Podcasts about crowdstreet

Today on the podcast, we unravel the complexities of passive investing with Kurt Novak, an experienced investor who's navigated nearly 50 syndications and uncovered some surprising truths on his journey.   When Kurt sold his entire real estate portfolio - rental properties, a self-storage facility, and a thriving brokerage - he thought he was settling into early retirement. Instead, he found himself deep in the world of passive investing, syndications, and allocators.   What started with crowdfunding platforms like CrowdStreet quickly expanded into direct investments, allocator-led funds, and a portfolio spanning nearly 50 syndications. But along the way, he discovered something surprising - many passive investors (including himself at first) had no idea what an allocator really is… or how they make money.   Syndications, Allocators, and the Fine Print Kurt breaks down the differences between investing directly with sponsors and going through allocators (a.k.a. fund managers, middlemen, capital raisers - pick your term). Spoiler alert: it's not always as transparent as you'd hope. In fact, many allocators present deals in a way that makes them look like sponsors, leaving investors unaware of the extra layer of fees, the loss of direct ownership, and who's really calling the shots.   Where's the Real Money? With nearly five years in the passive investing game, Kurt has seen it all - stellar returns, underperforming projections, and even outright fraud. He shares which asset classes have been the biggest winners and which ones have fallen short. Plus, he reveals what happens when an allocator steps up and fights for investors after a deal goes sideways.   What Every Passive Investor Needs to Know This episode is a masterclass in cutting through the noise, avoiding common pitfalls, and making smarter investment decisions. Whether you're a seasoned investor or just dipping your toes into the syndication business, Kurt's insights will challenge the way you think about allocators, fund structures, and who's really working in your best interest. *** If you've ever wondered where your money actually goes in a syndicated deal—how the fees break down, who's making the decisions, and whether you're really getting the best deal possible—this episode is a must-listen. Kurt pulls back the curtain on the hidden layers of passive investing, helping you understand what to look for, what to avoid, and how to make sure your money is truly working for you. *** Explore the world of real estate capital allocators—a fresh approach to financing that's reshaping the industry.   In this series, I talk with allocators, investors, sponsors, and service providers to give you an inside look at this fast-growing space.   PLUS, subscribe to my free newsletter for real estate investors and gain access to: * Introductions to sponsors, allocators, and investment opportunities. * Insights drawn from my 30+ years of experience in real estate investing. * Hacks and tactics for raising capital to help you scale your real estate portfolio.   Visit GowerCrowd.com/subscribe

E116 Nada CityFunds, a new way to own real estate, w/ CEO Tore Steen on Fireside with a VC. Tore is the CEO of Nada which operates CityFunds. Nada helps homeowners and individual investors solve the challenge of accessing and investing in home equity by providing a platform for home equity investment without additional debt or monthly payments. Homeowners sell a home share in exchange for cash and investors may invest in a CityFund that owns home shares in many homes in a specific high growth city or invest in the entire basket of home shares across multiple cities. Tore previously cofounded CrowdStreet, the largest online real estate investment platform in the U.S. having raised and invested over $4.4bn primarily from accredited and retail investors, where he raised over $50m of VC funding and additional venture debt funding. Tore joined Nada first as a board member and now as CEO.   Links and Resources: Watch the full episode on YouTube: https://youtu.be/uvDWJvJMuzI. Find all episodes of Fireside with a VC on your favorite podcast platform: https://podcasters.spotify.com/pod/show/FiresideVC. Learn more about Nada and their CityFunds: https://www.nada.co/ https://www.cityfunds.com/ Follow on Tore on LinkedIn: https://www.linkedin.com/in/toresteen/ Contact Tore: tore@nada.co Follow Andrew Romans on LinkedIn: linkedin.com/in/romans/. Join our Newsletter to get our insights and curated content from the VC-startup ecosystem - Fireside with a VC: https://subscribe.7bc.vc. Learn more about 7BC Venture Capital here: https://7bc.vc/. Get Andrew's new book here: Masters of Raising Venture Capital: https://www.amazon.com//dp/B0DHH5M4TM/. Get Andrew's book on Corporate Venture Capital (CVC) here: Masters of Corporate Venture Capital: http://rb.gy/u46e9r.   Join the conversation, leave comments, and tell us what you think about these topics and this episode.

If you want to know how to get investors on board with your deals, this is the time to listen… Ilya Gamer is a powerhouse in the online investment realm as Managing Director at CrowdStreet… And today, I unlock the secrets Ilya has uncovered that allow sponsors to get deals done on CrowdStreet's online marketplace, which has raised over $4.3 Billion in equity across 770 diverse deals. Here's the thing: if you want investors to jump on board, you have to inspire confidence.  Enthusiasm is key—share your excitement and make that deal irresistible.  It's all about relationship building and letting investors get to know the real you.  Before the raise, you have to set the stage…  It's best to under-promise and over-deliver. Underwrite, educate, and share why this deal matters to you… Pinpoint what makes your deal unique and use that to your advantage as a marketing initiative. During the raise, remember that it's a marathon, not a sprint… There is way less competition in the marketplace today, so take the opportunity to make your deal stand out. And no matter what tough situations arise, always continue communicating with investors… Good reporting is a balancing act between the narrative and the numbers of the deal. Keep your investors engaged and show them you are the sponsor to trust with their capital. Tune in today to discover how to navigate the market as a sponsor and scale your business from an online marketplace! Take Control,  Hunter Thompson Resources mentioned in the episode: Ilya Gamer Website Interested in investing with Asym Capital? Check out our webinar.   Please note that investing in private placement securities entails a high degree of risk, including illiquidity of the investment and loss of principal. Please refer to the subscription agreement for a discussion of risk factors. Tired of scrambling for capital?  Check out our new FREE webinar -  How to Ensure You Never Scramble for Capital Again (The 3 Capital-Raising Secrets). Click Here to register.   CFC Podcast Facebook Group

Today's guest, Lew Feldman, is a prominent figure in real estate crowdfunding and the founder of Heritage CRETech. Lew shares insights from his time in the world of real estate crowdfunding and his role on major advisory boards, discussing its current state, trends, and future prospects. Lew begins by examining the challenges and adaptations within the real estate crowdfunding industry, especially under the pressure of rising interest rates. He discusses on the performance of leading platforms like Fundrise, RealtyMogul, and CrowdStreet, highlighting how their business models and investor bases have responded to the fluctuating market conditions. This discussion provides a view of the sector's resilience and adaptability in the face of economic shifts. Our conversation then pivots to the broader real estate market, exploring the impact of increased interest rates and liquidity issues on financing options and Lew discusses the struggles facing sponsors and investors due to these challenging conditions. A significant portion of our conversation covers governmental interventions in the real estate industry. Lew elaborates on historical and current government programs, emphasizing their role in supporting and stabilizing the market during downturns. Additionally, he touches on the transformation of crowdfunding entities into broker-dealers, bringing more fiduciary responsibility and transparency to the industry. Venture capital's influence on real estate crowdfunding is another critical topic Lew addresses. He explores how this type of investment shapes the business strategies of crowdfunding platforms. Moreover, he provides predictions for the future of the sector, considering the ongoing economic and regulatory changes. Lew also discusses sustainable development initiatives and contrasts publicly traded REITs with private real estate markets, highlighting their differences in liquidity, transparency, and market responses. Concluding with his predictions for the commercial real estate market in 2024, Lew offers a unique and informed perspective on navigating the complexities of today's market. This podcast is a must-listen for anyone interested in real estate crowdfunding, market analysis, and strategic investment planning in the real estate space. **** In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in. You'll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype. You'll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn. Subscribe to our free newsletter here. 

Today's guest Ian Ippolito, a seasoned investor known for his conservative investment strategies, discusses his take on the real estate market's first significant recession since the advent of real estate crowdfunding. Ian draws parallels between the initial impact of COVID-19 on multifamily properties and the current challenges facing the office sector. He discusses the office market's decline as a direct result of the remote work revolution leaving a surplus of vacant office space and a swatch of struggling deals, and talks about the impact on multifamily of the end of the rent increase era and the ensuing strain on investment models that failed to anticipate the current trends. You'll hear about the importance of taking a conservative investment approach and how fixed vs. floating rate debt and leverage levels measured against value (LTV) are used to protect principal as a priority to the lure of exponential but risky returns. In light of the recent troubles CrowdStreet has had, Ian talks about the critical role of due diligence for investors even (or especially) when investing via a platform. He reflects on the recent incidents of fraud within the industry, stressing the need for investor vigilance and the responsibility platforms bear in maintaining transparency and integrity. Offering advice to sponsors, Ian encourages a conservative approach, focusing on long-term survival and stability rather than short-term gains. His message is clear: in a market bracing for a potential massive repricing of assets and grappling with the implications of a high-interest rate environment, prudence is key. **** In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in. You'll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype. You'll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn. Subscribe to our free newsletter here.   

Ian is Chief Investment Officer at CrowdStreet, overseeing its marketplace, an online commercial real estate investment platform that has completed over 650 offerings totalling over $25 billion of commercial real estate. Ian's Bio & BackgroundInterest Rates PolicyReal Estate PricingPotential Opportunities in Real Estate 2024-2025Useful links:Previous episode https://www.buzzsprout.com/2246698/episodes/13585761 https://www.linkedin.com/in/ianformigle/https://www.crowdstreet.com/Transcription:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. My name's Jesse Ali. You're listening to working capital, the real estate Podcast. My guest today is Ian for Mely, chief Investment Officer at Crowdstreet.CrowdStreet is one of the largest online private equity real estate investing platforms. Ian, how are you doing today?Ian (39s): I'm doing good, Jesse. It's great to be back on the podcast.Jesse (42s): Yeah, it's fantastic to have you back on. I think, you know, you're one of the perfect guys to talk to right now in this current economic and, and real estate environment that we're in right now. So for those that that want to check the original episode, you can go back to that and I think it's, it's probably been close to two years now, maybe a little bit shorter than that, but it seems like time has been going by fairly quickly here, given the last couple years. But for those that don't kind of know Crowdstreet or your background, Ian, maybe you could just give a little bit of a, a backgrounder on, on what you do at Crowdstreet.Ian (1m 19s): Sure, yeah, thanks. From a high level, first just high level on Crowdstreet is, you know, we're an online equity syndication platform credited investors, you know, typically in the US I think there's, we do actually have some Canadians Jesse that invests on the platform, if I recall correctly. But, you know, we're, we're, we're bringing deals to the, to a marketplace that are generally located in the United States. We have syndicated about 4.2 billion in, in, in total aggregate equity since our inception, which dates back to April of 2014.That's been across a lot of deals, I think upwards of 800 deals at this point. I joined Crowdstreet in the summer of 2014 after the platform had gotten live, but essentially got its second deal on the platform. So I guess I've served as the key decision maker on, you know, two through N of deals since then. So been a, been a lot of work over those years. It's been, but it's been interesting to see a lot of deals come and go. Our platform is historically about 50% multifamily, 50% everything else, everything else being essentially we look at deals in the hospitality space, industrial, retail, you know, pretty much all the major food groups, even self-storage.We don't really do land deals. That would be the, probably the one, one area of real estate that we don't tread into. And we've done deals both from an acquisition standpoint and a development standpoint, and our general MO is to, you know, partner with operators and developers across the United States who are looking to gain access to syndication at a greater scale. Bring that into their, you know, the, their form of their capitalization of deal

In June, a group of investors who invested in a Nightingale Properties-sponsored deal on crowdfunding platform CrowdStreet found out their money was missing. The Real Deal's podcast Deconstruct looks at what happened, the risks with crowdfunding and FundRebel, a new platform that is trying to differentiate itself. Guests: Ian Ippolito, founder of Private Investor Club and the Real Estate Crowdfunding Review Mark Drachman, FundRebel CEO Credits: CrowdStreet, WFAA

Jarred Schenke and Ethan Rothstein talk over the Nightingale Properties and CrowdStreet deal that resulted in a DOJ investigation and the disappearance of millions of investor dollars.  Read more: Inside Nightingale Properties, The CRE Firm At The Center Of The Missing Millions DOJ, SEC Investigating Nightingale After $40M Of Investor Cash Allegedly Diverted To CEO's Accounts Crowdfunding Industry Tries To Restore Confidence In Wake Of Nightingale Fraud Allegations

Learn more about the guys: J Scott: https://linktr.ee/jscottinvestor Mauricio Rauld: https://www.youtube.com/channel/UCnPedp0WHxpIUWLTVhNN2kQ AJ Osborne:  https://www.ajosborne.com/ Kyle Wilson:  https://www.bardowninvestments.com/  

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

Today's Flash Back Friday Episode is from Episode #237, which originally aired on July 9, 2019. In this episode of the Real Estate Investing for Cash Flow Podcast, Kevin talks to real estate expert Ian Formigle. Ian is the vice president of investments at CrowdStreet, an online commercial real estate platform that helps diversify portfolios with institutional-quality, expertly reviewed, commercial real estate investments. He is also the author of the book “A Comprehensive Guide to Real Estate Investing”. In this podcast, Ian shares how he got into the business as a multi family home investor. He talks about the 2008 financial crisis and gives some insights into what could have been done better. Ian explains what they do at CrowdStreet and breaks down the process of how they connect and work with sponsors and investors. He also differentiates between three ways investors can invest through CrowdStreet. QUOTES: “Just because something is going better than you think it could go, well maybe you should ask yourself what's going on there because probably it's unsustainable.” “For every one hundred potential deals that show up on our doorstep, five of them actually make it onto the market place.” “If we're going to be in a deal, there has to be a relevancy there, nobody's doing this for fun, we're doing it because there is a product market fit between sponsor and investor at the end of the day.” “So what we do is we give investors good tools to analyze and track their portfolio in their own dashboard and so that's what the investors look in for, and so we are the communication infrastructure…” “These days, we're finding that the typical sponsor on the market place has started on average to over two billion dollar worth of deals, has been in multiple markets and has ten plus years of operating experience in the entity level.”   Recommended Resources:   Accredited Investors, you're invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club! If you're a high net worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team.  Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com.  Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast. Learn more about Kevin's investment company and opportunities for Lifetime Cashflow at sunrisecapitalinvestors.com.

Tune in to hear updates and commentary from Adam Gower Ph.D., GowerCrowd, and David Saxe, Calvera Partners, about the major news stories his past week (week ending July 21, 2023) in the commercial real estate industry: latest news on the CrowdStreet/Nightingale story and the lessons learned for investors. The real agenda behind regulators' continued encouragement to banks that they accommodate struggling borrowers with loan extensions and other means of prolonging their credit. How eviction and rent moratoriums across California hurt the little guy the most.

Welcome back to another episode of wealth building with Devin Elder joining us to share his remarkable journey in the real estate industry and how he achieved the long-awaited time freedom he always dreamed of. So don't miss this opportunity to hear powerful insights you can apply to pursue and accomplish your own aspirations right now.   Key Takeaways To Listen For • How joining masterminds can kick-start your real estate career • Ways to stimulate organic advertising through customer experience • The power of diversifying your investment portfolio • Debt and equity: Its advantageous features and cash flow possibilities  • Reasons to pursue time freedom and its impact on your business   Resources/Links Mentioned In This Episode • Rich Dad Poor Dad by Robert Kiyosaki | Kindle and Paperback • The 4-Hour Workweek by Timothy Ferriss | Kindle and Hardcover • GoBundance • Jim Rohn • Oversubscribed by Daniel Priestley | Kindle and Paperback  • CrowdStreet    About Devin Elder Devin is the principal of DJE Texas Management Group, with over  2,000+ units of Multifamily. He works with accredited investors to place capital in multifamily investments for capital preservation, growth, and tax advantages.    Connect with Devin Website: DJE Texas Management Group Office Address: Downtown San Antonio, Texas 78258   Connect With Us If you're looking to invest your hard-earned money into cash-flowing, value-add assets, reach out to us at https://bobocapitalventures.com/.   Follow Keith's social media pages LinkedIn: Keith Borie Facebook: Keith Borie Twitter: @BoboLlc80554

Ryan Strub is currently Head of Commercial Investments at CrowdStreet, Inc. Here, Ryan serves as a key decision maker for CrowdStreet investment offerings and drives viable new offerings to approval. Ryan is a voting member of CrowdStreet's Investment Committee and oversees all aspects of applicable investment offerings from derivation of investment criteria through funding on the CrowdStreet Marketplace. Ryan defines the evolving criteria for eligible office, industrial, hospitality, retail, and niche deal flow for the CrowdStreet Marketplace while collaborating with the Chief Investment Officer to determine CrowdStreet's investment thesis. Ryan Strub is a real estate investor who has a great story to share and words of wisdom to impart for both beginning and veteran investors alike, so grab your pen and paper, buckle up and enjoy the ride. Want to get in contact with Ryan Strub? Reach out at www.crowdstreet.com. Want to become financially free through commercial real estate? Check out our eBook to learn how to jump start a cash flowing real estate portfolio here https://www.therealestateinvestingclub.com/real-estate-wealth-book  Enjoy the show? Subscribe to the channel for all our upcoming real estate investor interviews and episodes.  ************************************************************************  GET INVOLVED, CONNECTED & GROW YOUR REAL ESTATE BUSINESS  LEARN -- Want to learn the ins and outs of real estate investing? Check out our book at https://www.therealestateinvestingclub.com/real-estate-wealth-book  PARTNER -- Want to partner on a deal or connect in person? Email the host Gabe Petersen at gabe@therealestateinvestingclub.com or reach out on LinkedIn at https://www.linkedin.com/in/gabe-petersen/  WATCH -- Want to watch our YouTube channel? Click here: https://bit.ly/theREIshow  ************************************************************************   ABOUT THE REAL ESTATE INVESTING CLUB SHOW   Hear from successful real estate investors across every asset class on how they got started investing in real estate and then grew from their first deal to a portfolio of cash-flowing properties. We interview real estate pros from every asset class and learn what strategies they used to create generational wealth for themselves and their families. The REI Club is an interview-based real estate show that will teach you the fastest ways to start and grow your real estate investing career in today's market - from multifamily, to self-storage, to mobile home parks, to mix-use industrial, you'll hear it all! Join us as we delve into our guests career peaks and valleys and the best advice, greatest stories, and favorite tips they learned along the way. Want to create wealth for yourself using the vehicle of real estate? Getting mentorship is the fastest way to success. Get an REI mentor and check out our REI course at https://www.therealestateinvestingclub.com.  #realestateinvesting #passiveincome #realestate   Interested in becoming a passive investor in one of my projects? My own company, Kaizen Properties, is looking for capital partners for our upcoming deals. We invest in what are known as “recession resistant assets”: self storage, MH & RV parks, and industrial properties. If you are interested, go to the website and click on the “Invest with Us” button at the bottom of the page.Support the show

Trey brings back TIP fan favorite, Mr. Ian Formigle. Together they discuss the future of office and retail, the risks of capital calls in a downward market, and much more.Ian is the Chief Investment Officer of Crowdstreet and our go-to expert on all things real estate, especially commercial real estate. IN THIS EPISODE, YOU'LL LEARN:00:00 - Intro08:32 - DIan's outlook for 2023, especially as it pertains to the risks surrounding bank failures and other illiquidity issues.15:01 - How interest rates and cap rates affect one another.18:58 - Which asset class has the most upside opportunity at the moment and which strategies will be most optimal. 35:05 - Ian's predictions on the future of office and retail. 01:18:35 - The risks of capital calls, especially in a downward market.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESRelated Episode: TIP423: Real Estate Update w/ Ian Formigle, or watch the video.Related Episode: TIP337: How to Identify Value in Commercial Real Estate w/ Ian Formigle, or watch the video.Check out Crowdstreet.Trey Lockerbie's Twitter.Ian Formigle's Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Let an expert do your taxes from start to finish so you can relax with TurboTax.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stig brings back one of our most popular and thoughtful guests, investment expert Lyn Alden. Together, they discuss how the Fed went broke and what the implication is for us as investors. IN THIS EPISODE YOU'LL LEARN:00:00 - Intro01:28 - What is on the balance sheet of the FED.07:32 - Why the Fed should be profitable.11:36 - Should central bankers be elected? 21:09 - Why Lyn is bullish on India and Brazil.36:39 - Whether the commercial bank system will allow a central bank digital currency. 41:20 - How to build a monetary system for Argentina.49:12 - How to build a portfolio optimizing for both sleeping well at night and independence. 54:00 - How do we know that what we know about financial markets is true.58:40 - Why you're too concentrated if you're super excited about your portfolio.1:01:50 - How to spend money to optimize for happiness.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESListen to our interview with Lyn Alden about Macro and the energy market or watch the video.Listen to our interview with Lyn Alden about Money or watch the video.Listen to our interview with Lyn Alden about Gold and Commodities or watch the video.Lyn Alden's free website.Lyn Alden's premium newsletter.Lyn Alden's blog post, Energy: Area Under the Curve.Lyn Alden's blog post, How the Fed went broke.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSTalk to your clients about Desjardins Responsible Investment today and support what's right for society and what's good for business.Take advantage of the mid-market exchange rate whenever you convert or spend different currencies and enjoy no markups and no hidden fees with Wise.Let an expert do your taxes from start to finish so you can relax with TurboTax.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Discover the easier way to help diversify your investment portfolio with CrowdStreet.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey chats with Dr. Graeme Forster. Together they discuss the success of legendary investors such as Jim Simons & Orbis' founder Allan Gray, Graeme's shift from mathematics to value investing, and much more!Graeme is the Managing Director of Orbis, which currently manages around $30B. IN THIS EPISODE YOU'LL LEARN:00:00 - Intro01:30 - Graeme's journey from mathematics to value investing, & exploring legendary investors like Jim Simons.26:14 - How Orbis' founder and billionaire Allan Gray's investing flexibility led to his success.36:35 - How Graeme balances the macro with a bottoms up approach.52:11 - A thesis which Graeme calls the Great Misallocation. 58:40 - How good & cheap companies outperform especially during bear markets.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESThe Theory of Poker by David Sklansky.Fooled by Randomness by Nassim Nicholas Taleb.The Price of Time by Edward Chancellor.The Psychology of Money by Morgan Housel.Trey Lockerbie's Twitter.Check out: Orbis.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSTalk to your clients about Desjardins Responsible Investment today and support what's right for society and what's good for business.Take advantage of the mid-market exchange rate whenever you convert or spend different currencies and enjoy no markups and no hidden fees with Wise.Let an expert do your taxes from start to finish so you can relax with TurboTax.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Discover the easier way to help diversify your investment portfolio with CrowdStreet.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On this episode I talk with Darren Powderly about his journey from having an early startup idea to founding and building a company that today is a market leader, with over $4 billion in investor transactions processed. Crowdstreet has transformed the way that commercial real estate is funded, democratizing the process and making it much more efficient.

Anna-Marie Lieb is the head of Multi-housing at CrowdStreet, where her team identifies and renews potential multifamily, student housing, and BTR offerings. In this episode, Anna-Marie tells us what kind of investors and operators access CrowdStreet, why sponsors with established track records choose to use the platform, and how the state of the economy is impacting CrowdStreet's investor base.  Anna-Marie Lieb | Real Estate Background Head of Multi-housing at CrowdStreet, where her team identifies and renews potential multifamily, student housing, and BTR offerings. CrowdStreet is the largest online private equity real estate investing platform. Portfolio: In 2021 the platform funded ~$700M, and YTD 2022 ~$600M has been dedicated to multi-housing assets Based in: Portland, OR Say hi to her at:  CrowdStreet LinkedIn Best Ever Book: Principles by Ray Dalio Join the newsletter for expert tips & investing content.   Sign up to be a guest on the show. FREE eBook: The Ultimate Guide to Multifamily Deals & Investing Register for this year's Best Ever Conference in Salt Lake City Stay in touch with us! www.bestevercre.com YouTube Facebook LinkedIn Instagram Click here to know more about our sponsors: MFIN CON |Reliant

ABOUT STUART KELLERStuart serves as SVP of Investor relations for broadly marketed investments open to accredited investors throughout the US. Stuart brings his 15 years of experience in operational leadership, asset management, and financial analysis to the firm's Syndication division. This division provides the opportunity for accredited investors to participate in the ownership of the institutional quality real estate. Prior to Lloyd Jones, Stuart held positions as a regional vice president for nationally ranked owner-operators of multifamily properties. Stuart earned his Master's Degree in International Economics from the University of Oklahoma, and a Bachelor's degree in Managerial Economics from Oklahoma City University.   THIS TOPIC IN A NUTSHELL: Stuart's background and how he started in real estateJoining Lloyd jones companyStarting a Syndication platformStrategies for finding the trends to grow the businessPlan for senior living and how to jumpstart the trendHotel conversions and ground-up development projectsEvaluating the size of deals Nuances of Senior living First senior living projectTransition team to stabilize the projectInsight into multifamily plansDeal in Crowd Street Underwriting a senior living dealMultifamily vs. Senior living Vertically integration and Property managementStatistics and net migration rateAdvice to his 25-year-old selfFirst entrepreneurial endeavorFormal and Informal training that shaped his journeyHis biggest mistake and what he learned from itHow to connect with Stuart   KEY QUOTE: “Senior living is all about the operating margin. If you got one more resident for an assisted living or a memory care unit, that one extra unit might necessitate additional staff members based on the staffing ratio that is required by state law. Your revenue might go up, but with the increased staffing ratio, your operating margin might go down. It's definitely one unique component that not everybody might understand how to underwrite a senior living deal.” SUMMARY OF BUSINESS:LLOYD JONES has become a global real estate investment firm with subsidiaries in development, construction, and senior living operations. Its focus is senior housing, multifamily, and most recently the hospitality industry.Its investment partners include institutions, family offices, and its own principals. And now, through its new crowdfunding platform, private investors can participate in the firm's institutional-quality acquisitions.   ABOUT THE WESTSIDE INVESTORS NETWORK   The Westside Investors Network is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.     The Westside Investors Network strives to bring knowledge and education to real estate professional that is seeking to gain more freedom in their life. The host AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management, and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.          #realestate #realestateinvesting #passiveincome #passiveinvesting #realestateinvestor #realestateinvestment #REinvesting #cashflow #entrepreneurs #propertymanagement #seniorliving #assistedliving #staffingratio #seniorcare #memorycare #operatingmargin #underwriting #dynamicsofseniorliving #CrowdStreet #stabilization #multifamily #groundupdevelopments #LloydJones #assetmanagement #syndicationplatform #verticalintegration #birthrate #population #newepisode #podcasting #passivewealth #assetcreation #RoadToFinancialFreedom #WIN #JointheWINpod #WestsideInvestorsNetwork   CONNECT WITH STUART KELLER: Website: https://lloydjonesllc.com/LinkedIn: https://www.linkedin.com/in/stuart-keller-cam-27547b37/Facebook: https://www.facebook.com/LIoydJonesLLC/Twitter: https://twitter.com/LloydJonesLLCYouTube: https://www.youtube.com/channel/UCakP0qjpqugjoHAxYQjeBgA    CONNECT WITH US   For more information about investing with AJ and Chris:  ·    Uptown Syndication | https://www.uptownsyndication.com/  ·    LinkedIn | https://www.linkedin.com/company/71673294/admin/         For information on Portland Property Management:  ·    Uptown Properties | http://www.uptownpm.com  ·    Youtube | @UptownProperties      Westside Investors Network  ·    Website | https://www.westsideinvestorsnetwork.com/  ·    Twitter | https://twitter.com/WIN_pdx  ·    Instagram | @westsideinvestorsnetwork  ·    LinkedIn | https://www.linkedin.com/groups/13949165/  ·    Facebook | @WestsideInvestorsNetwork  ·    Youtube | @WestsideInvestorsNetwork  

Probably exposed to more deals, more real estate asset classes, more sponsors, and more investors than anyone else in the commercial real estate industry, hearing from my podcast guest today, Ian Formigle, Chief Investment Officer at CrowdStreet, is going to be a revelation in what is really happening in the industry today. You're going to learn about the state of the industry, how interest rates are impacting values, investor sentiment, and where we're headed in 2023. Fasten your seatbelts.  We cover a lot of ground in this week's overview of the state of the commercial industry today.

Raising capital today is more uncertain than ever. Funding deals for any real estate investment has more implications than it did just a year ago. Syndications have numerous pros and cons between the sponsors, the people putting the deals together, and the investor, the people bringing the capital to the deal, who are typically accredited investors. What if you aren't accredited? Can you still invest without meeting the legal requirements? What is your cost of capital? control that the capital brings? certainty of capital? We tackle these pressing questions with Ryan Strub, the head of commercial investments at Crowdstreet, a company specializing in linking vetted sponsors with investors and coming together on commercial real estate deals - including self storage. With over 700 deals funded and $4 billion invested, Crowdstreet offers tremendous opportunity and choice for investors. Find out more about Ryan and Crowdstreet: https://www.crowdstreet.com/ Our partners: Live Oak Bank - liveoakbank.com/incomepodcast Tenant Inc. - https://www.tenantinc.com/ Janus International - https://www.janusintl.com/ Grab my audiobook Growing Wealth in Self Storage for FREE: https://www.selfstorageincome.com/free-audiobook Want to invest in storage without dealing with the day-to-day operations and management? Learn more about our syndication company Cedar Creek here: https://www.cedarcreekwealth.com/

Ian Formigle Ian is a real estate professional and serial entrepreneur with over 25 years of experience in real estate private equity, equity options trading and start-ups.  Ian is Chief Investment Officer at CrowdStreet, overseeing its marketplace, an online commercial real estate investment platform that has completed over 650 offerings totalling over $25 billion of commercial real estate. Prior to joining CrowdStreet, Ian was VP of Business Development for ScanlanKemperBard Companies, where he managed the firm's alternative investment platform and served as a senior acquisitions officer. Previously, Ian co-founded and served as CEO of Clarus Property Ventures, a regional real estate private equity firm that focused on multifamily acquisitions. Ian began his career as an equity options market maker and member of the Pacific Exchange   In this episode we talked about: Ian's Bio & Background CrowdStreet Overview Asset Classes and Strategies Outlook in Real Estate De-risking Strategies for Real Estate Leverage Office Market Potential Best Places to Invest Ian's Thoughts on Flow Company Useful links: Book - Rey Dalio “Principles: Your Guided Journal (Create Your Own Principles to Get the Work and Life You Want)” Podcast - The Prof G Pod with Scott Galloway: https://podcasts.apple.com/gb/podcast/the-prof-g-pod-with-scott-galloway/id1498802610 Contact Ian: https://www.crowdstreet.com/  https://www.linkedin.com/in/ianformigle/ Transcription: Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jesse Fraga. You're listening to working capital the real estate podcast. My special guest today is returning guest Ian for melee.   Ian is a real estate professional and C entrepreneur with over 25 years of experience in real estate, private equity, startups, and equity and options trading at crowd street in is the chief investment officer leading the office of the CIO division and is responsible for the overall strategy of the firm. Ian serves as a member of the crowd street, executive management team, and is responsible for the final review and approval of all deals that go live on the online marketplace. He's also chairman of the crowd street advisory investment committee, Ian, how you doing?   Ian (1m 3s): Doing pretty good, Jesse. Thanks for having me back on the podcast. It's a pleasure to be   Jesse (1m 6s): Here. Well, it's great to have you again, and we're just joking before the, before the podcast that not much has changed in the last 12 to 18 months. So this will probably just be kind of retread old, old hat.   Ian (1m 16s): Yeah, exactly. Nothing nothing's changed since February of last year.   Jesse (1m 21s): So for those that, that didn't catch the first episode, although it is, I think at this point close to a year, year and a half old, there's a lot of good information there on the company in general and the market and the outlook at that time. You're more than welcome to check that first episode out. But for those that didn't catch that one for listeners. Maybe you could give a little bit of a background on yourself and then kind of on the company itself.   Ian (1m 47s): Sure. Happy to do so. So my personal background is entirely so for the entirety of my career, it's in investing in one form or the other. I started my career outta college as an equity options market maker. I was actually an exchange floor trader I traded on the, the floor for a number of years. I made market and equity options did that for about six or seven years up into and through the.com bust of 2001 started to pivot into, to commercial real estate.   I should say, really at the beginning, residential real estate buying and managing it, renting it, fixing it and flipping it just like a lot of investors started in the single family space in the early two thousands in the state of California, built a little portfolio, ended up selling that, looking to transition into 10 31. That's what led me into my first four in into multi-family did that for a number of years, all the way up into the downturn build a mil multifamily syndication platform was doing class B and class C garden style apartment deals all over the United States did about 800 doors or so.   And in the downturn, you know, properties were doing okay, wasn't really syndicating new. There was a lot of new deals to be had in 2009, but class B and class C was still hanging in there. And, you know, we were, we were covering the debt, paying the rents and so forth, and then transitioned coming out of the downturn into commercial real estate at the larger, in, you know, institutional scale worked for, with a group for a number of years, doing what we would say is GPLP deals in the large institutional space doing total cap deals from 25 million to 150 million on a single transaction partnering with a lot of household names around the, around the country.   And then that totality of experience kind of positioned me to go join crowd street in 2014, the two co-founders had gotten the platform live and they were looking for somebody to basically serve as the chief investment officer. So somebody who had done a lot of different real estate deals knew how to raise capital, knew how to work with investors and could serve as the arbiter of all the deal flow that they would hopefully bring to the platform over the ensuing years. That was a pretty exciting pitch. I saw the opportunity in the space. I liked what the future of online real estate capital could look like.   And so from my vantage point seemed like a good, a good place to go. And so I joined those two co-founders in the summer of 2014 and joined another, a third kind of another executive. So kind of the original founding for, as we say, to go build crowd street and get it to, to where it is today. So now today, fast forward from those, you know, that first inception of those couple deals, crowd street started off as a couple deals trying to raise a million dollars here or there. Now we've done. I think at this point almost 680 deals, we've raised about 3.6 billion in equity.   We raised 1.2 billion in equity last year. And then we also actually have an advisory group, which you mentioned at the top of the show, which we manage a little over 400 million of discretionary capital on behalf of high net worth investors all over the us. So it's been a fun journey so far, but yeah, my background is always in investing in one shape or form.   Jesse (4m 56s): No, that's great. I appreciate that. Now for those that aren't familiar with crowd street, maybe you could take us into kind of the main business and how crowd street works and, you know, for those interested in more detail, you can always go to the website. There's a lot of great resources there, but yeah. And if you could give kind of a high level overview of crowd street and how it evolved to where it is today.   Ian (5m 16s): Sure. So the crowd street marketplace launched in April of 2014 with a vision to bring institutional type real estate deals, private equity deals directly to individual investors all over the country, you know, coming outta my institutional, you know, CRA background. You know, I saw that a lot of the, a lot of the checks, you know, the, the capital behind the deals that we were doing were coming from, you know, large groups all around the country. And they were assembling, you know, we were looking for equity checks of 30, 40, 50 million.   And so back then you really to get to that size of capital on a per transaction basis, you really had to go to those kind of household names. So the vision was that if you could assemble syndication at scale, that could be the catalyst for bringing the types of deals that would historically go to those institutions. Now you could potentially bring those to the individual investor, but individual investors historically had been capitalizing deals in what we would call the country club model, smaller deals, regionally based, somebody that you knew, or maybe that your friend knew who could introduce you to a small, you know, ground up, you know, development deal, or maybe an acquisition, but typically speaking, you know, in your backyard somewhere, if not in your Metro, definitely in your state.   And so our vision was that if we could build technology around a change in legislation that took place in the fall of 2013, which was that for the first time, since the, you know, basically the securities act of 1933. So the jobs act and title two of the jobs act, which was kicking in would enable the public dissemination of a private equity RegD deal, right? That is what we call that's five oh six rev reg D. And now what was changing was that 5 0 6 C was gonna be coming online and enabling that, that public dissemination or advertising really what it really boiled down to was advertising of a deal.   So advertising of a deal enabled the possibility of a platform to come along and say, well, if we could take a deal and we could now advertise it, we could put it on a website. We could talk about it publicly. That's what really, what you needed to break into online syndication. And then if you could build technology around that, and you could create a mechanism by which hundreds, and then perhaps thousands of investors could come into a single transaction. Now we have a scale that would allow for individuals to come together in large numbers and actually syndicate at record levels numbers that have never been, you know, kind of conceivable before.   So now we fast forward today. And so we, you know, we're still on that journey, but what the crowd street marketplace is doing is it is syndicating at scale in a 5 0 6 C or public dissemination format. The individuals on that platform are on average investing at about $50,000 per individual investment. So it it's more approachable. It's not, we're, we're not, you know, all the way down the road. So, you know, we think that there's gonna be better, you know, accessibility in the years to come. It is today, mostly for accredited investors, right?   So those are investors who have individual incomes that equal $200,000 per year joint incomes that equal $300,000 per year or a household that has a net worth of 1 million exclusive of their personal residents. So if you check one of those boxes, you are by definition accredited investor, that's an S E C definition. That's not a crowd street definition or an industry definition. That's what enables investors to participate on the crowd crowd street marketplace, which today has I think about 17,000 in counting, you know, active investors that are writing checks every day.   And that number grows, you know, there's over a hundred thousand investors that are actively looking at the website on a, on a monthly basis. And as, as I alluded to do earlier, that's, that's the, you know, the vehicle for what is really providing the, the impetus behind that 1.2 billion of equity that was funded last year. And we're growing again this year. So, you know, investors continue to join the marketplace and continue to invest and when they do so they invest on a repeated basis. We're almost up to, I think about seven investments for the average investor.   And we're almost, I think we're in the high 60% range for repeat investors on the platform. So it's a, it's a massive Indi, you know, syndication at scale type platform that powers, you know, deal by deal. So my job is the chief investment officer is to oversee all the deal flow that we bring to the platform. We've looked at, you know, thousands of deals over the last few years. I think our, our advisors went back to 2019 just to say, look, what have we done since then? And that translated into, you know, 5,500 deals and counting, which at this, point's probably over 6,000 that we've actually looked at for contemplation for bringing to the marketplace.   Jesse (10m 12s): So last time we spoke, we talked a about the kind of four major food groups, retail, industrial office, and multi res on the CRE commercial real estate side of things, believe it was February, 2021, where we had that conversation from even just, you know, from then to now, in terms of the, your outlook or your thoughts on these asset classes, how have those changed if at all, and how has that been informed by, you know, what's gone on in the last year?   Ian (10m 42s): Yeah. Well, from February 21 to now, I think there's almost kind of like two periods that we should discuss because there was the February to call it about February of this year period. And then there's been February of 22 to, to now, you know, the beginning of September. So over the course of that 20, 21 period, I mean, when we, when we talked last time, you know, as a platform, we were pretty bullish about, you know, what we saw as momentum coming out of the depths of the pandemic. There was, you know, green shoots kind of all over the place in terms of, Hey, I think we're seeing, you know, demand come back for real estate.   We were seeing capital velocity come back. And that made us optimistic over what that, that ensuing year was gonna look like. And in retrospect, I guess we weren't bullish enough because that the market absolutely ripped as we all saw last year. And if we think about it from like a, each of those food groups, you know, we saw industrial pricing up 41%, you know, on, on a year, over year basis in 2021, we saw multi-family up, you know, over 42, 40 2%. According to RCA, you even saw retail start to bounce back, you saw, you know, hospitality markets start to show some signs of life.   I think the only major food group that was, you know, kind of continuing to languish a little bit was the was office for kind of all the obvious reasons, you know, post pandemic coming back to office kind of keeps kicking the can. And when people are really gonna get back into the office, but you know, really it was, it was a record year when you blended it all together, you know, it was, it was just, you know, it's just a, Sensable up 88% year over year in 2020, over 2020 in terms of volume by RCA. So, you know, I think what, what we saw was we were, we were really optimistic in the multifamily industrial sectors and we were, had some cautious optimism when it came to retail and office.   I think retail kind of came in a little bit, I'd say maybe in line or a little bit better than we thought. I think office was probably the one where it just continued to trade somewhat sideways, but you know, way more demand and way more asset appreciation for industrial multi-family than we had thought going in. So that kind of brings us up to, you know, up into 2022 and then from 2022 of say February or so until now. Well, now what we've seen in the market is kind of the, I'd say it's kind of a two part, you know, adjustment to everything that's going on.   And what I mean by that is, well, the, in the earlier part of this year, what we saw, you know, come through and have to get processed by the market, was everything changing in terms of pricing based upon, you know, inflation, leading to increases in interest rates, leading to decreases in what lenders were willing to do in terms of a loan cost percentage. Also, you know, obviously we're saying we had to have the debt kind of get refactored in through all those deals and when you factor in debt and when debt prices change, there's really kind of two things that need to account for one is the spot price.   So if the rate goes up 50 or 60 basis points, you have to factor that in right now. But what you also have to do is you have to think about on a forward going basis and a lot of deals that we do have variable debt. So when you change the price today, well, really what you have to really think through from a real estate business model perspective is what is that going forward interest rate? And if it, if it come, if it increases today and the expectation's gonna increase a little bit more tomorrow, well then that has downstream ramifications. We had to factor all of those in. So what you were seeing in the early part of this year was, you know, that getting processed through slowed some deal velocity down, it did start to create what I would say is the peel off of some of the, the peak pricing that started to look, you know, more, I would say single digit percentage ranges is based upon our experience and what we were seeing transacting out there.   And then I think as we transition more into the summer period, and now where we sit today kind of coming at the end of the summer is now a little bit more to that that go forward. What do we, you know, what does the future look like? You know, I think from a macro perspective, there was a lot of people earlier this year who were wondering and thinking, are we already in a recession or is a recession happening? Is it about to happen? And then, then some, you know, jobs, data came out to continue to suggest that maybe we weren't in a recession yet, but, and I think that big, but is now going forward, Q4 leading into Q1.   Now there's more credible groups starting to think about, are we about to head into a mild recession conference board, for example, which is a pretty conservative group, they're expecting mild recession by the end of this year or early part of early next year. And so I think what we're seeing now in the marketplace and on a transaction, you know, by transaction basis is that now those expectations of maybe we really are about to go into recession if we aren't yet. And what will that do to demand leading into a little bit of cap rate expansion, as we've seen this year, we've already seen, I'd say call it 25 to 50 basis points on certain deals, 50 basis points being maybe in some of the most, the hottest markets that are cooling off.   And so now what we're seeing is that, that, you know, what was, and a low to single digit, you know, three to 5% kind of price reductions are now starting to look more like five to 10, even 10 to 15, even up to 20% on a, on a kind of one off basis. But again, I think if we see that 10 plus percent price reduction, it's in a market that was probably bid overly bid coming into this year. So I think it's just more of overall kind of a correction, you know, into, you know, into a, a more normalized market.   And I think when we roll it all up, that's kind of what we're seeing is that I think there was too much momentum coming into this year. I think that momentum has now been kind of stopped, you know, kind of cold in its tracks, you know, green, Street's a good, pretty good place for, you know, kind of like when you roll it all up, they have their C P P I, which is their commercial property price index. That's now down, you know, just under 5% of the year from its peak. And I think that's probably relatively where it should sit. And so now on a go forward basis, I think we have more normalized assumptions.   Yes. We can still have rent growth. Yes. There's things are still looking pretty good overall, but we have to get back to much more kind of a sober approach to real estate when coming into this year, the demand was just pretty insatiable.   Jesse (17m 4s): Yeah. And then especially those really high or more expensive markets, you just had this, I, this for the last, I don't know, five, five years where it was just kind of, the pricing started to get a little crazy and you didn't have the, or you didn't even need the, the diligence and the back to principles that underwriting takes. So if, if we go into this trend of, you know, more realistic pricing so that we actually see cap rates expand, which in most markets definitely in this market have compressed for years now, what does that look like from a leverage standpoint?   You mentioned that a lot of what you do is variable debt, but do you find that de-risking in the sense of loan to value? Is, is that something that you consider how much equity is being brought in and then obviously that has, you know, know downward impacts on levered returns. So how do you look at that in terms of lowering or de-risking in the event that we're preparing for, you know, even, even a mild recession by the end of the year?   Ian (18m 2s): Yeah. So I'd say from our standpoint, how we look at it is, you know, it's, it's pretty simple to us that I think that if the market is not gonna grow as quickly as it has been growing, you know, lower leverage ratios overall make, make sense, it's prudent. And so, you know, we look at it from a debt coverage percentage, you know, ratio, right? Like what was our debt coverage on this deal going in and what what's, what do we think we can get to? And how do we make sure that we maintain debt coverage, you know, over the early to mid part of the holding period.   So anything there was, there was this telltale sign. I, from my, my perspective that earlier this year, something was gonna change pretty quickly. And what I mean by that is we, we were seeing these deals show up at the beginning of this year with negative leverage, right? And so for people who are super familiar with what, what we're really talking about is when the going in cap rate is markedly below the cost of the debt, then you're, you're paying more for the debt than what you're getting in unaged yield in the asset.   And what that tells you, if you're gonna, if you're willing to pay, for example, a three cap, but bar with at 4% interest, what, what you're basically betting on and saying is, I think the growth of this asset is so strong, but by the time I get to year two or year three of this asset, I'm gonna have not only just a 4% unaged yield, which by the way, I was buying a 3% unleveraged deal right now, I'm gonna be at a five, five and a half. I'm gonna be in the positive zone.   And, and it's going to take me paying the 3% unleveraged deal today to get this asset so that I can get to that growth. That's that's the negative leverage bet. And so when you, if you were to perpetuate what was happening in 2021, then sure. If you could, if you could do that for two or three more years, I guess that, that would've made sense. Now, my perspective coming into this year is that if we had actually perpetuated what had happened in 2021, even another one and a half years to two years, we were probably in a market condition that would crash because you would just get to simple, you know, levels of unaffordability.   That would be so egregious that every, that you would have this capitulation in the market, that was my personal thesis. So when these deals were showing up, when we were already starting to see signs of deceleration rate, decelerating rates of growth, I should say, you know, but understanding that we were still in a, you multifamily sector, for example, solidly, we were gonna be in the mid to high single digit percentage year, over year growth rates. We felt, but over the ensuing years, we expected rent growth to come down more towards, you know, inflationary, you know, year over year kind of inflationary normalization level is of call it 3% or so it just simply didn't make sense.   Some of the, you know, the, the, when, when capric were starting to trend in a market like Phoenix, for example, below 3% on a, on a going in basis, I just couldn't make heads or tails of that deal. And so I think that's what I, when I thought is like, look, now, now when we were getting into March, April of this year, we were starting to see interest rates really increase when that negative leverage fed was starting to, you know, bump out. And when you get, ultimately my, my opinion is that when you're negative leverage, something's gotta give, you're either gonna have growth in the assets.   That's gonna get you there, or you're gonna have, you know, asset pricing come down and cap rates expand. And so, you know, and, or you're gonna have you're, you're either gonna get to also debt. That's gonna come down in price to meet that cap rate to kind of even things out. So knowing that interest rates weren't gonna come down and knowing that the growth really wasn't gonna be there as we thought, you know, at a level that would really justify it. Well, then the thing that's gonna have to give is that cap rates are gonna have to expand to get back to a more normalized market.   And I think when you bowl it all up, what we felt was, if we're gonna go back to interest rate environment, that's gonna feel more like 2018, then we're gonna have to go back to cap rate's assumptions and pricing, and some other things that are gonna look more normal, look more 2018, like, and that was kind of how we navigated, you know, the early to middle part of this year and, and how we still look at it today. The deal has to make sense in a, in a very normal looking go forward period, even with what might be now, 12 to 18 months of, you know, lackluster rate of growth in front of it.   Jesse (22m 29s): Yeah. And it's a good way for someone to do an initial analysis, just seeing that negative leverage on a deal, or you see some exit cap that, you know, is, or lower than the, you know, the entry cap cap rate. There's a number of different ways that as you know, we can manipulate these models and it's, it's important to make sure that, you know, when you do look at these things, you see the assumptions and if they are, if they make sense, I wanna talk a bit about the, the report, best places to invest. But before we get there, we, we touched on these asset classes and obviously, you know, I'm biased working predominantly in office commercial real estate, but I think it's topical.   The office is one of those, one of the four that is still in this kind of odd place, depending on the market, obviously, but I'd like your thoughts just generally on the, the office market in general, if you think that a lot of us who've worked in this industry saw that the moving to digital or, or more conferencing was more of a secular trend that was kind of going in that direction, that kind of got shoved into that direction. But now with companies like apple and Comcast mandating, some sort of hybrid model and other companies following suit, what's, what's your general thoughts on the office sector?   Ian (23m 42s): Yeah, so my, my, my general macro thesis on office is that it, it's not dead. I do think people are gonna work in offices going forward, but I do think that it will look somewhat different than it has looked pre pandemic. And so to me, office is in this period of transition. And when we, when we roll it up, I do think that if you, if we fast forward to 2025, I think we're back into a more normalized, you know, 20, 20 decade, you know, office market.   And what I mean by that is, is that, you know, do I think that certain types of office are gonna struggle and will continue to struggle? Yes. I think the part of the market that struggles indefinitely is what I would call the class B commoditized office space. The reason I think that there's this transition going on is that, you know, what we've had the benefit of during the pandemic period is the flexibility that we get by being able to work from home and, and, and what that's done for us. Okay. So now when we think about going to an office, when we go back to that office, I do think we, people are gonna wanna go back because working at home while it's very flexible, it's not very exciting.   It is you are relatively in isolation. And so, but if you're gonna go back now, what we got during the pandemic was that time back, if we're not commuting anymore, you know, depends upon where you live and how far your commute is, but the estimates are that on an annualized basis that could translate in anywhere from kind of like two to three weeks to even four, five weeks of time back. So four weeks over the period of a year is a lot of time. So if we're gonna give that time back, I think there has to be something that you're gonna get in, in exchange for going back in.   And I think what you would want to expect. And I think what employers will ultimately need to contemplate giving those employees is a more compelling office environment we're in, and also a more in a hybrid office environment, which is gonna translate into a more hotel type of environment. So when, when I think about how office will change, I do think that it will look like it'll look somewhat different. Like I think, you know, the number of dedicated desks, I think go down, I think the number of flex desks go up, I think that the amount of collaborative space needs to probably increase if we retrace back to 2018 or 2019, and we were jamming a lot of people into offices.   I think my company was an example of that and say, when you ha, when you get down to 110, 120 square feet per employee, and what that office environment looked like, and when we come back outta the pandemic, are you really gonna have that number of employees per square feet? I think the answer is no. I think, you know, we are already seeing the signs of the highly impacted collaborative open office, trying to show signs of weakness in terms of, it was hard to think it was hard to get space, to actually meet with somebody. It, it was challenged in a lot of ways.   So I think that's that to me, that goes away to some degree. So I think there's there's space that will need to be repurposed to a degree, but that space will, so maybe we don't need as much physical space than we thought we used to need, but then maybe there's gonna be like this flex in between maybe if instead, if it was 10,000 square feet of space that we needed before, maybe it will be eight or nine, but that eight, or nine's gonna be very well built out. It's gonna, it's gonna contemplate that 60% of my workforce is gonna attend on a daily basis, but they're gonna filter in filter out, but it's gonna be really nice.   It's gonna, it's gonna allow for the clients to come into the office. It still needs the conference space. It still needs really good collaborative breakout space, and it needs some hotel space. So to me, that's kind of where that, like, I think that is a part of the future of office. I also think that coworking gets blended into this because while there may be these hubs, now, maybe there'll be, you know, there's a little bit more spreading out of the workforce too, but maybe for the people that are in, in the outer stretches, maybe they've moved out of the HQ market and they're working remotely because they could, but they want to go back into an office environment.   And you're now you're two states over from the HQ. Well, maybe you're gonna go into a co-working space with a few of your other colleagues that are in that Metro as well. I think those are all the types of things that come back. So I do think that we get there and why I think that there is this bifurcation that continues to occur in the office sector is if you think about that really nice hotel type environment, great breakout collaborative space, you know, we're, we're now. And we're now thinking about where are we going back into work? Well, we also want adjacencies of good restaurants, you know, good cafes, you know, things that are available, you outside that office building.   I think these are all the things that go into like what the future of office will look like and to get those people back in the office and feeling good about it. It's like, you know, think about the amenity set. So the thing that can fail a little bit is if that office space was that class be commoditized. It wasn't very exciting. It, it had bad light had bad window lines. It was the kind of place that people were, you know, going into just for the price of it. That to me is the thing that will probably continue to languish to some degree, maybe some of that actually gets repurposed.   But when we think about class, a newer property, good window lines, well located and with a host of amenities around it, to me, that's the type of office place that comes back and, or the, you know, and then I think the, the next layer of that is that if you have, you could still have some older office buildings, but they're gonna have to be kind of revitalized to, to be more vibrant, look more newer in class a and if they're in good locations and they can kind of go a little bit more, you know, toe to toe with the class, a space, but at a bit of a discount now, I think you've got that next layer of, of what can be viable in the future.   So that's what I, that we generally look at it. So when we look at deals today, right now in the marketplace, I think we think about it, it, through those lens, who, you know, who are the tenants in place, what is, what is their need on a go forward basis? How, you know, where does this thing sit within a, within a submarket, how vibrant and, and, you know, will that sub, is that submarket today and will it be in the future? And we can get to a, you know, a general thesis that, Hey, this is one of a, an asset in a good location that I think would actually survive in the new office environment.   Then I think we're reasonably bullish, but I do think it, it may take us a couple years to get there.   Jesse (30m 13s): Yeah, no, that's a, that's a great insight. And I think it, you know, we've done over the years, all these utilization studies with different companies and how often we have these large board, excuse me, large private offices that never get used. And how I think as a positive going forward thing, I think for the market would just be healthier, having more efficient space use. And whether that as a total has companies taking on less rentable square F square feet, cuz you know, there's both sides of it spread out more but more efficient and what that actually shakes down to, I think either way, whatever it does, it'll promote a more efficient layout if in fact the workforce goes in that direction.   So in, in terms of the geographies that, that you look at or that you invest in, maybe you could talk a little bit about this annual report, best places to invest that you came up with and yeah. What, what are your thoughts on that? And you know, what was the, the thesis of the report?   Ian (31m 7s): Yeah. So we do publish this report on an annual basis. We've done it for, you know, we're just two years in running. So we'll come up with our third annual publication here at the beginning of the, of this next year. And what we try to do at the beginning of the year is communicate to the crowd street investor community, how we assess the geography of the United States, because as we all know, not all markets are created equal. There are certain markets that are absorbing, there are certain markets that are, that are, you know, vibrant and growing, but then they also have a lot of supply that's coming at the same time.   So what we try to do is we, we first we take a global macro approach. I mean, I think in essence as a, as a platform and as you know, the investments group within crowd street, I think we're we're first and foremost, a little bit of a macro thesis driven platform. Generally speaking, we wanna be in the types of markets where we see job growth and population growth consistently, we see kind of a, a burgeoning and further creation of a there, there, we would say, you know, like, why live here? Why move here? What is the compelling aspects of this location?   Because ultimately like we're tracking, you know, population flows and we're also tracking where do companies want to reside and where companies want to reside increasingly and where those people wanna live to work with those companies. Then you have what we think is basically the underlying fundamental thesis behind why you would want commercial real estate, because we're either looking for something to build, whether that's multi-family and office or strip center, whatever it is, right. We wanna think about where do people wanna be? Where are they gonna live? Where are they gonna work?   Where are they gonna play? And ultimately when there are more people wanting to do that in one in the same location and there's upward momentum in what those people are earning that's when rents grow, that's when properties absorb, that's generally speaking when commercial real estate values increase. So with that said, now we have to break that down to markets. Now for years at crowd street, we have had a, what we call a growing secondary markets thesis. When we think about around the places around the country, and we kind of found our way to this thesis probably around 2017 or so, you know, we were looking at markets like Denver and Charlotte, you know, we were even starting to look at Nashville back then in Austin.   And what we were seeing is these are markets that are attracting people. They're becoming, you know, more mature and more compelling, you know, metros in, in and of themselves, right? They're getting more sports teams, their airports are growing. You know, people are moving, the people are moving, are educated. Companies are coming. Those are all the things that swell around to us create a vibrant Metro. So, and when we were thinking about where do we wanna invest? And again, taking that macro thesis into, into account, we really wanna be in those locations because a lot of what we do is multi-family driven.   We also do some industrial. Those really are driven on like on where people are moving to where, you know, and if we're building a new multi-family building in a given location, for example, we wanna make sure that, that we feel like there's people who are gonna show up, they're gonna lease it. They have the incomes and there's, there's the reason for them being there. So that is translated into, you know, we have, we're also a fan of a market like Orlando. Orlando was a really good example of a market that we thought had a lot of momentum coming into it before the pandemic, we saw that momentum go relatively sideways during the pandemic, but we saw the population growth that was coming there year over year.   My recollection is, you know, was hitting like 2% per year. So we were bullish on Orlando coming out, the pandemic we leaned in last year, we did some multi-family deals. Those are now, you know, those are now leased up at well in excess of what we thought going in. So those are the types of markets. So, you know, for this last year, a Austin was our number one market, right? We were also really bullish and we have been bullish on Raleigh Durham, Raleigh Durham is a market that still stands out to us. Our team actually spent, we had probably 30 people that we spent time in Raleigh Durham just earlier this year in April.   My takeaway from spending a week in Raleigh Durham was that that was a market that you could invest in for the next decade. It's a great place. It obviously has, you know, it's always had research triangle, you've got universities. That's another thing that, that when we think about things are checking boxes for like where we wanna invest, look at that diversity of demand drivers. If you have certain industries that gravitate towards there, if you have research, if you have, you know, and again, if you have top tier research universities, so you've got those in Raleigh Durham in the form of duke and, and, and chapel hill, you know, in other places, we also think about like the, the anchor that you get when you are the state capital.   It's one of the reasons Austin has been a perennial favorite for us is because not only do you have all the tech growth, but you've also got the, the state capital there you've got UT Austin there. There's just the, what we would say is these unfair number of advantages relative to some other cities. Now, again, we, we do have to think about this on a year, over year basis, because what can happen in a year or two is that you can overshoot, we've all seen markets overshoot in terms of supply. We can see overshooting in terms of pricing, right? If, if the market gets so, you know, over zealously bought that, when you start to really think about it from a rational perspective, you say, well, I think this asset in this location is what we would say is price to perfection.   Well then that's when even an asset in a location like Austin can maybe be a bad buy because it's just too expensive for yo the next year or two, six or seven years from now. It probably looks okay, but that can dilute returns. So now when we think about, you know, as we're starting to think about our markets for next year, you know, some things that have stood out to us this year that were a little bit different than last year were that we're seeing some resurgence into some cities that are, that are a little bit larger, you know, one market that also stood out that we spent some time in this year is that, you know, while we were doing an east coast tour a little bit, so to speak, we spent some time in Philadelphia and Philadelphia to us was a market.   You know, we're a little bit focused in an area on the north end of downtown called Fishtown. And then there's another market adjacent to it. And, you know, the vibrance of what's happening in Philly like Philly is, is, you know, it's got a lot of momentum behind it. There's a lot of redevelopment that's occurring. There's a lot of investment that's coming to that city. And I think there's also this, like, you know, resurgence of some of the cities, you know, another market that is, you know, kind of almost, you know, if there's one market out there that I would say that has a bit of a difference from the headlines versus just the data and what it looks like to actually look at the deals is Chicago.   You know, Chicago's got a really bad kind of national rep right now. It's had it, had it had its, you know, share of dislocation during the pandemic. It had some bad news associated with it in terms of the riots and the, and you know, and so forth. But then this year, Chicago office market absorbed 2.4 million square feet in Q2 of this year. That's according to Moody's. And so I think there's this underlying data rents are growing in Chicago, multifamily is absorbing. And like I said, offices absorbing.   So I do think there's a little bit of, of, of resurgence of some of the cities. We're also, we've been looking at deals in New York recently, you know, from, you know, multi-family rents in New York are already back at the highest in the country. And from our perspective, if we can find not only multi-family deals that make sense, I think there's, there's a reason to, to be bullish on the future of multi-family in and around, you know, one, one of the boroughs we're starting to look at office in Manhattan, you know? Yes, the, the, the utilization rate is still low today, but as I always like to point out last time I checked New York is still a world class city.   Every time somebody is called the end of New York and people love to kind of, you know, they, they see weakness and they're like, is this the end of New York fast forward two to three years, everything's back to like record levels of demand pricing and so forth. I think this is the next go around. You know, if we can find, you know, you know, aggressively priced office in Manhattan, we're looking at some deals in the pipeline right now that look very compelling from that standpoint. I do think that again, if we fast forward to 20, 25 and 26, we've got a better office market in New York than we have today.   I think that there's a little bit of a resurgence of some of the big cities.   Jesse (39m 26s): Yeah. I think that's true. And we, we track a lot of this, a lot of the utilization from city to city. And I think a lot of this is going in the right direction. But like I was saying before, it really comes down to getting back to basics and having principled investments and making sure that the thesis aligns with the actual acquisition and, and falling through of it. I wanna be mindful the time here, Ian, but before we, before we wrap up, I would love to get your thoughts on for listeners, unless you've been under a rock for the last few years, you've heard WeWork before you've heard Adam Newman.   He started a founded a new company called flow. So some of you might not have heard of that, but basically I think at this point there was 6,000 or some odd or 3000 some odd apartments that were acquired would love to get your thoughts on the idea of this, because there's been a lot of these venture capitalists that have invested into this company. And for listeners, maybe you could give just kind of a, a brief overview of, of what flow is and yeah. Then would love to get your thoughts on it.   Ian (40m 32s): Yeah. So what was interesting about flow was that, you know, you don't hear a lot about it, there's this one announcement, you know, kind of coming out of, and, and they, and then you hear about the 350 million investment from Inre Horowitz. And, and then when the, the, the press release on flow was somewhat cryptic, but then from a commercial real estate, you know, operator developer perspective, when you you've been around the markets for all, you kind of understand what they're gonna do. And so my perspective on what flow will be is it will be essentially taking a multi-family asset and taking a little bit of like a, taking some of the WeWork philosophy and kind of bringing that sense of community, infusing it with multiple uses, more types of uses probably in, in a flow property than in a standard multifamily.   And if you think you, you just take your kind of normal kind of bread and butter podium deal, right. It's got retail on the ground floor and it's got apartment stacked above and has kind of a rooftop deck, right. And it's got some other amenities on site. So if I think about what flow will do, I think, think flow's gonna do some things first. It, it will bring branding to multifamily and by creating branding, they're gonna create, you know, we've already seen, you know, Adam's been buying properties in Miami and Nashville and, you know, and, and other markets, right? So they're going to now take and brand flow.   I think in multiple cities, they're gonna create this sense of, Hey, you might move from city to city, but stay at a flow property when you move to that next city and how they could incent stickiness in that residential tenant is this idea that they've started to talk about. They're, they're giving clues towards, I think the ability of equity share, right? Cuz they talk about how housing is unaffordable, hard to buy a house house. Now, I mean, we've already seen this, you know, affordability of a house is, you know, up 50 to 60%, you know, in terms of what it's gonna cost you on a mortgage payment from last year.   So if you're not buying the home, but you wanna live in an apartment, but rents keep going up. I think how they could ultimately get to giving some of their renters a piece of the equity pie is from the standpoint that what WeWork already proved they could do is take your normal rent and you can get a little higher rent on a, on a, you know, month, over month basis. And so if you, now, if you equate that to a multifamily property, let's just say, for example, a unit should rent for $2,500, but maybe it rents for 27 50 because now it's flow and they're gonna put some other amenities in the property so forth.   If you can you take that additional $250 a month, which would be $3,000 a year. And even in a five cap, that's $60,000 of additional value in that residential unit that you're getting through that excess rent. So I think the, the part of the thesis here is that you get more rent than you would otherwise. So I think flow in my opinion will be based on over market rents, which then could create additional value at the property level.   And if that pie grows by that $60,000, in my example, that's what you could give to some, to, to the resident in some share. Now the share part, I think will be interesting because my, again, my personal thought and I have no other reason to then my personal opinion to think this will be the case is that if I was gonna create a, an equity share program, I would make it vest over time. Just like you would do stock options. Yeah. So whether it's four years or five years, my, my model, if I'm Adam and I'm creating flow right now, I'd say we're gonna charge above market rents.   We're gonna fully monetize these properties though. And we're gonna bring more sense of community to them. We're gonna put, you know, communal gardens up on top. And remember Adam grew up on a kubutz. And so I think the idea of bringing that, like kubutz type living to a modern class, a multi-family building in, in a Nashville or, or a Miami, there could be a possibility there, but then I would, I would make that resident stay at the property for four or five years, or if they moved, moved to one of my other flow properties to continue to have that registered, you know that, or I should say that meter run.   And then if you live there for five years, then now you're creating towards equity share. And if you think about it, if you did that, now you have better occupancy probably than market standard. If that market is a 94% occupied submarket, you could probably occupy your, you know, operate your building at 96 or 97% occupancy because you have this really sticky tendency. That's either living there to keep a creating towards equity share, or if they move, they're moving into one of your properties relative to the property down the street.   Because if I've lived in a flow property for two years or three years, I have that like equity share light at the end of the, you know, the tunnel. And, and if I'm gonna go move to Nashville from Miami, I'm more likely to go move to flow. Because if I live in flow for two years in Nashville, I'm in the money. And maybe that additional $60,000 of, of, of, you know, equity value in that property. That, in my example, well maybe now I get 20,000 of that or 30,000 of that, like you could actually give own, you know, the renters, some ability to participate in some of that app side and the how and the so forth.   I mean, this is probably where they they're, they're gonna have to get a little bit more nuance because you know, now if we're really gonna monetize that and give it to the resident, theoretically speaking, you're typically selling the asset or so forth, my thought is, there's gonna be maybe now, now you're basically earning some, you know, you could, you could theoretically be earning some, like rebates back on that. There could be point systems. There could be a lot of stuff that you could do there. But I think that there's these subscription laws, cuz if you roll it all up, if you think about communal living, what kubutz has been, how you would, you would create like, you know, rewards point systems look at airlines and other things, right.   We could create stickiness in multi-family that hasn't quite happened in the way it has before. And if you could brand that, which that's what Adam's really good at. I mean, whether WeWork was a success or failure in your mind, what he, what he created was brand. So I think if you, if you take flow, you create brand, you create, you know, a, a populace of residents who are gonna be excited about what that's gonna become. There's some sort of idea behind that you could create something that would have value on a per unit basis, more than what's been created before.   Jesse (46m 59s): Yeah. It'll be fascinating to see how it rolls out and you know what or not, perhaps they go tokenized, if you know, crypto has a, has a piece of that action yeah. Remains to be seen, but no, that's great. So Ian, I think last time we already ran through the fi the final four. So maybe just to wrap up here, you could give listeners just a little bit of, you know, what are you kind of resources in terms that you're, you're finding useful right now, whether that's online podcasts, books that you're reading, maybe you could leave listeners with something and then we can, we can tell them where, where they can connect with yourself or crowd treat.   Ian (47m 38s): Sure. Let's see. Book I'm reading right now is Ray Dalio's latest book. I will, I, I think Ray Dalio's is a, you know, hugely insightful investor. So I'm always gonna pay attention to what he's saying. I'm going when it becomes available. I am definitely going to read David Rubenstein's new book coming out about, he's actually interviewed some other people about investing on podcasts. I love the insight. I'm a, I'm a regular listener of Scott Galloway in his prog series.   He's also got prop G markets, which I think has been hugely helpful to somebody like me, right. Who's always, always thinking about, I've been listening to the prop G podcast because, you know, Scott Galloway's insights into how he looks at, you know, entrepreneurship and markets and so forth. But now it's really, there is a, there is a segment on a weekly basis that is focused on markets that I think actually speaks a little bit more directly to what I'm trying to equate to in the commercial real estate market. So I think that that stands out. I'm also, I'm a fan of Lee Walker. I'm Al always gonna listen to his podcasts.   He's got great guests on a weekly basis. Those are some that stand out to me. I'm I'm, but I'm, I'm consuming stuff on a daily basis. And I'm just trying to look for, you know, intelligent people out there who have, you know, thoughtful insights and are trying to stitch together, all this kind of data out there. Because I mean, as we all know right now, what's hap we continue to proven to be in this, you know, unproven kind of uncharted territory, short term on what, what we're doing and what's happening. Obviously what the perception coming into this year is so different than where it sits now is the fact that nobody's figured it out.   And so I think the, the more that different data sources, we can all gain insight from the better chance we have at making reasonably informed decisions. And to me, that's just what it's about.   Jesse (49m 27s): No, that's great. And in terms of the aside from crowd street.com, is that the best place to, for listeners to check out or are there other locations that, you know yeah. Aside from a simple Google search   Ian (49m 39s): Yeah. Crowd street.com is, is a great place to just begin anybody who's interested. There's a lot of information on that website. There's a lot of education you can go to. You know, we're always posting on our LinkedIn site and on different forms of social media, you can go to our, our Twitter feed. I think there's just a lot, there's a many different ways that you can engage with the crowd straight newsfeed. And also, if anybody wants to reach out to me, you can always find me on LinkedIn. I'm the only Ian for Meley on that platform. Happy to chat with investors, as you can tell, I always love talking about deals.   Jesse (50m 12s): My guest today has been the only Ian for Meley Ian. Thanks for being part of working capital.   Ian (50m 17s): Thanks, Jesse. Pleasure to be here again. Look forward to the next one.   Jesse (50m 24s): Thank you so much for listening to working capital the real estate podcast. I'm your host, Jesse for galley. If you like the episode, head on to iTunes and leave us a five star review and share on social media, it really helps us out. If you have any questions, feel free to reach out to me on Instagram, Jesse for galley, F R a G a L E. Have a good one. Take care.  

Today we'll talk with Ian Formigle, Chief Investment Officer of Crowdstreet, which offers a new way for investors to more easily tap into this market on the commercial real estate side. First, I'll talk with Ian about the dynamics of the commercial real estate market – which covers everything from apartment buildings to office spaces to retail storefronts to factories and hospitals. There are a lot of cross-currents right now presenting both challenges and opportunities for investors. See the YouTube Video for the charts and graphics: https://youtu.be/A2sDEhjRHmI

We've learned about the rewards of investing in self-storage, but what about the risks? In this episode, Kris Bennett breaks down the opportunities and obstacles in the self-storage space. He is a Self-Storage Managing Partner at Passiveinvesting.com with 14 years of experience in the real estate industry. From raising capital to finding deals, listen in if you want must-have knowledge and actionable advice before dipping your toes into self-storage.   [00:01 - 02:42] Pivoting to Self-Storage Kris almost gave up on real estate Here's how he found his way back The reason they shifted their focus to self-storage   [02:43 - 07:44] Raising Capital from the General Public Funding through CrowdStreet Find out how they partnered with the platform The advantages and disadvantages of financing this way   [07:45 - 13:44] The Cons of Self-Storage Kris talks about the misconceptions about self-storage The challenges in doing smaller deals Setting expectations with investors and attracting capital   [13:45 - 15:42] Closing Segment Here's what Kris and his team are curious about right now in the real estate space Kris recommends these books Reach out to Kris!  Links Below Final Words Tweetable Quotes “If investors are educated on their own… If they educate themselves on all of those options, the investable universe of what I can't invest in and what real estate looks like, what's the risk-return trade-off, then they will understand okay, storage is a great bet.” - Kris Bennett   “Set big goals because those are the things worth going after.” - Kris Bennett -----------------------------------------------------------------------------   Connect with Kris at kris@passiveinvesting.com and follow him on LinkedIn if you want to learn more about self-storage.  Resources Mentioned:   What It Takes: Lessons in the Pursuit of Excellence by Stephen A. Schwarzman The ONE Thing: The Surprisingly Simple Truth About Extraordinary Results by Garry Keller and Jay Papasan The Millionaire Real Estate Agent: It's Not About the Money It's About Being the Best You Can Be by Gary Keller, Dave Jenks, and Jay Papasan Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.   Facebook LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com   Want to read the full show notes of the episode? Check it out below:   Kris Bennett  00:00 You have to set up investor expectations. If you're raising capital from investors, we've run into this issue in the past, I've run into this issue in the past where you set expectations, you send them an OM of what you're going to do for your syndication docs or whatever, hey, we're going to go out and find 10 deals and we're going to give you this return or whatever, then the market shifts and now returns are lower than now you're stuck, right? So you have to set investor expectations. Guys, you're jumping into this business. Storage is wonderful, but 10% return cash on cash, your one is probably not going to happen unless you find a needle in a haystack. A massive haystack. Right? So it's probably not going to happen.   Intro  00:33 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big.     Sam Wilson  00:45 Kris Bennett buys self-storage facilities in growing markets and business-friendly states. He resides in Charlotte, North Carolina. Kris, welcome to the show.   Kris Bennett  00:54 Thanks, man. Appreciate you having me on.   Sam Wilson  00:56 Hey, man, pleasure's mine. Same three questions I ask every guest who comes on the show: In 90 seconds or less, where do you start? Where are you now? And how did you get there?   Kris Bennett  01:02 That is a great question, Sam. So I started in real estate in 2007. Right before the Great Recession, if anybody remembers that time, it was pretty rough. We thought we're all going to be rich. I was in my real estate licensing class and going to become a residential broker. And obviously, the world changed, over the next two years actually soured me on real estate. I was doing foreclosure work. So when people think about like banks and all that foreclosing on folks, well, how do they do that? Well, they contact agents and have them go evict people. And so that's what I was doing. And it was not fun whatsoever. I was single at the time, no family, had I had a family, had kids, I would have just cried my heart out every day. So that was really tough. Decided to go to school and get away from real estate as far as I could. Coincidentally, the only way the only job I could find my first summer in college was at a real estate investment firm, a private equity firm in Chapel Hill. And I had no idea what he was doing. But he hired me on to do some underwriting and whatnot. It opened my eyes to the fact that you can buy massive commercial real estate, he was doing apartments but the idea is you can raise capital to buy these large buildings and make money doing it and my eyes like bugged out, right? So one, I hadn't seen that many zeros before my life, and then another was that oh my gosh, this is how you do it. So the light bulb went on. To make a long story short, I graduated, worked at a family office in Raleigh, North Carolina doing multifamily acquisitions. We pivoted to storage arrays the storage fund on CrowdStreet, That fund is doing really well. They're I think on fund two or three at this point. So connected with passiveinvesting.com. About a year ago, I know one of the principals for a number of years before he got just got into real estate investing, and kept that relationship going. And that's where we are now, leading the storage arm of passiveinvesting.com. And did you ask where are we going with that as well? Or was that the answer to everything there?   Sam Wilson  02:41 I don't know, man, that was great a summary.  It went to a lot of places, but I love it. No, that's good. That's really, really interesting. So back up a little bit when you said CrowdStreet and just kind of define how you guys interface on that front. What was that story there?   Kris Bennett  02:43 Okay, good.  Yeah, sure. So what the firm I was with is called 10 Federal, if people want to look it up, it's called 10 Federal, 1-0 federal.com. When I started, there was their director of acquisitions, which is a fancy title for bird dog. So in other words, go find deals from brokers or owners. And so that's what I was doing mostly in the Carolinas, this is about 2016. So multifamily properties in the Carolinas, I made a bunch of phone calls, talk to a bunch of brokers, underwrite a bunch of properties, I was doing all of that work, and just couldn't make the numbers work on stuff. So just kind of summarizing here, we had a couple of deals in a contract that fell out, etc. So we decided to pivot to self-storage. And the reason being is that the guys I was working for had a little bit of experience within storage, and they were building some small facilities for themselves using SBA financing. And we can talk about what that is, if you want to, but SBA financing. It's a small, meaning 15,000 square feet or less, so think maybe 150 to 200 units or less. That is small in self-storage. And since they had that experience, great. Okay, so we know how to do it right financing and whatnot, and kind of like what to look for when we need to raise capital. Okay, well, we're not that good at that. So let's go ahead and partner up with CrowdStreet. And this is again, 2016-2017. So 2017, really for the storage fund. And so we were able to do so, put together the offering memorandum and all the organizational docs behind it all and basically put it on CrowdStreet on their website and raise capital through that platform. And I'm sure their terms and conditions and whatnot have changed. But obviously you paid him some money, just pay this money to be able to do that-- almost knocked over my tea here. And it was successful. So the goal was to raise about 10 million bucks, I think we raised pretty darn close to that for our very first fund put out, you know, that was put out there for the public to see, and criticize, and invest with, and get on board with so that was a lot of fun. That was a successful raise and deployment of that capital.   Sam Wilson  04:42 How many deals did you guys do before you launched with CrowdSreet?   Kris Bennett  04:46 Oh, man, within the firm at 10 Federal at the time, between apartments and storage, man, I can't remember, maybe 10 to 15 something like that. Maybe I'm overcounting that, I can't remember exactly. And so that was all, like mostly with five real five or six close investors who obviously were repeat investors who would take down those deals with us.    Sam Wilson  05:09 So was the approximate, I'm getting to something here. What were the approximate assets under management at that point? You know, when you guys went to CrowdStreet?   Kris Bennett  05:16 I think it was, so we had apartments, mostly, I want to say the total value was maybe two to 300 million. Okay. I can't remember, so the larger....    Sam Wilson  05:26 The reason I asked that is just because it's people think about that, as I think about, you know, the thrust of the show is how to scale. And I think about maybe at some point in the future, maybe I'd like to partner with a CrowdStreet, a realty mogul. No more of that. Yeah. Yeah. Where do you have to be in order to do that? And obviously, you have a significant track record, two or $300 million in assets under management, not a small amount of real estate to own. So just as people hear that, and go, Oh, hey, that'd be cool someday, that gives them kind of a marker as to where you need to be.    Kris Bennett  05:53 Yeah, yeah, exactly.    Sam Wilson  05:55 What were some of the things that you liked and didn't like about partnering with CrowdStreet? And again, I'm going somewhere with this.   Kris Bennett  06:01 Oh, sure. They were actually, really so if I... So that was 2017. So that's about five years ago. So they have new people in place, and all this stuff, and new processes and new vetting procedures and everything. So people have to realize that as well. So I'm talking a little bit half a decade ago about what we're doing. So at the time, I think the pricing was a little bit steep. And people have to realize that how they had it structured at that time, they had what they call investor rooms, and whatnot. And so basically, each investor that comes in through your portal, they will go to a website, essentially set up for them that gave him all the statistics and capabilities to invest and vet the deal and all that kind of stuff. And that would cost you money based upon the number of investors. There was an upfront fee to get started, you know, there's a number of things. So it is expensive. And now what I'd say be one of the downsides or cons to it.. The great, the upside was they were great to work with, very easy to work with. They kind of held your hand through the process, You send them, you know, financials and your underwriting and all these other things. So they're kind of looking over your shoulder to make sure that, hey, you're not fudging the numbers here or something like that. And that you're not making a mistake, obviously, within your projections, because they have to put it out there. But they help you kind of make it look professional, and good and presentation worthy to their investors. So again, it was a long time ago, their logo and colors have changed back then it was like red and something else. So it's been a while. But it's a bit pricey. But I think if you're trying to raise capital from the general public without registering your securities, it's a great way to do it, and kind of offload some of that work to someone else.   Sam Wilson  07:28 Right. And I don't think any of those things that you've just said have changed too terribly much, just on the cost of capital side of things.    Kris Bennett  07:36 Yeah.   Sam Wilson  07:36 It's more expensive capital to get a hold of, but again, like you said, you get to offload some of that administrative burden and bring...   Kris Bennett  07:43  Absolutely, yeah.   Sam Wilson  07:45 So that's fantastic. I love that. You know, we bring, we've had several people come on the show, obviously, you know, 500 something episodes, and talk about self-storage. And we always hear about the pros of self-storage. What do you think are some of the cons of being in self-storage?   Kris Bennett  07:59 Oh, right now, the biggest one is the amount of competition to purchase deals, and the high prices and low cap rates as a result. So people, they look at the high level, the way they like the pros, like you said, and we could talk about that, or whatever. But you know, all and storage is great. Let's get into it. And you have coaches and people out there that people can, you know, pay to help them find deals, and you can follow different podcasts, et cetera, to help you figure out how to find a deal and close on a deal, which is all great. That's all the mechanics of it. But you don't realize that, bro, these are expensive assets. This is not like picking up bird nests off the ground or something like that. Right? This is very difficult to do. And I don't think people realize that is one of the cons. There's so much capital piling into self-storage. Right now, the misconception is that oh, as interest rates go up, prices will come down. Mathematically yes, that should be the case. But because there's so much demand and so much capital out there that's flowing into self-storage, prices are staying high, they're not coming down just yet. We might see it come down later this year, depends on really where interest rates go. But right now that's not the case. Another con is the fragmented ownership and the mom and pop type ownership is great. But mom and pops, if you're looking for smaller deals, which I've done that in the past, if you're looking for smaller deals, when I say small, I'm saying maybe 20,000 square feet plus or minus somewhere in there, then they don't have good record keeping. They're sometimes difficult to deal with. When they send you, I've done deals with a guy literally sent a photo of a unit mix that he drew by hand because he didn't have records to send me the unit mix. Right? So you have to be ready to deal with that kind of stuff. And when you go to if you're using the bank for financing, the bank is going to want to see some sort of financial history there. Sometimes mom and pops keep all their businesses commingled into one P&L, and you got to figure out what the heck is that he's got a car business, a storage business, and he's got some single-family rentals. And it all comes into here and he's telling me it's this but I can't think... So you're gonna be scratching your head with those kinds of deals. If you go to institutional, larger deals. You don't have that problem but smaller deals, you could run into that problem. The other side of it is because the pro is it's an inflation hedge. I'm sure some people have heard that now rates are going up. So you can raise your rental rates/ Well, you can, but let's say you raise your rental rates on all your tenants 10 bucks every month. Someone's gonna get mad and move out, you're gonna make... You can't just raise rates, like every month, that's not, it doesn't work that way. Maybe once every six months? Yeah. Once every month? No, that doesn't work that way. Conversely, or the opposite of that is when rates come down, you're susceptible to that as well. So if the market is lowering rates for 10 by 10s, you know, within a three-mile radius of your facility, you are either you're going to be the highest because you're the best, you know, Class A really nice facility, you can kind of lead the market. But if you're not that, then you're probably in a race to the bottom right. So that's something that you have to think about. If you're battling REITs and whatnot, it can become a race to the bottom, where they're now renting a 10 by 10, for 50 bucks. And if you do the same thing, you're gonna go broke, you know, so there's things to think about the reverse of the pros are sometimes can also be cons.   Sam Wilson  10:56 Right. And I like that thanks for taking the time to break down some of the barriers or the obstacles in the industry. But I think also inside of those obstacles, that's what creates opportunity. Yeah. You mean, you guys have found a way to kind of work around all of those moving pieces and say, Okay, we still see opportunity, here are some things to be certainly aware of.   Kris Bennett  11:15 You have to set up investor expectations. If you're raising capital from investors, we've run into this issue in the past, I've run into this issue in the past where you set expectations, you send them an OM of what you're going to do for your syndication docs or whatever, hey, we're going to go out and find 10 deals and we're going to give you this return or whatever, then the market shifts and now returns are lower than now you're stuck, right? So you have to set investor expectations. Guys, you're jumping into this business. Storage is wonderful, but 10% return cash on cash, your one is probably not going to happen unless you find a needle in a haystack. A massive haystack. Right? So it's probably not going to happen. So you have to set those expectations and where we're at in the market right now. This is a tough business to be in. But there are opportunities, and there's reasons why so much capital is jumping into self-storage, There's got to be a little discipline in what you're going after.   Sam Wilson  12:02 When you set those expectations for investors, I don't care how you set it, if you say hey, look, you know, like you said, it's a tough business, you know, you're not gonna get a 10% cash on cash return. How do you attract capital?   Kris Bennett  12:12 Well, where else are you gonna go? So investors need to look at the universe of investments, right? If they like the stock market, they like bonds, they like whatever, and I'm not negative on any of that stuff. A lot of real estate investors, Oh, don't put your mind stop. No, no, I think people can make a lot of money in the stock market. So if you'd like stocks you'd like, whatever, that's fine. If you're looking at real estate, okay, what's the investable universe of real estate, you have multifamily, retail, office, industrial, etc. Okay, well, we're all the returns there for the risk that I'm taking on? Risk and return. Not just both, if it's high return, there's got to be high risk somewhere, even if it's not immediately disclosed or fully understood. Okay. So if you will go back and look at REIT returns over the last 20 years, you can find that data on REIT.com. And download it, anybody can do that. And you can see returns for publicly-traded REITs all the different sectors, data centers, multifamily, etc. And you can compare year over year and kind of do an analysis, self-storage has one of the best returns of all property types. So what does that mean? Higher returns at some point will push more investors into that asset class driving down returns because there is less risk. That's why bonds return so little because there's very little risk associated with bonds, whereas cryptocurrency has a very high potential return, but very high risk and a lot of volatility and swings in the market. So if investors are educated on their own, I'm not saying they're not dumb or whatever, but I'm saying if they educate themselves on all of those options, the investable universe of what I can't invest in, and what real estate looks like, what's the risk-return tradeoff, then they will understand okay, storage is a great bet.   Sam Wilson  13:45 Love it. Absolutely love it. Kris, what is something you are curious about right now?   Kris Bennett  13:50 How to find more deals really right now. So while I'm working on that, we're doing a couple of things a source off-market deals, working with a couple of brokers to do that for us. And then I picked up a book I'm reading through so I can't recommend it yet. But it's actually been very good so far on helping me understand, you know, what I should do as far as just staying in front of people networking and those sorts of things. So that's what I'm trying to work on at this moment.   Sam Wilson  14:12 Got it, and that was my next question for you. What do you read now? So if you have another book that you want to recommend that you might have been reading or just finished reading.   Kris Bennett  14:20 Yeah, I finished Stephen Schwarzman's book, I have it over there, "What It Takes." I listened to audiobooks and so that was a really good one. I actually liked his story and the tips he gives at the very end. I think one of them always stands out to me is to, I'm just summarizing here, but to basically dream big dreams, set big goals, those are the things you should go after. And I really liked Gary Keller as well. "The One Thing" and "The Millionaire Real Estate [Agent]," those are great books. He focuses more on single-family there or just units of multifamily and that kind of thing, but the concept is still the same. And I really like Gary Keller's stuff. So those two things go together, set big goals, because those are the things worth going after, so.   Sam Wilson  14:58 Love it. Kris, if our listeners want to get in touch with you or learn more about you, what is the best way to do that?   Kris Bennett  15:02 They can find me on LinkedIn. Just search Kris. Kris with a K. K-R-I-S Bennett. Kris Bennett on LinkedIn. They could also send me an email. I may not respond right away. K-R-I-S @ passiveinvesting.com   Sam Wilson  15:13 Thank you, Kris for your time. Have a great rest your day.    Kris Bennett  15:15 Awesome. Thanks, Sam. Appreciate it.    Sam Wilson  15:16 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories so appreciate you listening. Thanks so much and hope to catch you on the next episode.

IN THIS EPISODE, YOU'LL LEARN:01:06 - What is the investment strategy of Oakcliff Strategy?05:50 - How did Bryan develop the conviction to invest in a company and the investment thesis behind Charter Communications.16:13 - How does Bryan Lawrence generate investment ideas.29:37 - How outperforming the market still requires you to underperform the market at times. 32:42 - What is Bryan Lawrence's competitive advantage.44:22 - How do you identify the right investment manager.48:48 - How do you align the interest behind the investment manager and their clients.1:01:03 - Is there such a thing as an optimal fund size? 1:05:23 - How to evaluate skill set and fund size.1:06:50 - How should investors factor in inflation.1:14:23 - Balancing the right level of cash and why it has been 16% on average for Bryan. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Oakcliff Capital's, website.Walter Isaacson's book, Einstein.Our interview with Morgan Housel about The Psychology of Money.Our interview with Gillian Zoe Segal.Gillian Zoe Segal's book, Getting There.New to the show? Check out our We Study Billionaires Starter Packs.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Live local in Melbourne and enjoy $0 Stamp Duty*!Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:01:25 - Why you actually might not want to max out your 401k.09:13 - Why you shouldn't try to “buy the dip.”20:24 - Why you probably shouldn't pick stocks.27:35 - Nick's case for bonds in today's economy.30:12 - How to buy during a crisis.35:40 - Three reasons you should consider selling a position.43:05 - Why even if you get rich you may never feel rich.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:OfDollarsAndData Blog.Just Keep Buying Book.SPIVA reports.Nick Maggiulli Twitter.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Live local in Melbourne and enjoy $0 Stamp Duty*!Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:Jason's thoughts about Miami 2022.What the newest executive order from the White House meant for Bitcoin?Jason's thoughts on CBDC.How the executive order is researching systemic risk to the economy.How the executive order is researching the illicit transactions.How long it will take to the get a bill through congress.What Senators Gillibrand and Lumis are about to present to Congress.CFTC & SEC involvement.BOOKS AND RESOURCESJason Brett's Twitter.Submit a formal comment to the White House on Bitcoin Energy use.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Live local in Melbourne and enjoy $0 Stamp Duty*!Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:00:02:27 - What Jason Zweig learned from his father, the wisest person he's ever known.00:20:31 - Why investors shouldn't trust what brokers and financial advisers are selling them.00:36:34 - How success is shaped by weird moments of random chance as well as skill.00:38:54 - What Warren Buffett said when Jason asked him, “Do you think you're a genius?”00:59:41 - Why Benjamin Graham was obsessed with the overwhelming importance of survival.01:15:13 - Why investors need rules, policies, and procedures to drive their decision-making.01:25:59 - Why investing is, above all, a head game in which the secret of success is self-control.01:28:57 - What Jason learned while working with Nobel Prize-winning genius Daniel Kahneman.01:37:26 - Why investors should be optimistic, humble, and intensely wary of overconfidence.01:43:18 - How Jason thinks about the perils and promise of disruptive technologies like Bitcoin.01:52:49 - How money can (and cannot) buy you happiness.01:57:58 - Why he's inspired by the simple motto “I did the best I could.”*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Benjamin Graham's The Intelligent Investor, revised and updated by Jason Zweig.Jason Zweig's book on neuroeconomics, Your Money and Your Brain.Jason Zweig's satirical survival guide to Wall Street, The Devil's Financial Dictionary.Jason Zweig's website.William Green's book, “Richer, Wiser, Happier” – read the reviews of this bookWilliam Green interviews Joel Greenblatt on RWH003: How to Win The Investing Game.William Green interviews Howard Marks on RWH002: Investing Wisely In An Uncertain World.William Green interviews Tony Robbins on RWH001: The Life Force Revolution.William Green interviews Ray Dalio on WSB410: The Changing World Order.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Live local in Melbourne and enjoy $0 Stamp Duty*!Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:06:59 - The playbook Buffett was implementing back then and how that would look today.22:43 - The structure of Buffett's early partnerships.37:30 - How to think about cloning someone's investment style versus developing your own.44:48 - Resources for finding new investment ideas.51:05 - The profile of an easy bet and how to find them.57:25 - What an Anti-circle of competence looks like.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Fit Finance Book.ZacksNotes Website.Value Line Website.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Protect your online activity TODAY with ExpressVPN, the VPN rated #1 by CNET and Wired, and get an extra 3 months FREE on a one-year package.Send, spend and receive money around the world easily with Wise.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.The interval fund, a breakthrough innovation. Only at Mackenzie.Live local in Melbourne and enjoy $0 Stamp Duty*!Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:02:57 - John's relationship with money and experience with philanthropy.07:48 - John's experience as an early employee at Enron, becoming the head of their natural gas trading desk. His early career that led him to become the youngest billionaire in the US in 2007.15:48 - John's journey in founding his own hedge fund. 51:17 - What led Michael to cofound GiveDirectly. 52:44 - How GiveDirectly operates and why it's important to start your own philanthropy efforts today.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:ArnoldVentures.org.AccelerateCharitableGiving.org.John on Elon's recent $5.7B DAF contribution.GiveDirectly.org/WSB - listeners get their first gift to people in extreme poverty matched up to $1000Michael's op-ed on Foundations / DAFs.John Arnold's Twitter. Michael Faye's Twitter.Arnold Ventures' Twitter.Give Directly's Twitter.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!If you're a sales professional, get every real-time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Protect your online activity TODAY with ExpressVPN, the VPN rated #1 by CNET and Wired, and get an extra 3 months FREE on a one-year package.Send, spend and receive money around the world easily with Wise.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.The interval fund, a breakthrough innovation. Only at Mackenzie.Live local in Melbourne and enjoy $0 Stamp Duty*!Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:Recently the Senate is directing the State Department to investigate the economic impact Bitcoin is having on El Salvador - what is going on here?Alex's thoughts on how financial privilege blinds people to Bitcoin's true impact.Alex's comments on the cypherpunk movement and why it was so important to Bitcoin's foundation.Bitcoin's privacy problem.What interview was the most memorable for Alex's new book?Why are so many people with power in the world reverting to tactics of control?BOOKS AND RESOURCESAlex Gladstein's new book: Check Your Financial Privilege.Alex's Twitter.Allen Farrington and Sacha Meyer's new book: Bitcoin is Venice.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:How Joel Greenblatt crushed the market by making big, bold bets on cheap stocks.How a freak investment disaster taught him never to forget that bad things happen.Why he believes that the greatest investors tend to have “a screw loose.”How he handles the emotional pain and stress of investing.Why he never bought Bitcoin—and has no regrets about it.How he made a killing by studying Warren Buffett's purchase of Coca-Cola stock.Why he admires Buffett even more after spending time with him in person.Why Greenblatt still believes in his “magic formula” for picking cheap and good stocks.Which exceptional businesses he owns for the long term in his personal stock portfolio. Why he feels “blessed” and “lucky”—and owes it to society to share his good fortune.What career advice and investment books he's given to his five children.*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Joel Greenblatt's mutual fund company, Gotham Funds.Joel Greenblatt's best-selling classic The Little Book That Still Beats The Market.Stig and Preston discuss Joel Greenblatt's book You Can Be a Stock Market Genius.Joel Greenblatt's Magic Formula Investing website.Joel Greenblatt's network of charter schools, Success Academy.William Green's book, “Richer, Wiser, Happier” – read the reviews of this book.William Green interviews Howard Marks on RWH002: Investing Wisely In An Uncertain World.William Green interviews Tony Robbins on RWH001: The Life Force Revolution.William Green interviews Ray Dalio on WSB410: The Changing World Order.Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Protect your online activity TODAY with ExpressVPN, the VPN rated #1 by CNET and Wired, and get an extra 3 months FREE on a one-year package.Send, spend and receive money around the world easily with Wise.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.The interval fund, a breakthrough innovation. Only at Mackenzie.Live local in Melbourne and enjoy $0 Stamp Duty*!Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today. HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:02:58 - What peak performance looks like.13:58 - Why sleep is the lead domino for health and performance.50:58 - Why the brain likes routine.53:38 - How inflammation can be good and bad and what to do about it and How to use heat and cold treatments to boost performance.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Neuro Athletics' Website.Neuro Athletics' Blog.Louisa Nicola Twitter.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Send, spend and receive money around the world easily with Wise.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Buy your own Bitcoin mining machines and host them with Blockware Solutions.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Live local in Melbourne and enjoy $0 Stamp Duty*!Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:01:38 - The advantages of being an outsider.06:10 - The realities of running a startup.09:28 -What makes up a star founder and the ingredients for success.13:32 - Why so many startups fail and how to look for the signs.37:56 - Startup deal terms and syndicates.45:31 - Common traits of Jason's many billionaire friends and colleagues.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Angel Book.This Week In Startups Podcast.All In Podcast.The Syndicate Website.Inside Newsletter Website.Jason Calacanis Twitter.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Send, spend and receive money around the world easily with Wise.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Buy your own Bitcoin mining machines and host them with Blockware Solutions.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Live local in Melbourne and enjoy $0 Stamp Duty*!Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Whether you're an aspiring or a current investor, you have the ability to invest in an untapped asset class. Dan Kryzanowski chats about the current trends in the real estate world, maximizing your retirement account fund opportunities, the upsides of blockchain, and portfolio diversification.WHAT YOU'LL LEARN FROM THIS EPISODE What particular asset classes can be suitable for multifamily investmentsCrowdfunding: The benefits in building your pipeline Aggregates of IRAs (individual retirement accounts)Next steps on investing your IRATips on diversifying one's asset investmentsRESOURCES/LINKS MENTIONEDG Capital: http://gcapital.com.ph/CrowdStreet: https://www.crowdstreet.com/Solo 401K: https://www.investopedia.com/ask/answers/100314/do-i-need-employer-set-401k-plan.aspUnicoin: https://unicoin.com/Shark Tank: https://abc.com/shows/shark-tankABOUT DAN KRYZANOWSKIDan Kryzanowski is a serial revenue driver and active alternative asset investor. Prior to joining Rocket Dollar, Kryzanowski led new initiatives, partners, and teams across multiple startups and Fortune 50 companies, including General Electric and Merrill Lynch. He also serves as an advisor to entrepreneurs and executives across the FinTech world and self-storage industry. In addition, Kryzanowski is a certified Project Management Professional and a graduate of GE's exclusive Experienced Commercial Leadership Program. He also serves as the Corporate Board President of Hugh O'Brian Youth Texas Capital Area.CONNECT WITH DAN Website: https://www.rocketdollar.com/learnEmail: dan@rocketdollar.com LinkedIn: https://www.linkedin.com/in/danielkryzanowski/Twitter: https://twitter.com/dkryzanowskiCONNECT WITH USGreen Light Equity Group - http://www.investwithgreenlight.com/For a list of Virtual Meetups - Email:tate@glequitygroup.comSpecial Announcement! Tate's brand-new audiobook "F.I.R.E.-Financial Independence Retire Early Through Apartment Investing" is downloadable! Go to: Green Light Equity Group: http://www.investwithgreenlight.com/

IN THIS EPISODE, YOU'LL LEARN:Thoughts on the dollar remaining a global reserve currency.How much the fixed income market and inflation is going to influence the broader market conditions.Will negative interest rate spreads really matter that much?The impact of Ukraine and Russia on supply chains.Yield Curve Control and what it will take to get there.How much could Bitcoin dip if we have a substantial macro sell-off?Risk of not being in Bitcoin.BOOKS AND RESOURCESJoe Carlasare's Twitter.Jay Gould's Twitter.Jeff Ross's Twitter.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:06:25 - Why you want the CEO to think more like a capital allocator than a traditional CEO.09:23 - How the best capital allocators create arbitrage on their own stocks.24:39 - Use to use debt intelligently when growing your company.36:27 - How and why the most profitable companies does not compete on price.BOOKS AND RESOURCES:William Thorndike's book, The Outsiders – Read reviews of this book.Additional resources on International P/E Ratios.Free executive summary of The Outsiders.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Send, spend and receive money around the world easily with Wise.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Buy your own Bitcoin mining machines and host them with Blockware Solutions.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Live local in Melbourne and enjoy $0 Stamp Duty*!Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:04:34 - The benefits of building an audience when it comes to investing and the shift from "product first" to "personality first" and what that means.24:36 - How to build a personal moat to set you up for success.38:47 - What role luck has played in Alex's career.1:02:16 - How successful people, billionaires especially, deal with anxiety and manage their mental health.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Morning Brew's Website.Founders Journal's Podcast.Imposters' Podcast.Alex Lieberman's Twitter.Trey Lockerbie's Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:03:02 - Why do microcaps get a bad wrap?05:39 - How a few of the greatest investors got their start in microcaps.14:46 - How to identify microcaps that could grow up to be macro caps.23:14 - The psychology around cheaply priced stocks, including macro caps that do stock splits.32:04 - The pros and cons of a highly concentrated portfolio.47:18 - Ian's strategy for finding profitable and sustainable microcap companies with great management.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Microcap Club's Website.Ian Cassel's Twitter.Intelligent Fanatics' Books.Intelligent Fanatics Capital Management's Website.Trey Lockerbie's Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:The importance of understanding what counterparty risk is.The main takeaways for a person in the market today.What is happening with policy decisions.Retirement planning and how to think about Bitcoin in your IRA.Difference between self-directed IRAs and vehicles like GBTC.Why self-custody is so important right now.BOOKS AND RESOURCESCheck out Unchained Capital where Parker and Jeff work.Checkout Parker Lewis' Twitter.Checkout Jeff Vandrew's Twitter.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:04:31 - How Marks was shaped by his first experience of a stock market bubble and crash. 12:04 - How conversations with his son have led him to modify his investment principles.18:20 - Why he came to believe that buying cheap assets is the key to successful investing. 26:01 - What is his view of the current investment environment?36:37 - Why Marks regards emotion as the “greatest enemy” of superior investing.48:40 - How to invest successfully in a period of high inflation.54:48 - Why Marks now believes that his “knee-jerk skepticism” about Bitcoin was wrong.58:43 - Why Marks is bullish on China at a time when most foreign investors are running scared.01:04:03 - Why moral values like integrity, candor, and fairness are essential to a good life.01:14:00 - How to succeed by playing to your own strengths and living life on your own terms. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Howard Marks' Memos.Howard Marks' “Something of Value” Memo.Howard Marks' book, The Most Important Thing Illuminated.Howard Marks' book, Mastering the Market Cycle.Preston and Stig discuss The Most Important Thing book on We Study Billionaires Episode 073.Trey interviews Howard Marks on We Study Billionaires Episode 073.William Green's book, “Richer, Wiser, Happier” – read the reviews of this book.William Green interviews Ray Dalio on We Study Billionaires Episode 410.William Green's Twitter.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:01:39 - An update on Facebook, now Meta, since our last discussion in June 2021.11:53 - Oakmarks process to finding and vetting stock ideas.31:58 - How they think about diversification once they're highly allocated in a certain sector.35:02 - An overview of some of Oakmarks top positions, including their heavy weighting in Alphabet.46:26 - Buffett's recent position in Nubank and how it compares to Oakmarks positions in Ally and Fiserv.58:29 - A forecast of Oil and how EOG and Conoco will follow.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Oakmark Funds Website.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Buy your own Bitcoin mining machines and host them with Blockware Solutions.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Live local in Melbourne and enjoy $0 Stamp Duty*!Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Protect your online activity TODAY with ExpressVPN, the VPN rated #1 by CNET and Wired, and get an extra 3 months FREE on a one-year package.Eat clean 24/7, with fresh—never frozen—prepared meals that are so delicious with Factor. Use code wsb120 to get $120 off over your first 5 weeks of meals.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:01:17 - Why oil has been the most hated commodity as of late.07:09 - Debunking myths about oil.04:06 - Why supply levels could lag demand for the foreseeable future.17:30 - The key drivers of Oils spike in price.36:06 - Oil producers that Josh is invested in.59:13 - The Russia/Ukraine conflict and how it could potentially disrupt supply.1:06:42 - How Europe's decline of Natural Gas will affect the price.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Josh Young Twitter.Bison Interests Website.Bison Interest Twitter.Trey Lockerbie Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Buy your own Bitcoin mining machines and host them with Blockware Solutions.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Live local in Melbourne and enjoy $0 Stamp Duty*!Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Protect your online activity TODAY with ExpressVPN, the VPN rated #1 by CNET and Wired, and get an extra 3 months FREE on a one-year package.Eat clean 24/7, with fresh—never frozen—prepared meals that are so delicious with Factor. Use code wsb120 to get $120 off over your first 5 weeks of meals.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:How Magdalena got involved in Bitcoin.What it was like being a supreme court-appointed bankruptcy inspector for an exchange failure.Her experience with the 1st Bitcoin Fund on the TSX (3IQ Bitcoin fund).How Magdalena is thinking through the policy decisions from a mining standpoint.How events in Canada have impacted the way people view self-sovereignty.The economic incentives that work best for policymakers in this space.BOOKS AND RESOURCESMagdalena on Twitter.Magdalena's company Coinkite.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Buy your own Bitcoin mining machines and host them with Blockware Solutions.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance. See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Live local in Melbourne and enjoy $0 Stamp Duty*!Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Protect your online activity TODAY with ExpressVPN, the VPN rated #1 by CNET and Wired, and get an extra 3 months FREE on a one-year package.Eat clean 24/7, with fresh—never frozen—prepared meals that are so delicious with Factor. Use code wsb120 to get $120 off over your first 5 weeks of meals.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.The interval fund, a breakthrough innovation. Only at Mackenzie.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN05:02 - How an accident led Tony Robbins to discover the miracle of regenerative medicine. 08:10 - How a wave of scientific breakthroughs can revitalize your body and even save your life. 15:07 - Why it's critical to detect health threats early with the help of new diagnostic tests.20:45 - What simple lifestyle changes can boost your energy levels and transform your health?31:31 -How to handle extreme stress, overcome adversity, and take control of your mind.41:39 - How to shift yourself into a high-energy state in which you perform at your peak.51:07 - Why do so many billionaires lead surprisingly unhappy lives?58:20 - How happiness and fulfillment depend on two things: growth and giving. 60:27 - What high performers like Richard Branson, Tom Brady, and Ray Dalio have in common.*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESTony Robbins' book, Life Force.Stig and Preston's interview with Tony Robbins.Stig and Preston's discussion of Tony Robbins' book, Money: Master the Game.Stig and Preston's discussion of Tony Robbins' book, Unshakeable.Tony Robbins' charity, Feeding America.William Green interviews Ray Dalio on We Study Billionaires Episode 410.William Green's book, Richer, Wiser, Happier – read reviews of this book.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Have a business checking that's built for you, will go the distance with you, and admires your brave – Novo. The Investor's Podcast Network listeners get access to over $5,000 in perks and discountsLet TurboTax Live Experts help you however you need, and if you need an extra hand, hand your taxes off to them and they'll do it all for you!Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Send, spend and receive money around the world easily with Wise.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We have two special guests on this episode that have been great financial educators among physicians for years! We have had many WCI readers tell us what a difference they have made in their financial lives. This dual physician couple takes us back to what it was like investing at Vanguard in the beginning, reminding us to make investing simple and always minimize costs. Their advice? Build a strong partnership with your significant other, pay off debt, and invest early and often. Make time to educate yourself and take responsibility for your own personal finances. If you are just getting start on this financial journey, start here https://www.whitecoatinvestor.com/new-to-the-blog-start-here/  CrowdStreet is an online real estate investing platform that gives accredited investors direct access to institutional-quality real estate. Since 2014, CrowdStreet Marketplace investors have invested more than $2.6 billion across 560+ deals, earning $360 million in distributions. Compare, review, and invest in a variety of projects, including both individual deals and real estate funds, backed by more than 250 firms across the U.S. Recently funded deals include an apartment community in Salt Lake City, a hospitality development project in the heart of Washington D.C., and a life sciences lab in Boston. With more investment opportunities than any other platform, including a managed portfolio service, CrowdStreet provides investors with a new way to add private equity real estate to their portfolios. Create your account for free at https://whitecoatinvestor.com/crowdstreet and browse the latest deals today. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones  Main Website: https://www.whitecoatinvestor.com  Student Loan Advice: https://studentloanadvice.com  YouTube: https://www.whitecoatinvestor.com/youtube  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

IN THIS EPISODE, YOU'LL LEARN:01:33 - The recent events with Russia and how buying Russian assets might be the most contrarian trade in today's markets. 05:05 - The forecast for oil, which is a number that might surprise you. 05:57 - The driving factors behind oil's price movement.23:27 - His massive trade on Bitcoin and how he compares it to gold.24:32 - His biggest current position is in Uranium.31:17 - The pivot away from real estate for Mongolia Growth Group.37:56 - Potentially undervalued stocks in US real estate.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Kuppy's Blog.Praetorian Capital's Website.KEDM's Website.Kuppy's Twitter.Trey Lockerbie's Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.New to the show? Check out our We Study Billionaires Starter Packs.Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Have a business checking that's built for you, will go the distance with you, and admires your brave – Novo. The Investor's Podcast Network listeners get access to over $5,000 in perks and discountsLet TurboTax Live Experts help you however you need, and if you need an extra hand, hand your taxes off to them and they'll do it all for you!Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Send, spend and receive money around the world easily with Wise.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable.Learn more about how you can get started investing in some of the best cash flow markets today with Rent to Retirement.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We pick Jack Krupey's brains on trade secrets and valuable stories about getting access to passive income vehicles beyond the stock market. If you want to learn the recipe on financial independence techniques that work, then listen to this guy who went from being an ordinary college guy reading a book on a plane to being a powerful maven in the industry.WHAT YOU'LL LEARN FROM THIS EPISODE What is a diversified fund and how does it work?Exciting tool recommendations that yield massive benefits on raising moneyBig lessons on becoming successful in earning passive wealthCredit investor tips and making it workRESOURCES/LINKS MENTIONEDHow to Make a Million Dollars in Real Estate by Robert Domico Hardcover & PaperbackDealmaker Live Event: https://dealmakerliveevent.com/Jake & Gino Event: https://jakeandgino.com/live-events/CrowdStreet: https://www.crowdstreet.com/SyndicationPro: https://syndicationpro.com/InvestNax?Cashflow Portal: https://www.cashflowportal.com/ABOUT JACK KRUPEYJack Krupey is the Principal, CEO, and Founder of JKAM Investments. He has been investing in both real estate and distressed debt since 2001. He has built long-term relationships with experienced real estate developers, sponsors. and syndicators over his 20-year career. Jack leveraged the 2008 financial crisis as part of a private equity fund that yielded impressive returns off of distressed and restructured debt. He repositioned properties as well as modified and restructured loans for borrowers. In 2014, Jack entered into a partnership with a large private equity fund and led the asset management arm of the firm that made over 3 billion dollars in purchases of non-performing and re-performing mortgage debt between 2015 and 2019. An entrepreneur by nature, Jack decided to start JK Asset Management to focus on alternative assets such as value-add multifamily real estate. He then launched the JKAM Diversified Real Estate Fund in September 2020, with 4,500+ units in over 25 properties, spanning 19 Metropolitan Areas across 13 states.CONNECT WITH JACKWebsite: https://jkaminvestments.com/ LinkedIn: https://www.linkedin.com/in/jackkrupey/Facebook: https://www.facebook.com/jkaminvestments/ | https://www.facebook.com/jkrupeyInstagram: https://www.instagram.com/jkrupey/CONNECT WITH USGreen Light Equity Group - http://www.investwithgreenlight.com/For a list of Virtual Meetups - Email:tate@glequitygroup.comSpecial Announcement! Tate's brand new audiobook "F.I.R.E.-Financial Independence Retire Early Through Apartment Investing" is downloadable! Go to: Green Light Equity Group: http://www.investwithgreenlight.com/