing options and diversify their communities. Other residents argued that it would lead to overcrowding, lower property values, and the destruction of their lifestyle and neighborhoods. (1) Arlington County is a desirable part of the greater Washington, D.C. metro with a growing population and a growing demand for more housing. The county's board chair, Christian Dorsey, said the ban will help the county address population growth, and move past the “discriminatory noise” within zoning rules. He says: “Growth and change are not good or bad, they just are.” And, he says: “It's our responsibility to make sure we accommodate that – to make sure that it works well for as many people as it possibly can.” New Rules Among the Most Permissive in the Country The new rules are some of the most permissive in the country. Contractors will be allowed to put up to five or six homes on lots that range in size from 6 to 7,000 square feet. Smaller lots will have a limit of 4 units. Height, lot coverage, floor area, and setbacks will remain the same. According to Wikipedia, single-family zoning has been around since 1916, and began in the Elmwood neighborhood of Berkeley, California. The story goes that a real estate developer in the Elmwood district pushed for single-family zoning rules to prevent a dance company owned by a Black resident from moving into homes that he was trying to sell. He apparently pushed for single-family zoning with the help of other developers who were also trying to keep certain groups of people out of the neighborhood. Growing Opposition to Single-Family Zoning More than one hundred years later, the concept is now wavering under the weight of the housing crisis, and the idea of banning this kind of exclusive zoning is gaining momentum across the country. According to BisNow, at least three states and eight municipalities have passed bans on single-family-only zoning. The city of Minneapolis was the first to implement a ban in 2018. The state of Oregon followed in 2019. Several cities in California banned that kind of zoning, but state lawmakers approved a bill in 2019 called Senate Bill 9. That legislation makes it legal to have two units on a single-family property, and in some cases, four units. The state of Maine adopted a ban last year. The Washington State House of Representatives just recently passed a bill that would ban single-family zoning statewide, but it still needs approval from the state senate and the governor. (2) The policy in Arlington, Virginia, goes into effect on July 1st and will be phased in over five years. During those first five years, only 58 permits a year will be approved. The cap will be lifted in 2028. This kind of ban opens up opportunities for homeowners to be coincidental landlords if they build additional housing on their properties, and rent them out. You'll find links to the Washington Post story in the show notes at newsforinvestors.com. Please remember to join RealWealth by clicking on the “join for free” button. As a member, you'll have greater access to investing opportunities in desirable rental markets across the country. That includes our investor portal, our market data, and our experienced investment counselors. You can also find out more about our spring real estate tours in metros that are popular among single-family rental investors, and our mastermind events to help get you on the path to long-term wealth. If you haven't subscribed to the podcast, please do so! And leave us a review! Thank you! And thanks for listening, Kathy Show Notes link: https://www.newsforinvestors.com Join link: https://join.realwealth.com/?utm_content=Real%20Estate%20News%20Podcast&utm_campaign=Join%20for%20Free&utm_term=Description%20Text%20Link Subscribe link: https://podcasts.apple.com/us/podcast/real-estate-news-real-estate-investing-podcast/id1079952715 Links: 1 - https://www.washingtonpost.com/dc-md-va/2023/03/22/arlington-missing-middle-vote-zoning/ 2 - https://www.housingwire.com/articles/wa-house-passes-bill-that-would-ban-single-family-zoning/
The Fed followed through on another rate hike despite the banking turmoil. Members of the Federal Open Market Committee raised the Federal Funds rate another quarter point on March 22nd. That brings the short term rate to a range of 4.75% to 5%. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. Please remember to subscribe to this podcast and leave us a review. Fed Chief Jerome Powell said the collapse of two banks, and the near-collapse of a third, did force Fed officials to consider a pause in rate hikes. But he says they were persuaded to hike rates again because of stubbornly high inflation and a strong job market with strong wage growth. But Powell offered assurances that the central bank is prepared to protect the banking system. He also still believes there's a path to a soft landing. (1) Powell says he expects the need for one more rate hike this year, while seven of the 18 Fed officials are forecasting two hikes. If the short-term rate is raised another quarter point, the end range would be 5% to 5.25%. Fed Sees Higher End-of-the-Year PCE Percentage The Fed previously thought Personal Consumption Expenditure index, or PCE, would end the year at 3.1%. It's now projecting a higher 3.3%, which is moving in the wrong direction from the central bank's 2% target. In the meantime, the Fed also needs to make sure the financial system remains stable. There's fear that nervous depositors could pull more money out of regional banks, which are already under stress. Federal regulators took control of Silicon Valley Bank and Signature Bank, and are making sure depositors get all their money back despite the FDIC limit of $250,000. The Fed also worked with the FDIC, and the U.S. Treasury in the creation of a fund for banks that need to borrow money to cover deposits. As reported by Bisnow, banks withdrew a total of $300 billion during the first week. Government Prepared to Prop Up Small Banks Treasury Secretary Janet Yellen also says the government is prepared to protect small banks from failures, but much of this stability depends on the confidence of depositors. Archie brown of Cincinnati-based First Financial Bank told Bisnow: “The main thing is to make sure that the Fed is instilling confidence in the deposit base. As long as we do that, I think everything else will manage itself.” The San Francisco-based First Republic had teetered toward failure with a $70 billion run on deposits, which is about half of its total. The bank received an infusion of cash from eleven large banks and the federal government to keep it from toppling. But the experts are still worried about smaller regional banks which is where a lot of commercial real estate investors get their loans. According to an article in Axios, small and mid-sized banks hold 67% of commercial real estate loans, and 37% of residential real estate loans. (3) Small Banks Could Reduce Real Estate Exposure Brad Kraus of the CRE financial consulting first Ascension said in an email to Bisnow: “If banks do end up struggling, the first thing we see here on the front lines is a reduction in their real estate exposure.” He said: “If things get worse, they simply start quoting rates which guarantee profitability, thus effectively pricing themselves out of the market.” (4) Higher rates will push commercial real estate values lower. Keiran says: “Those looking to sell anytime soon, especially those owners that are facing loan maturities, will have to offer their deals at higher cap rates to attract buyers.” According to the Wall Street Journal, as much as $270 billion in commercial mortgages will mature this year. As these loans mature Keiran expects to see a “major value adjustment” for commercial properties especially if we sink into a recession. Banks are also likely to cut back on lending as a way to preserve capital, especially if they expect the Fed to keep hiking rates. That's it for now. You'll find links in the show notes at newsforinvestors.com Please remember to join RealWealth. It's free to join and gives you an all-area pass to our website. That includes our investor portal, our market data, and our experienced investment counselors. You can also find out more about our mastermind events, and our real estate tours in markets that are popular among single-family rental investors. Please remember to subscribe to the podcast, and leave us a review! Thanks for listening, Kathy Links: 1 - https://www.cnbc.com/2023/03/22/live-updates-fed-rate-march.html 2 - https://www.marketwatch.com/story/fed-hikes-interest-rates-again-pencils-in-only-one-more-increase-ac42c84e?mod=home-page 3 - https://www.axios.com/2023/03/21/small-bank-struggles-could-hit-the-real-estate-market-har https://www.nytimes.com/2023/03/22/business/svb-signature-commercial-real-estate.html 4 - https://www.bisnow.com/national/news/capital-markets/banking-crisis-will-have-profound-effect-on-regional-bank-cre-lending-118190
In this Real Estate News Brief for the week ending January 21st, 2023... why mortgage rates are looking more attractive, the new office space investing opportunity, and a new home design trend called “Barkitecture” that makes pets a priority. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. Economic News We begin with economic news from this past week and more evidence that prices are coming back down to earth. The government reports that wholesale prices were .5% lower in December. It was the biggest drop in the Producer Price Index since April of 2020 when the economy shut down because of Covid. The monthly decline brings the annual rate of wholesale price inflation down from 7.2% to 6.2%. (1) The Federal Reserve will be analyzing the latest reports on inflation ahead of a rate hike decision on February 1st. The Federal Funds rate is currently within the range of 4.25 and 4.50%. Now that inflation is receding, several Fed officials have spoken out, saying they are still determined to “stay the course” but are considering a smaller quarter-point rate hike. They will also have access to the latest report on the Personal Consumption Expenditure index, or PCE, right before that meeting, which could help sway their opinion. The PCE is their preferred inflation gauge because it goes beyond household expenses and accounts for changes in consumer behavior as prices rise. (2) Although several big tech companies are announcing layoffs, jobless claims remain low. The Labor Department reports just 190,000 initial applications for unemployment last week. That's down from 205,000 the week before. (3) It indicates that the job market is still strong, but then newly announced layoffs won't be reflected in the unemployment numbers just yet. Among the companies announcing a substantial number of layoffs are Google parent Alphabet, Amazon, Carvana, Coinbase, Lyft, Facebook parent Meta, Microsoft, Robinhood, Salesforce, Snapchat parent Snap, payment processor Stripe, Twitter and Wayfair. (4) In the latest housing market news, housing starts were a mixed bag for residential construction. The Commerce Department reports that, overall, housing starts fell a seasonally adjusted 1.4% to 1.38 million. That includes an 18.9% decline in multi-family starts and an 11.3% increase in single-family starts. The Northeast has the biggest surge in single-family starts at 96.9%! When it comes to permits, they were down 6.5% for single-family homes and up 7.1% for multi-families. (5) Builders are feeling more confident about the housing market. The National Association of Home Builders says the monthly builder confidence index was up four points in January to 35. That's far lower than it was a year ago, at 83, but the NAHB says that builders are seeing a “light at the end of the tunnel” as mortgage rates recede and demand increases. NAHB chairman, Jerry Konter says: “The rise in builder sentiment means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023.” (6) Existing home sales continue on a downward trend. The National Association of Realtors reports a 1.5% drop to a seasonally adjusted annual rate of 4.02 million homes in December. It's the 11th month of declining sales and the lowest level of sales activity since November of 2010. Year-over-year, existing home sales are down 34%. High home prices and mortgage rates have scared a lot of buyers away, but there's also a huge lack of inventory, in part, because potential buyers are postponing their plans to sell. (7) Mortgage Rates Mortgage rates are declining and getting closer to the 6% level. In the last week, Freddie Mac says the average 30-year fixed-rate mortgage was down 18 basis points to 6.15%. The 15-year was down 24 points to 5.28%. Freddie says: “Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.” (8) Some builders are also providing a bigger incentive with mortgage rates as low as 3%. They prefer to pay points to lower a customer's mortgage rate than lower the price of the home, because that could impact the value of other homes that are already sold. (9) In other news making headlines… Bargain Hunters Buying Office Space Office space is on sale right now, and some brave investors are pouncing on the opportunity. Bisnow reports that investors are getting creative about what they'll do with this office space. While some believe the office market will return, others are buying up high-quality properties at firesale prices with plans to convert them into something else. like apartments or condos or something other than office space. (10) Tom Davenport of Colliers says: “There are a lot of small investment funds that have been waiting for this day.” New Home Design Trend: “Barkitecture” Pets are becoming a top priority when it comes to home design. Realtor.com reports on a new architectural trend called “Barkitecture” that includes pet-friendly features like a securely fenced yard with a dog run or something called a “catio.” Other popular features include a dog wash station in the mudroom, built-in food and watering stations, a pet playroom or “lounge,” and custom-made furniture to accommodate both humans and pets. (11) Realtor.com did a survey in 2020 on the importance of pet features in homes. 43% of the participants said they'd be willing to move for a home that was more accommodating to their pets. That's it for today. Check the show notes for links and remember to hit the subscribe button, and leave a review! You can also become a member of RealWealth at newsforinvestors.com. Membership is free and gives you additional access to our own real estate investing data. There's no obligation and never any pressure. We are happy to answer questions and help you invest, if and when you are ready! Thanks for listening. I'm Kathy Fettke. Links: 1 - https://www.marketwatch.com/story/wholesale-prices-drop-at-end-of-2022-in-another-sign-of-slowing-inflation-11674049079?mod=economic-report 2 - https://www.nytimes.com/2023/01/20/business/economy/fed-rates-williams.html 3 - https://www.marketwatch.com/story/jobless-claims-fall-to-four-month-low-of-190-000-11674135327?mod=economic-report 4 - https://www.cbsnews.com/news/tech-layoffs-sector-google-recession-2022-01-20/ 5 - https://www.marketwatch.com/story/u-s-housing-starts-fell-in-2022-as-the-nation-builds-fewer-homes-11674136334?mod=economic-report 6 - https://www.marketwatch.com/story/u-s-builder-confidence-bounces-back-breaking-a-12-month-losing-streak-11674054281?mod=economic-report 7 - https://www.marketwatch.com/story/u-s-existing-home-sales-fall-for-the-eleventh-straight-month-in-december-11674227078?mod=economic-report 8 - https://www.freddiemac.com/pmms 9 - https://www.marketwatch.com/story/some-home-builders-are-offering-mortgage-rates-as-low-as-3-heres-how-and-why-theyre-doing-it-11674145343?mod=ANLink 10 - https://www.bisnow.com/atlanta/news/capital-markets/office-buyers-contrarian-investing-117231 11 - https://www.nar.realtor/magazine/real-estate-news/home-and-design/barkitecture-makes-your-pets-the-king-of-the-castle
EPISODE #260 In today's episode, we are joined by Brian Good, the co-founder and CEO of iBorrow. iBorrow is a nationwide real estate lender made by entrepreneurs for entrepreneurs, with an impressive track record of over $1 billion.Brian also founded TenantDirect, the first web-based property management software. Brian has moderated and served on a number of panels during his career, including panels for UCLA, YPO, Bisnow, and IMN. Currently, he sits on the Board of Advisors for the Ziman Center for Real Estate as part of the Anderson School of Business at UCLA.In this episode, we'll be covering everything from Brian's backstory and why he moved from equity real estate to debt real estate to how iBorrow underwrites borrowers and how the private lending market has changed going into 2023.Make sure to listen in!Key Takeaways:Intro (00:00)What brought Brian to debt real estate? (01:39)Why did he want to make the switch? (05:46)The difference between iBorrow and other lenders (08:23)What Are Bad-Boy Carve Outs? (10:12)How has the market changed over the last year? (13:14)How should we plan out the year ahead? (29:12)How leasing activity is looking now (43:07)Episode wrap-up (55:36)Additional Resources:➡️ Learn more about Juniper Square here➡️ Fort Capital: www.FortCapitalLP.com➡️ Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/➡️ Follow Chris on Twitter: www.twitter.com/FortWorthChris➡️ Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/➡️ Sign Up for our Newsletter: https://newsletter.thefortpod.com/➡️ Subscribe to The FORT on YouTube--The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more.Be sure to follow the podcast, so you never miss an episode!
The commercial real estate market is in for a rough ride this year. Many mortgages become due in 2023, and refinancing could be impossible for some property owners because of high interest rates. That situation is expected to shake things up a bit, and lead to more defaults, subleasing, and vacancies. As a MarketWatch headline suggests: “The party is over in commercial real estate.” (1) Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. Lenders say there's an estimated $450 billion worth of commercial real estate loans coming due within the next four years. Property owners will be forced to refinance at much higher interest rates, for properties that may have also lost value. It's a double whammy that could result in property sales and/or bankruptcies. Higher Rates & Lower Valuations And that's not including a decline in lease renewals, which is already happening. You may have seen headlines about some of the big tech companies cutting down on their square footage – companies like Amazon, Meta, and Salesforce. According to Western Asset Management's Greg Handler: “You had all these large tech companies signing big new leases, which was getting the market comfortable with the idea that the office sector was going to recover over the long term.” But with many companies retreating, Handler says there are big questions as to “who is going to pick up the extra square feet, and at what price.” As MarketWatch reports: “Landlords tend to default when debt comes due and financing dries up, a situation that can be exacerbated when a property's cash flows or valuation falls.” Bank of America's Alan Todd says of the situation: “If you're in a property where valuations are lower (and) your rate is significantly higher, how are you doing to refinance successfully?” CRE Price Growth Slows, but Positive Commercial property prices haven't dropped significantly yet. One index mentioned in the MarketWatch article says they are still up 7.3% for the year, and 123.5% from 10 years ago. But Todd at BofA thinks they could be headed lower by as much as 20 to 30%. He says: “You're talking about a secular, not cyclical, change for certain property types, whether those are regional malls or some of the lower quality offices. Some of those could be fairly problematic.” Steve Madura of Illinois' Hilco Real Estate offered a much bleaker forecast for commercial real estate in a Bisnow article. His company specializes in distressed assets, and he says the need for companies to repay or refinance mortgages will lead to a so-called “reckoning” that will (quote) “dwarf the 2008 financial collapse.” (2) Madura is calling the mix of high interest rates and a frozen capital market a “distress bubble.” He says distress is happening sooner than expected, and the impact could ripple through the market. As more and more borrowers face the need for refinancing, we may see more of them heading for the exit. Distress Creates Investing Opportunities Of course, that kind of distress creates investing opportunities, but Madura sees it as potentially too much of a good thing. He says: “There are huge rows of office buildings in Chicago with 50% vacancy rates. Do you want to convert that many office buildings to residential? That only goes so far.” That doesn't mean commercial investors should ignore office space. Real estate strategist Andy Graiser says that some investors believe they should wait for a better deal later this year, but he says it might be wise to grab a deal now if it's a good property, and the numbers make sense. He says: “The demand is out there.” Oxford Economics expects somewhat of a downturn. Its research shows a (negative) -2.2% total return for commercial real estate in 2023. In 2022, that figure was a (positive) 4.2%. The retail and hotel sectors are expected to be the only ones that will end the year with a positive total of 1.8% and 1.2% respectively. A decline of 5% is expected for residential property. (3) Reshuffling of Real Estate Fortunes Although real estate experts anticipate another difficult year for commercial properties, they are also seeing the beginning of a reshuffling of real estate fortunes. Bei Capital founder Collin Lau told Bisnow that he expects interest rates to peak, plateau, or potentially decline in the first quarter. He says: “As interest rates start to normalize, that will bring investors back to the market.” The Bisnow article goes into more depth on the topic. You can reference that article and the others mentioned int this podcast in the show notes at newsforinvestors.com. Our plan at Real Wealth is to wait until commercial property values find their floor, as we believe values are still uncertain and in some cases, a free fall. We expect to be more active in underwriting commercial property sometime in mid to late 2023. Meantime, we are focused on acquiring single-family homes in both cash flow and growth markets. With interest rates up, fewer people can afford to buy a home but still want to live in one. The demand for renters is strong, yet competition among buyers is low. Sellers are discounting prices and even paying points to buy down the rates, increasing cash flows. This is also why we are focused on building our single-family rental fund, that has an 8% target return with very conservative underwriting. You can find out more at GrowDevelopments.com. And if you want to build your rental portfolio, visit newsforinvestors.com where you will get data on the strongest rental and growth markets nationwide, along with referrals to experienced brokers and property managers in those markets that come highly recommended by RealWealth's over 66,000 members. Thanks for listening! Links: 1 - https://www.marketwatch.com/story/the-party-is-over-in-commercial-real-estate-heres-what-to-expect-in-2023-11671711842 2 - https://www.bisnow.com/national/news/top-talent/distressed-asset-specialists-see-deals-in-reckoning-that-dwarfs-08-collapse-116944?utm_source=outbound_pub_58&utm_campaign=outbound_issue_63533&utm_content=link&utm_medium=email 3 - https://www.bisnow.com/london/news/capital-markets/youre-probably-going-to-lose-money-in-2023-but-theres-light-at-the-end-of-the-tunnel-116993
Rent growth has been slowing down in step with the economy, but it's still running hotter than it was before the pandemic. And that's expected to encourage more jurisdictions to consider and or pass rent control legislation. Even Florida is turning towards rent control as an answer for high rents. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. As Bisnow reports, rents remain “painfully high” for many Americans, despite slower rent growth for both single-family and multi-family rentals. (1) Year-over-year single-family rent growth hit a high of 13.9% in April of last year, but has been slowing down for the last five months. It's still in the double digits, but is now 10.2%. Florida metros have seen the highest SFR rent growth with Miami and Orlando at the top of that list. (2) It's a similar situation for apartments but rent growth has come down further. Annual rent growth hit a record high of 17.6% in 2021. It's now down to 4.6% year-over-year, although that's still a healthy gain for landlords. (3) Rent Growth vs. Wage Growth Because rent growth has outpaced income, many households are finding it more difficult to pay their rent. According to the U.S. Census Bureau, more than 19 million renter households paid more than 30% of their income on housing from 2017 to 2021. That's defined as “cost-burdened” by the Department of Housing and Urban Development. Housing costs vary from market to market, but the National Multifamily Housing Council, which advocates “against” rent control, has identified a number of markets that could become rent control battlegrounds in the coming year. These markets are identified in the NMHC's 2023 Rent Control Outlook report. (4) Four Rent Control Risk Levels The report separates the potential for rent control activity into four categories. Tier one includes states where “active state or local legislation action is expected.” Those states include: Colorado, Illinois, Florida (which has been notoriously opposed to rent control), Maryland Massachusetts, Nevada, and Washington State. Tier two includes states where the potential for state or local legislative activity is “elevated.” Those states include Connecticut, Hawaii, Michigan, New Mexico, and Rhode Island. Tier three includes states where rent control activity is expected, but will probably not get approved. Those states include Arizona, Kentucky, North Carolina, Pennsylvania, and South Carolina. The last category is where rent control expansion is an ongoing threat. California and New York are among those states, of course, along with Maine, Minnesota, New Jersey, and Oregon. Rent Control Minefield for Investors Rent control can be a minefield for investors, especially if they purchased a property under one set of rules, and then the rules change. It costs money to run a rental business, and when rents are controlled, rent revenues suffer. Investors may be less likely to put money into rentals, which could impact repairs on existing rentals and/or reduce the overall supply and make it harder for renters to find housing. A cap on rents could also reduce the value of the property. Bisnow cites a study published in October by Duke Financial Economics Center. It found that property values declined 6% in St. Paul, Minnesota during the first three months after rent control was implemented last year. That's for all rental and non-rental properties. For rental properties alone, values were down an additional 6% to a total of 12% due to lower future rents. The report says that lost property value essentially transferred that value from the owners to the renters. White House Silent on Presidential Executive Order While the NMHC anticipates activity at the local and state levels, some rent control advocates are floating the idea of an executive order by President Joe Biden that would impose some sort of rent control. So far, the White House has been silent on that matter. It did enact a housing plan in May that would “ease the burden of housing costs” but that plan did not include rent control. It just offered general policy proposals that include zoning reforms, new kinds of financing, and federal dollars for affordable housing. As what might be seen as a follow-up to this, a coalition of more than 2,500 nonprofits and public agencies wrote a letter to Congress asking for affordable housing legislation. The letter is addressed as a “Call to Invest in Our Neighborhoods” or ACTION. Specific requests in the letter call for a 50% expansion of the Low-Income Housing Tax Credit and a lower Private Activity Bond financing threshold of 25%. It is currently at 50%. According to a Realtor.com survey, 70% of landlords said in October that they plan to raise their rents over the next year. That is down from about 72% last spring. You'll find links to the reports I mentioned in the show notes at newsforinvestors.com. You can also join RealWealth for free while you are there for access to all our real estate news, educational material, and data on individual markets. Please remember to subscribe to our podcast and leave a review! Thanks for listening! LInks: 1 - https://www.bisnow.com/national/news/multifamily/as-rents-spiked-this-year-so-did-the-push-for-rent-control-116806 2 - https://www.corelogic.com/intelligence/corelogicannual-single-family-rent-growth-decelerates-for-fifth-consecutive-month-and-seasonal-patterns-return/ 3 - https://www.apartmentlist.com/research/national-rent-data 4 - https://www.nmhc.org/news/nmhc-news/2022/2023-rent-control-outlook/
Today's guest is the co-founder of the Summit Group and has built a global community of entrepreneurs, academics, scientists, spiritual leaders, and beyond. Elliott's journey to success has been anything but conventional and on this podcast, he will share his view on the unconventional journey to success. Elliott Bisnow is a co-founder of Summit Group, whose family of organizations includes Powder Mountain, Summit Series, Summit Junto, and Summit Impact. Bisnow is a startup investor, having made almost 50 early-stage investments, including Uber, Coinbase, Warby Parker & Allbirds. At 20 years old, Bisnow started Bisnow Media with his dad Mark, out of his college dorm room. Over the next decade, they grew the business into the largest commercial real estate media company in the world and it was acquired in 2016 by Wicks Group. Listen out for: - The story of how the first summit series started. ( Which Elliott paid for with his own credit card!) - How Elliott bought the largest ski resort in the US. - Why every business needs a community. - The importance of making big plans. Bonus: - Find out more about the Summit Series here
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