I'm a fan of the Edwin Starr song, so I figured the title was a nice homage. But this weeks topic is about good debt. My definition of good debt is borrowing money to buy something that will increase in value or utility over time. We talk about a few examples of good debt and a story about a prominent historic figure in American culture. Questions? Email me: Mike@ngpfp.com
#066: 0% financing options are EVERYWHERE! Nick and I have found ourselves repeatedly tempted by 0% financing. And apparently you guys have too, because Nick has gotten an influx of questions on this topic lately. We're discussing our framework to keep our 0%-ing (it's a verb now
In this episode we have Neil Hauger discuss what he learned from doing his first land flip this year. We cover: Financing the Transaction Finding the Deal Mistakes Made Big Wins What's Next? https://linktr.ee/TheLandPodcast https://linktr.ee/exodustrailcameras Connect with Neil: https://bit.ly/3DfXv3r --- Send in a voice message: https://anchor.fm/the-land-podcast-hofer/message
www.commsolutionsmn.com- Recently, House Democrats (and nine Republicans) passed Biden's infrastructure bill. It is rumored to have voter support, but no one really knows what's in it. For Instance, within three years time, all new cars will have DWI breathalyzer equipment (guilty before proven innocent). Minnesota is getting its own piece of sweet government money to dole out. $4.8 billion is earmarked for roads and bridges. $818 million is reserved for mass transit, despite ridership being down over COVID. $68 million has been set aside for electric vehicle charging stations. They are so heavily subsidizing the purchase of electric vehicles, and still few people want them due to the short battery life, time to charge, and the cost to upgrade homes to charge them. $100 million has been declared for rural broadband. Of course, with all of the money comes strings. There will be all sorts of green stipulations to meet in order to get access to any of the funds. We also take a look at Governor Walz's plans with the huge rise in COVID-19 cases. If one thing is for sure, no one is in control, and no plan seems to do anything substantial. Have you checked out our Spotify playlist? At the beginning of each episode, Jason quotes some song lyrics that have to do with the subject matter of the podcast. Andrew never knows what they are, but now he can… and so can you! We've launched the Spotify playlist: “Community Solutions Music From the Podcast!” You can listen to Roundabout from Yes after listing to Episode 30 on Roundabouts… or kick back and enjoy a rocking playlist just for the thrill of it. We add a new song every week. Subscribe and enjoy! Don't forget that you can also subscribe to our podcast on iTunes, Google Play, and Spotify!
[smart_track_player url="https://traffic.libsyn.com/tamingthehighcostofcollege/135_Appealing_and_Negotiating_Financial_Aid_Decisions.mp3" title="Appealing and Negotiating Financial Aid Decisions" social="true" social_twitter="true" social_facebook="true" social_gplus="true"] If you've had a change an income due to divorce, loss of business income, a natural disaster, or other special circumstances, you can potentially appeal a college's financial aid decision or negotiate for more money. Hear how one parent did this successfully in my latest podcast episode. Listen now. Listen Now... The post THCC Episode 135 – Appealing and Negotiating Financial Aid Decisions appeared first on Taming The High Cost of College.
Today's Flash Back Friday is from episode 622, originally released last January 18, 2016. This episode can be summed up by the popular saying “Everyone is a genius in a bull market”. Many financial hosts warn against taking on debt to build wealth. Jason clearly illustrates why we should be using fixed rate mortgage as a financing vehicle and outsourcing debt to tenants while enjoying the tax advantages. Naresh is not a real estate investor, yet. He has come up with some basic, but necessary questions for Jason which will help him and all of you budding, soon to be real estate income property investors out there. Jason reminds us “real estate is the most historically proven asset class” and carefully lays out his answers in easy to understand, common sense terms. Key Takeaways: Jason's editorial: [3:05] Predicting market cycles would be easier if governments and central banks didn't interfere [9:15] The business cycle is an economic concept which affects real estate [10:54] The Reluctant Investor's Lament poem by Donald Weill [18:26] Everybody's a genius in a bull market [20:35] Our Investment Counselors are geographically independent, market-wide gatekeepers [24:00] Our organization has relationships with local market specialists which give clients leverage [27:35] New clients need at least 24% cash down when purchasing a property [30:07] The rise of the “debt bigots” [33:38] Debt is a powerful thing, you must be wise with it [35:15] Always use debt as leverage when purchasing real estate income properties [38:49] A fixed rate mortgage guarantees your rate for 30 years plus tenants pay off your debt [39:13] Podcast feeds are divided and education is free Mentions: JasonHartman.com HartmanEducation.com - The Meet the Masters on-line course Venture Alliance Mastermind The WEALTH TRANSFER is happening FAST! Protect your financial future now! Did you know that 25% to 40% of all dollars ever created were dumped into the economy last year??? This will be devastating to some and an opportunity to others, be sure you're on the right side of this massive wealth transfer. Learn from our experiences, maximize your ROI and avoid regrets. Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com Jason's TV Clips: https://vimeo.com/549444172 Asset Protection, Tax Savings & Estate Planning: http://JasonHartman.com/Protect What do Jason's clients say? http://JasonHartmanTestimonials.com Easily get up to $250,000 in funding for real estate, business or anything else http://JasonHartman.com/Fund Call our Investment Counselors at: 1-800-HARTMAN (US) or visit www.JasonHartman.com Guided Visualization for Investors: http://jasonhartman.com/visualization
Sheldon Kimber, CEO and co-founder of Intersect Power, joins us to discuss what he is seeing in the industry and talk about the company's latest financing. We discuss Intersect's interest in green hydrogen, how big of an impact tariffs are having on supply chain issues, the current tax equity market, Intersect's $2.6B financing for construction and operations of a six-portfolio project, and more.
“ I can help real estate investors become their own source of financing instead of having to rely on banks and hard money lenders.” - Sarry Ibrahim Sarry Ibrahim is a financial planner and member of the Bank On Yourself Organization. The Bank On Yourself Concept is a financial strategy that helps real estate investors, business owners, and full-time employees grow safe and predictable wealth regardless of market conditions. Sarry started his financial services journey when he was in grad school completing his MBA. He worked for companies like Allstate, Blue Cross Blue Shield, Cigna Healthspring, and Human before founding Financial Asset Protection, a financial services firm that focuses on one sole concept; the Bank On Yourself Concept, also known as the Infinite Banking Concept. For more valuable information click on this link and watch the complete episode: https://youtu.be/yWiqfNToyp4 - “Bank On Yourself: The Infinite Way Of Banking with Sarry Ibrahim & Jay Conner, The Private Money Authority” Real Estate Cashflow Conference: https://www.jayconner.com/learnrealestate/ Free Webinar: http://bit.ly/jaymoneypodcast Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal. What is Real Estate Investing? Live Cashflow Conference https://youtu.be/QyeBbDOF4wo The Conner Marketing Group Inc.P.O. Box 1276, Morehead City, NC USA 28557 P 252-808-2927F 252-240-2504 Channel https://www.youtube.com/channel/UCZfl6O7pRhyX5R-rRuSnK6w https://www.youtube.com/c/RealEstateInvestingWithJayConner RSS Feed http://realestateinvestingdeals.mypodcastworld.com/rss2.xml Google Play https://play.google.com/music/listen#/ps/Ihrzsai7jo7awj2e7nhhwfsv47y iTunes: https://itunes.apple.com/ca/podcast/real-estate-investing-minus-bank-flipping-houses-foreclosure/id1377723034 Watch on ROKU: Roku https://my.roku.com/add/realestateinvestingRoku https://my.roku.com/add/realestateinvesting Watch on Amazon Prime: https://www.amazon.com/How-Locate-Real-Estate-Deals/dp/B07M9WNZR6/ref=sr_1_3
[smart_track_player url="https://traffic.libsyn.com/tamingthehighcostofcollege/134_The_ULTIMATE_College_Student_Health_Handbook.mp3" title="The ULTIMATE College Student Health Handbook" social="true" social_twitter="true" social_facebook="true" social_gplus="true"] Join Brad and award-winning medical expert Jill Grimes as we talk about how to keep your student healthy and handle their medical needs while they're in college. We talk about the right steps to ensure health and wellness, which potentially harmful activities to avoid, and how to get help with ADD, mental health, and more. Listen Now... The post THCC Episode 134 – The ULTIMATE College Student Health Handbook appeared first on Taming The High Cost of College.
Christine Comaford tells you how to make your financing pitch sizzle Episode 414: Make Your Financing Pitch Sizzle by Christine Comaford of Smart Tribes Institute on Entrepreneurship Funding Christine Comaford is a Leadership and Culture Coach who specializes in applied neuroscience, which helps her clients achieve tremendous results in record time. She is a human behavior expert, a leadership columnist for Forbes.com, and the New York Times bestselling author of Power Your Tribe, SmartTribes and Rules for Renegades. The original post is located here: https://smarttribesinstitute.com/make-your-financing-pitch-sizzle/ For startups, Notion can provide a full-on operating system for running every aspect of your company, keeping everyone aligned as you grow fast and take on more. Get up to $1,000 off Notion's team plan by going to Notion.com/startups Visit Me Online at OLDPodcast.com Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalStartUpDaily Learn more about your ad choices. Visit megaphone.fm/adchoices
Total REIT M&A activity through the third quarter of 2021 has already surpassed levels seen in 2019 and 2020, boosted by price recovery, attractive financing, and renewed pressure from activist investors, says Blake Liggio, partner in the real estate industry group of global law firm Goodwin.“Pricing for deals has improved coming out of the pricing troughs that we saw in many sectors during the pandemic… over the last two years it has been more challenging for boards to justify a sale of the company,” Liggio said. The current pace of deal volume, supported by low interest rates and attractive financing, is likely to remain intact through the end of the year, he added.The industrial, self-storage, data centers, multifamily, and life science sectors continued to see M&A activity from the end of 2019 and largely throughout 2020, Liggio said. In 2021, other sectors such as retail and office, have regained activity or begun to think about entering into a transactional strategic review.
Tiny homes and container homes are cool. They are unique. They are an experience to stay in. And dare I say… they are trendy?? Perhaps. Let's just pause for a moment though and act as if trends have nothing to do with investments. Do tiny homes and container homes still beat other types of properties when it comes to your short-term rentals? They might! And if you have them already I hope that they do. This week however, I want to dive deeper into a few of the potential downsides you may experience if you are planning on building a tiny home or container home. We'll explore: Financing (and how you may be limited) Design challenges City and permitting challenges Long term feasibility The dates are set for our next virtual event! Join us on November 13-14 as we uncover everything you need to know to find, acquire, and operate a short-term rental with passive operations! For more info and to register, visit here. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Extended FRIDAY SHOW!! $80 billion of lost climate financing, Portugal puts a stop to after-hours texts from your boss, and Uber gets sued... again.
[smart_track_player url="https://traffic.libsyn.com/tamingthehighcostofcollege/133_College_Planning_Strategies_and_Timelines.mp3" title="College Planning Strategies and Timelines" social="true" social_twitter="true" social_facebook="true" social_gplus="true"] In this episode, I'm joined by Todd Weaver, President of Strategies for College, Inc., to talk about college planning timelines and strategies, including when parents and students should get started, how to deal with family financial changes due to COVID-19, and what to do if you have a high school senior and need to get planning quickly. Listen Now... The post THCC Episode 133 College Planning Strategies and Timelines appeared first on Taming The High Cost of College.
Millions of Americans are skipping the dentist, with many of them unable to afford certain pricey procedures. Now some lenders are offering buy-now-pay-later options for dental care. WSJ banking and consumer finance reporter Orla McCaffrey joins host Trenae Nuri to discuss the financing options that are available, and the risks that come with them. Learn more about your ad choices. Visit megaphone.fm/adchoices
The Old Capital Loan Officer Roundtable discussion brings incredible value if you are new to multifamily investing. Listen to some of the most active loan officers in the nation share REAL lending stories on what is happening today. You and your investors bring in the equity…and your lender brings the majority of the money. Your lender is your biggest partner. Listen to what you can expect from your multifamily lenders today. Should you pursue a BRIDGE LOAN; a FANNIE MAE or FREDDIE MAC LOAN; or a BANK LOAN? Listen to their insight to help you. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker's Real Estate Syndication business with SPI Advisory LLC. Please leave us a 5 STAR RATING on iTunes; if you enjoyed this podcast.
In the context of COP26, today's podcast is dedicated to the least developed countries. By now, the year 2021 has seen a familiar pattern of destructive impacts stemming from climate change, leading to increasingly devastating extreme weather events including fires, cyclones, hurricanes, floods, and droughts across the world. Taffere Tesfachew, a career UN official, explains how the category of Least Developed Countries was created and how the United Nations Conference on Trade and Development (UNCTAD) works to support the group.
What is the flip side of crowdfunding for real estate investing? What can be done to increase the transparency in commercial real estate financing options to bring it on par with what is available in residential real estate? How do you successfully build and scale a commercial lending marketplace? How has the aggregation and up keep of supply side rates created an opportunity to carve out a valuable offering where most brokers choose not to engage with? Tim Milazzo - co-founder and CEO of StackSource (and self identified proptech fanboy), joins Proptech Espresso to answer these questions and discuss how dinner conversations with his father around his job as a leasing broker laid the foundation for wanting to innovate the way commercial real estate gets done.
Demand for commodity financing is skyrocketing as prices, volumes and margin calls are on the rise. However, after a decade of low demand, low returns and pressure from a variety of sources, the supply of liquidity is far more constrained. Many banks, who had prominent roles in commodity finance in the 2000s have pulled back entirely while newer entrants often lack the deep product expertise to provide the services needed. Now volatility, high prices and supply chain challenges have left traders and merchants scrambling to finance their positions and capture the opportunities presented. How much of a risk does this present to the commodity trading world? What will happen to the availability and costof financing and how are companies responding? Will the response only add risk to the system? Guiding us through the tightening world of commodity finance and its ramifications is Lewis Hart, Managing Director at Brown Brothers Harriman where he leads the firm's Commodities & Logistics and Corporate Banking businesses.To find out more about HC and our talent advisory services in the energy & commodities sector visit www.hcgroup.global/hc-insider To connect with our host Paul Chapman, you can find him at www.linkedin.com/in/paulchapmanhc/
In this GCP Short, produced in collaboration with Friends of the Podcast Zurich, we discuss financing health & wellness through a captive. Reto Heini, Regional Distribution Manager at Zurich Global Employee Benefits Solutions, Andrea Steer, Senior Risk Consultant - Health & Wellbeing at Zurich, and Denis Cronson, Chief Sales & Distribution Officer at Zurich LiveWell, address some of the ways employers are supporting employers in implementing health and wellness initiatives, how organisations' approach to health and wellness has evolved over the past five years and the current status and approach to health and wellbeing by captives. For more information on Zurich, visit their Friend of the Podcast page: www.globalcaptivepodcast.com/zurich For more information on the the Asian Captive Conference 2021, hosted by Labuan IBFC, visit here: https://www.labuanibfc.com/events/upcoming-events/labuan-ibfc-inc/the-asian-captive-conference-2021-virtual-conference Read the third edition of GCP Insights here: www.globalcaptivepodcast.com/gcp-insights You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. Contact Richard: email@example.com Visit the website: www.globalcaptivepodcast.com Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/
This episode we talk to Film Finance professional and Entertainment Attorney Vinca Jarrett. She tells us a bout falling into the film finance world after being an environmental lawyer, all of the things filmmakers do wrong when budgeting their films and everything you ever wanted to know about modern marketing in the Indie film world.
We Lend's Managing Partner, Ruben Izgelov, started his first job at the tender age of eight, distributing flyers on the streets of New York City, and to this day still takes his incredible work ethic with him everywhere he goes. With over a decade spent in the real estate industry – acquiring, flipping, developing, and financing over $350 million worth of real estate – Ruben has quickly become a renowned real estate expert, speaker, and guide for many professionals in the industry.
Today's guest is TJ Shembekar, Director of IT for IBM Global Financing. TJ has been with IBM for over 15 years and has gone through the entire journey of bringing AI to life in the Financing wing of IBM, from aggregating data sources to collaborating with his peers to find the best capabilities for AI. In this episode, TJ discusses some of the exact use-cases that IBM Financing is putting in place today and the process of setting up a data strategy. This episode is sponsored by IBM and is the first part of a three-part series that we'll be rolling out in the next two months. If you're interested in reaching Emerj's global audience of AI-focused leaders, be sure to visit emerj.com/ad1 for more information.
Photo: Flooding at North Cascades: Changes in precipitation patterns will impact park facilities as more flooding. may occur similar to the 2006 floods North Cascades NP experienced Private Climate Change Financing. Vijay Vaitheeswaran @TheEconomist lth https://www.economist.com/leaders/the-uses-and-abuses-of-green-finance/21806111
Financing concerns left moderate Democrats queasy about voting for a budget reconciliation package to expand the safety net and combat climate change. The plan hinges on new taxes, prescription drug cost savings, and increased tax enforcement. CQ Roll Call's David Lerman and Laura Weiss explain the financing behind the package and some last-minute negotiations that could still trigger further changes. Learn more about your ad choices. Visit megaphone.fm/adchoices
Financing concerns left moderate Democrats queasy about voting for a budget reconciliation package to expand the safety net and combat climate change. The plan hinges on new taxes, prescription drug cost savings, and increased tax enforcement. CQ Roll Call's David Lerman and Laura Weiss explain the financing behind the package and some last-minute negotiations that could still trigger further change Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another replay of my Facebook Live Question and Answer sessions. I just started doing these live forums in April and they are going so well and I am getting such great feedback and questions, I thought I would share them here on the podcast. Especially for those people that are unable to join us live, this will provide an opportunity to hear the awesome questions I am fielding about business, taking risks, real estate, and so much more! Some of the questions have been very real estate specific, but others have been general business questions, like asking about overcoming fear in order to get started and how to successfully scale. I have also received more personal questions like how I decided real estate investing was right for me and the steps I took to get my business off the ground. This presentation is the live Q&A that I did the week of October 20th and each Thursday we will offer you another chance to take advantage of listening to the answers to our guests' fabulous and compelling questions! Don't miss this new episode of the Just Start Real Estate Podcast! Notable Quotes: “If you are worried about making a lethal mistake, you need to have a mentor, a coach, and/or a mastermind.” “You need to be able to have your questions answered by people who have been running a business and have had success so that you are not just figuring it out as you go.” “There is nothing worse than handing a realtor 50 leads in a month and never hearing about them again.” “I'm not afraid of competition, but I don't want you to waste my time and use me.” “Lead with value. Figure out what you have to offer that will be of value to that business owner.” “Try to find a way to make their life easier or be a source of revenue for them.” “When it comes to marketing, you have to be consistent. That is the secret sauce.” “Come up with a marketing plan and budget that you can maintain for six months and execute.” “Don't stop it and start it… marketing is very much a momentum thing.” “Long-term rentals are good because they are much more passive than short-term rentals.” Links: Real Estate Find & Fund Blueprint Flip Hacking Live 7 Figure Flipping Return on Investments Just Start Real Estate JSRE on Facebook Mike on Facebook Mike on Instagram Mike on LinkedIn Mike on Twitter Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
The Gambia and South Africa - two different countries facing the same dilemma - how to finance their carbon-free ambitions. The findings of the only human rights investigation allowed in Ethiopia's blockaded Tigray region are published today. We hear details from the UN human rights commission. At COP 26, we ask the president of Kenya if he trusts the promises of wealthy nations in regard to financing greener economies.
Ashley Kehr Holds Degrees in Financing and Public Accounting and is a License Insurance Agent. She Purchased Her First Rental Property in 2014 and since then has Grown her Buy and Hold Portfolio Consisting of Residential Property, Commercial Property and Mobile Home Parks. Ashley is also the co-host of the BiggerPockets Real Estate Rookie Podcast with a Goal to help Newbies figure out the Actionable Steps Necessary to get their first deal. Currently, Ashley lives near Buffalo, NY on a Dairy Farm with her husband and three boys. She Spends most of her time Educating New Investors, Analyzing deals, Seeking the Next Adventure, and living a spontaneous life. In this episode we talked about: Ashley's Bio & Background Property Management The First Duplex Deal Investing in Mobile Home Parks A Pivot to Camp Grounds The Underwriting for Camp Grounds Regulatory Environment The Philosophy of the Trade-off between Potential Income and Value Real Estate Risks and Opportunities in the Next 2 years Mentorship, Resources and Lessons Learned Useful links: https://www.instagram.com/wealthfromrentals/?hl=en Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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 is Jesper gala and you're listening to working capital the real estate podcast. My special guest today is Ashley Kerr. Ashley holds degrees in finance and public accounting and is a licensed insurance agent. She purchased her first rental property in 2014 and has since grown her buy and hold portfolio consisting of residential property, commercial property and mobile home parks. Ashley is also the cohort cohost of the bigger pockets, real estate rookie podcast with a goal to help newbies in real estate, figure out the actual steps necessary to get their first deal. Currently. Ashley, we just talked about this. You live near Buffalo, New York on a dairy farm of all things with your husband and three boys. How are you doing Ashley (1m 2s): Good. Thank you so much for having Jesse (1m 3s): Me right on. So I guess just on that, on that point, you are in Buffalo, so we're probably just a two hour drive away from each other. The dairy farm is that that's a family run thing or? Ashley (1m 15s): Yeah, so my husband's family, he's third generation. And basically when I moved out of my parents' house, I moved to here and lived down the pharmacist. Jesse (1m 25s): I love it. We were just chatting before the show. I'm kind of on the heels of, of BP con in new Orleans. Ashley was, you were speaking on a panel, you mentioned before. It was a panel of, I guess, women in real estate. Is that correct? Ashley (1m 40s): It was all about women that have succeeded in real estate and their advice to inspire other women to get started. Jesse (1m 49s): Awesome. Great. Well, like they can attest to the fact that we had a great time out there. Didn't cross paths at this time, but maybe next year at next BB con. Ashley (2m 0s): Yeah, definitely. I there's so many people there so many awesome people to me, it's hard to even get from point a to B because you just run into people. Maybe you met online or people you wanted to meet or just, you know, somebody that comes up to you that heard your story. Yeah. Jesse (2m 15s): I couldn't agree more Ashley for our listeners that don't know you have a really great presence online, Instagram kind of showcases some of the stuff you're doing, but for those that don't don't know your background, could you give us a little bit of a background of, you know, how you started out, how you got into this world of real estate that we, that we all love? Ashley (2m 36s): Yeah, of course I, so when I graduated college, I got married and I started working at a CPA firm and I was going to get licensed as a CPA and just work as an accountant. Well, I lasted about six months and I really hated it. So I ended up quitting my job and I was just going to be a stay at home mom. I was going to get pregnant, have babies and live on the farm. Well, about two weeks into my unemployment, my friend's dad approached me and he had a 40 unit apartment complex that he wanted me to run for him. And so I agreed I could do it from home. It would be part-time. And basically from there, I grew a property management company for himself, for him and all of his properties. It ended up being about 80 residential and about 20 commercial properties that I was managing for him. So to start my first deal, I actually approached his son and said, look what your dad is doing. We should do this. And we bought our first duplex in 2014. And that was how I got started. Just kind of watching somebody else learning from him and working for him. I gained a lot of experience and knowledge. Jesse (3m 49s): That's incredible. And that was only, I mean, 2014, right? Not too long ago. Yeah. So in terms of basically saying here's a 40 unit apartment, what were the details, was that, was that something local that you could do or was it, you know, it wasn't across state lines. Ashley (4m 6s): Yeah, it was right in the town, you know, 10 minutes from my house as in the town that I had gone to high school. And so I knew the town very well. It was very convenient to get to. And I started off with a small little office there that I could go to if need be. And actually just my first day was the first of the month. It was April 1st, 2013. And so all the rent checks are coming in and I was like so nervous that I wasn't going to track them properly. That all 40 checks that came in, I actually photocopied all of them before I actually deposited them. And I spent pretty much, it took me, I think like full two full years to actually build out my systems and processes for property management. But it was definitely a learning experience. I ripped my hair out a lot. I cried and life is much better now not doing property management. I ended up outsourcing property management to a third party in February, 2020. So I gave up the property management on my properties and also with the same investor. So now I just do asset management for both of us. Jesse (5m 11s): Was there a reason that a, that person had had come to you for managing that, that 40 unit? Or was it just happenstance? Ashley (5m 21s): I actually grew up next door to him, his daughter and I were best friends growing up. And I actually went on vacation with their family when I had just quit my job just because I had nothing else to do. And I that's where they were talking about who needs help. And I think there was kind of this mindset. They had that because I was an accountant. I was capable of managing and running a building, which really wasn't true. I could do the bookkeeping for it. But as far as I had to spend a lot of time learning the rules, the regulations and stuff like that and how to make it actually run efficiently. So, but that was really just it. The, it was more his wife and his kids like pushing him. You need somebody to help you. And so I ended up doing a lot of admin stuff for him too in personal assistant stuff. And then he brought me in an all these projects. I helped him build a 40,000 square foot dealership. I helped him purchase a dealership. I helped him start an insurance agency. So I'm so grateful for him, for him because he brought me in on so many opportunities that a lot of people don't have that I guess, advantage. Jesse (6m 32s): Yeah, for sure. It's like the school of hard knocks for a few real estate. So property management is, is one of those professions where it's, it's a lot of hard work. It's a lot it's can be a very stressful job. And usually when you're doing a great job of it, nobody calls you and says, Hey, you're doing a great job. So usually you get the call when there's an issue. How did you, well, I guess first, when did you realize that that was something maybe you didn't want to do at least you personally doing for, for long-term and, and w was there a light bulb moment that, you know, you came across that you, you thought, Hey, let's, let's go buy real estate. Like you're talking about. Ashley (7m 8s): Yeah, actually the light bulb moment was when I helped him purchase the dealership. So I saw how he was purchasing a business and what he was doing was taking his properties that he owned and refinancing them, pulling the equity out. And he was able to make a cash offer on this business and purchase it. And I still remember sitting in the attorney's office at the closing table and he had had me set up the LLC. He had had me set up the bank account and I was the one signing that huge check that was given at the closing table. And just the fact that he put that pen in my hand and had me write that check. I had never even seen a check that big of a month before I think really had an impact on me. And I saw like the power of the real estate that he had and how he used the equity to further advance his investments. So that was the biggest aha moment for me. Jesse (8m 4s): Yeah. And you kind of got the, I mean, learning by osmosis by you actually doing it, but it's kind of like, I, at least I see it as there's that psychological barrier for a lot of people, as you know, with, with our industry, but you basically being the proxy, they're signing the check for him that I've, I probably broke down some psychological barriers about who can or can't buy real estate at that scale. Ashley (8m 26s): Yeah, definitely. And even he had me do all of his financing. So anytime he went and got loans, I was in charge of that. I did all that. I worked with banks and that also helped me build a network of loan officers too, because I was super diligent about being timely in responding to loan officers, getting them what they wanted and working with them. And they liked that working relationship. And so when I started investing myself, I had a lot of loan officers that were very eager to work with me because they knew that I would provide to them what they needed to make the loan work. Jesse (9m 2s): Yeah. Attention to detail and, and staying on top of them that didn't know traits that would explain or describe a CPA there. Yeah. So in terms of you, you pivoting to, or moving on to saying here's an opportunity that you think that you and this investor that you worked with that would purchase it, how did that property come along? What was that deal like? Ashley (9m 24s): So I started talking to my, the investor son, just putting a little bug in his ear. Like, I think we should do this. And actually the first property that I found, I sent it to him. I said, I think this is the one we should buy. And we went and looked at it and we put an offer. It was accepted. And so he brought the money, he had savings that was going to be the cash offer on the property and how we structured. It was, we became 50 50. So I would do the property management, manage the remodel and do all the leasing. And then he was the money guy. But also what we did was to make it less risky for him. He also received a monthly principal and interest payment every month. So he was making five and a half percent on his money. It was amortized over 15 years. And then he was getting 50% of the equity in the property and 50% of the cashflow and the property too. So it was a very, I guess, a good offer for him because it was less risky because he was tied into it so much in getting all this benefit from it. And for me, it was just a way for me to get started, look like right now, I would never do that deal with anyone, but looking back like that got me started. And I I'm super grateful Jesse (10m 43s): For that. And was that a, was that a local deal? Ashley (10m 47s): Yeah, so it was in the same town where I was managing the, the apartment complexes and we stuck in that town for, I think our first three deals. And then for our fourth one, we ended up venturing into the city more and then starting to spread out. Jesse (11m 2s): So in terms of you, you started in this, this duplex, you said for this first deal, and now, you know, just kind of touching on that. That's not a deal you would do now, but how has that growth to the second deal? Was it, was it zero to one or was it one to 10? Like how did, what was the type of deal that you did after that? Duplex, Ashley (11m 21s): After the duplex was another duplex and it was actually on the same street, just a couple houses down and it went up for sale and my partner ended up putting a line of credit on his house and that's how we, we use that money to purchase the second one. And then we ended up doing a portfolio loan, putting a mortgage on both of them pulling the cash out of them. And that's how we purchased our third home right around the corner too. So we bought three just within a couple blocks of each other. Jesse (11m 49s): Very cool. So in terms of over the, I guess now, well it's seven years, a little bit, almost eight over that process. You've, you've obviously ventured out to other areas in commercial real estate. Well, what was that process like? It was, there was this, it sounds like at the beginning, at least it was a gradual thing, but was there another, whether you call it a hot moment or was there a big leap in saying, okay, I'm going to, I'm going to try my hand at this, you know, this asset class or moving out into larger deals. Ashley (12m 18s): Yeah. At first I was very focused on duplexes, small multifamily. The largest I bought in the beginning was a six unit. And then the smallest was a duplex. And I, I was really focused on that and I really became very confident and comfortable purchasing in my market on those properties. So a lot of people ask if I still consider myself a rookie, if I'm purchasing a small multifamily my market. No, I don't. I think I'm very experienced in that. Any other kind of investing? Yes, definitely in that. So I, I stuck with that and then I ended up just having this opportunity to buy this mixed use commercial building and the investor that I worked for. He owned a liquor store and I saw the power of his liquor store and just the uniqueness of it. And it could be a cash cow and just kind of diversify your portfolio. And so I ended up buying my first commercial building, where I put the, the liquor store in that building. And that was my first kind of different strategy than I went after since then. So that building finished in 2020, we opened up the liquor store in November, 2020, since then I have been like all over the place, especially hosting a podcast is so bad for my shiny object syndrome because I hear all these things that are like, I just want to do that. They're like sounds awesome. All these different things. So I spent a lot of time going after self storage, mobile home parks and campgrounds. And I recently went to four conferences back to back and I finally have realized that I'm going to focus on campgrounds. I do have a mobile home park under contract, which I'm going to continue with that. It's a sweet deal. I did have a self storage under contract, but it fell through because the seller wouldn't do a phase two environmental study. Yeah. So the phase one recommended it and the owner said no. So I falling out of contract on that one. And then I'm working on getting a campground under contract now. But I think my big aha moment as to why I was focusing on campgrounds is I had a couple of people talk to me during the conference and really like point out to me what I'm struggling with. And point out facts, such as look at all the successful investors I'm friends with. He said, look at your network. Are all of them going after like three big asset classes right now? And the answer was no, they're all focused on one. Maybe they started out focused on something like I started out focused multifamily, but then now I'm pivoting. I have that down. I have that strategy, you know, set it's running smoothly and now I can pivot on onto something else, but you don't see these experienced successful investors going after three or four large strategies at once and seeing what will work. And then the second aha moment for me was I was telling somebody about this campground that I was offering on. And he was like, that's, that's it. And I was like, what are you talking about? I know I want to offer. And he's like, no, that's what you're excited about. He was like, you just spewed off so many different random facts and stats and all this stuff. When you've talked about self storage, your mobile home park, it's just like, oh yeah, I got a mobile home park under contract. Like you don't have that excitement. So that was a big aha moment for me too, was that I'm actually excited about investing in campus. Jesse (15m 39s): So leading up to campgrounds, which I want to talk about because we, we don't, I don't think we've ever really gone into detail at all on the show, in terms of that process, that takes you from the first few investments to where you're doing these, you know, more commercial side of the business deals. How, how did that develop from the team point of view in terms of networking with other people or having other people influence the decisions you made for those future properties? Ashley (16m 6s): Yeah. So up until this mobile home park that I have on our contract, I had never paid more than $152,000 on a property. And that was my sixth unit. Everything else had been below that. So my mobile home park is $750,000. That is a huge like jump for me. And that was like a huge mindset shift for me to get over that hurdle because I'd never even spent close to that amount of money or looked for that amount of money. I've always done well with creative financing and finding money, but to find that much money was like, like nerve wracking. But I spent the last year and probably if you would have talked to me two months ago, I wouldn't even have realized this yet, but I spent the last year doing so much networking. There's a group of people. It next month will be our sixth time meeting up for various events or different things. And I think just talking with them, seeing what they're doing has really kind of helped me eliminate a lot of my limited mindset and knowing that I can achieve these things, I am capable of doing this. And if I work hard enough, I'm going to find a way I'm not going to give up. And so that definitely helped just seeing what these other people are doing. I even had a James Dainer and he's an investor from Seattle and he runs a very successful company. He endangered, he actually let me come and job shadow him for three days. And I just got to like, see the inner workings of his mind. I got to sit in in all his meetings and that was so awesome. And it's such a cool opportunity. So if anyone is trying to, like, you feel stuck, reach out to people in your network and just go and watch what they're doing and see it. And it's, it's definitely motivating. I get so pumped up after I surround myself with other investors. Jesse (17m 59s): Yeah, for sure. And I mean it to the conferences or, you know, speaking with other like-minded individuals, even at, at BB con when we were in new Orleans, it is I think a relative thing where people, I hope that when listeners hear, you know, $20 million, $40 million deal it's, there is that aspect of like, it is relative. There was a, there was a point where, you know, somebody jumping from a million to $5 million or 100,000 to 500,000 or less is, you know, for that person, it's five times what they've done before 10 times, what they've done before. But I feel like once you do that enough times, you get that aspect of, oh, wait a minute. It really is that the concepts are the same. The deals are bigger, right? Ashley (18m 40s): 'cause, you're getting like the same ratio of compare, like your, your rental income to the purchase price. Like if that ratio is still the same, who cares if it's a hundred thousand dollars property or, you know, a $1 million property, I guess. Yeah. Jesse (18m 55s): I find the way I conceptualize the moving from, you know, your first property or second property, not really, I guess more so when you move from certain size of properties, to me, there's a category of one you can continue to bootstrap and then another, you have to raise external capital. Right. And, and what that inflection point is, is going to be different on the individual, right. You know, if you're one or two individuals, there's a certain level where you cannot afford to purchase that property, unless you create a structure where you're raising capital. And I'm curious for yourself that 700,000, you mentioned creative financing. Did you underwrite it from a pure debt point of view and put in your own capital, or was that something where you had to create a vehicle where you were raising capital? Ashley (19m 41s): So I spent all my money on real estate. So I have no money. I actually did two offers to the seller. I did one where I'd go and just get a commercial loan to purchase the property. And then I did one at seller financing and I did the seller financing at his asking price. And I said, you know, I'm willing to negotiate on terms. And he told me, I knew $2,500 a month. So I took, and I amortized the loan over 25 years at three and a half percent. And that came out to $2,500 a month. And so I got a nice interest rate, a long-term loan, and then he needed, he's actually, he lives on the property. So he's actually moving off the property and he's building a house. So he needed some money for that to build the house. So I am putting some money down on the property, but I actually sold a property. And that's, what's going to fund that down payment. Jesse (20m 41s): There you go. So that's creative. It's funny, you mentioned that one deal that didn't go through because you had the phase two environmental where, you know, there are all these strategies that you can use where we have a property right now that we have contamination on it. And it's really a matter of, of remediation. And part of their creative strategy, most likely will be a purchaser that comes along where we have to do, you know, a short seller financing or VTB on it to get it, you know, get the environmental assessment. But again, like, it's really just a matter of thinking outside of the box. And I'm sure you, as an accountant, you're like, okay, 2,500, we'll figure out what numbers those need to be to make that payment happen. Ashley (21m 17s): Yeah. As soon as he said that, I got like excited inside and I was like my smile and be like, okay, well, how about if we did it this? Jesse (21m 27s): So if we were to pivot to the campgrounds, this is something that, I mean, I don't know a lot about, I know we had Brandon on talking more about, you know, mobile, mobile home parks seem to continue to be the trend. Obviously multifamily is on fire, but yeah, for, for a complete newbie campgrounds, how did you come across them? And, and why do you get so excited when you, when you, when you're talking about? Ashley (21m 54s): So I actually came across this campground that was close to me for sale. It was actually on LoopNet. And I found that the day was listen, I got to be the first person to go and see it. And the older gentleman that owned it, he took me through the whole property, along with my broker. And just like, I could see so much value add and all these different revenue streams just popping out at me. And so that's what really got my interest. And like, my family had cam when we were younger, my parents still have an RV. We have like family land that we turned into, like a private campground, I guess. But so I have some experience in that and I love the outdoors and camping, all these different things, but just walking through that property and seeing the potential, like just even Wade whacking, the property was going to add so much value. The basketball net had like rocks or something, like holding it down and I wasn't even faced the right way. And just like all these things just super easy improvements could increase the value of it. The second thing that really enticed me about that property was that there, I think there was 164 sites and about 120 of those were seasonal. So people came in in the spring and this was in Buffalo. So campgrounds are closed in the winter, but they came in, in the spring, left their camper there, they paid a seasonal rate. And then they came and picked up in the fall. And that really limits the daily check-in checkout, which I kind of liked that model a lot more because I'd like to stay away from as much operation as possible. So I offered on that property. Hannah was like my biggest offer after it was 1.4 million and they were asking 1.5 and they had me go through, I was getting bank financing on that. And they had me go through a bunch of hurdles, like sending them so much stock to make sure I was really a qualified buyer. And then they ended up getting an offer from a capital group out of Los Angeles that beat me out. They did offer 1.5 million and they ended up getting it, but it made like the Buffalo news and stuff that this campground was, they stopped taking stop doing showings because there was two competitive offers from a capital group in Los Angeles and local investor, which is me, but that was like, so he got the bug there. And then I realized like after I lost that on it, like, wow, I was actually, I really enjoyed that. So I started looking a little bit more and reading about different revenue streams. I got a couple of people on the podcast, the real estate Wiki podcast too, who are investing in campgrounds and one that wanted to start investing, but had done a ton of research, had them on the podcast so I can learn some more. And so then from there I found another one and I'm currently trying to get one under contract now. And I just did a, an episode on the bigger pockets, real estate podcast with David Green. And I mentioned on there that I'm looking for campgrounds and that was released yesterday and already today. I have so many people sending me deals. So anybody else Jesse (25m 4s): I'm sure. Yeah. It's a, it's a great, you know, selfish or symbiotic. I don't know you want to call it, but where we can, we can have people, we can have guests on we're. I mean, the value, hopefully we're giving is we're, we're getting it in return from having the guest on. And obviously listeners just hearing a boat, like I would never have thought a campgrounds. Now I'm going to look into what's the, what's the Canadian market, like in campgrounds. Just curious. I'm curious though, from the, from the perspective of you come across this, this, this camp brown, you start seeing all the different revenue, potential revenue, streams, the underwriting for a campground obviously, or maybe not obviously, but from my perception, it seems like you're buying a bit more of an operational business. It's not as much pure real estate, but when you're underwriting it, are you looking at it as a, you know, as somewhat similar to a cap rate, like you're looking at the yields annually, are you looking at which companies that you would need to employ to, to manage the thing? W what did that look like for you being, especially being an accountant where it seems like those types of things would be at the top of the list for you? Ashley (26m 11s): Yeah. So actually what I did at first was I AIG Osborn had, he has an available a self storage deal analysis calculator. I actually took that. And I use that for that first property that I put an offer in. And I tailored that to like, okay, so he has, you know, the size of the storage units. How many of those units do they have? And then what's the, you know, the monthly rate for that. And I just like, changed it. Okay. There is, you know, 50 full RV hookup sites. There's maybe 50 with only electric or something. And I just tailored it to kind of fit a campground. So I've been actually working on that because there is not really a template or a calculator to analyze a campground because they're so different. Each one is so unique with what they have to offer and what are those different revenue streams. That's also what entices me, because there's so much different ways you can generate revenue off of a campground. So for the deal analysis, it's really been, so I'm only offering on my second one, I've analyzed maybe four or five in total now. And I just, I have to completely almost redo the spreadsheet every single time, because they're going to have different expenses. They're going to have a different income streams. So I really just start by making a list of what I think the revenue is. It can generate. And then I'm pulling comps. I'm looking at websites of other RV parks in the area. And I'm like, okay, what is their daily rate? What's their seasonal rate. A lot of times it even says what they charge for different things. So like one campground had a zip line and ATVs or whatever, and you'd pay like $25 for a day pass, use the activities. Okay, well, I could do that online, and this is what I could charge. So pulling comps on the campgrounds, because that's going to be your competition. People are going to look at what's around, especially the seasonal, because seasonal campers usually don't live that far from where they're parking their camper, usually within an hour, because they're going there on weekends, you know, the days off or even just for a night sometimes, and then commuting bathroom work, blackout work. The one that I had offered on first at the Mo the owner said, the majority of people there lived within 30 minutes of where they were keeping their campsite. So if they're looking in that area, that's definitely going to be, your competition is looking right there and see what amenities they have, and then kind of figure out the price. It's almost like a, how an appraiser does an appraisal, those do the bedroom, count the bathrooms and then compares them and like, okay, this is the average, this is what I can put that value to that property. Jesse (29m 4s): It's almost like how many things can we unitize and figure out what those, what those costs are or income is in terms of the, as a complete outsider in this, in this sector. Is there a case for campgrounds? Like, are there situations where the campground you can purchase the business itself, but not the real estate? Or are those always kind of co-mingled Ashley (29m 28s): No, you definitely can where you do like a land contract, but that would be something that I'm not interested in at all. I like the idea of owning the property. And I joked when I went this recent one I'm offering, I joke that in 10 years, I'm going to pay it off. I'm going to kick everybody out and I'm just going to build my dream house live there. Jesse (29m 50s): So actually we were on one of the panels that we had in, at the conference we were talking about, well, it was, it was a question for a couple of us on the panel and it was talking about the regulatory environment. And I thought, it'd be interesting to ask you because New York state, I think is probably of all the states, it's probably has a little bit more of regulatory kind of work to get through from a landlord tenant perspective. How, how have you looked at real estate or how has that impacted how you look at real estate, especially in your, in your state? Ashley (30m 23s): Yeah, so it's definitely not a landlord friendly state, New York by all means. So everything really changed for the worse in June of 2019. And even now just with COVID the, the regulations they put on, on evictions and everything like that has been awful to deal with and what tenants can get away with. And it definitely has deterred me from wanting to keep building a portfolio here. I think that I do have a nice sized portfolio. And if I, which I do think I will continue doing a bunch of burgers is I'll, I'll go out of state and kind of diversify in different markets. Maybe do a couple here a year still, just because it's so easy for me. Cause I know the market and I know the properties and I get a lot of deals sent to me. But yeah, we, we were lucky. We didn't have too many people that didn't pay during COVID, but there's one person that hasn't paid since COVID and we can't evict them. We can't do anything. So I was very thankful that I gave up property management before COVID hit, because I wouldn't be bald ripping my hair out even more. So that was nice. But yeah, I, I think that if you are investing on state, don't come to me here. Jesse (31m 46s): Yeah. Yeah. I think there's a, there's definitely a different, I mean, we're, we're very, I think our whole country safer for Alberta is, is a challenging regulatory environment. I think rent stabilization and rent control. We had a professor actually from New York city from NYU that was talking about the history of rent control and rent stabilization in New York state and then across the country. But I think for us, I'm not sure if it's the same for you, but basically we have a certain amount that we can raise every year. And they're really the only time you can raise above that is when a new tenant comes in. I'm not sure if it's the same kind of, Ashley (32m 20s): Yeah, we don't have that like outside of Buffalo, cause that's more like New York city, but for us, the biggest thing is like in June when all of the, the laws kind of changed and they just changed so drastically. So it used to be a three-day notice before you could file a petition for eviction, but then it changed to a 10 day notice and then it just like made the whole eviction process a lot longer, the different rules and regulations they put in and just a lot easier for tenants to get away without paying rent just a lot more loopholes and things like that. Jesse (32m 56s): Yeah, absolutely. I think one very like a stark difference between let's just use Buffalo, for example, compared to say our market in Toronto or I mean you could go LA you could go, Boston, Buffalo has been a very, I think yields centric type of market where you, the cap rates that you can achieve around your area, probably a lot higher than the cap rates we can achieve in our area. But I think that has been at the expense of potential equity growth. So how do you look at, at that when you are doing your underwriting and just generally your philosophy of, of that trade-off between, you know, potential income as opposed to value? Ashley (33m 36s): Yeah, so like one thing is the 50% rule in the 1% rule. So the 1% rule says that the per your, the rent that you're charging each month is 1% of the purchase price. I can hit that all day long. What I can't hit is the 50% rule where 50% of your expenses are 50% of the monthly income because the property taxes are so high too. So that's like a, not even the, the laws at all, just property taxes are so high here too. So that's been kind of another reason for me to want to go out of state for my rental portfolio, because if I buy this $20,000 property, I can pay that off very quickly or just pay for that in cash. But I'm still paying those properties taxes every single year. And those, I just sold a property that the property, it was 20,000. I had bought it for and the property taxes were about three grand a year on it. And, but I could go upstate and I could pay maybe, you know, 50, 60,000 for that same house, but only pay a thousand dollars in property taxes. And once that property is paid off, it's only a thousand that I'm paying every year instead of 3000. So that I would say is even more of a factor to me than the, the landlord tenant laws, even. Jesse (34m 54s): Yeah. It's funny that we would be the inverse of that. The 1% is almost impossible if not impossible, but the 50%, which is, you know, for listers, like you have a, your, whatever your expense ratio is, that's really, really what it is, you know, as a percentage. So us, I think 30 to 40% is pretty, pretty normal. It, unless it's brand new and then you can get a little bit lower, but yeah, I didn't, you know, and I didn't even think of that from a property tax perspective. That's really, I always, I, when you mentioned that, I thought it would have just been just expenses in general, not necessarily property tax. Ashley (35m 26s): Yeah. It's, it's definitely the property tax, but we actually in Erie county, which is the county that's in Buffalo and, or surrounds it, they actually have an Excel sheet that they, every year that they just put on the county website that tells you each town and what the tax rate is for those towns. And then it compares it for you. It says, okay, if you buy a hundred thousand dollar house, this is what your taxes would be on that property. And you can go through and see, and it shows, breaks it down from like town and county. And then if there's a village to village tax and then school tax. So what you can do is you can go through there and say, okay, these are the desirable school districts. Well, what towns border that, where you're paying that low town and county tax, but you're getting into that school district because of that little bit of overlapping. So if you guys, and anybody wants to go and look search your county, I'm sure they probably do this too. If your county does and look at that and you can see what towns have the lowest tax rate tax rates. So the last house that I, I just did a flip and that house had super, super low property taxes. It was in a small little town and the reason it had low property taxes was because there was like a garbage dump in the area landfill. And they pay the majority of the property taxes. Well, this property was like right on the edge of the border where you're not getting any smell from the landfill. And so it was kind of like an opportunity because you get that, you know, I, that property, I also purchased for 20,000, but instead of 3000 and proper Texas, it was only $850 a year in property taxes. Just show the difference. Yeah. Jesse (37m 12s): Yeah. I think that's, I mean, it's pretty amazing. Like you can have properties within, you know, 45 minutes an hour from each other and just have such a drastic price difference when it comes to property tax Ashley, in terms of the way that you're looking at the market right now, and fingers crossed, hopefully we're coming out of this thing, you know, in, in the right direction, when it comes to the lockdowns and restrictions, what is, where do you see opportunities over the next few years? You know, what's, what's kind of got your interest aside, you know, aside from, from the, what we've discussed here, but what are you excited about? Ashley (37m 47s): Well, I guess, you know, I'm trying to stay away from that shiny object centers. Talking about teenagers is bad for me, but I think there'll be a opportunity for businesses. So going after businesses that maybe are sick of the COVID regulations, or maybe they did fall behind and during COVID and they just haven't been able to catch up. So I think there'll be opportunity there. So some of the businesses I'd be interested in are not really going to be ones that were impacted by COVID, but were actually empowered by COVID. So they actually did better. So that would be like liquor stores, which I got one of those. And unfortunately we didn't get our like liquor license until basically the shutdown was kind of over, but looking at the kind of businesses that can survive COVID I think really piques my interest that if there was another shutdown or something like that happening again, that these businesses were thriving and they still do successful anyways, even when there isn't a shutdown. So that was like a liquor store was a big one for me. And then I also like the idea of a laundry mat or a carwash, just the, the, the ease of the cash cow from those. And then I do have some experience managing a laundromat for that, that other owner. So yeah, those are any other business opportunities Jesse (39m 18s): Working with that. Gentlemen is the gift that keeps on giving we've. We've looked at laundromats as well. It's just one of those compelling things that even without buying the real estate there, there still is a compelling case. If you can obviously do both. That's great. But I like your point in terms of businesses that have been resilient. I mean, we've seen in our own market, you know, whether it's technology, medical, technology companies, ghost kitchens, just companies that you didn't, you couldn't foresee how much, how explosive their growth would be prior to the pandemic, obviously for, you know, nobody has a crystal ball, but that that's, we do see those companies, a big driver of, of real estate at least locally here. And I'm sure it's, it's the case where you are. Ashley (39m 60s): Yeah. And even with auto dealerships. So I've been in because of the same investor I've been in the auto dealership industry and they are making more money now because of the shortage of cars. So every car that they're selling, it's getting selled at invoice or above because there's no cars available because all the chips and all the parts are stuck on a ship waiting to come into the us. But they they've said that they sold they're making as much as they did, but they're selling half of what they sold before. COVID. So they're doing less work, making the same amount of money. So it's been almost beneficial to them to, I mean, there's definitely was some hardships, especially during the shutdown and things like that, but there's the PPP programs that I think helped a lot of, of businesses. So it's very interesting to see what businesses actually have benefited from COVID and have done better. Jesse (40m 57s): Yeah. I couldn't agree more. Well, actually, I want to be respectful of your time here. There's four questions that we ask every guest that comes on the show. So before we kind of get on how people can reach out to you, if you're game for those all, I'll start them off. What's something that, you know, now it could be in your real estate or career in general that you wish you knew when you were starting out. Ashley (41m 19s): So, one thing that I did not know was that you could go and get a loan for an investment property. I thought you had to make a cash, but you had to buy it in cash because that's how that other investor had purchased all of his properties. So I wish that I would have known that there was other options to me then just taking on a partner and I could have explored that. And not that I, you know, made a bad decision or anything like that, but I wish I wouldn't have had that limited mindset of that. You could only buy a property in cash, and I didn't even realize creative financing and all the different ways to purchase property until I actually found bigger pockets in 2017. So that was three years later. And then I tripled my portfolio in a year and a half after just digging into the forums and learning all these different ways, you know, seller financing and private money, all these different things. Jesse (42m 13s): Yeah. Just, just all the different resources. The next question is, you know what, since you were on a panel for women in real estate, maybe we'll, I'll kind of tweak the question a little bit. Typically we'll ask, you know, your view, what would you give as a recommendation to younger people coming into our industry, your view on mentorship, but why don't we say from a, especially from a female point of view, younger women coming into our industry, you know, what would be your advice to them? And, and just generally, and mentorship, Ashley (42m 41s): I think that there are some women out there who think that they are at a disadvantage being a woman in real estate, because there's so many men doing it. Don't look at it like that. It is an opportunity and it is an advantage. You are going to stand out because you are a woman. If you go and look at a property with a broker, do you think he's going to remember the 20 other men that have looked at it and know he's going to remember that one woman that came, that you know, is investing in properties. I think there's a lot of doubts and that, you know, you're going to get scammed by contractors because you're a woman, you know, don't know what you're doing. And that's also an advantage. You know, if a contractor is going to try and scam you, because you're a woman who's going to do it right off the bat. So if he's talking down to you or things like that, then you know, not to hire him or if it's a guy and the contractor is like, okay, he probably knows what he's doing. I'm going to scan them at them or something. But I, I think use it to your advantage. And it's an opportunity. And if you feel like, because you are a woman that you are not being taken seriously, then you're talking to the wrong people. You're talking to the wrong person because I have more friends in real estate that are men than women and not a single one of them has ever talked down to me or made me feel like I don't belong. That it's a boys club at all. If anything, I feel like I've been more welcomed because I am a woman. There's a million other men doing what I'm doing, but there's not as many women. So it's given me an opportunity, a like up and I think take advantage of that Jesse (44m 25s): Great advice. Okay. Is there a resource, a podcast or book that you'd like, let listeners know about that you're listening to reading Ashley (44m 36s): The real estate rookie puck. Jesse (44m 41s): Yeah. As well. Ashley (44m 44s): Yeah. If there is actually a book that I love and I think that anybody who's in business or the real estate or any other business should read this because no matter what, you're going to be dealing with people, and it's a hug your haters by Jay Baer. And it's a customer service based book. And basically it talks about like, if you received negative feedback or criticism, how to deal with that, and also how to kill people with kindness. So if you are a wholesaler and you're getting, you know, sellers that are, you know, or you know, how to work with them. And so I, it's a, it's a great read. I, it's probably the, one of the, probably the only book that I've scribbled in that much before and like taken notes and highlighted things. And so Jesse (45m 32s): That's great that I think that's the first on the show. I've never heard of it. We'll put a link up to that as well. Awesome. All right. My favorite question, first car, make and model. Ashley (45m 42s): It was a green Bonneville. I don't even want the makeup upon GMC or Chevy or something, but That's basically about think of a vote. Jesse (45m 57s): Yeah, just, just in a, in a what's it called in Buffalo with a PO thing. It's Pontiac. Pontiac Bonneville. Yeah. Awesome. Awesome. Well, Ashley, for, for people that like to kind of find out what you're doing online, like I said, you have great, great presence on, on Instagram and other platforms were where's the best bless area for people to reach out. Ashley (46m 19s): It will be on Instagram app wealth from rentals. And then we also have a real estate rookie, a YouTube channel, and then a real estate rookie, a Facebook page. You guys just searched those. Jesse (46m 32s): My guest today has been Ashley Kurt, Ashley, thank you for being part of working capital. Ashley (46m 36s): Thank you so much for having me. Jesse (46m 45s): Thank you so much for listening to working capital the real estate podcast. I'm your host, Jesse for galley. If you liked 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.
On this installment of our series, The Road To COP26 Presented By Octopus Energy, we look at how to mobilize public and private finance for climate action with investor and former presidential candidate Tom Steyer. As COP26's Finance day unfolds, we discuss what governments need to do to increase private finance in climate solutions, how much needs to be invested, and how to center equity and justice to accelerate mitigation and improve adaptation across the globe. Co-hosts Ty Benefiel and Brock Benefiel also discuss the Global Methane Pledge, the announcement to end deforestation by 2030, and the formation of the First Movers Coalition. .Thank you to our sponsor Octopus Energy, a 100% renewable electricity supplier. Octopus Energy is currently serving millions of homes around the globe in countries like the United Kingdom, United States, New Zealand, and Germany. Subscribe to our Substack newsletter "The Climate Weekly": https://theclimateweekly.substack.com/ As always, follow us @climatepod on Twitter and email us at firstname.lastname@example.org. Our music is "Gotta Get Up" by The Passion Hifi, check out his music at thepassionhifi.com. Rate, review and subscribe to this podcast on iTunes, Spotify, Stitcher, and more! Subscribe to our new YouTube channel! Join our Facebook group. Check out our updated website! Further Reading: COP26: World leaders promise to end deforestation by 2030
Read a transcript of this episode on FT.comhttps://www.ft.com/content/44757917-71f4-4699-8bde-49ebd15feebeBanks have watered down climate pledges and continued to finance the fossil fuel industry in the six years since the Paris accord was signed, and Gulf states are making net zero carbon emission pledges but say they need to keep oil flowing to fund their green energy transitions. Plus, the FT's US editor-at-large, Gillian Tett, explains how private institutions are stepping up to fund the fight against climate change. 30-day free trial of the Moral Money newsletter: http://www.ft.com/cop26podcast Banks face accusations of greenwashing as global warming fears mounthttps://www.ft.com/content/0ea3267c-d61f-4120-a976-0b81b60836c5Climate finance: where does all the money go?https://www.ft.com/content/d9e832b7-525b-470b-89db-6275853315ddGulf states push for net zero but warn ‘we can't just switch off the tap'https://www.ft.com/content/fbc33e10-fc4f-481e-8516-52a6bcf9dec3The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show's editor is Jess Smith. Additional help by Peter Barber, Gavin Kallmann and Michael Bruning. The show's theme song is by Metaphor Music. The FT's global head of audio is Cheryl Brumley. See acast.com/privacy for privacy and opt-out information.
➤ Tesla just unlocked a hidden revenue stream worth billions of dollars ➤ TSLA rally continues as Tesla stock closes at all-time high ➤ Tesla reportedly updates Solar Roof solar tiles ➤ Tesla locks in lithium supply contract ➤ New financing option introduced in China ➤ Tesla Hong Kong teases “Tesla Fest” next week ➤ Model Y “coming soon” to Hertz? ➤ Latest news on the US federal EV tax credit ➤ BMW CEO makes some interesting comments ➤ Black Cybertruck photo? ➤ Current & former Tesla board members sell TSLA stock ➤ SpaceX publishes Starbase video (https://youtu.be/TeVbYCIFVa8) Twitter: https://www.twitter.com/teslapodcast Patreon: https://www.patreon.com/tesladailypodcast Tesla Referral: https://ts.la/robert47283 Plaid producer Who Why Executive producer Jeremy Cooke Executive producer Troy Cherasaro Executive producer Andre/Maria Kent Executive producer Jessie Chimni Executive producer Jeffrey Yu Executive producer Michael Pastrone Executive producer Richard Del Maestro Executive producer John Beans Music by Evan Schaeffer Disclosure: Rob Maurer is long TSLA stock & derivatives
After a fun weekend at our flip open house and Halloween, this morning we chatted about how to find the right contractor and how to make a little extra cash on the side for your next down payment! Got questions that you need answered about Real Estate Investing? Need a kick in the ass? Text me! 587-400-0721 Interested in joining our next REI Cabin Retreat in November? Head to: https://www.eventbrite.ca/e/real-estate-investing-cabin-retreat-tickets-176527086267
In today's episode we speak to Nagaraju Bandaru who is the Chief Technology Officer at Mosaic. He is a product executive with 20+ years of experience in innovation, architecture, product delivery, and operations and has led growth and transformation initiatives for startups, private equity groups and large public companies. Prior to Mosaic he served as VP and Chief Technology Officer of Clarivate Analytics formerly known as Thomson Reuters and held executive product development in customer care leadership positions at Intuit no less. He holds a Masters Degree in Computer Science from University of Hyderabad. We kick off by asking Nagaraju to tell us about him, what brought him to this point and what has been his journey that has brought him here: His father was a government worker so his family moved every few years Didn't have much friends but learnt new languages often Oldest of three Always good at solving problems He saw two people companies turn into huge multinationals Covad shaped him into the leader he is now At Intuit he realized he was a technologist at heart Mosaic has planted a huge foundation, great team with the ability to make impact Next, we ask Nagaraju to tell us how important the fundamentals are for leadership. Driven for results Goals and how to measure them Active coaching We then ask Nagaraju why he is passionate about the meaningful work at Mosaic? Clean energy for all Huge upfront costs to getting your home energy efficient Being able to make that financing available We ask Nagaraju to tell us about the journey for a homeowner to become energy efficient. Green energy We make the point of financing easy Taking the hassle away from the homeowner Expanded to home improvement companies We then ask Nagaraju about the innovations around his industry? 18 month deferred interest loan Loans to finance their clean energy projects Battery becoming more mainstream Moving on, we ask Nagaraju what does the modern home of the future look like? 131 trillion dollars Solar alone can make a huge dent The ecosystem if very large Financing is the biggest part Next we ask him about culture and leadership and what it means to him? It's important how you inspire your time The ability to think strategically Building a high performing team Drive for results Innovative leadership Inspiring teams through your action Trust - show up everyday Your good judgement and your decision making Customer empathy Team work Equality and diversity Empathy and care Lastly, we ask Nagaraju what gadget he can not live without? His drone Ariel photographer --- Send in a voice message: https://anchor.fm/gloabl-tech-leaders/message
Got questions that you need answered about Real Estate Investing? Need a kick in the ass? Text me! 587-400-0721 Interested in joining our next REI Cabin Retreat in November? Head to: https://www.eventbrite.ca/e/real-estate-investing-cabin-retreat-tickets-176527086267
Do your job the best way that you can to improve people's quality of life. In this episode, Sam Wilson talks with AJ Shepard who is the co-owner of Uptown Properties. He is a licensed property manager, contractor based in Oregon, active investor, and indicator of multifamily apartments in the Portland area. He shares his journey through the real estate business. As most people go through, he started relatively small by having his first house bought from his dad. From fixing one to two houses a year with his brother to starting their own property management company, they eventually expanded their business and now hold different businesses related to properties and financing. Together, we can consider them as veterans in their line of work and have provided us life lessons along the way. Love the show? Subscribe, rate, review & share! https://www.brickeninvestmentgroup.com/podcast
Oct. 29, 2021 - While women- and minority-owned businesses have made great strides in growing their share of state contracts in recent years, there are still systemic challenges that hinder their ability to compete. Valerie White, executive director of LISC NYC, highlights a private-public partnership designed to remove one obstacle: increasing access to capital.
Financing options for 2022 are being evaluated today. Hans Pflieger, Vice President of Credit Operations for Alcivia, discusses their Verity program opportunities for finances in 2022. Knowing all your options is key, and getting discussions started early is important. Find out about Verity and all financing programs through Alcivia! See omnystudio.com/listener for privacy information.
The Indian IPO market is red hot right now. In the first 6 months of this financial year, companies have raised around ₹63,500 crores through public listings and it could go up as high as ₹1,00,000 by the end of the financial year, with some big-ticket IPOs like Nykaa and Paytm on the cards. However, there is a small snag in the world of IPO financing and it has the potential to cool off the markets by a fair margin. So in today's episode for October 28th 2021, we talk about this and more
Andrew Drexler has been a Part of the First National Financial Commercial Team for over 15 years, and has Originated more than $4 billion in Commercial Financing. In 2020 alone, his team funded over $1 billion in Commercial Mortgages, of which $822 million represented transactions in Ontario and $236 million Represented Transactions in Quebec In this episode we talked about: Andrew's Bio & Background The Real Estate Market Liquidity Debt Markets and Financing of Projects The Retail Real Estate Outlook Remote VS Onsite Work Real Estate Risks and Opportunities Underwriting Apartment Buildings Condo Development The Student Rental Market Canadian and US Real Estate Mentorship, Resources and Lessons Learned Useful links: https://www.linkedin.com/in/andrewdrexler/?originalSubdomain=ca https://www.firstnational.ca/contact-us Transcription: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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, or at least an in gentlemen, my name Jessica galley, and you're listening to working capital the real estate podcast. Our special guest today is Andrew Drexler. Andrew has been part of the first national financial commercial team for over 20 years. Now, for those of you that don't know first national is one of Canada's largest non-bank mortgage lenders offering both commercial mortgages and resident residential mortgage solutions. And correct me if I'm wrong, Andrew, I believe you said that we're over 10 billion in, in mortgage originations. Andrew (50s): It's going to be pretty close to 10 billion for this year. Yes, we're on the commercial side. It's going to be a very exciting year. Jesse (56s): Well, first of all, thank you so much for coming on. It's it's great that you're being generous with your time. How you doing today? Andrew (1m 2s): My pleasure. Good. Thank you. It's a beautiful fall day in Toronto right now. I love fall. It's my favorite season. So it's a beautiful day Jesse (1m 9s): Transience of that fall season. We get it for such a small amount of time. That makes it so good. Well, it is a, it is false. Yeah, no, absolutely. I appreciate that. It is fall. It's a leaves home opener today. So at least versus Canadians for the hockey fans out there. What we do with, with guests that we have on first and foremost, Andrews, we like listeners to get a little bit of a background into, you know, how you got into the, the real estate space, maybe a little bit of, of your background and how you ended up where you are today. Andrew (1m 44s): Sure. So, you know, I first got introduced to real estate actually, when I came as a 14 year old immigrant to Canada for Romania, with my family. And it was the first time it occurred to me that you have to pay rent to live somewhere. And I thought that was quite interesting. So I guess I went to school at the university of Toronto and upon graduating, I was very fortunate to meet more the co-founder of first national and, you know, he's a legendary figure in our industry. He's been a great mentor for me now for 20 years. And so early on in my career Morty and I were looking after one of our largest clients from Israel who came into Canada and bought a lot of real estate in a very short period of time. And so early on, I was exposed to all the different asset classes and because they were short-staffed here, we did a lot for them, not just the financing, but a lot of the acquisition work and due diligence work, you know, and that gave me a really good understanding of both the equity and the debt side. So it's been, it's been a really amazing ride really for the last 20 years, we've worked on some really exciting deals, mixed use deals, construction loans, and pretty much every asset class. So it's been, it's been quite an interesting last 20 years. We've seen a lot for sure. And you know, I'm excited about where the Canadian industry is. I mean, there, we see a lot of changes, but we also have some challenges going forward. So I think overall though, the industry, the Canadian real estate industry is in a pretty good space Jesse (3m 12s): For sure. And in terms of coming out of the university of Toronto going, you know, meeting, meeting the, you know, the head of first national, was that your first path into real estate or was there, was there other companies that you work for prior to, to first national? Andrew (3m 26s): No, that was my first. That was my first job out of university. It was, I was, I was quite lucky. Actually. I started a business lab in university, which led me to meet somebody who then introduced me to the Maury and went, you know, it, this is how the opportunity came about. And it's been, it's been a great opportunity that I really appreciated, you know, first actually has been just such a gold standard in the mortgage industry, Steven Smith and Moya Taz. And they've done a great job of being at the forefront of innovation. And, you know, like you said earlier, I mean, we're going to be close to $10 billion of new mortgages originated this year on the commercial side, the single family side is, is a leader in its space as well. So we get a really good look at what's going on in the industry, you know, both from the commercial side and the, the, the, I guess the single family side and just the strength and the health of the overall industry. From that perspective, Jesse (4m 18s): I'm curious to ask, I mean, it's not often you have a seasoned vet. That's been with a company like first national from inception in terms of the, the background that you've seen over the years, first National's evolution to, to what the different places that they lend within the capital stack. How has that evolved over your career there? Andrew (4m 36s): So we used to be predominantly an apartment lender on the I'm only going to speak from the commercial side cause that's where, where I work, but we are mostly an apartment lender and now we've become, you know, we do retail, we do office, we do self storage, we do student housing and retirement. We've really become a very balanced lender. This is a time. I mean, there's definitely a lot of liquidity in the markets, both for on the equity side and on the debt side, it's a great time to be a borer. If you have existing assets, it's a very difficult time to be a developer, looking for land, looking for new projects, you know, it's become tougher and tougher to make money in real estate, both buying and developing. But if you do have an existing portfolio, it's a very good time and there's so much liquidity. I don't think I've ever seen this much liquidity in our market, again, both from the, the equity and the debt side. Jesse (5m 28s): So how has the last year, well, almost two years now, this environment that we've, we find ourselves in, how has that, if, if it has at all changed the way that you look at the debt markets, the way that you look at financing of projects, you know, anything different philosophies changed over the, over the last 18 to 24 months? Andrew (5m 51s): You know, it's a good question. So I think we've been surprised at how certain asset classes have held up. I think at, you know, we were worried about apartment owners and, and, you know, we were wondering whether people are going to lose their jobs and not be able to pay their rents. And the apartment sector has held up incredibly well. You know, I mean, the government's done their job to, to support people and then people to their credit have done a great job of maintaining their rent payments and not defaulting there. I think, you know, rebel is had its challenges. You know, obviously people shop differently. Now. I think people are spending less, I think on the office side it's yet to be determined, right? I mean, I, I'm a big believer in the return of the downtowns. I think, you know, we've seen apartment vacancies in the downtown core across Canada go from 0% to 15% almost overnight. I think we're starting to see the return now and nobody's really back at work, but very small people are, people are back in the office. I think that we will go back fairly quickly. I'm so bullish on, on the Canadian major cities. I mean, I just think when I look around the world, I, I wouldn't rather be, I wouldn't be anywhere else really than, than here. So I think there's a big draw from an immigration perspective, economic perspective, our, our political system is good. Are healthcare systems good or universities are good. So I think, you know, Canada will continue to be a strong point of, of, of entry, you know, industrial of course has been booming. And so that's, we all know that everybody's looking for, for industrial space and, and rents and values and land and cap rates. Everything is it's at an all time high cap rates at an all time low, of course. So the Canadian market is held up really well. I, I would say my biggest worry is really more around the retail side. I think the, the office side will rebound and I think the office sector for the most part is owned by very large institutional players that have a deep pockets. I think on the retail side, I'm more concerned about, you know, when you lose the mom and pop tenants and when you see some of the anchors that are maybe downsized or not quite taken up as much space, I'm not sure that there's a long list of replacement tenants that are waiting in the wings. You know, in previous years or decades, there's always somebody new coming out of the U S there's always somebody new coming out of Europe. We just don't seem that anymore. And I'm just worried that that rents probably in the long-term are going to be flat lower than where they are today. And that's assuming the occupancy stays at the level that it's at, but overall the market has been good. I think you certainly put more emphasis now on the strength of the bore and their cashflow abilities. You know, it used to be that somebody got, they had a good net worth, they're good to go, but now it's, you know, they own a bunch of different plazas and they're not quite getting their full, you know, a hundred percent of rent that they used to collect. So can they still support the loan or what happens when their loans roll over? And they start all of a sudden going to a higher interest rate, you know, which is the next point, which is, you know, I do think unfortunately we're in for a, a period of rising interest rates. I do think that everywhere you look, you know, it screams inflation, and eventually that's going to make its way into the interest rate environment. You know, there's talk about one a day data being, being slowed down or reduced at all levels and malt and other, you know, many countries. And I think that that ultimately will put pressure on bond yields to move up, which will result in higher interest rates are interest rates can lead to higher cap rates, you know, maybe a reduction in values. And again, the cash flow is, is a big concern. So we're definitely, stress-testing our borders a little bit more, and we're looking very closely at the ability of the property as well to, to support their, that they plan on taking Jesse (9m 32s): Yeah, in terms of a lot there. But for, for the particular asset class, I'm curious with retail, as you know, we've seen, I think whether in the states, whether it's 26 or 27 square feet per person per capita, and we're somewhere 16 and then, you know, European countries, sub 10. So all that to say that we, you know, a lot of real estate or retail, I think that even prior to COVID, we, we knew it was overbuilt, but now really getting granular. And the ones that at least we see is that the grocery anchored or the good anchor tenant malls or areas experiential areas I think are going to be positive. But when it comes to you looking at retail as an asset class, are you looking, you know, with much more emphasis on the credit worthiness of, of the tenants and what that tenant profile looks like? Andrew (10m 21s): Yeah. I think it's, it's the long-term stability of that tenant and trying to anticipate what their long-term needs are going to be. So, you know, when I look at a Canadian tire, when I look at a Walmart, Walmart, which used to be obviously the gold standard, and you have one of those in your Plaza and don't even have to worry about the rest of the tenant roster. I think you, you try to say now, well, where would they be in five years? Do they still need that kind of footprint? Is there a chance that, you know, we're competing with their own sites and they go somewhere else because they need more or less, you know? And then when you look at the, the, the rest of the tenants and you look at their rents and you even look at the renewal rates, like, are they really going to be getting those rents? You know, considering that, you know, they spend more on cleaning, they spend more on staff, they're doing a little bit less business than they used to. You know, certainly if you go into the mall and all of a sudden you're allowing two people per store, four people per store, you know, what does that do to their bottom line? It's got to impacted, right? And then you add in, again, the extra cleaning Dexter wages, certainly the profit is going to be decreasing. You start thinking about supply chain issues, you know, where they're getting their, their items that they're selling their merchandise. Does that cost them more? Are they still able to get it on time again, that affects their profit, which ultimately for them to stay afloat, do you need to come back to your landlord and say, Hey, I'm sorry, guys. I want to stay open, but I need to pay a little bit less. So I think it's more about not just happens right now, but it's really what happens two to five years from now. That's really important from a tenant by tenant perspective. Jesse (11m 56s): Yeah. That makes sense. In moving over onto that office side, do you, do you, well, I'll say this, do you subscribe to the, this, this idea? I think I'm, I'm partial to, I'm also, you know, obviously biased in, in the Toronto downtown market, but the idea that I think that 24 hour cities are going to come back, whether it's the new Yorks, the Las Vancouver, Toronto, I think suburban offices have held up decently. I think it's, it's a lot of the mid tier, you know, the, the class B class C in mid markets that I think are going to be the questionable questionable office is the ones that aren't connected to the suburbs through transportation. Like you just, you know, having a car and the ones that aren't downtown connected via all the transit that we have here. What are your thoughts on that? Andrew (12m 43s): You know, for me, the question is about when people are going to feel comfortable being on public transit, right? So I'm a huge believer in that downtown. I'm a huge believer in, in, you know, not just the hybrid model, but a return to work model, because I truly think people need to be around others to brainstorm, to be more creative, to be more productive. I know we've all been very productive for the last year and a half, but the reality is everything's been shut down. You've had nothing to do blood work, you know, but now as things open up, you know, it's easy to, to, you know, not feel as, you know, energetic or enthusiastic plus you've been, you've been locked up at home for awhile. You know, when you come into the office, is it just a certain level of energy that, that kicks in, right. And I think for the young people, not that, that I'm so old, but for the young people, you really need to be around to hear what's going on, to learn about deals, to learn about what's going on in the market. You just don't get that from the home. And so I do think the office market will come back strongly in the downtowns across Canada. I just, for me, the question is more, is this six months? Is it a year, is a year and a half. And I think the answer depends on when will people feel comfortable being on transit. Cause you know, everybody thinks they're going to drive into work. I tell you I live 15 minutes away and it takes me 45 minutes now to drive in with 5% of the people being downtown. And so once everybody's back to work, it's just no chance I'm doing a drive in and out of downtown. So, but I I'm a such a believer in the return of the downtowns and, and it goes the same for buildings, right? I mean, people are not going to be working, living in the suburbs for the rest of their lives. You know, if you have family, that's a different story, but the young people, again, who may be moved home or, or bought a place for our way that I just think they'll, they'll want to come back into the downtown, you know, and once their friends are back and the energy's back, you want to be in and around the downtown. And you know, that will signify the return of that 24 hour city that you're talking about. Jesse (14m 38s): Yeah. I think that's born out by most of our experience that we've had with our office. We've, we've opened in October, so not too long ago, officially on, on kind of a rotational basis. And there's definitely that feeling that vibe, you know, just kind of interoffice sports are kind of slowly coming back. And I really felt during COVID or that at least the beginning, I really felt for the individuals that were associates and analysts just coming into our industry only, you know, the time where you should be making the most connections speaking with the most people, they were kind of forced to be at home during that time. Andrew (15m 12s): Yeah. It's very difficult that you just can't learn the same way when you're at home. You know, you try, I mean, I have a team of analysts and you know, we try to get them on calls. You're calling your client, you get them on, but sometimes you don't get the client, you hang up, they call you back. You can't quite just say, hang on, let me put my house on line. And these are learning opportunities where you just around people and you learn, I mean, I've learned so much by, you know, the, the predecessors or the people that are still our company that had been there before me just listening to them. You know, that's how you learn how to talk to clients. You learn what to say, what not to say, you know, you learn about stuff that's going on in the market. I mean, these are really valuable things that I really hope that the young people see the value in that. And they forget that it's been easy to work in your jogging pants and, you know, get a workout in, in the middle of the day. But hopefully you'll you realize that the importance of, of being in the office? Jesse (15m 59s): Yeah. I think the interface, zoom, whatever it is, teams it's, they've got, they've done well, but there's definitely those subtleties. I, in terms of, you know, you mentioned interest rates, you know, I think it kind of went under reported with the fed kind of decoupling their, their target inflation. I'm I'm assuming I, I should be, I should be more up on this for the Canadian side of things, but I assume that we will follow something similar to what what's going on in the states right now you mentioned inflation and, and as a result of eventual, upward pressure on interest rates, how do you view, how do you analyze that? How do you approach that when from a, from a lending point of view? Andrew (16m 39s): So I think the challenges with the construction projects, you know, where you have, you're trying to underwrite the future value of the asset upon completion. And you're trying to peg a certain interest rate, a certain ceiling rates that you cannot exceed. So you're structuring your construction financing based on the end value. When you have a certain rate that you can't, when you convert to the term that you cannot exceed. And so, you know, the challenge with, with apartment construction is that the projects take so much longer than they used to. You know, you start off with approval is taking years now, too. So the pre-development takes a lot longer. The construction is taking longer and you know, whether it's COVID related, whether it's supply global supply chain, disruptions related, you know, everything is taking longer. And so, you know, now you're looking at a project that could be five, six years before you get to completion. So we're essentially trying to peg where the interest rates are going to be in five or six years, because that's what we've tied our construction loan to. So I think that's, to me where I have the biggest concerns, we mitigate that by saying, you know, we're really just focusing on large bores that have liquid assets and very good cash flow in their portfolio. But a lot of these apartment projects are getting to be very significant. I mean, we're doing projects that are, you know, $200 million upwards of $200 million. That's a lot of exposure. You know, you have a, a 50% basis point 50 basis point rise in interest rates, which could impact your cap rate by 25 basis points. You know, that's a lot of, that's a, that's a big value of sling. And I think if you try to say, look, you know, we're going to increase the interest rate in our underwriting by 50 basis points per year. Or if you're trying to Peggy at five years out, that's two and a half percent. There's no chance that anything today is going to cover. So it's, it's a bit of a balance, right? But I think the biggest challenges in the multifamily sector, I think, you know, industrial, not so much office, but industrial and retail, usually construction is a lot shorter. And usually you have your leases done right at the beginning. So you don't even have to worry about leasing risk at the end. So it's merely just pegging your construction risk and then how quickly you can turn out the debt. But I think apartments though, you do have some, some serious interest rate. Jesse (18m 53s): Yeah. At least with industrial construction too. I mean, it's a slab of concrete at, at a certain point. And the, the, the construction itself is simpler. I'm curious, Andrew, when it comes to the underwriting of apartment buildings, for those that don't know that the Canadian market is a bit unique, especially in comparison to the states. A lot of our apartments stock is older stock in terms of the actual, when, you know, when you hear that there's a class, a class apartments in whether, you know, it's in Miami or Boston, we really started building a class not very long ago. So the projects that, that you would finance or that you would look at geographically, where do you find them clustering and what type of, what type of assets in the apartments fear are you financing? Are you lending on? Andrew (19m 40s): So there it's our asset class that, that transacts the most. So there is a lot of capital chasing apartments. So the existing portfolios are being bought the existing older buildings. There there's a lot of demand for them. There are a lot of international players that are a lot of Canadian REITs. There are a lot of wealthy families and investors that are still looking to acquire multi reds in Canada. And so that's good because you know where your debt is today, and it's been very cheap. And so you can lock into a 10 year rate and still get some pretty attractive returns. We send a lot of new rental development over the past five years. And the reason for that is because, you know, it used to be that interest rates were high and rents were low, right? We had rent control for many years and there was no incentive to build apartment buildings. And like you said, the apartment stock in our country is very old and we hadn't had new construction for a very long time. And so the shift happened when interest rates started going lower and lower to the point where we were at historically low levels, the financing environment became a lot more conducive to new development. And a key part for me was that the tenant profile had changed. So tenants right now, whether you're dealing with retirees cashing in, on their home equity, young professionals that either can't afford or don't want to buy a house right now, or international students, these are very sophisticated pennants that have said, you know, I want a nice building. I want a superior HVAC system. I want amenities like rooftop, patios, and barbecue areas where we can entertain friends. I want gyms in our building. And so this level of demand from the tenants has driven the, the, the, the increase in supply of new apartment buildings. Now, not all new apartments have been luxury. You know, we've built, you know, call it no frills, new apartment buildings as well. You know, new apartment buildings that maybe don't have the same level of amenities. And we've built those, not just in the major cities, on the major transit nodes, but on the outskirts as well. And so those have been really well received. So I think to your point, our rental stock is very old. And anything new that has been brought into the market has been received very well, because there are lots of people that have the ability to pay more for their rent and want to live in nice places. And, you know, frankly, the units have gotten smaller, but that's okay because you live in a brand new, beautiful building. And again, you have these great amenities and you have people over, they're not going to be in your, an apartment. They're going to be in the, in the common areas. And so we've seen a lot of new developments in, in that sector. The challenge now is will that continue going forward? And I think, you know, the demand side is definitely there. I think the challenge is in those risks that we're talking about, namely interest rate risks, the fact that the projects have taken longer, they're becoming bigger. And with the construction costs today, escalating rapidly, you know, the returns are now getting to that point where they don't really make sense. And so this all leads to this affordability crisis that we have in Canada, which is both the home ownership, we're home on affordability issue and the lack of affordability on the rental side. And the challenge is that people don't understand that the issue is a supply issue. It's not a matter of cap, the rents, you can increase rents anymore, or you can't get rid of and evictions. It's not that the issue is that we don't have enough supply and pre COVID. We were pretty close to 0% vacancy rate across the country. Most cities we're going to get there again, as soon as immigration opens up, as soon as the international students are coming back, as soon as people come back into downtowns to the office, that vacancy rate goes back to zero. And yet here we are with facing a, an, an affordability issue again. And so we need to find a way to solve that. Jesse (23m 28s): Yeah, I think that is kind of the knee, knee jerk reaction. It's it's these symptoms. I think of the problem that you, you go to like rent evictions or these, these type of things where it's it's, the constraint is supply. And I I'd like to get your thoughts just on the, the history, at least of our market. A lot of it has been this shadow market of condo development, being a proxy or a replacement for what should be purpose-built apartment buildings, people that are fully intending on, on renting. Is that, is that dynamic, do you think that's still happening and will happen between the two asset classes and maybe just a follow-up to that? If so, is that because of the, the ability to build condos is regulatorily easier than, than a purpose-built right now, Andrew (24m 18s): I'd say that's a complicated question. So I think traditionally, it was easier to do condos because, you know, you would pre-sell, you would have a certain profit built in there and then you'd go get your financing. And then you start construction. You also had a very level of construction industry where costs were an escalating, like they are today. And your, your development timeframe was a lot shorter than it is today. So it was fairly cookie cutter in that once you, the risk was in picking a site in and getting the pre-sales done, once you did your pre-sales and you locked in your profit, then it was just a matter of building it out. And it was fairly straightforward. The challenge now on the condo side is that, you know, as a lender, I don't even know if I want our borders to pre-sale or to pre-sell the full, you know, 75 or 80% of the building to cover a loan because frankly cost escalations are so high that it's going to eat them through their profit pretty quickly. And then I don't really want them losing their motivation halfway through the project where we funded half. And now all of a sudden there's no profit left. So it's, it's very challenging as a lender to decide, you know, what do you want, do you want pre-sales or not? Having said that the price is the sale price is seemed to continue to escalate and costs are not slowing down. And, but the, the sales side is not slowing down either. So you're seeing sale prices per square foot that are getting higher and higher in Toronto. So condo projects right now still make sense. The challenge is that the rental side no longer makes sense. And so we need to find a way to continue to enhance, you know, entice, I guess, developers to build the, you know, rental product because we need it. But I think the difference between the two, I mean, personally, I would rather be in a, in a purpose still rent the building. You've got professional management, you've got a building full of renters that are going to be there. Long-term with the condos, there's constant turnover. People aren't as careful with the buildings, you know, it's just not the same crowd, but having said that they both been successful. And so that tells you that there's a lot of demand for whether it's condos or whether it's new rentals. The idea is that people want to live in newer, nicer buildings with nicer amenities. And so right now the condo market seems to be really strong. Again, the rental market seems to be picking up as well again. And I think longterm they're both going to continue to be successful. The challenge is, will there be enough enticement to the developers to build rental, or are people all just going to, to condos now and be selling that because you can still make it work from a condo perspective. Jesse (26m 49s): And as, as asset value is safer, multifamily increase and, and net operating income also continues to increase. Where do we hit that point of like that unaffordable point? And I guess more importantly from a policy perspective, w what do we do to, to ameliorate that aspect of, of what looks like the direction our market's going in? Andrew (27m 12s): So I think the challenge is, so right now you have a federal government that has a very strong immigration platform, which is great for the economy, which is great for housing. It's really good all around. I mean, you know, as a, as a fellow immigrant, I know that people come here because they want a better life, right? So they come and they want to work hard and they want to, you know, own something, their house or a business. And so it adds a lot of value to the economy. So you want to continue to encourage that. So the federal government has done that. They're also offering financing through groups like CMAT, you know, to encourage development, the provinces are doing their part because they're giving grants at different levels. And the municipalities are trying as well. They're, they're waiving development charges for affordable units. They're waiving taxes. The problem is that they're operating independently. And as a group, they need to come together to, to sacrifice a little bit more to say, what is it that we can each give up in order to balance the equation that the developers have? Because right now, what the government is offering is not enough to support for the development. I mean, these developers are building two, three, 4% cap rates. And again, with the longer timeframe, and you were saying five, six years, by the time you're fully leased, that's a lot of time to wait and a lot of risks from an interest rate perspective and cap rate perspective and ultimately valuation perspective. So, you know, if it's barely interesting right now for developer to build, and they're only doing two or three, 4% cap rate, and that's assuming that everything pans out, you're just going to lose them, right? And so what can we do? We need to come together. We need to shorten from a municipal perspective, we need the shorter shorten approval times, you know, approve or reject an application within six months. It can take two years, you know, maybe entice them, give them more density, but they have to build a certain amount affordable. But then you waive development charges on the full building, not just on the units that are affordable. Maybe you wave Realty taxes on the whole building, not just on the affordable units. These are things that, that have to happen in order for us to, to stimulate development. I mean, ultimately, look, if you're a developer, you have two sides of the equation, right? You have the development side, which right now costs are through the roof, and you need to reduce that. And so from a government perspective, you can only help with agency self-assessment tax, where you can help out by waving or reducing development charges, or by, by maybe subsidizing land. But then once it's built on the operational side, if you're trying to put a cap on the rent that they can charge, and you're trying to entice them to reduce the rent to an affordable level, you have certain expense line items that can be adjusted. You can't adjust, you can't adjust insurance, which is going through the roof as well. You can't adjust wages. I mean, again, huge inflationary pressures on wages and the staff. And so the only thing you can do is you can adjust Realty taxes, which is the municipality. So this is my point. Like the, you have to look at both sides, the development costs and the operational side, and, and is at all levels of government, we have to come together and we have to piece it to then entice these developers to provide more housing, which then in turn will, will alleviate your, your housing problem. Jesse (30m 28s): Yeah, that's interesting because even on the office side, I think they've phased most of them out, but the tiger grants that we have where we're the tax incremental aspects of, of basically assisting whether it was developers or large tendencies with, with the tax piece, it's like, that's only one piece of the equation. And it's funny, we had, we had John Love on the program and other, you know, big name in Canadian commercial real estate, who said the same thing. It was a coordination problem with, with the different provinces that, you know, people need to be talking collectively and, and the federal government and the provinces need to need to work at this project. Not, not unilaterally, but together. I'm curious if you want to pivot to an asset class. That was how I got started into, into the industry. And I know it's something that I wanted to chat with you about on the student residence, a student rental market in general, I think at the beginning of COVID just like you were mentioning before with our thoughts that apartments might be, you know, might be in trouble. And then it turns out they did pretty well compared to the comparatively. My first thought was when this happened, the first few months was that student rentals were going to get hit the hardest, just in, just in virtue of the nature of the pandemic. How, how has the student rental market been, what, what has been the experience that you've seen over the last year or two? Andrew (31m 47s): You know, I think as an asset class, they struggled a little bit and, and frankly, you know, they did because all of a sudden they had no students, right. And, and in the privately owned residences, you know, people stayed in, they weren't sure if they should go home or not. I think in the ones that were either owned by a university or managed by a university, you know, they allowed people to leave and basically let them walk out of their leases. But that's, to me was a shorter blimp. I mean, I absolutely love this asset class. I think it's got the most upside in, in Canadian real estate, you know, student housing to me, you know, when you think of it back when you're younger than me, but when we used to go to school, it was cinder blocks. It was ugly buildings. It was, you know, poor locations, you know, the, the knock on it was you had eight month leases and you had kids that would just trash the place, right. I mean, that is completely gone. Now, you know, we do so much student housing at first Nash. Then I tell you, these buildings are unbelievable. I mean, you'll have, first of all, the wifi, capacity's huge. And it's the number one, you know, by far most important element in, in the decision of a, of a student. So that's different. They have amenities like gyms and, and, you know, again, these rooftop patios and study rooms and indoor parking and 24 hour security. So that's from a tenant perspective, it's a dream they're located very close to campus in most cases. And from an operational perspective, I mean, these kids are now, they realize how lucky they are to be in those places. Their 12 month leases, they have parental guarantees. Sometimes they have cross tenant guarantees. So there's no issues with damage. And, and from a demand perspective, there's so much demand, you know, we have, we're, Canada's huge for international students. You know, I'm not sure if you know, but there, I think that the number is 5 million international students and Canada's third behind the U S and Australia. Our education system is amazing. Our universities are ranked really well in the world. And so there's a lot of demand for these universities. Most of the students that are coming in have money there for them, whether they're paying $750 per month or $800, it doesn't really move the needle too much. And so you have really strong demand and equally important is the fact that it's the one asset class that is a great protection for inflation, right? Because you have 50% turnover every year. And so unlike retail or industrial or office where you're locked into long-term leases for apartments, where you're maybe five to 10% turnover per year in student housing, you get 50% turnover. So it's the only asset class that allows you to truly capture the inflation should that materialize. So I think from a demand perspective, you're good from an operational perspective, you're good from a inflation perspective, you good? So I I'm very bullish on, on student housing and the quality of these purpose-built buildings are very high. I mean, as a, as a parent, I can tell you that if my choice was a basement apartment for my kids with three other friends or one of those buildings, it's a no brainer we try to take and I'd be happy to pay more. Jesse (34m 53s): Yeah, for sure. And I think when I started investing, it was in Waterloo. I went to school out there and that was, I think, kind of when I was finishing, they started to build these purpose built and, you know, pool rooms, gyms, like, eh, like everything you're describing here. And then the other piece is even compared to, in juxtaposition to regular apartments, where you have tenants that will stay in because we still have rent stabilization in Ontario or rent control in Ontario, you have the turnover. So you have the natural mark to market with, with the rents with student rentals that I think gets overlooked probably through the haze of this idea that students are just trashing these places, which it, you know, if you see, if you see the way that they're built today is not the case. I'm curious when you are for student rentals, because you see a lot of these companies in, in the, in the states and in Canada that are signing up, sorry, they're, they're buying properties, they're developing them. And then they're actually taking on the property management of the companies. Is that, is that something that's being looked at holistically when you're underwriting those deals? Andrew (35m 59s): Yeah. I mean, look much like seniors, housing, student housing is very much an operational business. So, you know, as much as I love the asset class, I think the caveat is you have to know what you're doing from an operational perspective. I mean, there's a different level of rapport you have to have with your tenants. You interact a lot more. They're very spontaneous. They want things immediately, right? Like they can't, I have a request for something to be fixed and you get two days later, it has to be immediate. You have to address things right away. So there's a different dynamic with your tenants at the same time. Look, you are getting substantially higher rents because of this. So there's very much an operational component to the business. And I think the good operators don't know how to do that. And they can create synergies, especially if they have a larger portfolio. And so that's really important. So we do look at who the operator is, and it does make a difference that, you know, you're not a one-off and you understand what it's like to be and manage that asset class. You know, I think the more and more we're seeing consolidation in that as well. I mean, we're, we're, you know, we're happy to have, you know, aligned with some Woodburn who are the top two operators in that field, and we can see how great they are managing their portfolio, because they understand again, how to manage. And they create synergies by having so many buildings in that, you know, a new player out of the U S Harrison street there they're coming in as well. And they've had experienced operating student housing in the U S so you're starting to see international interest in this asset class. You know, there's, there's squad Rio there, RBC, there are people that are large Canadian institutional investors, CPP, you know, who have large international portfolios, and they've never come into the Canadian market because it was too fragmented and it was too small. And you know, now that there'll be some amalgamation now that you're starting to see players develop bigger portfolios, I think there'll be more interest because somebody that's large can come in and buy a large portfolio versus the one-off, which again is not going to move the needle. So, you know, again, I love the asset class, but I think it's, it's really important to understand the operational aspect of it, to know that what you, you know, when you're going into it, you need really need to know what you're, what you're doing and how you're dealing with Jesse (38m 13s): On the, on the construction side for, for student rental, are you seeing companies that are building completely from scratch in some of these towns or, or actually buying existing existing properties and, and converting the use or, or, you know, changing something to student residents, whether that's complete change of use or just adding to the existing? Andrew (38m 34s): Yeah, I think all of the above, you know, we've seen traditionally, it's been the one-off developers that have built, and then they've sold, you know, to the larger players, like the likes of Woodburn and align best. We're seeing these companies partner up with developers now as well for future developments. We have seen, you know, people come in and buy finished products with the hope that they'll be able to acquire more in that market. I mean, there are certain markets that, you know, certainly Waterloo has had a lot of development. Kingston near Queens has had a lot of development. Toronto has had a lot of development, you know, I think though for the most part, what people don't understand is that these universities are full and the buildings, the good quality buildings are full as well. And so if you're building a good project, I don't think there's a risk for over-saturation. You know, I'm not worried about what a loo being oversaturated, because when you look at the enrollment, it's increasing substantially every year, and these kids again are coming from abroad, or they're coming from Toronto, or they come from Montreal, they come from other cities, they're there for the quality of the university. And they're gonna pay if they're paying so much for tuition, they're certainly going to pay an extra a hundred dollars a month to live in a brand new purpose-built building over a, you know, an old basement apartment. So I think the good quality buildings in these places are full and the good operators know how to run them, to keep them full. So I'm, I, I do believe that that this will continue. You know, the other thing is some of the universities own buildings on campus, but they're old buildings, you know, they need retrofitting and to do that, you need to really gut them. You need to empty them and got them and start them almost, you know, from the beginning, which means there's a, they're gonna decrease supply. Right. Which means that you're going to need more, you know, off-campus supplies. So that, that helps as well. The markets. Jesse (40m 29s): Yeah, for sure. Andrew, we have four questions. We ask every guests at the end of the show and want to be conscientious of your time before we, before we get into that, we'd just love your thoughts on, on where you see opportunity in maybe the, the short to mid term in, in whether it's Canadian market us, you pick, Andrew (40m 50s): I would say the only asset class that I really like is the one we just talked about, student housing. I just, I liked the protection against inflation. And I liked the fact that your tenants are not rent sensitive. I would say that is probably my only real opportunity. I mean, I still like multi-racial development providing that it's in the right markets and you have a very longterm outlook on it. You know, I don't think you should be building an apartment building if you have a five-year timeframe. I think if you're a generational investor and you're building good quality real estate, that you're gonna pass through generations, I still like rent a multifamily, but you know, if you're just buying for the short term, I don't like it as much. Jesse (41m 35s): Gotcha. All right, Andrew, if you're good to go with these all, I'll fire them off at. Yeah. All Andrew (41m 40s): Right. Let's see it. Jesse (41m 42s): Okay. What is something that, you know, now in your career, it can be in first national or, or business in general, you wish you knew when you, when you got started in this industry, Andrew (41m 55s): You know, I would say understanding the, you need to add value to be properly compensated. And I would say, you know, don't be afraid to ask, to get paid, providing the, you add value. You know, most people, you know, they're always uncomfortable too. And I was too, too, oh, I got to talk about fees now. Well, that's who I got to ask to get paid, but you know what? I've come to realize over the years, if you truly add value, you should get compensated for, for your services. You know, nobody works for free and you know, you should get paid. But the key though is understand how you add value. So understand who you're dealing with and what it is that you can provide to make that person, that company, that board, that developer better, you know, how do you enhance their life? To me, it's about, you know, making people money, saving the money and mitigating the risks. You know, these are the, this is sort of the mantra I live by. You know, when I talk to somebody it's like, can I help you make more money? Can I help you save money? And can I help mitigate your risk? If you do these things, you're adding value. And if you add value, I think you should get properly compensated for it. Jesse (43m 2s): What does mentorship mean to you? And what would you, what piece of advice would you give the younger individuals coming into our industry? Andrew (43m 11s): You know, mentorship for me was huge. I mean, you know, everything I know in this industry started with Maury and I am forever grateful for, for his mentorship and his guidance and his, you know, introduction to people and watching him, you know, how he talked and how he dealt with people. It was, it was really useful for me. I think as a young person, you know, try really hard to be around good people and try to listen as much as you can. You know, there's so much knowledge and the people that had been around in the industry for a long time, they have so much knowledge, you know, of how deals work of real estate of just so many tidbits that you can pick up along the way. I would say, if he can really put yourself in an office that's surrounded by and surround yourself with good people, you know, really do that, which is why I'm so adamant about people coming back to work. Cause I think that's the only way you can really learn. You know, you're not going to learn by being on a team skull, you know, you need to be there in person. So surround yourself with good people and just be a sponge, try to learn as much as you can also have a really long term outlook. You know, don't focus too much on what am I going to get paid today? You know, what's my job title today. Think about, you know, what is it that you can learn and are you around good people? Because if you are, then you're going to learn a lot and you're going to, you know, benefit more in the long run. That's Jesse (44m 33s): Great. What a book recommendation would, would you be able to give our listeners, we can put it up in the show notes, Andrew (44m 41s): Huh? Atlas drug, but that's about a thousand pages and that takes a really long time. Jesse (44m 47s): That's hilarious. I, that is the first we've gotten that. That's a, that's pretty good. And that is a long one though. Andrew (44m 53s): You know, I, I thought the Steve jobs book was interested in the way he constantly challenged the status quo. You know, whether you like them or didn't like him as a person, I just loved the creativity and the ability to constantly challenge that I'm not satisfied with this, make it better. I want this. And every idea of his was always challenged and questioned, but that's how you create new things. Amazing things. Jesse (45m 16s): I'll take us a month to make, okay, we need it next week. Last question. The, a nice softball first car make and model Andrew (45m 26s): A Ford tempo, Ford Jesse (45m 28s): Tempo. I Andrew (45m 29s): Like it. Jesse (45m 31s): That's funny. We had a, we had a Ford Fairlane on which I think, I think it was a car that my dad drove back in the seventies, but that's the first Ford tempo right on Andrew for first of all, thank you so much for coming on for individuals that if they're in the area or want to reach out connect, where's the best place for them to go Andrew (45m 51s): LinkedIn or the first national website? My contact is there, Jesse (45m 55s): I guess today has been Andrew Drexler. Andrew, thank you for being part of working capital. Andrew (45m 60s): My pleasure, Jesse. Thank you. Jesse (46m 9s): Thank you so much for listening to working capital the real estate podcast. I'm your host, Jesse for galley. If you liked 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.
Before the COVID-19 pandemic started, loans were made almost solely related to the quality of the property – its income and location. Today, lenders look at the quality of the experience, net worth in liquidity, and financial strength of the team that's putting together the syndication. Even banks started raising their debt service coverage ratios. They have also stopped doing cash-out refinances. In this episode, Terry Painter, who is the author of the Encyclopedia of Commercial Real Estate Advice, and the founder of Apartment Loan Store Mortgage banking firm gives his perspective about where we're at from lender underwriting standards. Does he see something like the 2008 recession happening again? What is the biggest problem in lending that they've encountered this season? Listen now!
This marks the 20th year in business for Nextpoint, and it is shaping up to be a momentous one for the Chicago-based e-discovery and case preparation company. Having been bootstrapped since its founding, Nextpoint recently closed its first round of outside financing. Having never made an acquisition, it recently acquired deposition software company WarRoom. And this week, Nextpoint is holding a virtual user conference, On Point 2021, where it will lay out its roadmap for the future of the product. On this episode of LawNext, Nextpoint's founder and CEO Rakesh Madhava joins host Bob Ambrogi to discuss these recent developments and to share the story of how he founded and built the company. As you will hear, Madhava's path to becoming a founder was not a typical one, and the path the company has taken since he founded it as one of the first cloud-based e-discovery platforms also was not typical. Thank You To Our Sponsors This episode of LawNext is generously made possible by our sponsors. We appreciate their support and hope you will check them out. Agiloft, a trusted provider of agile software for contract and commerce lifecycle management. Paradigm, home to the practice management platforms PracticePanther, Bill4Time, and MerusCase, and e-payments platform Headnote. Woodpecker, legal document automation for solo and small firms. A reminder that we are on Patreon. Subscribe to our page to be able to access show transcripts, or to submit a question for our guests.
Liberal mega donor Pierre Omidyar is financing a Facebook whistleblower operation, An update on the Shade War - Vice President Kamala Harris steps out on her own, Taiwanese chip giant is opening a $12B plant in Arizona, and Project Veritas report on New Jersey Governor Murphy on imposing statewide Covid-19 vaccine mandate, following the elections.Here's your Daily dose of Human Events with @JackPosobiec
Does Sedition or Treason Apply to Trump, Bannon and Members of Congress Behind the Planning of January 6? | We "Follow the Money" Behind the Financing of January 6 | An Expert on Sudan on the Military Coup Leader and his Backers in the Gulf backgroundbriefing.org/donate twitter.com/ianmastersmedia facebook.com/ianmastersmedia
How to be Financially Literate and SuccessfulHow financially literate are you and are striving to be? The pandemic has taught us that being financially aware is very crucial in ensuring your business and investments remain safe under whatever economic and market conditions. In this episode of the SpeakEasy Podcast, Altovise speaks with Sarry Ibrahim, the CEO of Financial Asset Protection. He helps high-net-worth individuals, real estate investors, business owners, and retirees grow and protect their wealth predictably and safely.Listen in to learn how to use financial vehicles and strategies that are not impacted by economic or market conditions.“The people who ask more questions tend to make more money in life because they're not assuming anything.”- Sarry [15:58]What you will learn in this episode: •[1:21] Get to know Sarry and how he helps business owners build wealth without taking unnecessary risks.•[3:32] How to be financially successful by being financially aware and being objective with your decisions. •[6:25] The difference between conventional and unconventional financial wisdom. •[11:24] How to differentiate necessary and unnecessary risks as a business owner, plus how to be careful who you listen to for financial advice.•[14:36] The importance of asking financial questions to be literate rather than assuming. Relevant Links:•Website: https://finassetprotection.com/ •LinkedIn: https://www.linkedin.com/in/sarry-ibrahim-mba-ltcp-bank-on-you/
Brad, Matt, and Aaron are all here for this week's episode of Shift and Steer. This week the guys get into some tail-lite talk and dig into the true price of financing. Thanks For Supporting our Sponsors: GEICO: Visit Geico.com today GoodGuys: Visit Good-Guys.com to purchase your tickets Trico: Visit TricoProducts.com
Jessica Davis is the author of a new book on terrorism financing called, “Illicit Money: Financing Terrorism in the Twenty-First Century.” She's also the president and principal consultant at Insight Threat Intelligence, the president of the Canadian Association for Security and Intelligence Studies, and associate fellow at the Centre for Financial Crime and Security Studies. She sat down with Jacob Schulz to talk about her new book and about terrorism financing more broadly. They discussed the value of focusing on the financial side of things as opposed to the motivations that drive people to terrorism, the parts of the terrorism financing ecosystem that often get overlooked and much more. Support this show http://supporter.acast.com/lawfare. See acast.com/privacy for privacy and opt-out information.