Podcasts about IRR

Ashley Tison explains how Opportunity Zones became permanent — and how investors can defer, reduce, and potentially eliminate capital gains taxes.In this episode of RealDealChat, Ashley Tison of OZ Pros breaks down Opportunity Zones in plain English — what they are, how they work, and why the recent legislative updates changed the long-term strategy for investors.We cover:How Opportunity Zones were created under the Tax Cuts and Jobs ActThe “defer, reduce, eliminate” frameworkWhat the new rolling 10-year election meansHow investors can potentially write down gains before 2026Why long-term holds now outperform IRR-chasing churnReal examples of community transformation projectsHow much capital gain you actually need to get startedAshley also shares his origin story — from Air Force Academy and big law to niching down exclusively into OZ strategy — and why specialization built authority. We discuss hiring mistakes, scaling lessons, HubSpot AI automation, and how customized GPTs are supporting tax documentation workflows.If you have capital gains now — or expect to in the future — this episode will help you understand whether Opportunity Zones deserve a place in your long-term wealth strategy.

What if raising millions didn't require hundreds of investors?   In this episode of Abundance Thursdays, Vinney Chopra reveals the mindset shift that completely changed how he raises capital, structures deals, and scales in hospitality and multifamily real estate.  

India's warehousing growth has crossed 533 million sq ft — and it's still rising. Behind this surge lies a deeper transformation of India's logistics sector, supply chain infrastructure, e-commerce ecosystem, industrial real estate market, and manufacturing ambitions.In this episode of Eye On Retail By The Core Report, an initiative supported by Flipkart, Financial Journalist Govindraj Ethiraj in conversation with Yogesh Shevade, Head of Logistics & Industrial in India, JLL and Balbirsingh Khalsa, Executive Director – Industrial Capital Markets, National Director, Knight Frank, decode the forces reshaping India's logistics and warehousing landscape.As India aims to move from a $4 trillion economy toward a $30 trillion vision, logistics is no longer a backend function — it is a strategic growth engine. Post-GST reforms, institutional investment inflows, multimodal logistics parks (MMLPs), rail freight corridors, quick commerce, Tier 2 and Tier 3 city expansion, and automation are redefining how goods move across the country.For India-based professionals tracking infrastructure development, supply chain optimization, economic reforms, manufacturing growth, private equity investment, real estate capital markets, and e-commerce logistics, this episode offers deep strategic insight.⏱ Timestamps:(00:00) Introduction: Highlights on India's Logistics Transformation(02:17) The Boom in Tier 2 and Tier 3 Warehousing Ecosystem(06:00) Post-GST Evolution: How Reform Triggered Institutional Investment(09:45) Share of E-commerce in India's Logistics Sector(11:01) Optimizing the Pie: Transportation Costs, Labour Economics & Efficiency Gaps(17:30) Investment Realities: Land Prices, IRR Expectations, Vacancy Trends & Capital Flows(27:45) Future Infrastructure: The Shift from Road to Rail & Multimodal Logistics Parks(29:50) Path Ahead: Core Challenges and Growth Opportunities in Indian Logistics(33:12) Role of Government in Logistics & Infrastructure Development(35:05) Closing: Policy Synergy, Gati Shakti & India's Supply Chain FutureThis discussion explores:• How GST transformed India's supply chain and warehouse strategy• Why transportation contributes nearly 50% of logistics costs• The rapid growth of Tier 2 & Tier 3 warehousing hubs• The rise of quick commerce and 10–15 minute delivery ecosystems• Automation vs labour economics in Indian industrial real estate• Rail vs road freight efficiency and multimodal infrastructure• Land price escalation, IRR expectations, and investment risks• Why manufacturing, exports, and policy reform are critical to India's next growth phaseThe bigger question:Can India reduce logistics costs from 12–14% of GDP toward global benchmarks?Will rail freight and multimodal parks unlock long-term efficiency?Is Tier 2 India the next supply chain frontier?And how sustainable is the quick commerce model?If you follow the India growth story, economic policy, infrastructure investment, industrial corridors, supply chain strategy, or the future of e-commerce, this episode connects macroeconomic ambition with on-ground execution.Watch till the end for a sharp assessment of the opportunities — and the structural challenges — shaping India's logistics future.

Most people think underwriting a multifamily deal means opening a massive spreadsheet, building out ten assumptions, running sensitivity analysis, and toggling IRR scenarios. That's not how I do it. In this episode, I break down the exact 15-minute filter I use before I ever open a full underwriting model. If a deal doesn't survive this fast analysis, it doesn't deserve two hours of my time. I walk through: Price per door and how I benchmark it against current market trades The 1% rule — and why today it's closer to 1.25% How I use a 50% expense ratio as a reality check Back-of-the-napkin cap rate math to estimate true value Why capital required can kill a deal before the numbers do In this business, 99 out of 100 deals won't make sense. The key is learning how to identify them quickly and move on without wasting energy. If you're serious about buying multifamily and want a faster way to analyze opportunities, this episode will sharpen your filter.

When your corporate job feels "secure" until it suddenly isn't, real estate can become the Plan B that turns into your best move…  In this episode of the #DoorGrowShow, DoorGrow founder Jason Hull sits down with John Casmon (multifamily syndicator, host of Multifamily Insights, and co-creator of the Midwest Real Estate Networking Summit) to break down how corporate professionals can transition into multifamily investing without becoming a stressed-out landlord. They dive into how John went from corporate bankruptcies to building a multifamily portfolio, what passive investors actually need to know before putting money into a deal, and why trust + clear expectations matter just as much as the numbers.  Jason and John also unpack what this means for property managers: how to align with investor goals, why the best operators project calm control (even in chaos), where syndicators hang out, and how PMs can position themselves to win more multifamily doors.    You'll Learn (00:00) Transforming Property Management: An Introduction  (00:59) John Casmon's Entrepreneurial Journey  (02:56) Transitioning to Multifamily Investing  (04:33) Understanding Investor Types and Property Management  (05:48) The Role of Property Managers  (07:49) Investor Control vs. Trust in Management  (09:33) Challenges in Property Management  (11:17) Aligning Goals with Property Managers  (14:19) The Real Product of Property Management  (17:14) Managing Investor Expectations  (19:50) Syndication: A New Avenue for Property Managers  (23:44) Legal Considerations in Syndication  (26:41) Calmness in Chaos: The Key to Success  (31:40) Partnering with Syndications  (33:54 The Role of Property Management in Syndication  (38:29) Finding Syndicators and Building Relationships  (42:24) Understanding Passive Investment in Syndication  (47:45) Identifying Your Investment Goals  (51:54) Assessing Risk in Real Estate Investments  (55:15) Choosing the Right Market for Investment  (01:00:12) The Three C's of Raising Capital Quotables "The first C is confidence. Confidence comes from preparation." "The investment itself, we got to go out there and execute. But that investor psyche is a completely different game."  "It is not your job to hope. Your job is to analyze the information in front of you and make an informed decision." Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript Jason Hull (00:01) All right, five, four, three, two, one. All right, I'm Jason Hull, the founder and CEO of DoorGrow, the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. And for over a decade and a half, we have brought innovative strategies and optimization to the property management industry. At DoorGrow, we are on a mission to transform property management business owners and their businesses.   We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market and help the best property management entrepreneurs win. Now let's get into the show. So my guest today, I'm hanging out here with John Casman, a multifamily syndicator, host of the multifamily insights podcast and the co-creator of the Midwest real estate networking summit. And in today's episode, John's going to break down how corporate professionals can transition.   into multifamily investing, how to find the best markets, how to raise capital effectively, and what separates successful operators from everyone else. John, welcome to the DoorGrowth Show.   John Casmon (01:10) Yeah, Jason, thank you for having me. I'm really excited to be here. Love the intro, your intro, not my intro, ⁓ but excited to be here and share as much as we can on our journey to help all of your listeners reach their goals.   Jason Hull (01:22) Cool. So John, ⁓ it's great to have you. I would love for people to hear about your entrepreneurial journey. How did you get to where you are now? And then we can get into your business.   John Casmon (01:34) Well, the short answer is bankruptcy, right? I worked for a couple of different companies that went through bankruptcy and that really made me consider my other options. You know, I was at General Motors back in 2007, 2008, 2009 when we went through bankruptcy and I was there and I watched what that did to a lot of my peers. I one day in particular when we were going to have a lot of layoffs, I went to work as late as I could. But when I got there, I had a red message, a little red dial on your phone.   for anybody who's worked in corporate and remember voicemails. So I had a red dot on my phone, picked it up, pushed the play button and my heart skipped a beat because I thought maybe I was getting to the can, right? And it was actually a colleague of mine who sat kind of kitty corner in front of me and he had been let go. He, you know, was diabetic. He didn't know I was going to pay for his medication. He just was venting in his voicemail. And I just remember feeling empathy for him, but also   a sense of I just never wanted to be in that situation. So it made me really start to think about Plan B. Eventually I moved to Chicago, realized real estate was going to be that path and learned everything I could about investing. So it kind of took me down that pathway to say, you know what, I need a Plan B because no matter what you do, when you work in corporate America, you do not control your future. You know, there's politics, there's policy, there's a lot of different things involved that you do not control.   And sometimes it does just come down to someone not liking you for whatever reason, or they think you're a threat. And I didn't want to spend the rest of my career navigating those issues. So I figured I had to take more into my own hands.   Jason Hull (03:16) got it. And so you start taking things in your own hands and what was the result?   John Casmon (03:20) Yes. So we landed on multifamily investing, started with small multifamily. My first investment was a two unit building. We house hacked it, which is a common popular phrase now. But back then it wasn't quite as common. But we lived upstairs. We rented out the first floor unit and it worked great. You know, it worked so great that we went to refinance and we had created enough equity in that first investment to pull out a six figure line of credit and go out and buy another property. So.   Jason Hull (03:45) Nice.   John Casmon (03:47) That really got the ball rolling. bought a three unit building, we bought an eight unit building, and at this time I'm still working in advertising, still working in corporate America, and I enjoyed what I was doing, and I just had my second child, but the agency I was working for also went through bankruptcy right at this time. We had expanded, we were growing, and we had kind of combined with a few other agencies and kind of became this little conglomerate, and it just eroded just as quickly as it grew.   I remember again, just sitting there and I've got some real estate. I've got a little bit of cashflow, but not enough to pay all my bills. New baby. And I just realized this real estate thing is working, but the exact strategy I'm employing doesn't allow me to insulate myself from these economic changes and shifts. So I had to change my strategy and that led me to syndication. Since then, we've acquired over $150 million worth of apartments.   We've partnered with busy professionals to buy these properties and give them some passive income. And that's what we've been doing ever since.   Jason Hull (04:50) Got it. So your area of genius really is helping these people that were similar to you, they're in the corporate environment transition into being an investor in real estate.   John Casmon (05:01) Yeah, exactly. And I would say too, it doesn't have to be you're going to quit your job and do this full time. And in fact, most people don't, you know, but most people do want a little bit more control over their life. You want a little bit more flexibility. You want to earn and start building up, you know, your net worth. You want to have a little bit more liquidity. You have to look at your investments to say, what should you be doing? I think most people know that their 401k, their, you know, company issued life insurance.   probably not enough to really get you on the fast track to retirement. So what else could you do? Certainly you can invest in the stock market. Lots of folks do that. But real estate is a proven vehicle. The challenge is, I don't know anyone who really wants to be a landlord, right? ⁓ Certainly you want the benefits of real estate investing, but very few of us want to get those 2 a.m. phone calls. So the shortcut there is, ⁓ hire a property manager. Great solution. But now you have to be able to manage   property managers, right, which is this whole other business. And if you don't have enough scale, then it's hard to get that person really focused on your business. So we offer an alternative, right? You get all the benefits of real estate investing, all the ownership perks without any of the headaches of being the landlord yourself. So it really is a great marriage of being in real estate without having to do the heavy lifting yourself.   Jason Hull (06:15) Okay.   Okay, so ⁓ the target audience of this show are property managers. So if they're not gonna use property managers, then what's the alternative? How does this work?   John Casmon (06:29) Well,   first of all, what we do is not always for that individual. So I think that's the key, right? You've got to understand who you are from a psychological standpoint. So when it comes to investors, there's two types of investors. One wants control, right? They're not willing to be passive. And some people think they want to be passive until they're in a passive situation and then they're calling and they want to know why you did this and why you did that and how come you did do that. That's not a passive investor. And that's fun.   Jason Hull (06:45) Yeah.   Yeah, they're anxious. Yeah. Yeah.   John Casmon (06:58) And   if that's you, you should be active, right? And you should work with a property manager, but you also want to work with the property manager who is going to be right for you, right? Because sometimes that is not how they operate. So you want to understand that. And that's a process to understand who you are as an investor, what kind of investment strategy fits you and what's going to be right there. When it comes to property managers, though, I think there are a couple of things. And as a matter of fact, we just left out of meeting with   property management company yesterday. They have 2000 units. We talked about some other services that we offer. And one of things that stood out to me was just understanding some of the challenges that property managers face. And one of them is property managers are really in a position to think like everyone. They're supposed to think like an investor. They're supposed to understand maintenance and kind of the construction arm enough to understand what needs to happen at a property. But they are really little CEOs, right? Because for   Our stuff, the large apartment stuff, those are typically million dollar annual revenue businesses. And this person is in charge of that asset of that business. They are making the day to day decisions. They are the face for the residents, aka the customers of that business. They are the face and their experience with that individual is how they view that business. So it really is an important role. And if you're working with property managers, it's really important to understand how to find the right people.   to connect with them and have them represent your business, your brand, company in the right light.   Jason Hull (08:30) So now you left an open loop that I want to close. So you said there's two types of investors, those that want control and maybe should go find a property manager, you said. And then what's the other type?   John Casmon (08:34) Yeah.   The other type is those who don't want control and they trust someone else to handle that. And for them, there are a couple of different ways of investing. One is investing passively with a group like ours. The other is turnkey investing where again, you hire a property manager, but you really entrust them to manage the property. The only thing I would say for either one of those groups, myself included, is you want to trust but verify. Okay. You've got to do a lot of your due diligence upfront. You want to understand how they operate. You want to talk to   some of their other clients, some of their other investors, because you need to get a really good sense of what to expect. And a lot of people are great at selling themselves upfront, right? I can tell you everything you want to hear upfront. You want to know what is it like once you sign the paperwork? How often are we going to talk? How frequently am I going to get updates? And at what point am I able to weigh in and make decisions? Because if, if you are someone who wants to be more active or be heard, or you've got thoughts and opinions,   Jason Hull (09:18) yeah.   John Casmon (09:35) You want to make sure you have a voice in your investment. Otherwise you may get really disappointed or you may bring on someone who has a different perspective of what that relationship looks like and that never is going to work out.   Jason Hull (09:47) Yeah, there's a big challenge in the industry and that's that most property management companies suck. so most investors that have dealt with property management to some degree are they have some scar tissue, they've been burned a little bit. They've a lot of property managers that started their businesses that come to me for help to grow their business. They started because they were investor and they couldn't find anyone else to manage the property good enough. And that's why they started their business, but it can be a difficult business to run. so none of them start their business saying, I want to suck.   But that's kind of the default unless they get some really good support or figure some things out through a lot of trial and error. And so that's where DoorGrow comes in. We help them with that. But one of the things I coach my clients on a lot is that they need to shift into being daddy over these rental properties. They need to like tell the owner, hey, you need to trust me. And they need to be able to have a really effective business so that they can lean into that trust.   because a lot of people are anxious. They'll come to them with concerns, but generally if a property manager is good, they're much better at this investing stuff than most investors. And they're much better at coordinating maintenance. They're much better at handling leasing. And so when an owner tries to micromanage a property manager, it kind of doesn't make sense to hire somebody to manage your asset just so you can manage them to do the job. And so I think the secret is finding a really good property manager that you can   let go of control because you can trust them. And but yes, you need to verify that they can do the job that you need them to do. And so a good property manager will take ownership of it and they'll take control and they will, they'll display a lot of certainty and confidence in how they communicate and they won't allow you to micromanage them is what I've seen. So.   John Casmon (11:37) Yeah, Jason, and I'll add to it. There's a two way street there. And I think it's easy for people to say, ⁓ most property managers suck or they're not good or whatever. And listen, there's certainly a lot of challenges there. A lot of folks who are not living up to par to the standards. But I will go back to this. We ask property managers to do the work of generally like a CEO. Right. I mean, again, they're managing million dollar businesses in many cases, yet they don't have that training. They don't have that experience. They don't have the ability to navigate.   all of these various things. So part of what owners and investors need to also understand is that you play the role of asset manager. And that means giving clear direction of what success looks like so that that property manager has a framework to make decisions. It's not to micromanage those decisions, but to help them understand how their decisions impact the greater good. And part of that is like, again, just sitting down with annual goals. What are revenue goals? What are our goals on?   Occupancy, what are our goals on in a lot? And this may seem simple, but I promise you a lot of folks don't do this. And if you don't do that, then that property manager is going to default to, for instance, I'll give you a great example. I've got a property manager. She's awesome rock star. But she always gets nervous when occupancy is not at like 96 or 97 percent of this property. So she is, you she starts apologizing profusely and all I did this or done that and like.   Jason Hull (12:58) Yeah.   John Casmon (13:04) Occupancy is one of our KPIs for sure. It's important, but that is not the KPI. I am focused on my net operating income. And if we're going to push rents, the impact of that is you're going to have higher vacancy and she is not comfortable with that. And that's probably because she's used to working with owners who want that thing fully rented and they are comfortable having 100 % occupancy.   Jason Hull (13:13) Yeah.   Hmm.   Yeah.   John Casmon (13:33) if they're leaving 50 bucks, 75 bucks, whatever it is of rent on the table. And that's the part where you've got to really align with your vision versus their vision, because what they have in the back of their mind may not completely align with what you have. Or they have residents in their face who are coming into the office. They want something fixed. They want it done quickly. They want it done right. They want it done yesterday.   Jason Hull (13:49) Right.   .   John Casmon (13:59) So they've got that pressure of this person in their face. So they may go out there and spend the money or authorize the money to get spent. And maybe they're not picking the most cost effective measure. So you have that. And I'll give you one third one. A lot of times when you run into the flip side of that is maybe occupancy is low. They say, hey, we need to increase our marketing spend, right? We got to increase our marketing budget. know, ox is down to 88 or 90%. We got to spend more money. And we're not necessarily.   really zeroing in on what the specific issue or challenge is at that property. So for an owner, your job as an asset manager is to partner with them and to help them see what the options are, help them work through with some of those challenges and solutions are and partner with them to find success. It's not to micromanage them and tell them what to do, but it's really to understand the situation better and give them that perspective.   Jason Hull (14:49) Yeah, that makes a lot of sense. think, you know, one of the things I've seen is that I've noticed a lot of property managers, they make the mistake of thinking that the goal or the product that people want to buy from them is property management. But investors don't wake up in the morning and go, man, I'm so excited to get property management today. The thing that they want. And so the way I describe it to them as they say, property management is like the flight to Hawaii. It's not Hawaii.   and you're trying to sell the flight. That's not the exciting part. You need to figure out what the investor wants, what their goal is. Where do they want to go? What's Hawaii for them, right? What's paradise? And then how do we optimize for that? And how do we help them create a path for that? Because the actual product that a property manager is selling is not what they do. It's not property management. The actual product is them. It's them and their values and their belief system and how they create trust and the team they build and the system and mechanism they build around them.   That's the actual product the property manager is selling. so a lot of property managers make that mistake. They sit there and talk to you about maintenance coordination and leasing and inspections. And meanwhile, you're just wondering as an investor, can I even trust this person? Like do our values align? Yeah. So I don't know what your thoughts are on that, but.   John Casmon (16:11) I think you're spot on, right? Because, I mean, ultimately, as an investor, you are only as good as the team you can build. And that property manager is in charge of the day-to-day aspects of the business. especially when you, you know, I've heard horror stories of folks who have done like turnkey investing, right? Where the property manager, someone owns it, they buy it, they fix it up, and then they rent it back to...   an investor. And I've heard horror stories where that property was not being well managed. And that's the fear. If you're not in that marketing, you can't come and see it. So if you got an out of town investor, you really are trusting that property manager. So that is the most important thing, right? Everything else are tactical, daily situational things that can change. But it comes down to do I have the right people, people that I can trust, people who are going to make the right decision based on the information they have.   because they may not know what I know or maybe something shifted and changed where they would have made a different decision. We can't, you know, ache on that. It really comes down to are they doing their best? Are they making good decisions? If they're not making good decisions, is it because they didn't have the correct information, which again, could fall back on you as the investor to say, hey, are they aware of what your goals are? Are they aware of maybe this situation, these tools, these resources, whatever it is? And that's on you to sit and collaborate.   But trust is absolutely paramount because at end of the day, the thing that I think most of us are concerned with is who we partner with. And there's a great book I'm reading right now. And it gets into decision making and the fear of decision making for most of us and why deals stall. Why didn't you hire somebody? Why didn't you, you know, go with the vendor or go with the contractor or with the company? And the biggest thing is we are scared of making the wrong choice. All of us in decision and no action.   Jason Hull (17:43) Absolutely.   John Casmon (18:04) is better than the wrong action for many people because they once they take action. Well, now they're blaming themselves because you didn't pick the right person. Why did you hire that guy? You should have like now this starts to go on in their head versus doing nothing. Well, at least it's you know, it's not going to get worse, you know, it will in lot of cases get worse. So for a lot of people, that is the scariest thing. So if you can take that fear off the table as far as being the right person or being someone who is trustworthy.   Jason Hull (18:07) Right, yeah.   John Casmon (18:32) everything else gets easier. So if you can do that, that's, you know, the best thing you can do as an investor or as a property manager.   Jason Hull (18:38) Yeah, I agree. think one of things that I talk about a lot is that clarity has to come before action because if you don't have clarity and you start taking a bunch of action, doing stuff, every action you take is a little bit wrong. Sometimes it's a lot wrong. so, yeah, we need to get that clarity first before we start ⁓ making moves. And you talked about, I love the example of your property manager that is trying to   optimize maybe for the wrong thing. They're like, want to optimize to the, making sure their vacancy is super low. But that might not be the goal. That's not the primary goal. The goal is money, you know, and there's a really good book is by Elihu Goldratt. It's a good book for operations people, but it's called The Goal. And spoiler alert, the guy's trying to figure out the goal through this whole book, the story and it's money. That's the secret. The goal is the of the business, should be making making money.   And what happens in this book is that people are over optimizing individual pieces in this flow at this warehouse. And it's actually not helping to make money. It's causing more constraint. And so if we over optimize at one stage, it actually creates waste, bloat, inventory, additional work for the next stage. And so sometimes the best thing certain departments can do is slow down and do less in order to get the outcome to be maximized outcome.   And there's some really great examples in that that I think are really powerful. But I think the if you're optimizing for the wrong thing, then you're not making it effective. So you want to make sure you're optimizing for the right thing. Otherwise. ensues. You get mad at somebody, but nobody understood what the goal was. And so I think, yeah, getting a greed upon set of criteria of what what the outcome is and asking the property manager, can you help me achieve this?   And they know, they know if they know what the problem is, usually they can, they know how to help you get whatever goal that you have. And they know whether your goal is probably realistic or not, because they've helped probably a lot of people do this similarly. And so, but yeah, I think it's very important. Make sure you know, where's Hawaii and maybe property management is the vehicle. Now you had mentioned like, I'm really curious about this idea of, you know, maybe creating syndications.   Some property managers are now starting to think, maybe I should create a syndication. What's your criteria for, what's a good syndication and what are some of the, I'd be really curious to get into if some of the property managers listening were wanting to do kind of a little bit of what you do, how they might be able to get started in that. Like what are the beginning steps to make sure they don't make the mistakes you probably already figured out in the beginning?   John Casmon (21:27) Well, I think the first thing is, you really want to get into it? Right. Because for a lot of people, you got to understand it's a different business. Now you're not talking about real estate investing. You're not talking about property management. You're really talking more about, you know, investment management. You're talking about bringing on private investors who are looking for a return. That is communication skills. That's building up a network and a database of   Jason Hull (21:35) Mm-hmm.   Right, returns.   John Casmon (21:54) prospective investors, it's understanding the return projections that they're looking for. And it's really kind of managing the investor expectations, not necessarily the investment. And to give you a great example here, I had a deal where the investment went great, but it was slightly lower than what we initially projected. And I had an investor who was upset.   Jason Hull (22:07) Yeah.   Yeah.   John Casmon (22:23) about that. And we had communicated all throughout the entire process where things sat and he wasn't too upset, but he still made it a point to let me know, hey, well, this is less than what you initially thought. And that's challenging because the market shifts, right? Anybody who's bought properties in 2022 and beyond knows the market has shifted drastically over the last three or four years. So those projections made in a 2021-22 environment   Have a hard time standing up in a 25 26 environment We still make good money on that deals double-digit returns for investors ⁓ But you know there was that that was that feedback I got from one of the investors conversely We just exited deal a couple months ago, and we completely exceeded our return projections You know we delivered on a almost a 2.7 equity multiple Hit all you know mid 20s on the IRR completely unheard of stuff in this environment   And I have one investor call me and say, hey, John, I just checked my account. Is this right? And I'm like, yeah, it's it's right, man. He's like, my gosh, you guys killed it, man. my. Like, this is amazing. And it's great to hear. But again, that is separate from the investment. Right. Happy to manage the investor expectations and concerns. But that was an up and down investment where we had, you know, a moment where we actually had to put some of our general partner capital into the deal to keep it going.   Jason Hull (23:27) Yeah.   Yeah.   John Casmon (23:48) We have floating rate debt. had to refinance out of that. And we had to kind of rush to do that before rates started to go crazy. We had moments where our construction or renovation costs were much higher than we anticipated. So there are a lot of things that we had to navigate. And I think what happens for a lot of operators, a lot of people who get into syndication, they know the real estate and want to do the real estate, but they do not understand the perspective of the investor. And when you don't communicate to investors on a frequent basis and a clear, transparent nature,   Jason Hull (24:19) Yeah. Yeah.   John Casmon (24:19) They fill in the blanks and   the first concern every investor has and they won't say it. Most of time they don't say it, but I promise you they're thinking it after they make that investment. my gosh, did I make a mistake? Am I going to lose money? Is this person going to run off? Is this going to be some sort of fraudulent thing? Is this deal going to fail? These are all that we're wired like that. This is caveman stuff, right? We're wired to protect ourselves.   Jason Hull (24:36) Hmm.   Right.   John Casmon (24:45) And when you make an investment, and by the way, our investments are typically $50,000 and up, right? So these are not small investments. So when you make that investment, people start to second guess that decision. So my job when it comes to this side of the business is to keep them grounded that, hey, you've done your research, you've made an informed decision, you've picked a good partner, we've done this before. ⁓   Jason Hull (24:50) Yeah. Right.   John Casmon (25:13) And it's really to make sure that they feel comfortable with that decision. It has nothing to do with the investment, right? The investment itself, we got to go out there and execute. But that investor psyche is a completely different game. So first thing I would tell any of your property managers when they get into this business is understand, do you actually like people? Do you want to manage investors? Are you comfortable managing people's money? ⁓ And then beyond that, you have to do it the legal way. There are a lot of regulations around accepting capital from other people.   Jason Hull (25:31) you   John Casmon (25:42) So you can do it as a joint venture. The more common way of doing it, the more accepted way of doing this is by doing a formal syndication, which requires you to file SEC documentations. ⁓ know, there's regulation D and regulation A and there's some couple others, but typically it's going to be reg D 506 B or 506 C filing, which basically is the the structure that allows you to offer ⁓ passive investment opportunity or a security to investors. So again, for some people,   It's overwhelming. they're like, nope, never mind. But for some people, they love it. They want to get into it and they can learn more about that process.   Jason Hull (26:19) Got it. Yeah. I think I love your idea that it's more about managing expectations rather than the investments. And I think, I think that's good advice for all the property managers listing. This is something we spend a lot of time coaching clients on because they think their job is to manage properties. But really, if they're not strong in managing expectations and managing the relationship, it's 10 times to 100 times harder to manage the properties.   their operational costs go through the roof because owners are getting anxious. They're asking more questions. They're getting all these interruptions and calls, tenants, owners constantly. And if they had just managed the relationship and expectations and set strong boundaries at the outset, everybody would feel calmer. And I think really for business owners, I think the thing that really stood out to me that I've been focused on, and this is I've done some personal coaching and this is just nervous system regulation.   If you can, and John, seem like you're pretty chill and pretty calm and I'm sure the investor feel safe with you, which is why you've had success. If you are a person that is anxious and you're running around like a chicken with your head cut off, you're going to have, you're going to struggle in leading anybody, especially in relationships to your spouse and like everybody else. so having a calm, regulated nervous system allows your investors.   to entrain to your nervous system and to feel safer and to calm down. And that's not something you can pretend or you can just fake. You have to be that and they can sense and they can feel that it'll come across in your tone and in your body language and how you communicate. But if you can make sure that you're in that space and that you're able to regulate your own system, you're able to stay calm when other people are coming at you.   and other people are angry and other people are emotionally heightened. And you recognize this isn't really you. It's just that's them. And you can maintain that calm. You will be able to create a lot more safety. And that's really what people want to buy. Most people out there, their primary basic need is safety and security. Most people. That's why they aren't entrepreneurs. That's why they don't go start jobs. That's why they aren't like you and me. And if you're a property management business owner listening to this,   Most people are not like you. They want safety and security. That's why they get a property manager. They want peace of mind. And so, and I'm sure investors in a syndication, they also want some peace of mind because this is a big chunk of change.   John Casmon (28:55) They do. And I will say to most of the property managers I come across thrive in chaos. Right. They're used to stuff getting thrown at them. Right. And when you talk to them and get to know them, you learn very quickly. They like it. They do. They like the fact that they don't know what the day is going to bring. It could be a. Yeah, yeah. Could be a tenant coming with some crazy issue. It could be something from it's never boring and they thrive in it. However.   Jason Hull (29:00) Yeah.   Yeah.   They like the variety and unique challenges that property management brings, for sure.   It's never boring.   John Casmon (29:25) What happens then if you if they're going to look to work with investors and particularly raise capital and kind of do their own syndications, they have to understand that while they may thrive in chaos and uncertainty, most other people want organization. You want everything you said right. You want to have the calmness. You are looking for a captain to steer the ship. And for that part of the personality, they're going to have to tap into a different side of it to demonstrate how they handle chaos.   Jason Hull (29:37) Hmm.   Yeah.   Yeah.   John Casmon (29:54) not that they are chaotic. And I think what happens a lot of times when you're working with property managers is that they don't project that level of control. It just feels like they're reacting. So part of it is that, and they're really, really good ones. The ones who make it to that next level who are the regional managers and get those promotions, well, that's what they do. They manage the chaos and they manage up. They do a great job of telling the owners,   Jason Hull (30:06) Yeah.   Mm.   John Casmon (30:23) the leadership, whoever they need to talk to, they're telling them, hey, here's how here's our process. Here's how we're managing the situation. Here's what's going on. Here's what we're into. Hey, we had a water main burst here. Here's we bought. call three companies. We've got three quotes, but it's calm, right? It can be the worst. I'll give you a real example, right? At a fire, one of my properties and I was going to meet a property manager and I just happened to have a meeting with her that day at the property. She called me.   I was literally about to get in the car. She called me and said, Hey, I just want to let you know we've got a fire going on at the property. I'm not sure if you still want to meet. You're happy to come. We already have, you know, the fire department's here. They're they're putting the fire out right now. We already have another company that's coming in. They're going to walk through the damages once this is kind of settled. And I've already talked to the residents. Residents are good. We've got them hotels for the evening. We've checked with insurance. This is covered in your policy. So they're good to go. So you're happy to come down and talk and all of that if you want to.   Or we can let things settle down and maybe we can meet next week. This is a fire, right? This is like a scary situation. She called me.   Jason Hull (31:26) Right. A literal fire. Yeah. And there's plenty of fires   in managing properties. The literal ones.   John Casmon (31:33) Her calmness, she was so calm. Not only was   she calm, she had handled 90 % of it, right? It was the stuff you could handle in the moment. She handled it. So was like, hey, I don't think it makes sense for me to because I'm probably just going to add more anxiety to the situation at this point, right? It seems like you've got it under control. Why don't we let things settle, literally let the dust settle? And then once it's there, I'll come down. We can assess the damages, figure out what else needs to happen, what other next steps need to take place, right?   Jason Hull (31:41) Yeah? huh.   question. Yeah.   John Casmon (32:03) but had it handled like a rock star. Now, a lot of other folks would have saw the flames, called immediately, my God, there's a fire. ⁓ my God, what are we gonna do? So now you freaking out, everyone's freaking out, no one's controlling the situation, right? So now everyone's mind is just spinning and going. it does really take, kind of go back to where we started the conversation, that mindset of someone who was the boss, who was leading.   Jason Hull (32:05) Yeah, I love that.   Yeah. Freaking out. Yeah.   Hmm. Yeah.   John Casmon (32:32) who is going to take charge, even though it's not their property, they're going to take charge. Here's what needs to happen next. Maybe you have an emergency response plan already put in place, but you have these things already scheduled and ready to go. So when they happen, you're not shocked. You're not surprised. You're not asking questions that maybe you should have figured out upfront. And that's what a great property manager does. And if you convey that to owners, you're going to stand out above and beyond your competition because most people cannot convey that level of control, the level of   planning and the level of expertise that it takes to truly and effectively manage properties from the front, being proactive as opposed to just reacting to whatever the issue of the day is.   Jason Hull (33:13) Got it, okay. So ⁓ I'm reading, I just read, well, I didn't just read. I read in the past a really great book called Extreme Ownership. Really good book. Yeah, phenomenal book. ⁓ I'm going through their newer book, which I think is even better, called The Dichotomy of Leadership. leadership is what we're talking about right now, is that that,   John Casmon (33:23) Yeah, I think I got it like right here. It is right there.   Absolutely.   Jason Hull (33:38) creates a huge impact and there's a lot of misunderstandings of what leadership is, like it's control or it's being aggressive or, but yeah, it's really that calm presence of letting people know I've got it. Like we can take care of this. We've got a plan and staying regulated and calm. So I love that. ⁓ have a, so another question I have is how can the property managers listen to this? How could they maybe target or partner   with, if possible, syndications like you, like people that are doing what you're doing. Is there a chance that they could be a resource or do most syndications just in-house and do, they are a property management business?   John Casmon (34:19) No, no, most ⁓ most that I know work with third party manager companies. So I would say first and foremost, if you and syndications, I mean, it sounds like a big, huge, fancy word. But I mean, honestly, anytime you work with passive investors is technically a syndication. So it really comes down to figuring out who is looking for third party management and whether or not it's technically a syndication or not is really irrelevant. You want someone who is going to be managing or owning the property.   Jason Hull (34:24) Okay.   Yeah.   John Casmon (34:49) They want third party, but you have to understand their plan, going back to understanding the goals, right? Most syndications are looking to sell in a three to seven year timeframe, typically five to seven years. Most buy and hold owners have not decided or have not identified their exit strategy. So that's probably the biggest difference is when you have, let's just call it an individual investor or maybe it's a   Jason Hull (35:01) Okay.   Right.   John Casmon (35:17) a family or whatever that's buying and they want a third party manager, they don't know the exit. They haven't predetermined that they're going to sell in five years. So they are buying and holding it. And that goes back to the the I think the separation of understanding the objective, because for that person, having a full property is great. It means they're maximizing the revenue potential today. When you are syndicating.   most syndicators already assume 5 % vacancy. That's that's in everyone's underwriting. So you being at 100, they won't even give you credit banks don't even give you credit for it. So all of these things are already assumed. So for us to be above that is actually a miss, because it means we're not being as aggressive on the rent. So just understanding the mindset of a syndicator, which is they are looking to sell typically they're looking to double their money over a five or six year period. So how can you create value?   And that's something most property managers don't fully understand. But I would sit and I would talk to that syndicator. And if you want to be a syndicator or partners, not just be a third party vendor, but you actually want a partner, which we have seen a lot of folks look to do. You want to figure out how you can bring value to the table, because now we are aligning your interest with that syndicators interest. And now you've got a great partnership.   because every syndicator is going to need property management and they're going to need construction management to drive value. So if they can bring those people in as partners, that's a great opportunity for you. And if you're a property manager, you may have phenomenal relationships. You may already have contractor or the vendor partners that you trust in that marketplace. And if you could then take that and get a slice of the equity, that makes you very valuable for both sides.   Jason Hull (37:08) Do syndications, do they also need investors in capital or do most of them have that, are they really good at that? Okay.   John Casmon (37:15) Absolutely. Yeah. Yeah. Yeah.   mean, I mean, syndication at its core really just comes down to the need of capital. If someone had the capital themselves, they would probably just buy it directly and not go through the process of syndication. Because the syndication is literally just raising the money from passive investors. And in that scenario, again, being able to manage that, manage the communication, ⁓ that's really what a syndication truly is.   Jason Hull (37:42) So a really good property management partner could bring property management, some of the construction elements and investors and capital to the table. So it could be a nice little.   John Casmon (37:51) That would be amazing.   I'll be honest, man. That's because I don't want your listeners sitting here like, oh, I don't have one of those. I don't know if I've ever met one that had all of those. If you do have all of them, yes, you should consider syndicating yourself because you got all the pieces to the puzzle. Typically, what happens is a property manager has the property managers. I'll give you a great example. I got a 54 unit down in North Carolina. OK, so I came in as a key principal. I've got a.   Jason Hull (38:03) Okay.   Okay.   John Casmon (38:20) to my coaching clients. It's his property that he found. He asked me to come help him with the loan, which I did. One of the members, one of the partners is the property manager. So that's kind of their role to the table is they're managing the property. That's what they kind of came on. They had a couple of relationships, but their main role is the asset and property management side of it. So that's a great way to come to the table. But. Just like anything else in business.   Jason Hull (38:33) Mm-hmm.   John Casmon (38:49) It's very hard to find someone who checks every single box. I mean, that's like finding the marketer who's a CMO, who's also the CFO, who's also the COO, who's also the chief of human resource. very like no one, people don't really have like top notch excellent skills at every single one of those, right? Like you might be great at business, great at sales, great at marketing. You're probably terrible at finance, right? Like you just, you just forget to do your expense report type person, right? So it's hard to find someone who's   checks all those boxes. And I think typically when comes to property management, you want someone who's great with people, can resolve issues, but also has to be somewhat, you know, sufficient when it comes to the numbers, tracking all the data, tracking all the, you know, the rent roll, the leases, the income and expense statements, things like that. So usually they're not going to do every single box. But again, if you can find someone or that's where partnerships make sense.   Jason Hull (39:24) Mm-hmm.   John Casmon (39:43) If you've got that awesome. And again, I'm not saying a company doesn't have that. I'm just saying a single individual doesn't, which is why it's great to partner. If you can find someone who maybe brings a set of skills that you don't have, whether they're joining you in your property management business or they're partnering up where you're bringing your property management skills to the table with their investing or their networking skills, that makes for a good partnership.   Jason Hull (39:43) Mm-hmm.   Yeah, I got it. Well, we've got several clients, you know, all over the U S that are really good at property management. They're really good at handling the maintenance stuff and they obviously have a pool of investors as clients and, and, know, and they know that they can't do everything. So we coach them in making sure that they would do time studies. They figure out which, what their purpose is. We start to align them towards more fulfillment, more freedom, more contribution and more support in their business.   John Casmon (40:32) Yeah.   Jason Hull (40:38) And they start to build the right team. So they're getting operators, they're getting BDMs, they're getting the things they're not like strong in. And so we just make healthier businesses. So for those of maybe my clients listening that have healthy property management companies. And, but they don't want to do syndication. They're just like, man, that's a whole nother business. If I stay in my lane, I can grow that faster. How do they find syndicates? Like, how do they find people like you? Cause you've got a lot of properties connected to you.   and they would probably love to chat with somebody like you. Where do you syndicate people hang out? What's the title? Who runs a syndicate? What are they called? Do they have a specific title?   John Casmon (41:15) You   Yeah.   Yeah, great. Great question. Multifamily syndicator is is kind of the name just syndicator. We're all over. So I've got a podcast called Multifamily Insights. I interview like minded individuals. I've been doing that for a long time. We've done our seven hundred and seventy plus episode. So lots of people, lots of syndicators there. Definitely conferences. So if you look up any multifamily conference in your city.   Jason Hull (41:25) Okay.   Nice.   Okay.   John Casmon (41:46) meetups, lot of meetups in different cities as well. Those are great places to find syndicators. I think the biggest thing though is this.   Figure out who your avatar is. Because while we're talking about syndicators, ultimately, if you want to scale your property management business, I presume you're trying to scale with folks who are looking for third party management and the best option for that. OK, and let me back up. had one of the guests out of a podcast some years back, ⁓ Ashley Wilson. Love Ashley. As you said, something really changed when I thought about the business.   And she said the best way to find any vendor, any vendor is to figure out who relies on that vendor next and ask them for referral. So if you think about it, if you want a great drywall person, ask a painter. A painter is going to know who's great at drywall because they're going to know who makes their job easy and they can come in and just start painting versus a drywall guy who maybe doesn't, you know, you know.   Jason Hull (42:38) I like it.   John Casmon (42:55) mud the drywall properly or doesn't sand it down. So they got to do all this extra work before they start their process. Right. So a painter is going to know a great drywall guy. And in this case, it's really hard on ⁓ the property manager because you guys are the ones who do the work. But if you are looking for syndicators, OK, well syndicators, person who buys the deal. Well, who sells the deal? A broker. Find brokers. Go to a broker, commercial multifamily broker and ask them, hey,   Jason Hull (43:01) I love this.   Yeah.   John Casmon (43:25) Do you know some groups or you have properties that you're going to list? Here are the kind of deals we want to do now on the flip side of that. You got to be good at your job, right? You got to sell yourself and share what you do. So if you've got a great track record, a great resume, showcase that, bring that broker through and let them know, hey, we're looking to scale our property management business here. Here are the kind of assets that we want to manage. If you come across any of these that you're going to list, would you mind keeping our main name out there or referring us or giving us introductions to any of those buyers?   Jason Hull (43:53) Yeah.   John Casmon (43:54) so that we can throw our hat in the running to manage these properties. That's a phenomenal way to do that. And it allows you to shine and expand your relationships in your core networks and in your core markets.   Jason Hull (44:06) Brilliant. think I love the, I love Ashley's idea that you shared, you know, the drywall. Yeah. The painters, like they don't want to be painting over a crappy drywall. They're like, this is a mess. Like this doesn't even look good in my job. Now I'm going to look bad. Yeah. So the brokers know who maybe those best syndicators are. And so they could just go to the brokers and say, Hey, who's, who's doing deals like this? Who who's got things going on? Like who could you connect me with?   And I avoid maybe.   John Casmon (44:36) And on top of that, keep in mind, too, like what   are the times when? Yeah, but think about to like when is a property hiring or bringing on a new property manager? Right. So it's either a current owners firing the existing property manager or the property is being sold. Right. So, I mean, if you can get in during that transition phase, that's going to help you tremendously. And if even if they're firing their existing property manager, you can think through, OK, how do I?   Jason Hull (44:51) Yeah. Yeah.   John Casmon (45:06) work myself and get my name out there. And a lot of times, again, you're going to ask, right? You're going to ask other investors. If I were going through that process, I'm going to call my buddies into space, right? And say, hey, man, having a hard time, my current PM is not working out or we're not hitting our objectives, looking at some other options. Do you have any experience with these guys? What do you know about these guys? Or do you have anybody you could recommend? It's word of mouth, right? So that's what's going to start happening as well. So you kind of have to get out there and network and let folks know who you are, what you do. But you want to be someone who   people can say, yeah, these guys are amazing. You know, they, they only had an eight unit, but they crushed my eight unit for me. I'm sure they kill your 25 unit or your 50 unit. And you've got to start building that rapport and building your reputation in your market.   Jason Hull (45:44) Yeah.   Nice. This is good advice, my friend. So, cool. For those that maybe are investors listening to this show, ⁓ I'd love to hear a little bit about what you do, how you do run your syndication, and how they can ⁓ make things more passive, if that's what they're looking   John Casmon (46:08) Yeah, man. So there are lots of different ways to get in. If you are looking to be more passive, ⁓ high level, here's how it works. OK, so first and foremost, me and my team would go out. We look for the deals. We focus on a really tight radius. So we're in Cincinnati. We like Cincinnati, Columbus, Louisville, Kentucky. Really a two hour radius of the Cincinnati market is where we focus. And right now we actually think there's more opportunities locally. So we're really honed in on Cincinnati right now. But we focus on that once we find a deal.   We reach out to folks in our network. So we have folks in our investor list. ⁓ Once they're on our list, we kind of have a quick vetting process and then we can share opportunities with them. Once they see that opportunity, they get a chance to review it. We like to have a webinar where we answer any questions about the deal. I think for new investors, it's a great way to learn because we have a lot of experienced investors who ask very intelligent, thoughtful questions that   Many first time investors probably would not even think of. And that's a great way to learn, right? And ultimately when it comes to this space, it's really about education. know, it's educating yourself, understanding how you think about risk, how you mitigate risk in your investment choices. And those webinars are a great chance for you to learn about that the first time. Once you've done that, you can go ahead and fill out our official paperwork with our SEC documents.   Jason Hull (47:30) Mm-hmm.   John Casmon (47:30) And then   once you're through there, you can make the investment. But the first thing is just to get on our list, you can have access to the deals. And before you do that, we've actually put together a guide that can help people because I found that when I have these calls, people don't ask great questions. Sometimes they do. But I want to make sure that you are informed and well educated because this is a big investment. You know, this is not a 599 thing. And if it doesn't work out, OK, well, I just wasted six bucks. No.   Jason Hull (47:54) .   John Casmon (47:59) We're asking you to make a pretty large investment, whether it's with us or with others. If that's what you're looking to do, I want to make sure you're well informed. So we put together a guide. It's seven questions you must ask before investing in apartments. You can get that on our website. It's casmancapital.com slash seven questions, but it gets into questions around the market itself, the operating team, what you should be looking for, the deal. What is the story of this property? What's the business plan? And it helps you identify different levels of risk because the reality is   Anything can work, but you want to mitigate risk as much as possible, particularly when you're a passive investor, because you are basically saying, I'm trusting these people to find the right deal and execute. And you want to make sure that you are finding and identifying the right individuals who have a proven track record doing the thing that they are asking to do. When I hear about people losing money in real estate. At least 50, if not 70 % of the time.   Jason Hull (48:35) Hmm.   John Casmon (48:57) It is someone doing something for the first time. It is the first time in the market, first time doing this kind of deal, first time doing this kind of business plan. And. I can't tell you how frustrating it is because it's a big red flag, and it's not to say they can't do it and can't have success. But if it's your first time, I want to see how you're mitigating that right. You want to partner with someone who does have the experience you want. Like there are lot of things that you can do to put the odds in your favor. And when you're a passive investor.   Jason Hull (48:59) Mm, yeah.   John Casmon (49:26) It is not your job to hope. Your job is to analyze the information in front of you and make an informed decision. So this guide can help you do that.   Jason Hull (49:34) Yeah, love it. I'm going to run a quick word from our sponsor real quick. Our sponsor for this episode is Vendero. And many of you tell me that property management maintenance is probably the least enjoyable part of being a property manager and definitely the most time consuming. But what if you could cut that workload by up to 85 percent? That's exactly what Vendero has achieved. So they leverage cutting edge AI technology to handle nearly all your maintenance tasks from initiating work orders.   Troubleshooting, coordinating with vendors and reporting. This AI doesn't just automate, it becomes your ideal employee. Learning your preferences, executing tasks flawlessly and never needing a day off and never quitting. This frees you up to focus on the critical tasks that really move the needle for your business, whether that's refining operations, expanding your portfolio or even just taking a well-deserved break. Don't let maintenance drag you down. Step up your property management game with Vendero. Visit vendero.ai slash door grow today and make this the last maintenance hire you'll ever need.   All right, so John, this is super helpful. love you've got your list. ⁓ You got your webinar, you've got your guide. I would recommend property managers listening to this. If they're curious about the world of syndication, that they start getting into your stuff and seeing how an expert like you is doing this and maybe even get involved in some of the deals with you or something might be a good idea. And they can kind of get a feel for how this works. And then maybe they'll say, I don't want to do what John does.   And I'll just find people that do, but they'll at least understand how they could partner with people like that. then, or they may decide, you know what? John's clever, but I'm clever too. I might be able to figure out how to do this too. And maybe they'll do it too. And, but I think there's a solid opportunity for property managers that want to be in the multifamily space and do multifamily management to find third party people that are doing these syndication deals. They need good property managers and property managers want more doors and they want to grow.   And if you don't, because your business sucks and it's uncomfortable, then reach out to me. I'll help you out. We'll get you dialed in. But ⁓ John, what else would you say to the investors that are maybe they're familiar with this and they've done some real estate investing and they've worked with some syndications ⁓ and they get on your list to do the webinar. What would you say to them next?   John Casmon (51:56) Yeah, I think the biggest thing is understand what you're looking for. You know, I think one of the biggest challenges for investors is when you can't pull the trigger, it's typically because you haven't figured out what you're solving for. Are you looking for passive income? So you're just looking for a cash flow? Are you looking for long term wealth appreciation? Are you looking for tax benefits and to reduce kind of your tax liability? Do just want to diversify? Maybe you got feel like you have too much in a stock market, just like we put something somewhere else. So.   Figure out what you're actually solving for. Understand your risk tolerance, you know, because every deal is different. In our case, we do value add B class deals. That's a fancy way of just saying we like properties that already making money that are solid, solid tenant based. Think of when I say B class, I'm thinking of all stuff that was built maybe 30 years ago, maybe 40, maybe 20 years ago. Stuff that.   your teachers, your firefighters, your police officers, places where they might rent. So desirable locations, not luxury, not super high end, not, you know, super courts, everything. ⁓ But, you know, places that you would want your kid, your kid was in college, places you would be fine with your kid living, right? So you're thinking about that stuff. That's, you know, I don't say affordable stuff. That's not crazy price. So that's kind of what we focus on.   Jason Hull (53:15) So would   that be like, is that how you find the best markets then?   John Casmon (53:21) That's part of it. That's our strategy. There are different strategies that people utilize. I have found for us that is a sweet spot where we can take those kind of assets, modernize them and create value for potential renters. Some people like to focus only on they call it core plus right where they're buying newer stuff, stuff built five years ago or three years ago. And maybe it was, you know, leased up and they're just going to go in and hold it longer. You'll find other ways to add more money through amenities.   Jason Hull (53:35) Okay.   John Casmon (53:50) So some people do that strategy. Some people like older properties where they're buying more distressed or much older properties and are trying to fully renovate them and bring them up. There are strategies out there, something like new construction, stuff that doesn't exist. They want to build from the ground up. So it really comes down to you. Every investing strategy has a different level of risk. This has nothing to with real estate, right? This is investing in general. you're buying, you know, know, value stocks versus growth stocks versus Internet, it's the same stuff, right?   So you just have to figure out your level of risk. We like value at B-class multifamily deals. Once you understand your level of risk and balance that with your return expectations or projections, that's when you can figure out which investments actually make sense. You know, I have some folks who they like to invest in what we call trophy assets. And...   They may not know that right away, but when you send them a couple of deals and they look at the property like, ⁓ it's okay. They want something. They want something they can brag about. They want to drive you by like, see that building over there? That's me. And if that's fine, if that's what you want, understand what comes with that, right? That's going to be a lower term, right? Because these are, there's not much value to create, right? You've got a brand new property. It's A class, rents are $2,500. There's not a whole lot you can do there. And because of that,   Jason Hull (54:49) Yeah, they don't want to show that off. Look what I'm connecting.   OK, right.   Thank   Yeah.   John Casmon (55:13) There's not as much risk. So you're going to get less return because there's less risk. That's fun. Some people want to maximize their return, right? Hey, I don't need this money. I want to let it ride for 20 years. So they might want to do new construction or they might want to do a deep discount, highly distressed vacant property that needs, you know, $50,000 per unit to renovate it and turn around because the upside is there. So it just depends on that investor and your level of risk. Right. And most of us fall somewhere in the middle.   Jason Hull (55:27) Thank   John Casmon (55:43) which is kind of our strategy. figure out your level of risk tolerance, what you're looking for. And sometimes you don't know until you start looking at a Because you might think you're a cashflow person until I show you what cash flows. And you're like, oh, no, I don't want to be in that de

The “Real Show” Reminder (and why that matters) We kicked off this episode the way we often do—by being real. A quick tech hiccup, a laugh, and the reminder that this is not a polished production pretending to be perfect. It's a real show, with real people, talking about real money decisions. https://www.youtube.com/live/JDkaHi_66d8 And that imperfect start is a perfect picture of what's happening in the Infinite Banking world right now. As Infinite Banking becomes more popular, the internet makes it look clean and effortless: slick graphics, big promises, “hacks,” and fast results. But families don't need more hype. They need clarity. That's why this Nelson Nash Think Tank 2026 recap matters. It's one of the few environments where serious practitioners gather—not to sell—but to refine thinking, challenge assumptions, and protect the integrity of Nelson Nash's original message. If you're a family leader who wants to use the Infinite Banking Concept as a long-term strategy—not a short-term trend—this is for you. The “Real Show” Reminder (and why that matters)What you'll gain from this Nelson Nash Think Tank 2026 recapWhat is the Nelson Nash Think Tank (and why it's different)?Nelson Nash's first rule and the 2026 themeInternal rate of return vs volume in Infinite Banking: what families are hearing onlineWhy “maximum early cash value” can backfire in Infinite Banking policy designModified Endowment Contract (MEC) and the 7-pay test: what to knowHow to choose an Infinite Banking practitioner (and avoid bad advice)“Insurance companies are not banks”: understanding the banking processThink long range as a way of life, not a quick tacticWhere Infinite Banking is headed: young people, AI, and fintechWhat this Nelson Nash Think Tank 2026 recap means for your familyListen to the full episode (Nelson Nash Think Tank 2026 recap)Book A Strategy Call What you'll gain from this Nelson Nash Think Tank 2026 recap In this article, we're pulling back the curtain on what was shared at the Nelson Nash Think Tank 2026—a practitioner-focused environment where the emphasis was think long range, improve policy design conversations, and address the growing confusion created by clickbait marketing and “shortcut” policy claims. Here's what you'll walk away with: What the Think Tank is (and why it's not a sales event) Why “think long range” was the theme—and why families should pay attention The real issue behind “maximum early cash value” and skinny-based designs How to spot Infinite Banking misconceptions and marketing tactics What's coming with AI and fintech in life insurance—and what isn't changing Practical guidance for families who want to take control of the banking function What is the Nelson Nash Think Tank (and why it's different)? The Think Tank isn't built for the general public. It's designed to sharpen the people who teach and implement the concept. You typically attend as a practitioner, someone in the practitioner program, or as a guest of a practitioner (which can include clients or people considering becoming practitioners). It's also intentionally immersive. The days start early with breakfast, run through sessions into late afternoon, and then continue with dinners, vendor conversations, and deep discussions with fellow practitioners late into the night. You don't go to be entertained. You go to be challenged, stretched, and sharpened. And that matters right now because Infinite Banking has become more searchable, more popular, and—unfortunately—more misrepresented. When something powerful spreads quickly, stewardship matters more. Nelson Nash's first rule and the 2026 theme The theme this year was think long range, and that's not a catchy slogan. It's foundational to the Infinite Banking Concept as Nelson Nash taught it. Short-term thinking is the default posture of our culture. Social media rewards it. Marketing rewards it. Even many financial products are sold with it: “What can you get fast?” “What can you access now?” “How can you win this year?” But Infinite Banking was never meant to be a short-term move. It's meant to be a lifetime strategy. Thinking long range means you're making decisions from the perspective of: building stability, not excitement creating options, not dependence protecting your family's future, not chasing quick wins designing a system that can bless generations, not just solve this month That mindset shift is what separates families who use Infinite Banking wisely from families who get caught in the noise. Internal rate of return vs volume in Infinite Banking: what families are hearing online One of the biggest recurring themes was the temptation to judge policies primarily by internal rate of return (IRR)—especially in the early years. If you've spent any time online looking at Infinite Banking, you've likely seen people argue about illustrations, early cash value, and “best” design strategies. Many of those arguments are framed as if the only goal is maximizing the numbers as quickly as possible. But here's the problem: you can “win” an early IRR argument while losing the long-range strategy. A powerful presentation at the Think Tank used a visual approach—backed by math—to show something families need to hear clearly: focusing on early cash value often creates tradeoffs that reduce your future capacity. There are no solutions—only compromises. And a compromise isn't bad when you understand it. The danger is when someone sells a compromise like it's a guaranteed solution. The heart of the point was this: in Infinite Banking, the rate is not nearly as important as the volume of dollars you can control over your lifetime. That's how commercial banks and major financial institutions think. A small return on a massive volume becomes a large outcome. For families, that translates into a different question entirely:How much of what flows through your hands will you capture and control? That question changes everything. Why “maximum early cash value” can backfire in Infinite Banking policy design One of the most popular marketing angles today is the push for “maximum early cash value,” often achieved through skinny-based policies with high PUAs. The pitch usually sounds like this: get as much cash value as possible early so you can “put your money to work somewhere else.” Here's what often doesn't get explained. Some aggressive designs rely on structures that only allow maximum funding for a limited period (for example, seven years). After that funding window ends—often due to IRS rules tied to MEC limits—the rider or structure may drop off, and you can no longer fund in the same way. The common comeback is: “Just start another policy.” But real life isn't a spreadsheet. Starting over can reset efficiency. Health and insurability can change. Income changes. Goals change. Markets change. And a strategy that depends on you repeatedly starting new policies assumes a stability most families simply can't guarantee. The bigger concern is the mindset that this trains: a series of short sprints instead of building a lifelong system. Thinking long range means designing for durability, flexibility, and sustainability—not just speed. Modified Endowment Contract (MEC) and the 7-pay test: what to know You don't need to be a tax expert to understand why MEC rules matter, but you do need to know that they exist—because many “max fund fast” strategies bump up against them. A Modified Endowment Contract (MEC) is a policy that fails IRS funding limits (often related to the 7-pay test). When a policy becomes a MEC, the tax treatment of distributions changes, and it can reduce some of the advantages families expect when they hear “tax favored.” That's why certain policy designs are built around managing those limits—sometimes by using structures that give you a short window of maximum funding. The key takeaway is simple: if someone is promising “perfect” early cash value without explaining tradeoffs, funding limits, and long-term implications, you're not being educated. You're being marketed to. And marketing can be expensive. How to choose an Infinite Banking practitioner (and avoid bad advice) As Infinite Banking grows, a disappointing trend has emerged: clickbait content designed to stir controversy or attract attention. Some marketers now lead with “what's wrong with IBC” as a hook—even while selling it—because negativity generates clicks. That kind of infighting confuses families and erodes trust. So what should you watch for? Red flags to take seriously Be cautious if someone says or implies: “You don't have to make premium payments.” “These aren't premiums, they're deposits” (without clear explanation that it's life insurance). “You'll get cars for free if you do this long enough.” “This is the only policy design that works.” “You're borrowing at X and earning Y so you're losing money” using simplistic one-year comparisons. Another red flag: when someone makes you feel urgency—like you must act now without fully understanding what you're buying. If it feels too good to be true, your intuition is likely picking up on something real. A healthier question to ask Instead of asking, “How fast can I get cash value?” ask: “How will this policy design serve my family over decades?” “How long can I realistically fund this?” “What compromises are being made to get early access?” “How does this fit into my long-term cash flow strategy?” That's how you protect yourself—and how you start thinking like the kind of leader this strategy requires. “Insurance companies are not banks”: understanding the banking process Insurance companies have been emphasizing that they are not banks. That's true.

Durante décadas, instituciones como Yale y Harvard transformaron la forma de invertir adoptando el llamado modelo endowment, reduciendo su exposición a mercados públicos y asignando más del 60% a activos alternativos En este episodio explico qué son realmente los activos alternativos, private equity, venture capital, private credit, infraestructura y real estate institucional, y por qué capturan primas de iliquidez y complejidad que no están disponibles en la bolsa tradicional. Analizamos la dispersión extrema entre el top quartile y el promedio en private equity, por qué el IRR neto, MOIC, DPI y la estructura de fees importan más de lo que la mayoría entiende, y cómo la selección del gestor es la verdadera habilidad del inversionista sofisticado. También comparto el framework A.L.T.E.R.N.A.T.I.V.O. para evaluar fondos con criterio estructural: asignación estratégica, liquidez, track record real, riesgo estructural, alineación de incentivos y timing de ciclo No se trata de perseguir retornos, se trata de entender la estructura. Mira el episodio completo y aprende a pensar como un inversionista de verdad y si quieres llevar esta conversación a ejecución real, únete a Wealth Club, una comunidad diseñada para inversionistas que buscan elevar su criterio, analizar oportunidades con profundidad y construir una estrategia patrimonial sólida en mercados públicos y privados. 

Shaun Heinrichs, President and CEO of 1911 Gold Corp (TSXV: AUMB) (OTCQX: AUMBF), joins me to for a comprehensive visual exploration and development update for advancing their True North Project, which includes a permitted mine and mill complex located on the Company's 100%-owned Rice Lake Gold property, spanning  61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada.   Shaun outlines how 1911 Gold believes its land package is a prime exploration opportunity, on a brownfield site, with the potential to develop a mining district centered on expanding resources and eventually moving back into the development of the past-producing True North complex.  In addition to the permitted mine, there is a 1300 tpd permitted mill in place, which is expandable to 2250 tpd, which would have access to cheap hydroelectric power, and there is a permitted tailings area.   We unpack the key metrics from the Preliminary Economic Assessment (PEA), released to market on February 10th.  Shaun also highlights that this PEA doesn't include any of their drilling for the last 2 years, or the drilling they are doing this year, and is modeled off only a portion of the prior 2018 resource estimate.  Towards the end of this year the Company will be releasing an updated Resource Estimate incorporating the last few years of drilling, and then an updated PEA incorporating that larger resource model.   The initial PEA released this month outlines a robust gold mining operation utilizing the fully built and permitted infrastructure, including shafts, underground workings, and the processing and tailings management facility. 1911 Gold has estimated the infrastructure replacement value as being in excess of $400 million. The plan targets steady-state production of 58,114 ounces per annum with a mine life of 11 years.   PEA Highlights:   Robust Economics (After-tax):  At a long-term gold price of US$3,000 per ounce (“oz”) there is a Net present value (“NPV”) (5%) of $391 million, internal rate of return (“IRR”) of 105%, and a payback period of 2.2 years At a constant gold price of US$4,800/oz, the NPV(5%) grows to $998 million, with no calculated IRR due to no years with a negative cash flow, and an almost immediate payback period of under 1.0 year. Fully Permitted, Low Capital Project: Initial capital expenditures (“Capex”) of $59.2 million, utilizing the currently built and permitted payable infrastructure. Additional Capex of $46.7 million during the first 2 years of ramp-up. Processing: Average diluted mill head grade of 4.32 grams per tonne gold (“g/t”, “Au”) with gold recoveries of 93.5% over the LOM. Cash Costs and AISC: Producing gold at a cash cost of US$1,390/oz and all in sustaining cost (“AISC”) of US$1,897/oz. Near-Term Production: Production due to start in the first half of 2027 with test mining and a bulk sample planned for the second half of 2026. Production Growth: 1911 Gold has identified excellent potential to increase production by developing recently discovered zones such as San Antonio Southeast, San Antonio West, and Shore which are adjacent to existing infrastructure and not included in the study, in addition to regional targets.   This led us into the ongoing aggressive exploration program underway at surface for shallow high-grade targets as well as at depth, at their 2 new discoveries: the San Antonio West and San Antonio Southeast. The ongoing drilling is expanding the known resources of around 1.1 million ounces of gold in all categories.   With regards to regional targets, there was a 2,200-metre (“m”) diamond drill program completed in December at the Ogama-Rockland gold deposit, located approximately 27 kilometres (“km”) southeast of the True North Gold Project. One surface drill rig was mobilized and commenced drilling on December 12, 2025, and focused on resource expansion and confirmation drilling, with a separate resource update due out from this area later this year.   If you have any questions for Shaun regarding 1911 Gold Corp, then please email them into me at Shad@kereport.com. In full disclosure, Shad is a shareholder of 1911 Gold at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from 1911 Gold Corp   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

On this episode of Zen and the Art of Real Estate Investing, Jonathan Greene interviews Aubrey Linville, co-founder and partner of Linville Team Partners. With more than 20 years of experience across retail, office, industrial, and mixed-use properties, Aubrey shares how he evolved from flipping small residential foreclosures into building and scaling a diversified commercial real estate platform. Aubrey explains why retail remains his favorite asset class, especially multi-tenant strip centers that balance risk and opportunity. He discusses the advantages of working with mom-and-pop tenants, the importance of relationships in commercial real estate, and why being a problem solver often creates more value than chasing perfectly "clean" deals. The conversation also dives into syndications, fund structures, and how thoughtful operators can create alignment between general and limited partners. Jonathan and Aubrey explore the mindset shift from active landlord to passive investor, the power of walking away from a deal, and why trusting your gut is often just as important as underwriting spreadsheets. Aubrey also shares how his entrepreneurial upbringing shaped his approach to real estate and why investing with people you trust is more important than chasing the highest projected IRR. In this episode, you will hear: Why multi-tenant retail can reduce risk compared to single-tenant assets The value of relationships with mom-and-pop tenants How to evaluate syndication opportunities as a limited partner Why walking away is sometimes the best negotiation strategy The role of gut instinct alongside financial underwriting How trust and communication build long-term investor relationships Follow and Review If you enjoy the show, please follow Zen and the Art of Real Estate Investing on Apple Podcasts and leave a rating and review. It helps other listeners discover these conversations and supports the show's growth. Supporting Resources Connect with Aubrey:  Website: https://www.ltpcommercial.com/services/investment-services/  Facebook: https://www.facebook.com/LTPcommercial/  Instagram: https://www.instagram.com/linvilleteam/  LinkedIn: https://www.linkedin.com/in/aubreylinville  X: https://x.com/linvilleteam  Connect with Jonathan: Website - www.streamlined.properties  YouTube - www.youtube.com/c/JonathanGreeneRE/videos  Instagram - www.instagram.com/trustgreene  Instagram - www.instagram.com/streamlinedproperties    Zillow - www.zillow.com/profile/streamlinen​j Bigger Pockets -  www.biggerpockets.com/users/jonathangreene Facebook - www.facebook.com/streamlinedproperties  Email - info@streamlined.properties   This episode was produced by Outlier Audio.

Jason Hull, the founder and CEO of DoorGrow, discusses with Ashton Thomas the concept of marrying private equity with property management operations. Ashton Thomas is a third-generation real estate broker in Central Florida, she got her real estate license right after graduating high school and, in February 2019, opened her own brokerage. She decided to start her own brokerage and grew to about 25 agents, but she realized she preferred property management and did not like dealing with realtors and their recurring issues, and shifted her focus after property management "fell into her lap" when employees from a failing company approached her You'll Learn (00:45) Introduction and Ashton Thomas's Background  (03:46) The Audacity to Start a Brokerage at 23  (07:16) The Marriage of Private Equity and Property Management  (07:42) Benjamin Hardy's "Science of Scaling"  (12:31) Understanding Private Equity and the Roll Up Strategy  (17:58) The Advantage of Property Managers in Roll Ups  (19:10) Advice for Getting into Private Equity  (22:29) Raising Capital and How to Connect with Ashton Thomas Quotables "I've been thinking too small. That's why it's been so hard." "That's like entrepreneurs worst nightmare is to be feeling stuck and feeling like I'm not moving and I'm not getting traction and I'm not accomplishing anything." "The slowest, absolute slowest path to growth is to do it alone." Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript Jason Hull (00:00) All right, five, four, three, two, one. Hello everybody, I'm Jason Hull, the founder and CEO of DoorGrow, the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. For over a decade and a half, we've brought innovative strategies and optimization to the property management industry. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry.   eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. Now, let's get into the show. All right, so my guest today is Ashton Thomas. Welcome, Ashton. Ashton (00:43) Thank you for having me. Jason Hull (00:45) So Ashton is a client of ours, but she also is a badass. And so Ashen, I would love for people to get to know you a little bit, share a little bit of your background. How did you get into real estate and property management and all of this?   Ashton (01:02) Yeah, absolutely. So I'm actually a third generation real estate broker in central Florida. My granddad started in Orlando like way back in the 60s. ⁓ Both my dad and my granddad, a lot of my uncles, they're all builders. So just kind of grew up in that real estate world. I was on a job site from when I was very little. ⁓ And so I always just had a love for homes, real estate, just   the whole nine years. When I was wrapping up high school about to go to college, my parents suggested, I always had like an entrepreneurial spirit, and my parents suggested that I get my real estate license. And I was like, you know what, it can't hurt to have that. So I went ahead and took the class, got the licensing as soon as I graduated high school. So I was actually a licensed realtor already working before I started my freshman year of   college. ⁓ Real estate has been so fascinating because I've been able to see so many changes over the last 12 years since I got into the industry. I started with new home sales construction, actually working for my parents, ⁓ really learned about what it took to run a sales center. And then I switched to traditional real estate, like what you think of a realtor doing now. ⁓ From there, I ended up opening my own brokerage.   Jason Hull (02:03) Wow.   Ashton (02:28) ⁓ in February of 2019. And then property management really just fell into my lap. There was a company that was going out of business because the owner was embezzling funds. And their employees actually came to me and said, you know, we would like to work with you. We'd like to work for you. And we're bringing these clients. So   I had never written a lease, seen, really even put my eyes or hands on a lease, never. This was two years ago, roughly. ⁓ And like just didn't have any property management experience at all. Figured out that we needed to get some systems in place right out of the gate. And I really took the next year, year and a half.   Jason Hull (02:59) how long ago.   Okay.   Ashton (03:22) to develop those. And Jason, you've been so instrumental in helping us succeed in those systems. You helped us identify the holes in our business and really figure out what we needed to do. ⁓ So at the time that I had brought on the property management side, and when I say property management for us, we do both long-term property management and short-term vacation rental. So I two separate sister companies that operate.   Jason Hull (03:51) Yeah.   Ashton (03:51) So ⁓ at the time I had roughly about 25 realtors that worked for me under the brokerage. I had really developed that, grown that. We were one of the largest Zillow Premier agent teams in central Florida at that time.   Jason Hull (04:13) Wait, can I ask you question about that?   Not very many agents start their own brokerage. What? mean, how, do you mind me asking age here? How old were you you started your brokerage and what gave you the audacity to decide to do this big thing?   Ashton (04:19) Mm-hmm.   I was 23 when I started my brokerage and the funny part was is I actually wanted to buy a brokerage first and I had this is a wild story you'll love this so you know you look back and you say what was I thinking like I had some guts and one of those stories   Jason Hull (04:33) Okay, go ahead.   Okay.   Okay.   Yeah   Ashton (04:55) So I had initially gone to this guy's office, he had four branches, local real estate agent, or a local real estate brokerage. I'd ⁓ developed his brokerage over like 50 years, had over 200 agents working for him. And I walk in and I asked to speak with the broker. He was there, they put me in the conference room. He thought that I wanted to become an agent working for him. Yeah. And I said, no, sir, I want to buy your company.   Jason Hull (05:19) That's the default.   my god.   Ashton (05:25) And   like, this was a total cold call. Like I had never talked with him before, never met him before. I ended up negotiating a price for the company ended up getting securing SBA financing. Everything had lined up so perfectly. And then a couple of weeks before we were actually going to be making it official. He decided that he wanted to, to sell his brokerage to a family member and not go through with me. And so.   Jason Hull (05:53) Wow.   Ashton (05:55) Honestly, in hindsight, that was the best thing that could have happened. I had no business running that large of a brokerage at 23 years old with no experience. ⁓ Over 200. Yeah. And I had secured a price for 2.4 million for the company. So with an earn out and it was just, it was going to be an insane deal if I could have like actually done that. But ⁓ I was   Jason Hull (06:05) How large was it? How many Asians? Okay, yeah, I mean massive, yeah.   Ashton (06:24) You know, everything happens for a reason. coming off of like the adrenaline rush from that not happening, I was like, you know what? I'm just going to start my own. Why not? So that's how I started when I was 23.   Jason Hull (06:26) Yeah.   Yeah.   I mean,   starting your own brokerage at 23 doesn't sound as crazy if you were already trying to buy 200 agent brokerage. Like, I'll just, you know, step it back a little bit.   Ashton (06:49) Mm-hmm.   Yes,   let's like crawl before we run. Oh, so that was originally what I wanted to do was just build up a massive, brokerage with lots of agents. And I thought that in my head was the dream. No, for me, it was not. I had grown to about 25 agents, like roughly like steadily and kept that number for a while. I realized that I   Jason Hull (06:56) Yeah. ⁓   Yeah.   Mm-hmm.   Ashton (07:21) to not like dealing with realtors and their issues over and over and over again, every day in and day out. It became like kind of toxic to me at least. And I went through and slashed a lot of agents jobs here ⁓ because it was either performance issues, attitude issues, whatever it was, they just were not the right fit for us. I ended up keeping a core five. ⁓   Jason Hull (07:32) Yeah.   Ashton (07:47) and they are phenomenal people with good ethics and good business sense who care about their clients and represent me and my company very, very well.   Jason Hull (07:58) What do feel like gave you the clarity to make that transition? Like, did you just wake up one morning or like, I don't like a lot of these people? Or how did you get clarity on what you really want?   Ashton (08:09) ⁓ One of the things was I told my office manager, I was so frustrated one morning, I told her, said, if one more person asks me another stupid question, I am gonna lose my mind. So I was fed up, I just couldn't deal with it anymore.   Jason Hull (08:23) Okay, we're just fed up.   Yeah, yeah. So I know when, when did that fit with you joining DoorGrow? Because I know you had worked on culture and we'd helped you figure out kind of what mattered to you and like, that align with, was that before you came on board? Was that after? When did you let go of all the... Okay. You don't move slow on anything, it sounds like.   Ashton (08:45) I don't want the same time. Yeah.   I try not to. I try not to. Honestly, I feel like that's where things go to die is if you move slow.   Jason Hull (08:57) Got it, yeah, right. Okay, cool, quick action taker. So obviously a very driven personality type. ⁓ And I know the topic that we were planning to talk about today is the marriage of private equity and property management, capital meets operations. So let's get into that. Again, you have big goals, big crazy goals.   Ashton (09:05) Thank you.   Yes.   Jason Hull (09:27) that sound pretty insane to most people. But you know, the people that are bold, that have the audacity to go after these big things, achieve big things. So what are you up to now?   Ashton (09:39) Yeah, so there's actually a great book by Dr. Benjamin Hardy. He has he's written like several and I know you're a big fan of Dr. Hardy's as well. He talks about like those impossible goals and how you really should and actually that one of his latest books, The Science of Scaling, is ⁓ really spurred me to action and not just having like a 10 year time frame, but like a three year time frame. And I can condense these goals.   what I want to do kind of vaguely into really specifics and get it done now. ⁓ So yeah, I would highly recommend anybody listening to also read his books.   Jason Hull (10:20) Yeah, agreed. Phenomenal book. I got to hear him speak down in Mexico and he hadn't released his book yet. And I was with a bunch of entrepreneurs that spent a lot of money to be there. And he all just walked out of the room with their mind blown. We were all just like, ⁓ I've been thinking too small. That's why it's been so hard. And it actually gets easier to grow and scale your business when you start thinking outside of your current mental limitations, which means it has to be something unrealistic or impossible.   Ashton (10:36) Mm-hmm.   Jason Hull (10:49) So that's been a game changer. I've done some episodes talking about this, but same thing for us. Like we've got some big things we're doing this year that are probably a bit ridiculous. And I don't know if we can pull it off, but if we do, DoorGrow will be the dominant player in the industry. And I already feel like we're a leader or leader, but this will be a game changer, some of the stuff that we have planned. And I've talked about it on previous episodes, just a little bit, what we're thinking of doing.   But I think it's going to be some of these things are going to be game changer. and we've got so many irons in the fire right now, like we move fast and it's bit crazy, but that's where the fun is too, right? In business. So I'd rather be lit on fire with too many ideas than be stuck. And I've been that way before where I'm like, what should I do next? know, I work on.   Ashton (11:35) That's like   entrepreneurs worst nightmare is to be feeling stuck and feeling like I'm not moving and I'm not getting traction and I'm not accomplishing anything. That is like absolute hell for us, isn't it?   Jason Hull (11:45) Yeah.   Yeah, I usually joke that entrepreneurs don't care about being happy or sad. They care about whether they're in momentum or whether they're stuck. And when we're stuck, damned, blocked, frustrated, that is hell. That's like, that's hell for us. We're miserable. And yeah, and it kills our motivation, everything. But when we're in momentum, that's the drug we crave. We want to feel like we're making progress and moving forward. And so   I'm that drug dealer. That's what I give out to clients. Like I'm like, let's go. That's hopium. So got to give them some hope. And then they're excited and believe they can do it. But yeah, if you believe you can do something big and you've got a big vision, a big dream, yeah, you start to find new pathways. You start to find new ideas. And so you're working on some crazy stuff. So let's talk about capital meets operations. How do we marry private equity with property management? And could other property managers do this?   Ashton (12:21) You do.   Jason Hull (12:47) excited to hear.   Ashton (12:47) Yeah,   absolutely. So I started in the private equity world really recently. It was like January of this year. And I feel like I've just been drinking out of a fire hose, like learning and being in, I've just made sure to put myself in the right rooms where I'm just like absorbing knowledge and information and wisdom from people and family offices that have been doing this so much longer than I.   Jason Hull (13:13) You've been really focused on learning the private equity space, which a lot of people, that's like some crazy thing they don't really maybe even understand. They're like, oh, don't know how it works. And you decided, hey, want get in on this.   Ashton (13:25) Yeah. ⁓ go   ahead. What was that?   Jason Hull (13:30) You said, I want to get in on this and learn about this and started figuring it out. All right, I'm going to plug our sponsor real quick, who you use, Vendoroo. How's it going with Vendoroo?   Ashton (13:33) Yes. ⁓   And here's amazing. We love them. They they honestly they take care of everything. They're really good about communication. I think they're they're phenomenal. They've been a game changer for us for our day to day ops.   Jason Hull (13:54) Okay, cool. I mean, it's So let me read this and then we'll get back into the show. So many of you tell me that maintenance is probably the least enjoyable part of being a property manager and definitely the most time consuming. But what if you could cut that workload by up to 85 percent? That's exactly what Vendero has achieved. They've leveraged cutting edge AI technology to handle nearly all of your maintenance tasks from initiating work orders and troubleshooting to coordinating with vendors and reporting.   This AI doesn't just automate, it becomes your ideal employee, learning your preferences and executing tasks flawlessly, never needing a day off and never quitting. This frees you up to focus on the critical tasks that really move the needle for your business, whether that's refining operations, expanding your portfolio, or even just taking a well-deserved break. Don't let maintenance drag you down. Step up your property management game with Vendero. Visit vendero.ai slash door grow.   today and make this the last maintenance hire you'll ever need. All right, cool. So let's talk about this private equity stuff. Help me understand what it is. I'm fairly ignorant, so.   Ashton (14:59) Hmm   So basically, I mean, it's a very big term, private equity, and it can span over so many different asset classes. And I think that's one of, I'm sidetracking a little just a minute, but like, I think that's one of my favorite parts about the private equity and PE industry is because you can meet somebody in your same asset class and they're doing something totally different. Like for instance, you know, what you're teaching Jason with the property management and like these operators and entrepreneurs who are   owner operators really, you're teaching us the same framework and we're doing the same exact thing, which there's nothing wrong with that. That's great. That works. It's systemized. In private equity, it's all wild cards. There's a lot of structure to it, but at the same time, everybody can be doing something different. And you're not in competition truly because you all have your own unique spin on it. So it's cool. But what it means is that ⁓ if, so our firm,   we bring in investor capital, ⁓ either through debt or equity. And then our investors trust us. We let them know like what we're investing in. usually have like a it depends on the type of investment. So I try not to get too technical here. It depends on the type of investment, but we let them know, hey, we're investing in XYZ companies, or we're investing in hard assets with like purchasing real estate that meet these certain criteria. So instead of   these investors taking their money and putting it into the stock market, they are putting it with private firms because the stock market is the public equities. then private equity is these private individually owned firms ⁓ that I mean, you have really large ones like BlackRock and Blackstone and ⁓ all of those. And then you have a lot of small ones like myself who are just getting off the ground. We don't have a lot of assets under management yet.   But as we develop that investor base, we're just going to keep that ball rolling and continuing.   Jason Hull (17:04) Yeah, so there's booty   firms, there's gigantic ones, there's lots of different categories of asset classes that they might be involved or invested in. And so somebody can pick a private equity company or something to partner with or get involved with that kind of is involved with the asset classes that they feel comfortable.   Ashton (17:23) Yeah,   absolutely. like, there's some, ⁓ like for us, we're real estate based and specifically Florida based real estate. There's, have friends who own hedge funds and that's all they do is hedge funds and specifically in like just in gold or in like just in commodities. We, there's people who are running funds based on really specific short-term rentals or within a five mile radius of national parks. So it gets down really, really, really specific.   ⁓ Up until like you large firms with very large funds and they have a diversified asset class over You know, they have hedge funds. They they're doing running venture They're doing ⁓ you know Secondaries they're actually in like the private equity sphere there. So it just really depends on on the firm itself and you want to make sure as if there's any investors listening you want to make sure that ⁓ your you fit with   how that firm is treating your money and running your money, and that it aligns with your goals, obviously, not just monetarily, but also with what they're investing in.   Jason Hull (18:32) Right, got it. Okay. And so how can property managers start to get involved in this and create this marriage? What are you doing?   Ashton (18:43) Yeah, so we're kind of doing it a little bit backwards. Most private equity firms, they start with raising capital and then they're going out and buying the asset and then they're outsourcing their vendors. So one of those vendors being property management and that's really where the gains and losses are happening is in the daily management style there. Then they realize and typically restructure   that they could be making more money. They could be increasing their bottom lines and everything else with that management. Everything hinges on the management when you're talking like hard assets in real estate, whether that's multifamily commercial, you know, residence, whatever it is. ⁓ So when they bring it in-house, they are restructuring. And there's also been a huge problem with   Jason Hull (19:36) Yeah.   Ashton (19:41) And I've been hearing this lately, huge problem with investor capital really not being watched out for by these firms because they're outsourcing all their vendors. What we did instead is I had already have the acquisition engine through our brokerage. We've already got all the systems set up in place for our property management firms, both short and long. Now we added the private equity firm. I have a series 65. So we're actually a state registered   Jason Hull (19:51) Right.   Ashton (20:10) like investment advisory firm for true asset management on the back end, which a lot of private equity firms do not have that. And then we added the capital. So we literally just did it backwards. And now we're focused on acquiring not only hard assets with cash flowing tenant occupied portfolios that meet certain metrics. We have to have a certain   Jason Hull (20:12) Okay.   Okay.   .   Ashton (20:37) IRR, we have to have a certain cap rate and a certain cash on cash return to even peak our interest. The other thing that we're buying is property management businesses. So we are working on acquisitions right now. We just completed one last week and we've got two more in the hopper. So we are going in and offering these off-market portfolios, know, minimum 20 up to, you   We have no limit on how many we'll buy, like minimum 20 units and we want creative financing. So we want to structure the deal where the seller and the owner is holding the majority of that note. We're using investor capital for the down payment. We're saving some to hedge for ⁓ reserves and we're going in and buying these companies to add to our revenue and our to our bottom line.   Jason Hull (21:35) I love it.   Ashton (21:36) Roll   up. That's the name and the term that's used in the private equity space is roll up.   Jason Hull (21:42) Roll-up, got it. So I've seen some of these companies in the past. I had a client, he eventually exited and sold his business to Home River Group. He had like 2,000 doors. So then he was kind more of a partner in Home River Group, 30,000 eventually. And he became kind of a consultant that would come in and these roll-ups that were being done in some instances, because they did it the reverse way from what you did, they thought they could just throw money at the problem.   So they went and acquired a whole bunch of property management companies. Sometimes, like some companies would acquire like 10,000 doors. Then they would fire like 7,000 of them because they realized there was so much garbage and it was difficult to manage. And then they thought they could just put in or install a property manager in and then the business would just run. But no real leadership for the boots on the ground. And so they would bring him in as a consultant. He would go in, fire everybody.   Ashton (22:34) Mm.   Jason Hull (22:42) organize a team, build a business and act as an interim CEO till he got the thing healthy and running. And he would make a lot of money because they were losing a lot of money trying to make this work. And people don't realize how hard property management can be. And so I think, yes, property managers have an advantage because they have the hardest piece of this entire puzzle, it sounds like.   Ashton (23:05) Yeah, it definitely is because you're dealing with you're dealing with tenants, you're dealing with the day to day your you are the boots on the ground. So that is why it is so important before we started any of this, I wanted to make sure that we had the proper systems in place that we could scale 500 more doors without blinking an eye. That is where you have to have that mindset and like you have to know what's going on before adding because when you just add   doors and just think that exactly what you said add doors and thinking that that's just going to like solve your problem you're just multiplying your problem whatever problems you have at 20 doors is going to be 10 fold at a thousand doors or more so ⁓ and more just doesn't necessarily equal better and that is one reason like in our contracts we actually do have clawbacks so if we do end up getting rid of owners that just aren't a fit   our purchase price is reduced down from the seller. So it gives the seller an incentive to ensure that they're selling us a good.   Jason Hull (24:11) Got it, yeah, that's important to have all that's in any sort of acquisition deal. So for other property managers that are looking to get into private equity and they're looking at maybe starting to do this, because they're like, you know what, I've got a healthy property management company, we've got the systems in place, is there somebody that I can partner with on this that already knows how to do it or can I go and learn to do this?   What would you say between those two options and where would you send them?   Ashton (24:43) Really? It depends on the person. This isn't for everybody. know, you, what I would recommend, and this is honestly what I tell anybody, no matter what business they're in, if they're thinking about growing, where do you want to be in three years? And let's reverse engineer it from there. So if you want to, like for us, our, our plan is to roll up to about 5,500 doors and then exit. So   Jason Hull (24:45) Yeah.   Got it.   Ashton (25:12) I already knew where I wanted to be. And so like, I wanted to exit at a certain amount. So I was like, how do I get to this amount? And then I just backed it up from there. ⁓ but that's, everybody's going to have a different goal. So I would highly recommend just like starting with that initial goal. that's, if that goal is freedom, if it is like, you want to be able to exit, you want to have, you want to just run a massive company, whatever it is, start there and then figure it out backwards.   Jason Hull (25:21) Okay.   Ashton (25:41) As far as bringing on capital and investor capital, whether they want to partner with somebody or if they want to like bring on debt, that's also a comfort level thing. ⁓ And it also depends on like what you and that other person that's bringing in the capital agree to and what you both feel like is the optimal solution. But before doing that, definitely educate yourself and find someone ⁓ either as a consultant like   Right now I am doing a little bit of consulting work for ⁓ different ⁓ funds as well as like companies like, you know, like what we're doing ⁓ for, you know, to help them with what their goals are. Let's back it up and then let's go from there. And like just adding some advice and getting them in touch with the right people that they need as far as connections. Analysts, numbers are so important when you're talking with investors.   You can't just be like, I think it's going to make this an investor, especially a sophisticated one is not going to go for that. Maybe friends and family will what I call country club money, but ⁓ a sophisticated investor, absolutely not. They're going to want to see a pro forma. ⁓ So there's so many steps involved before you ever, ever, ever bring on a dime of investor capital. So.   Jason Hull (26:51) Yep.   Ashton (27:09) I'm sorry, that's not like a ⁓ space.   Jason Hull (27:10) So, well, it sounds like   the path is maybe this. Like if you're a property manager first, you got to get your side of the room clean. You got to get your business tight. You got to get operations working, maybe reach out to DoorGro, get a little help, but you got to get things really well dialed in because it doesn't make sense to go start playing with other people's money and be on the hook for other people's money and investors.   Ashton (27:20) Yes.   was not.   Jason Hull (27:36) if you don't really feel like you have the ability to scale, you don't really feel like you can handle stuff, because if once money starts flowing and doors start adding, then if your stuff is okay, it's going to be stress tested and probably not okay. So that's probably first. Next, they need to learn about private equity, figure out that game, and then even once you figure out how that all works, then you've got to get good at selling it, which you are already a natural, you know...   Ashton (27:51) Yeah, exactly.   Jason Hull (28:05) Salesperson, you've invested a lot towards figuring that out, but then you're going out and you have to raise the cap.   Ashton (28:11) Raising capital is literally one of the hardest jobs. It is insane because you want to build a relationship and you want someone to trust you, but you're also asking for a check. And so it's trying to balance the relationship aspect as well as the transactional aspect. And it's even harder as a woman because private equity is definitely, ⁓ there's not a lot of women in this field.   Jason Hull (28:32) Yeah.   Ashton (28:41) ⁓ so it's even harder being like of the opposite gender. ⁓ so there's a lot to balance there. so getting, getting comfortable asking, but not being pushy. It's that I've learned so much from.   Jason Hull (28:56) As a woman, you've had   to take maybe a more feminine approach or you go in hot the way most guys would.   Ashton (29:04) It depends on the person.   It depends on my audience. You have to sell the way somebody wants to buy. So I've learned not to, at the beginning, I was definitely very transactional. And I've learned ⁓ through a dear friend of mine that to be more relationship-based and then that will come a little bit later with the transaction. ⁓ But at the same time, because I'm like,   Jason Hull (29:11) Yeah.   Mm-hmm.   Ashton (29:32) I need to know now. Like, I don't want to waste my time. I don't want to waste their time. We just need to lay it out on the table right now. They need to know what I'm here for. ⁓ I've had to like roll that back a little bit. And since I have, the checks have been definitely coming in a little bit smoother. So it was a huge learning experience for me.   Jason Hull (29:51) Yeah.   Ashton, how old are you right now for those listening? All they've heard is 23.   Ashton (29:59) I'm 30 now.   Jason Hull (30:01) 30 now, okay, you're 30 years old, you're doing amazing things. What amount of capital are you raising right now? Like what's your goal?   Ashton (30:05) Yeah.   Yeah, so we do different like rounds or like tranches of raising and it right now we are raising for specific projects. So as the projects come up, then we go out to our current investors first and then to like new potential investors next. ⁓ So in the spring, we're about to start doing another raise for ⁓ one, a business and then two, a couple other. ⁓   real estate portfolios that I'm looking at. ⁓ So that is going to be around the $800,000 mark of capital. And typically we do like minimum commitments of 100 because when you get into smaller amounts, typically the investors that are, I just become a little bit more needy because they're only, they're not as sophisticated and we want to deal with the investors who are.   Jason Hull (31:06) Got it. Yeah, that makes sense. Very cool. Sounds like you're doing really cool things. So Ashton, for those that are listening and they're curious about you, they're curious about maybe getting into this, you mentioned you do some consulting, you mentioned there may be investors or maybe they want to get in on some of the investing stuff that you're doing. How can they get in touch with you?   Ashton (31:29) Yeah, so they can send us an email. That would be the best way to you can send it to info at FX to capital calm. ⁓ And we, you know, are one of our interns checks that email on the daily. ⁓ So then we can set up an investor call and go through really well what your goals are. What is your portfolio look like right now?   How are you diversifying yourself? And maybe we can talk about what we can do to help increase that, maybe rebalance you a little bit within the private space and in the private markets.   Jason Hull (32:06) Cool, well property managers, if you're listening, I think Ashton's definitely doing something that's very cool. A lot of you probably could get in on this or create some sort of alliance or relationships that could allow you to be part of something like this. Even if it's just you're getting doors from other people that are in the private equity space that are rolling up a bunch of investment properties, this would be easy doors for you to get on if you really could do a good job. And it sounds like that's the linchpin, that's the hardest piece of the puzzle.   And if you're a good property manager, you've got that down then. So you've got a competitive advantage. So Ashwin, I appreciate you coming on and sharing this here on the board.   Ashton (32:43) Thank you.   Yeah, that was so much fun. It was so great talking to you.   Jason Hull (32:48) Awesome, so we'll go ahead and wrap up. For those of you that are feeling stuck, stagnant, you want to take your property management business to the next level, reach out to us at doorgrow.com for a free training on how to get unlimited free leads. Text the word leads to 512-648-4608. Also join our free Facebook community. It's just for property management business owners at doorgrowclub.com. And if you want tips, tricks, ideas to learn maybe about some of our offers,   subscribe to our newsletter by going to doorgrow.com slash subscribe. And if you found this even a little bit helpful, don't forget to subscribe, leave us a review. Anything like that would really help us out. We would appreciate it. And until next time, remember, the slowest, absolute slowest path to growth is to do it alone. And you heard Ashton, she's leveraging a lot of people to do what she's doing to grow. So let's grow together. Bye everyone.

Join an active community of RE investors here: https://linktr.ee/gabepetersenDISCOVERING YOUR PATH TO PASSIVE REAL ESTATE INCOME

What do billion-dollar investors and donors actually care about?It's not your pitch deck.It's not your financial model.And it's definitely not your IRR slide.In this episode of Commercially Speaking, we sit down with Greg Dugard, COO of Seder Grove Holdings, who previously helped raise over $5 billion during Notre Dame's historic capital campaign.Greg breaks down what he learned from raising billions, working with ultra-high-net-worth families, and now partnering with founders through permanent capital, a long-term investment approach that rejects forced exits, short-term incentives, and five-year flip cycles.We explore:What investors actually look for before wiring moneyWhy time horizons destroy more value than bad dealsPermanent capital vs private equity and venture capitalHow misaligned incentives quietly ruin partnershipsWhy selling too early kills compoundingThe difference between IRR and long-term wealth creationHow founders should evaluate partners before signingWhy trust beats returns in the long runWhat “life's work” really means for a founderIf you're a founder, investor, or operator thinking about taking on capital, this conversation might save you years of regret.

email chris@drchrisloomdphd.com with "Podcast freebie" to book a coveted FREE guest spot on the show. To book a PREMIUM spot on the Podcast: ⁠⁠⁠⁠⁠https://www.drchrisloomdphd.com/_paylink/AZpgR_7f⁠⁠⁠⁠⁠Book a 1-on-1 coaching call: ⁠⁠⁠⁠⁠https://www.drchrisloomdphd.com/booking-calendar/introductory-session⁠⁠⁠⁠⁠ Become a member of our Podcast community: ⁠⁠⁠⁠⁠https://www.drchrisloomdphd.com/membership⁠⁠⁠⁠⁠Subscribe to our email list: ⁠⁠⁠⁠⁠⁠https://financial-freedom-podcast-with-dr-loo.kit.com/⁠⁠⁠⁠⁠⁠Click here to join PodMatch (the "AirBNB" of Podcasting): ⁠⁠⁠⁠⁠https://www.joinpodmatch.com/drchrisloomdphd⁠⁠⁠⁠⁠Click here to purchase my books on Amazon: ⁠⁠⁠⁠⁠https://amzn.to/2PaQn4p⁠⁠⁠⁠⁠Click here to purchase my audiobooks, visit: ⁠⁠⁠⁠⁠https://www.audible.com/author/Christopher-H-Loo-MD-PhD/B07WFKBG1F⁠⁠⁠⁠⁠To help support the show:CashApp- ⁠⁠⁠⁠⁠https://cash.app/$drchrisloomdphd⁠⁠⁠⁠⁠Venmo- ⁠⁠⁠⁠⁠https://account.venmo.com/u/Chris-Loo-4⁠⁠⁠⁠⁠Buy Me a Coffee- ⁠⁠⁠⁠⁠https://www.buymeacoffee.com/chrisJx⁠⁠⁠⁠⁠

The latest edition of The Leadership in Insurance Podcast, features Alex Bond in conversation with Tony Lew, co-founder of Insurtech New York, in an insightful conversation about the future of insurance technology and the critical role of human engagement in an AI-driven industry.Key highlights from this episode:

Send us a text"RAISE CAPITAL LIKE A LEGEND: https://go.fundraisecapital.co/apply"DOWNLOAD "The Institutional Readiness Checklist":  https://go.fundraisecapital.co/institutional-readiness-checklist Are you struggling to bridge the gap between retail investors and massive institutional allocators? Most fund managers believe they are getting rejected because of their track record or IRR, but the truth is far more clinical: they simply aren't "institutional ready." In this master class episode of Making Billions, Ryan Miller reveals the institutional mindset to why returns alone never close institutional capital. If you want to raise capital from pension funds, endowments, or sovereign wealth funds, you must stop thinking like a salesperson and start thinking like a steward of capital.Subscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://www.instagram.com/makingbillionspodcast/X: https://x.com/_MakingBillionsWebsite: https://making-billions.com/[THE HOST]: Ryan Miller is a recovering CFO turned angel investor in technology and energy.Support the showDISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient's state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

Marketing documents for a VC fund Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In raising funds from Limited Partners, make sure to prepare the following marketing materials: Website. The website should reflect the values of the general partners and details about the fund. This is the first place investors go to learn more. Pitchdeck. Just as startups use a pitchdeck to communicate their deal, a VC fund needs a pitchdeck to present to Limited Partners. One pager. A one-pager describes the overview of the fund, including investment thesis, track record, and bios of the general partners. Due diligence questionnaire. It's a summary of the fund and how it compares to others, such as ESG funds. Data room. The basic documents and records of the fund should be in one place that LPs can access. Track record. A spreadsheet showing the track record of the fund with all the basic metrics, including TVPI, DPI, and IRR. Limited Partnership Agreement. This document lays out the details of the fund, including investment thesis, capital calls, management fees, and distributions. Private Placement Memorandum. This document highlights the financial characteristics of the fund and the risks associated with the investment. Make sure you have these documents ready for your fundraise. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact info@tencapital.group Please follow, share, and leave a review. Music courtesy of Bensound.

MRM's Bill McKeever and Eric Johnson interview Rob Bowman on some new articles published on the IRR website, including this on contradictions on the Book of Mormon. Check out the website at irr.org.

MRM's Bill McKeever and Eric Johnson interview Rob Bowman on some new articles published on the IRR website, including this on contradictions on the Book of Mormon. Check out the website at irr.org.

MRM's Bill McKeever and Eric Johnson interview Rob Bowman on some new articles published on the IRR website, including this on contradictions on the Book of Mormon. Check out the website at irr.org.

MRM's Bill McKeever and Eric Johnson interview Rob Bowman on some new articles published on the IRR website, including this on contradictions on the Book of Mormon. Check out the website at irr.org.

MRM's Bill McKeever and Eric Johnson interview Rob Bowman on some new articles published on the IRR website, including this on contradictions on the Book of Mormon. Check out the website at irr.org.

Interview with Alex Dorsch, MD & CEO of Chalice MiningRecording date: 20th January 2026Chalice Mining is developing the Western world's leading palladium-nickel-copper project at Gonneville, discovered in 2020 near Perth, Australia. The project has advanced from discovery to prefeasibility study (PFS) stage, with Final Investment Decision (FID) and construction planned for 2028-29.The project's exceptional economics stem from open-pit mining starting at surface level, delivering all-in sustaining costs of $370/oz compared to $900-1,800/oz for South African competitors operating deep underground mines. This positions Gonneville in the second quartile of the global cost curve. The PFS demonstrates a 23-year mine life with NPV8 of A$3.3 billion at current prices and 40% IRR, producing 170,000 oz/year initially and scaling to 250,000 oz/year in stage two.Palladium prices have surged 105% from $880/oz to $1,800/oz over seven months, driven by supply constraints with over 90% production concentrated in Russia and South Africa. Demand remains resilient as electric vehicle adoption progresses slower than anticipated, supporting hybrid vehicles that require palladium catalytic converters.Chalice's two-stage development strategy balances ambition with capital discipline. Stage one requires A$820 million capex, fundable through 50-70% debt financing given strong project margins and abundant critical minerals financing from sovereign wealth providers. The company has invested A$325 million in technical work, including A$15 million on metallurgical testing—significantly more than typical junior miners at this stage.A simplified flowsheet redesign produces three standard products processable by conventional smelters, eliminating downstream technology risk. The project's Perth location provides infrastructure advantages and residential workforce access, reducing capital requirements to A$200-250 million versus multi-billion dollar bills for remote projects.With regulatory approvals expected in early 2028, Chalice offers rare exposure to palladium development outside Russian and South African dominance in a structurally constrained supply market.View Chalice Mining's company profile: https://www.cruxinvestor.com/companies/chalice-miningSign up for Crux Investor: https://cruxinvestor.com

Interview with Nolan Peterson, CEO of Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-rare-public-salt-play-targets-10-of-north-americas-de-icing-market-8676Recording date: 16th January 2026Atlas Salt is positioning itself to address a critical infrastructure need in North America through the development of the Great Atlantic Salt project on Newfoundland's west coast. The company targets the deicing road salt market, where demand consistently outstrips domestic supply by 30-40%, forcing North American buyers to source from Egypt and Chile with significantly longer lead times and higher costs.CEO Nolan Peterson, who joined the company in June 2025, explained the market dynamics: "There is a salt shortage year-over-year when you're balancing domestic production versus domestic needs. And domestically, I'm grouping Canada and the United States as one market." The timing appears particularly opportune, with Ontario currently experiencing severe shortages despite having a full year to prepare following last year's supply crisis.The project's geographic advantage is substantial. Located in Newfoundland with direct port access, Atlas Salt can deliver product to the same markets served by foreign producers in 15 to 20% less time and cost, according to Peterson. This proximity enables rapid response to spot market opportunities and provides supply chain stability that foreign sources cannot match.The updated feasibility study demonstrates robust economics with total capital requirements of approximately $600 million CAD. The project generates an NPV of $920 million CAD with a 21.3% after-tax IRR and $188 million in annual after-tax free cash flow over a 25-year mine life. "Our contrast is that we have steady stable cash flow year after year kind of like a dividend or a bond if you will once you get over that initial hurdle," Peterson explained.Construction activities are beginning imminently following financing completed in October 2025, with the company targeting Q2 2026 for a finalized debt package covering 60-80% of capital needs from sovereign wealth funds and infrastructure banks. Atlas Salt has already signed an MOU with Scotwood Industries, the largest distributor of packaged retail deicing salt in North America, while pursuing additional commercial partnerships and potential vertical integration opportunities.View Atlas Salt's company profile: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com

What does smart multifamily investing actually look like in 2026?In this episode of the LSCRE Podcast, Craig McGrouther and Rob Beardsley break down their 2026 multifamily outlook, including acquisitions, operations, capital strategy, and why walking away from bad deals is often the best deal you can do.This episode covers how LSCRE is approaching growth after one of the most volatile real estate cycles in recent history.Topics discussed:LSCRE's 2026 acquisition goals (~$200M, one deal per quarter)Why doing a bad deal is extremely expensive for sponsorsDeal discipline vs “doing deals to do deals”Texas market focus: Houston, Dallas, San AntonioWhy some markets (like Phoenix) are still early — and riskyOptimal debt & equity structures for the next cycleWhy LSCRE targets lower leverage (~65%)Mid-teens IRR expectations and 5–8% cash flow targetsWorkforce housing vs Class C riskOperational priorities: occupancy, renewals, staffingWhy renewal rates matter more than new leasesEmployee turnover targets and portfolio healthBringing RUBS billing in-house to save ~$300K annuallyK-1 delivery timelines and internal tax infrastructureCapital markets commentary: private credit vs common equityWhy 2026 may reward offensive positioning, not defensiveWe also discuss:Why Houston may outperform other Sunbelt marketsWhere forced sellers may emergeWhy stability matters more than forecastsAnd why LSCRE is focused on long-term ownership, not flipsLearn more about LSCRE:www.lscre.com

Send me a messageIs ESG really about sustainability, or is it quietly becoming a hard economic filter for who gets to trade, raise capital, and survive?In this episode, I'm joined by Dr Nisha Kohli, Founder and CEO of CorpStage, to unpack why ESG has shifted from glossy reporting to something far more consequential for supply chain resilience, risk, and competitiveness. Nisha has spent over two decades working across corporate governance, sustainability, and finance, and she's seen first-hand where most organisations are still getting this badly wrong.We talk about why ESG reporting remains broken for so many companies, and why ratings and rankings often mislead investors rather than inform them. You'll hear how credible, auditable data is becoming a prerequisite for access to markets, tenders, and green finance, especially as tariffs, carbon taxes, and mechanisms like CBAM start reshaping global trade.We also break down why ESG isn't just a cost centre. Nisha shares real examples where relatively simple greening measures delivered 50–60% IRR with short payback periods, reduced operational risk, and opened doors to new markets. You might be surprised by how often the biggest barrier isn't technology or regulation, but confusion, fragmented data, and treating ESG as a PDF rather than infrastructure.We explore the growing role of data, AI, and system integration in making sustainability usable at scale, why carbon pricing is about to become a core input into supply chain decision-making, and the mindset shift leaders need to make as sustainability moves from “business as usual” to business critical.

Pascal Wagner interviews Adam Gower, founder of GowerCrowd, to unpack what's really happening behind the scenes when sponsors raise capital in today's market. Adam explains why the current shift toward smaller checks and retail capital isn't necessarily distress, but a strategic move by experienced sponsors preparing for cyclical downturns. He breaks down how LPs can spot sponsor strength versus weakness, why IRR-driven underwriting often leads to failure, and how conservative debt, disciplined operations, and in-house property management separate survivors from casualties. The conversation also explores where Adam sees asymmetric opportunities emerging in 2025–2026, particularly in discounted assets with operational inefficiencies rather than reliance on market rebounds. Adam GowerCurrent role: Founder, GowerCrowdBased in: United StatesSay hi to them at: https://www.gowercrowd.com/ | https://www.linkedin.com/in/gowercrowd/ Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Interview with Mike Garbutt, President & CEO of Clean Air MetalsRecording date: 13th January 2026Clean Air Metals (TSXV:AIR) is advancing one of North America's rare primary platinum assets at a pivotal moment for the metal. The company's Thunder Bay North project in Ontario holds 14.9 million tons of indicated resource with a polymetallic composition including platinum, palladium, copper, nickel, gold, and silver. With an 11-year mine life processing 2,500 tons daily, the project's economics have transformed as metal prices surged.CEO Mike Garbett, who brings 14 years of operational experience from Falconbridge and project development expertise, explained the compelling market dynamics. "Platinum is an interesting case. It is a precious metal, but it has some great industrial use. The bottom line is it's a pretty small market, 6 to 7 million ounces, and there's a growing deficit, nearing a million ounces a year," he noted.The company's Preliminary Economic Assessment showed a post-tax NPV of CAD $219 million at 39% IRR using conservative metal prices. However, with spot prices approximately doubling since the study, Garbett stated they're now "looking at $700 million NPV at 8% discount rate and 100% IRR, just astronomical numbers."Management is pursuing a dual-track strategy for 2026. The primary path involves toll milling, which ships material to existing facilities and keeps upfront capital under CAD $100 million. Simultaneously, the company is evaluating a standalone mill option that could position the site as a regional processing center for northwestern Ontario.Recent exploration success strengthens the investment case. The company intersected 50 meters of mineralization 400 meters down plunge on the Escape deposit, validating targeting methodology across 2.5 kilometers of largely untested strike length. With approximately CAD $1 million in treasury, Clean Air Metals is pursuing strategic partnerships with mid-tier producers for non-dilutive financing while advancing technical studies and exploration permitting toward near-term production.View Clean Air Metals' company profile: https://www.cruxinvestor.com/companies/clean-air-metals-incSign up for Crux Investor: https://cruxinvestor.com

Interview with Dan Noone, CEO of G2 Goldfields Inc.Our previous interview: https://www.cruxinvestor.com/posts/g2-goldfields-tsxgtwo-high-grade-gold-developer-targets-imminent-strategic-exit-7459Recording date: 7th January 2026G2 Goldfields represents a rare opportunity to invest in a first-quartile gold development asset trading at a substantial discount to fair value. The company's initial Preliminary Economic Assessment for the Oko project in Guyana has validated exceptional economics that position it among the highest-quality undeveloped gold deposits globally.The PEA outlines a 14-year mine producing 3.2 million ounces of gold with average annual production of 281,000 ounces. At $3,000 gold, the project delivers net present value of $2.6 billion, 39% internal rate of return, and 2.6-year payback against initial capital expenditure of $664 million. The capital intensity ratio of 3.9 substantially exceeds comparable projects and reflects the compounding advantages of high-grade resources averaging 3.2-3.3 grams per tonne with underground zones exceeding one ounce per tonne.What differentiates successful gold development stories from value traps is the pathway to systematic risk reduction. G2 has identified four key de-risking milestones for 2026: environmental permitting advancement, metallurgical confirmation, resource conversion drilling, and geotechnical studies. The permitting timeline of 24-30 months has been de-risked by neighbouring G Mining's 23-month experience at Oko West, whilst Guyana's improving regulatory framework reflects the country's economic diversification through offshore oil development.The 2026 drilling programme prioritises conversion of inferred resources to indicated category, focusing on early mine life production ounces and the high-grade underground zones that drive project economics. Management estimates approximately 70% of ounces reside in roughly 40% of the rock, highlighting the high-grade nature that makes resource definition particularly valuable.G2 currently trades at approximately 0.5 times net asset value compared to the historical average of 1.0 times NAV for first-quartile assets approaching development. This valuation gap represents quantifiable upside as de-risking milestones are achieved throughout 2026. Historical takeover premiums for first-quartile gold assets have averaged 1.7x NAV, creating additional acquisition potential from mid-tier and major producers seeking high-margin reserve replacement.The investment thesis strengthens considerably when considering current gold price dynamics. At $4,000 gold, project NPV increases to $4.2 billion with 54% IRR and two-year payback. With gold currently trading above $4,500 per ounce, supported by monetary policy uncertainty and geopolitical tensions, the project's economics substantially exceed the conservative base case assumptions.Management credibility is established through CEO Dan Noone's successful delivery of the Aurora mine in 2014 for $258 million, demonstrating capability to execute projects on budget in frontier jurisdictions. The team is augmenting technical capabilities with experienced mining engineers whilst engaging specialised consultants for detailed engineering and permitting work.Near-term catalysts include updated resource estimates and economics by year-end 2026, environmental permitting milestones within 12-15 months, and quarterly drill results. For investors seeking exposure to high-quality gold development with quantifiable valuation upside, proven de-risking pathway, and leverage to strong gold fundamentals, G2 Goldfields offers a compelling risk-reward proposition within the precious metals sector.View G2 Goldfields' company profile: https://www.cruxinvestor.com/companies/g2-goldfieldsSign up for Crux Investor: https://cruxinvestor.com

Interview with George Salamis, President & CEO of Integra Resources Corp.Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-growing-gold-producer-with-63m-treasury-8093Recording date: 5th January 2026Integra Resources has successfully completed its transformation from developer to established gold producer, delivering a 400% increase in adjusted cash flow year-over-year during 2025 while consistently meeting production guidance across four consecutive quarters at its Florida Canyon operation in Nevada's Great Basin.CEO George Salamis outlined how 2025 focused on stabilizing the asset after years of underinvestment by previous owners, addressing deferred maintenance through fleet equipment replacement, water infrastructure development, and catch-up capitalized stripping work. "We made that transition in late 2025, transitioning from sort of pure developer to cash flow and producer. And I think we proved that throughout the course of the year," Salamis explained.The company's mid-2026 feasibility study for Florida Canyon will demonstrate significant expansion potential, incorporating exploration success, mine life extension, and approximately 50 million tons of previously uneconomic low-grade stockpile material now viable at current gold prices. This material's proximity to heap leach pads eliminates costly multi-kilometer haulage distances, creating meaningful operational efficiencies.DeLamar, Integra's flagship development project, advanced substantially with delivery of a robust feasibility study showing $775 million base case NPV ($1.8 billion at spot prices) and 46% after-tax IRR. The simplified two-phase heap leach design reduces upfront capital requirements and development risk compared to the previous single-pad configuration. The project enters federal NEPA permitting in 2026, with management expecting significantly shorter timelines than historical 2-3 year durations due to the current administration's focus on accelerating domestic mining approvals.Nevada North, located just 26 miles from Florida Canyon, will advance from preliminary economic assessment to pre-feasibility study during 2026, offering additional growth optionality with infrastructure synergies.Integra's self-funding capability from Florida Canyon operations eliminates dilution concerns while enabling simultaneous advancement of its three-asset portfolio, positioning the company as a multi-asset gold producer in one of North America's premier mining jurisdictions.View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resourcesSign up for Crux Investor: https://cruxinvestor.com

Investing in Bizarro World Episodes: https://youtube.com/playlist?list=PLIAfIjKxr02sAztzlJNy1ug5bDvTVZkME&si=w2d_EF-B5jMo1dYDSubscribe to Investing In Bizarro World: @bizarroworld Editor's Note: We're back! After taking a few weeks off to end the year, we are back with a new episode of Investing in Bizarro World. Remember, we do this for a live audience every Thursday. The live version comes with Premium Portfolio Picks every week. It's less than $2.00 per episode. Subscribe here: https://bit.ly/4pLN9R6 If not, you have to wait three days to get the recorded version on Mondays. And the free version has no stock picks. Get the premium Investing in Bizarro World Live now: https://bit.ly/4pLN9R6 Three of the six stocks we discussed last week are already up double digits as these markets melt higher!The free version of the 348th episode of Investing in Bizarro World is now published.Here's what was covered:Macro Musings - We spent the first part of the show addressing the increasingly volatile political and geopolitical backdrop, including domestic unrest, immigration enforcement actions, and recent developments in Venezuela and Iran. We discussed how institutions continue to lose credibility, how government narratives often shift in real time, and why equal application of the law appears absent on both sides of the political aisle. We also revisited the “Fourth Turning” framework and why rising political conflict, civil unrest, and institutional breakdown are not surprises in this phase of the cycle. Against that backdrop, we emphasized the importance of focusing on personal and family security, financial independence, and maintaining a clear-eyed view of risk rather than being consumed by partisan narratives.Market Takes - Despite political chaos, markets have remained exceptionally strong. We reviewed the continued surge in precious metals and critical commodities, with gold approaching new highs, silver posting extreme volatility with multiple multi-dollar daily moves, and copper hitting all-time highs above $6 per pound. We discussed how higher copper prices materially improve project economics and why companies are now able to re-run feasibility studies with far stronger net present value (NPV) and internal rate of return (IRR) assumptions. Silver's move was framed as more than just macro-driven demand, with signs that physical delivery pressure and paper market stress are beginning to show through. We also discussed how bullish psychology is spreading from metal to metal — including platinum, tin, nickel, and lithium — as investors increasingly focus on real-world supply constraints. We reiterated that mining equities are now beginning to play catch-up after metals led the move in 2025. We also covered uranium fundamentals, noting that data center power demand, reactor life extensions, and government funding for enrichment will ultimately require new mine supply — and that technology companies may eventually need to partner directly with miners to secure long-term fuel.Bizarro Banter - We discussed the growing political embrace of collectivist economic policies, rising support for socialist platforms, and why capitalism — despite its flaws — remains the only system that consistently lifts societies out of poverty. We addressed the contradictions between celebrating the collapse of authoritarian regimes abroad while promoting collectivist policies at home, and why political rhetoric increasingly conflicts with lived economic reality. We also touched on global instability, cartel violence in Mexico, and ongoing revelations around institutional cover-ups, reinforcing the theme that transparency and accountability remain in short supply across governments worldwide.Premium Portfolio Picks - For paid listeners only. Subscribe here: https://bit.ly/4pLN9R60:00 Introduction1:20 Macro Musings: Fourth Turning Vibes. Ice in Minnesota. Venezuela Regime Change.21:21 Bizarro Banter: Rugged Individualism. Warmth of Collectivism. Socialist vs. Capitalism.28:04 Market Takes: Metals Ripping. Gold & Silver New Highs. Lithium Rebounding.40:32 Premium Portfolio Picks: (You need to subscribe to Bizarro World Live to get this section) Subscribe here: https://bit.ly/4pLN9R6PLEASE NOTE: There are now two versions of this podcast. 1. Bizarro World Live — Pay $2 per episode to watch us record the podcast live every Thursday and get Premium Portfolio Picks every week. Plus an archive of all premium episodes. Subscribe here: https://bit.ly/4pLN9R62. Bizarro World Free — Published the Monday after the live recording with no Premium Portfolio Picks.Visit our website Daily Profit Cycle for more content like this and more! https://dailyprofitcycle.com/

How should multifamily deals really be underwritten in 2026?In this live LSCRE podcast, we break down how we are underwriting multifamily real estate today and the critical mistakes investors and sponsors don't realize until years 3–5.This episode covers real-world underwriting decisions we're making right now, including:Why underwriting mistakes don't show up in year oneCash flow vs IRR (and how cash flow can be manipulated)The hidden risk of in-the-money interest rate capsHow location repricing is changing acquisitionsTrue rents, fees, and concessions (what most people miss)Why most “value-add” deals don't work in today's marketLoaded ICR vs DSCR and how we evaluate debt riskWhat real multifamily distress actually looks likeHow LSCRE is positioning acquisitions for long-term cash flowWe also answer live investor questions and explain how these principles apply to a real multifamily acquisition we just closed.Learn more about LSCRE:www.lscre.com

Sterling is a medical real estate investor who led an $18.5 million acquisition that quickly appreciated to $25 million and has delivered an average 40% IRR across his portfolio. A resilient entrepreneur, he rose from homelessness to millionaire status within two years through his first business. Today, Sterling speaks nationally on passive medical real estate investing while also pursuing his passion for acting and film production.   Here's some of the topics we covered:   From homelessness to building a successful personal training business Why most podcast advice misses what actually matters How the right mentor can completely change your life The real difference between passive income and owning a job Spotting trends early and turning them into serious cash How seasoned investors unlock deals most people never see Inside the medical landlord side of real estate investing Reclaiming the childhood dreams you thought were gone   To find out more about partnering or investing in a multifamily deal: Text Partner to 72345 or email Partner@RodKhleif.com    For more about Rod and his real estate investing journey go to www.rodkhleif.com   Please Review and Subscribe  

Send us a textReady to scale beyond flips and small rentals into commercial real estate without stepping on landmines? We sit down with investor and educator Becky Lambert to unpack the blueprint: how to pick the right markets, structure safer debt, and build durable cash flow with tenants who actually stay. Becky has 16 years in commercial under her belt and breaks down the core framework with clarity—what NOI really tells you, how DSCR protects your downside, and why a 1% shift in cap rate can swing a valuation by millions.We dig into the hidden systems that make or break deals: boilers, elevators, roofs, and power capacity. If you've ever inherited an old building and found out the hard way what “inspection missed” means, you'll appreciate the playbook for due diligence that buys leverage at the negotiating table. Becky shares how to curate tenant mixes that pull traffic—think surgeons, PT, pharmacies, and synergistic retail near hospitals—and why staggering lease expirations matters more than squeezing the last dollar on day one. We also explore counter-cyclical assets like storage, the trade-offs in specialized warehouses, and how ground leases and cell towers can add surprising income streams.For those itching to jump in, Becky explains why joining a syndication is a smart first step to learn IRR, equity multiple, and lender relationships from inside the deal. From selecting a market with real growth drivers to designing leases with escalations and creditworthy tenants, this episode gives you a clear path to move up the ladder without gambling your portfolio. If the numbers tell the truth, learn to listen—and let your strategy match what the market actually wants.Enjoyed the conversation? Follow the show, leave a quick review, and share this episode with a friend who's eyeing commercial deals. Your support helps more investors find the tools to grow wisely. Support the showThanks again for listening. Don't forget to subscribe, share, and leave a FIVE-STAR review.Head to Dwanderful right now to claim your free real estate investing kit. And follow:http://www.Dwanderful.comhttp://www.facebook.com/Dwanderfulhttp://www.Instagram.com/Dwanderful http://www.youtube.com/DwanderfulRealEstateInvestingChannelMake it a Dwanderful Day!

Chris Lopez welcomes Dr. Alex Schloe and Charlie Cameron to demystify residential assisted living. Alex lays out the macro drivers behind the silver tsunami and why small, boutique homes can deliver better care and stronger cash flow. Charlie breaks down the models from LP to lease-to-operator to full operations and development, including typical home specs, licensing basics, private pay vs Medicaid, and realistic risk controls. The trio covers returns, staffing, marketing, and the due diligence questions LPs should ask before backing an operator or sponsor. Key Takeaways What residential assisted living is and how it differs from big facilities Demographics and demand: boomers aging into care, large bed shortage, 10k Americans turning 80 daily Investment models: LP, lease-to-operator, own-and-operate, and phased development of 10 to 16 bed homes Typical home criteria: single story preferred, 300 sq ft per resident, abundant beds and baths, sprinklers, roll-in showers Returns and timelines: value-add and development deals targeting mid 20s IRR ranges with ramp-up occupancy considerations Risk management: operator vetting, staffing and marketing plans, licensing and insurance, location near labor and hospitals, contingency reserves LP due diligence: private pay focus, sponsor pipeline for operators, comps via secret shopping and NIC data, personal guarantees and SBA scrutiny Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

In this episode of The Capital Raiser Show, Richard C. Wilson sits down with Paul Hutchinson, co-founder of a multi-billion dollar real estate investment fund, founder of the Child Liberation Foundation and Liberating Humanity, and primary investor/executive producer of the film "Sound of Freedom." Paul shares how he went from a $20M exit in his 20s, to losing hundreds of thousands on his first real estate deals, to ultimately building a multi-billion dollar multifamily platform by bringing in world-class partners, managing risk, and operating with uncompromising integrity through the 2008 crisis. He also opens up about his decision to commit 10–20% of his income and time to philanthropy early in life, how that shifted his opportunities, and the core mindset that makes someone truly effective at raising capital. Then Paul dives into his undercover work rescuing children, the real story behind "Sound of Freedom," what families actually need to know about trafficking risk, and why he now focuses on global healing and trauma-release through Liberating Humanity and transformational retreats. In this episode, you will learn: How Paul built and sold his first company (anxiety and mental health education) for $20M before age 30 Why he lost money on his first real estate deals and the specific pivot into B-class multifamily that changed everything How bringing in "overqualified" partners (ex–Citigroup leadership, global capital raisers) turned a good firm into a multi-billion dollar fund The role of integrity during the 2008 crisis and how not losing principal created 48% IRR years and long-term investor trust Why committing 10–20% of income and time to giving early can radically change your deal flow, relationships, and opportunities The inside story of Paul's first undercover rescue mission, the making and distribution journey of "Sound of Freedom," and practical ways to better protect your own children If you want to go deeper into capital raising, integrity-based deal structures, and building a life that actually makes a global impact, this conversation will challenge how you think about money, mission, and what "success" really looks like. Our investor club offers 30 nationwide events a year, 10,000 registered investors, and 40 proprietary AI tools https://familyoffices.com/

Send us a textIn this session, Richard C. Wilson breaks down the six must-have assets almost every capital raiser is missing, and how to show up like an institutional-quality professional instead of “just another deal.”Here are the 6 must-haves he covers:Unique position – a clearly defined, memorable niche so investors know exactly where you fit and why you're different.One-line capital-raising pitch – a single sentence with 3 data points explaining what you do, why people trust you, and the value you add.Founder video – a short, authentic video that builds trust, shows who you are, and briefly walks through what your company actually does.Visual one-pager – a simple, scan-friendly one page that an investor can understand between the gate and their airplane seat.Concise pitch deck – ideally 10–15 pages (or under 25 pages) that investors will really read, with the detail pushed to a data room instead of a 44-page info dump.Due diligence data room – organized documents plus a master DDQ and background check ready to go so serious investors can dig in quickly.Richard also shares why:– Relationships drive investment decisions more than IRR projections– Consistent, niche content (talks, videos, articles, etc.) makes you locally, then nationally known– Tools like CRMs, AI call transcription, outbound dialers, and even old-school direct mail can dramatically improve your investor follow-up– Protecting your time, saying no, and moving fast are common patterns among the most successful family offices and foundersIf you're raising capital or advising portfolio companies, this talk gives you a practical checklist for becoming investor-ready and upgrading the quality of the conversations you're having.Learn more at https://familyoffices.com/ for events, investor club memberships, and capital-raising tools.https://familyoffices.com/

Want more money? Stop chasing it—and start structuring it smarter.

Mining Stock Daily discusses the new feasibility study published by Integra Resources for the DeLamar Gold Silver Heap Leach Project. The study reveals promising economic metrics, including a significant after-tax NPV and IRR based on current gold prices. The discussion delves into the differences between the preliminary and final feasibility studies, the implications of project financing and permitting challenges, and the influence of the silver market on Integra's stock performance. The conversation concludes with insights into the future prospects of the project and the company's strategic direction.

In this episode of In the Tranches of Structured Finance, Vadim addresses follow-up questions from dv01's recent consumer credit webinar and provides an updated view on consumer credit performance across key markets—focusing on what the data is actually signaling for investors.Key themes include:Late-2024 consumer unsecured vintages: Why early performance comparisons—especially across credit tiers—require nuance and patiencePrepayments and returns: How elevated prepayments are distorting delinquencies and ROI, and why IRR remains the more reliable lensData quality and interpretation: Limitations of bureau-based reporting and the importance of loan-level analysisPrivate credit: Why its growing role does not make markets more opaqueMarket performance update: Consumer unsecured strength versus continued pressure in Non-QM, with losses remaining containedThis episode is designed for market participants looking to move beyond headlines and better understand the forces shaping consumer credit performance today.Subscribe to our free research to stay up-to-date on the latest trends. Contact sales@dv01.co to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Jesse (https://x.com/JesseTinsley). This week, I sit down with Jesse, a true operator who turned his small consultancy, Job Mobs, into a massive, 100% bootstrapped holding company.We dive deep into his aggressive strategy of acquiring eight companies in two years, playing offense when the market was down in late 2022.Jesse reveals how he scaled from a $7 million services business, to a projected $100+ million SaaS operation. He shares the unconventional tactics used to acquire a publicly traded company (recruiter.com) and why buying premium domain names like employer.com is the secret hack to gaining instant brand credibility.Critically, we break down how he uses creative deal structuring (including paper LBOs) to achieve what he calls infinite IRR.Questions This Episode Answers:1. How can you use a market downturn to aggressively acquire competitor businesses?2. How does a premium domain name provide instant brand authority and ROI?3. How is it possible to achieve infinite IRR when buying a business?4. What creative financing methods (like a seller note) allow you to buy businesses with zero cash down?5. Where are the best non-tech opportunities for business roll-ups across the country?Enjoy the conversation!__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at nik@cofounders.com with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Highlights_Navigating Acquisitions in a Downturn02:54 Building a Diverse Business Portfolio06:11 From Employee to Entrepreneur: The Journey09:00 Strategic Acquisitions: Lessons Learned12:09 The Impact of Branding and Domain Names14:59 Creative Deal Structuring for Success17:47 Opportunities in a Shifting Market20:55 Future Trends in Infrastructure and Technology

Last week, Heliostar Metals published its preliminary feasibility study for the Cerro del Gallo project in the state of Guanajuato, Mexico. The economics of the project currently sits with a base case of US$424M post tax NPV5, 33.1% IRR, with a 2.3 year payback at a US$2,300/oz gold price. CEO Charles Funk discusses the study and the strategy of Cerro del Gallo within the portfolio of other production and development assets within the Heliostar portfolio.

The Day the “Emergency Fund” Met Real Life Rachel here. Many tell us the same story: “I saved the emergency fund, but I'm worried I'm losing ground to inflation and missed opportunities.” https://www.youtube.com/live/T7O8abZDKw8 Because for most people, the “emergency fund” is a lonely pile of cash—stuck in a corner doing next to nothing. It feels safe, until inflation and opportunity cost quietly erode it. Today Bruce and I want to reframe that pile into something far better: emergency fund alternatives that give you liquidity and momentum. What You'll Get From This Guide If you've ever wondered how to stay liquid for the unknown without parking money in low-yield accounts, this is for you. We'll show you how to: Design liquidity that protects your family and keeps compounding intact Think “emergency and opportunity,” not either/or Decide how much liquidity you actually need Compare storage options (banks, brokerage, HELOCs, and emergency fund alternatives like cash value life insurance) Understand policy loans, interest, IRR, and why control and flexibility often beat chasing the “best rate” By the end, you'll have a practical blueprint to keep cash ready for life's surprises—without stalling your long-term growth. The Day the “Emergency Fund” Met Real LifeWhat You'll Get From This Guide1) Why Most People Misunderstand “Emergency Funds”Emergency Fund Alternatives vs. Cash-in-the-Bank2) How Much Liquidity Do You Actually Need?Emergency Fund Alternatives for Real Estate Investors3) Liquidity from Cash-Flowing Assets4) Where to Store Liquidity: A Practical Comparison5) Cash Value as an Emergency–Opportunity FundEmergency Fund Alternatives Using Whole Life Insurance6) “But What About Loan Rates vs. Policy IRR?”7) Real Estate, HELOCs, and Policy Loans—How They Compare8) Early-Year Liquidity & Design Reality9) The Two Big Mindset ShiftsEmergency Fund Alternatives That Keep You in Control10) Implementation Steps You Can Start This WeekWhy This MattersListen In and Go DeeperFAQWhat's the best place to keep an emergency fund?Are whole life policies good emergency fund alternatives?How much liquidity should real estate investors keep?Do whole life policy loans hurt compounding?Policy loan rate vs. policy IRR—what matters most?HELOC or whole life policy loan for emergencies?Book A Strategy Call 1) Why Most People Misunderstand “Emergency Funds” Most picture a rainy-day stash: a fixed dollar amount “just in case.” The problem? That mindset narrows your field of vision to only bad events. You end up over-saving in idle cash, under-preparing for real opportunities, and missing compound growth. The better frame is liquidity for emergencies and opportunities—capital that can pivot quickly, without losing momentum. Emergency Fund Alternatives vs. Cash-in-the-Bank Savings accounts provide easy access but pay little, expose you to inflation, and interrupt compounding when you withdraw. Emergency fund alternatives aim to keep liquidity and let your money continue working. 2) How Much Liquidity Do You Actually Need? Rules of thumb (3–6 months) don't account for your real situation: expenses, income volatility, business ownership, real estate cycles, and your emotional comfort. Bruce and I coach clients to answer three questions: Cash flow cushion: If your income paused, how long until you're back on track? Asset mix & access: Where is your capital now, and how liquid is it (including taxes/penalties)? Personal margin: What amount helps you sleep at night without freezing progress? The right number blends math and emotion. Peace of mind matters because you'll only stick with a plan you believe in. Emergency Fund Alternatives for Real Estate Investors Great operators earmark a percent of rents for vacancies, repairs, and cap-ex—plus a broader, flexible reserve. Emergency fund alternatives make that reserve productive while keeping it accessible. 3) Liquidity from Cash-Flowing Assets One overlooked “emergency fund” is consistent cash flow. If assets deposit $5K–$20K/mo. into your checking account regardless of your job, you may need less static cash. Let the monthly stream cover life's bumps—while your capital base keeps compounding. Cash flow accumulates → periodically deploy to premium (more on that next) Short-term bank buffer exists, but money doesn't linger there You stay positioned for both emergencies and deals 4) Where to Store Liquidity: A Practical Comparison VehicleLiquidityGrowth/DragTaxes on AccessProsConsBank savings/HYSAInstantLow; inflation dragNo capital gains on principalSimplicity, FDICOpportunity cost; interrupts compoundingBrokerage (cash/short-term)High–moderateVariesPossible gains taxesOptional yieldMarket risk; sale can trigger taxesHELOCOn-demand (if open)House appreciates regardlessLoan (not income)Flexible; common for investorsBank approval; can be frozenCash Value Whole Life3–5 days via policy loansUninterrupted compoundingLoan (not income)Control, guarantees, death benefitMust qualify; early-year liquidity is lower Bottom line: Banks are fine for swipe-ready cash. But for meaningful reserves, emergency fund alternatives that preserve compounding and add optionality often fit better. 5) Cash Value as an Emergency–Opportunity Fund This is where Infinite Banking principles shine. Premium dollars build cash value (guaranteed growth + potential dividends) and a rising death benefit. When you need liquidity, you borrow against cash value. Your cash value keeps compounding uninterrupted while the insurer's general fund provides the loan. Result: Capital keeps working; you gain flexibility Mindset: Be both the producer and the banker in your life Governance: Treat loans like a bank would—repay with intention to restore capacity Emergency Fund Alternatives Using Whole Life Insurance Liquidity in days (not months) Access via loan documents—not a bank underwriter If you pass away with a loan outstanding, it's simply deducted from the death benefit; your heirs still receive the net 6) “But What About Loan Rates vs. Policy IRR?” Bruce said it well: I care less about a single rate and more about the system—control, flexibility, and volume of interest over time. IRR reflects long-term, policywide performance. Loan rate is what you pay while capital continues compounding inside the policy. Volume matters: The faster you repay, the less interest volume you pay—at the same rate. Meanwhile, rising death benefits and dividends work in your favor. Chasing the perfect spread can stop you from using a system designed to keep your compounding intact and your options open. 7) Real Estate, HELOCs, and Policy Loans—How They Compare A helpful analogy: a policy loan works like a HELOC on your house—the property can keep appreciating whether a lien exists or not. With cash value, your “property” is the policy: growth continues by contract, and you place a lien to access cash. Differences: Access: Policy loans are paperwork-simple; HELOCs require bank re-approval and can be frozen. Speed: Policies often fund in 3–5 business days; HELOC timing varies. Control: With a policy, you set repayment terms; with banks, they do. For investors, combining a small bank buffer, a HELOC, and cash value creates layers of redundancy—plus uninterrupted compounding. 8) Early-Year Liquidity & Design Reality Honest trade-off: in the first year(s), you won't have access to 100% of premium dollars. That early drag buys you guarantees, long-term compounding, and a growing death benefit. Design matters (base + paid-up additions) and expectations matter. Ask: Do I really need every dollar back in 30 days? Most don't. By years 3–4, well-designed policies are commonly close to dollar-for-dollar access on new premium—and rising. 9) The Two Big Mindset Shifts From Emergency to Emergency–OpportunityStop saving only for the worst. Start storing capital that can respond to anything—repairs, vacancies, investments, giving, tuition, tithing, trips. From Saver to BankerDon't just hold capital; govern it. Design rules. Repay loans. Value your capital at least as much as a bank would. This shifts you from scarcity to stewardship. Emergency Fund Alternatives That Keep You in Control The aim isn't a magic product; it's a governed system that preserves compounding, widens options, and serves your family for decades. 10) Implementation Steps You Can Start This Week Clarify your true liquidity need. Calculate 90–180 days of net cash flow needs, not just expenses. Segment reserves: Keep a thin swipe-ready bank buffer; move the rest to emergency fund alternatives (e.g., cash value). Document loan rules: When you borrow, how will you repay? From what cash flow? On what rhythm? Automate funding: Set recurring transfers to build capital consistently. Review quarterly: Check buffer size, upcoming premiums/PUAs, deal pipeline, and family needs. Think generationally: Policies on multiple family members expand access, diversify insurability, and strengthen your long-term plan. Why This Matters Your “emergency fund” shouldn't be a deadweight expense. With emergency fund alternatives, you can keep liquidity, protect your family, and maintain uninterrupted compounding. Cash-flowing assets provide monthly cushion. Cash value provides controlled access, contractual growth, and a rising death benefit. Together, they create a resilient system that handles storms and seizes sunshine. Listen In and Go Deeper Want the full conversation—including examples, loan mechanics, and our candid takes on rates, IRR, and real-world trade-offs? Listen to the podcast episode on Emergency Fund Alternatives to hear how we actually apply this with clients and in our own families.

S4:E201 David gives an AI Bubble Update, then an encore presentation of The Southeastern US Investment Thesis from E123. That thesis is critical for Southern Investors to keep their eye on the investment ball and is worth repeating. What I mean by ‘keeping your eye on the investment ball' is that IRR, rather than Multiple on Invested Capital or MOIC, is the most meaningful metric for startups. And because startup investments in the Southern US are different from the West Coast and the Northeast, it makes sense to approach them in a fundamentally different way. Those West Coast and Northeast markets focus on big bets with high failure rates to achieve a few very big wins on the long term. But in the Southern Startup market, smaller bets with low failure rates and early exits on the medium term work best to achieve > 20% IRR, comparable to the best West Coast Venture returns. (recorded 12.14.25)If you are interested in an independent resource regarding southern startup economics, check out the BIP State of Startups Report.Follow David on X at https://x.com/DGRollingSouth Connect On LinkedIn with David at https://www.linkedin.com/in/davidgrisell/ Follow Paul on X at https://x.com/PalmettoAngel Connect On LinkedIn with Paul at https://www.linkedin.com/in/paulclarkprivateequity/ We invite your feedback and suggestions at www.ventureinthesouth.com or email david@ventureinthesouth.com.

Retirement and Life Insurance Expert explains why this may be the best environment in 80+ years to own whole life insurance. In this interview, Caleb Guilliams and PhD in Retirement Income Planning, Tom Wall, break down whole life vs IUL as a fixed-income/bond alternative, and why guarantees, volatility, taxes, and behavior matter more than chasing a few extra basis points of return. They also walk through how to think about internal rate of return (IRR), death benefit, chronic illness riders, and tax-free access to cash value as part of a holistic portfolio, not a stand-alone asset.Get Your Ticket to Tom's Event: https://faststartforum.comWant a Whole Life Insurance Policy? Go Here: https://bttr.ly/bw-yt-aa-clarity Want Us To Review Your Life Insurance Policy? Click Here: https://bttr.ly/yt-policy-review______________________________________________ Learn More About BetterWealth: https://betterwealth.com====================DISCLAIMER: https://bttr.ly/aapolicy*This video is for entertainment purposes only and is not financial or legal advice.Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

Send us a text"RAISE CAPITAL LIKE A LEGEND: https://go.fundraisecapital.co/frc2-apply"Why do some fund managers and startup founders close oversubscribed fundraising rounds in days, while others chase investors for months with nothing but "maybes"? The secret to raising capital successfully is not just your IRR, deck, or data room—it's mastering The Fundraise Formula.In this powerful episode of Making Billions, host Ryan Miller reveals the simple yet universal law that dictates every successful private equity deal, venture capital round, and alternative asset raise: Trust multiplied by the Transaction.Stop chasing capital and start making capital chase you. This masterclass is essential viewing for fund managers, General Partners (GPs), Limited Partners (LPs), deal syndicators, venture capitalists, angel investors, and startup founders who are serious about scaling their businesses and building their financial empire.Download The Fundraise Capital Diagnostic Tool—the private framework Ryan uses to score a deal's investor perception—and change the way you raise capital forever: go.fundraisecapital.co/thefundraiseformulaSubscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://Support the showDISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient's state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

Homeownership has been baked into the American Dream for nearly a century. Politicians, parents, and banks all tell you the same thing: “Buy a house as soon as you can. It's your biggest asset.” But as a real estate guy who actually understands how wealth is created… I'm not convinced it makes sense for everyone—especially early in your career. Let me explain. Say you finally start making some real money—maybe you're a doctor fresh out of residency. The cultural script kicks in immediately: Buy a house. Build equity. Feel responsible. But here's the part most people forget: your primary home is not an asset. As Robert Kiyosaki puts it, if something takes money out of your pocket, it's not an asset—it's a liability. According to Bankrate and the Census Bureau, U.S. homeowners spend around $17,000 per year just to maintain and operate their homes—and that's before you make a single mortgage payment. That's property taxes, insurance, utilities, landscaping, repair bills, HOA fees… the list goes on. If your house is worth $1.5M, even the bare-minimum 1% annual maintenance rule hits you with $15,000 a year just to keep the place from deteriorating. Add insurance, taxes, utilities, and everything else, and you're looking at $30,000–$40,000 per year in unavoidable, non-negotiable carrying costs. And that still doesn't cover the roof that fails, the appliances that die, or the curveballs Mother Nature throws at you. None of that feels like an “asset” to me. Now, to be fair, people don't usually buy homes as investments. They buy them for stability, a place to raise kids, a sense of being “settled.” It's emotional. It's psychological. And it's real. But if you're young—and especially if you haven't hit your first million—it's worth asking yourself a tough question: Is buying a home right now the best financial move… or just the most familiar one? Because historically, U.S. home prices appreciate around 4.3% a year (Case-Shiller). Meanwhile, the S&P 500 averages closer to 10%. And if you’re in real estate investing? A solid multifamily value-add deal often targets 16–20% IRR—plus tax advantages your primary home will never give you. So if you're just getting started, it might make sense to delay that home purchase. Invest first. Build your passive income. Let your assets—not your salary—pay for your lifestyle. Then when you do buy a home, you'll be doing it from a position of strength, not strain. The irony is this: waiting often gets you to the dream home faster because your capital compounds instead of being trapped in drywall, windows, and a backyard you barely have time to enjoy. This Week on Wealth Formula Podcast, I interview expert Dr. Ken Johnson, who digs even deeper into this question—and lays out why homeownership isn't the golden ticket people think it is, especially for high earners early in their wealth-building years. Linked mentioned: Beracha and Johnson Housing Ranking Index: https://www.ares.org/page/beracha-johnson-housing-ranking-index Waller, Weeks and Johnson Rental Index: https://www.ares.org/page/waller-weeks-johnson-rental-index Price-to-Rent Ratio Report: https://therealestateinitiative.com/price-to-rent-ratios/ Top 100 Housing Markets – Inflation Adjusted: https://therealestateinitiative.com/housing-top-100/ Learn more about Dr. Ken Johnson: https://olemiss.edu/profiles/khjohns3

What happens when alternative investments shift from niche products to the industry's go-to value proposition? In this episode, we're joined by financial planner and self-described "pathological nerd" Aravind Sithamparapillai for a rigorous exploration of private markets, product due diligence, advisor incentives, and the narratives driving the surging popularity of alts. Aravind has become known in advisor circles for asking the uncomfortable questions at conferences—the ones that expose gaps in explanations, shaky assumptions, and in some cases, outright contradictions. In this conversation, he shares the stories and analytical frameworks behind his deep dives into mortgage funds, private credit, private real estate, IRR-based marketing, vintage stacking, stale pricing, operational risk, and why even large professional allocators get burned. We explore how advisors are selling alts, how funds are pitching them, what due diligence actually requires, how expected returns can be decomposed, and why illiquidity and "low correlation" benefits rarely play out in practice. Aravind also explains how some funds maintain stable NAVs through "extend and pretend," how gating works, why audited financials aren't a safety blanket, and why even top-tier firms miss red flags. Key Points From This Episode: (0:00:38) Aravind's introduction and reputation for deep, "pathological" research (0:02:23) Why alts have become embedded in Toronto's planning culture (0:03:38) Client pressure, advisor FOMO, and the belief that 60/40 is "broken" (0:05:31) Aravind's personal path into indexing, factors, and Dimensional (0:10:46) Why he started digging into alts: curiosity, client conversations, and advisor narratives (0:13:47) The "conference meme": why he asks questions others avoid (16:58) The role of intellectual honesty vs. industry narratives (20:19) The pivotal 2023 mortgage fund story: duration, turnover, and a major contradiction (22:51) "Extend and pretend": how stable NAVs can be manufactured (28:59) What "gating" actually means and why it matters (31:48) Marketing tactics: cherry-picked start dates and chart crimes (32:47) IRR manipulation, vintage stacking, and anchoring bias (36:35) Why comparing gross private credit returns to net equity returns is misleading (39:18) The problem with "low correlation" as a selling point (41:00) Why rebalancing with illiquid assets often fails in practice (44:58) How Aravind builds expected return estimates for alts (47:07) Private real estate: why expected returns often land near public market levels (48:48) A case study: apparent outperformance disappears once you match the right benchmark (51:43) The idiosyncratic risk of overweighting single-sector, single-region REITs (55:12) Why most advisors don't truly understand the all-in fees (58:00) What real due diligence should include (and why it's so hard) (1:00:35) Should advisors trust third-party due diligence providers? (1:02:58) How much comfort should investors take from audited financials? (1:05:02) Why valuation levels (1–3) matter and why most private funds use Level 3 inputs (1:06:00) The overall conclusion: markets work, but alts require extraordinary scrutiny Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

What if you could tap into one of the hottest commercial real estate niches right now? Jonathan Tuttle, CEO of Land Play, reveals his flex space development strategy in the fastest-growing markets in Texas. We're talking 90% warehouse, 10% office—purpose-built spaces for contractors, plumbers, and HVAC companies that need both operations and storage under one roof. Jonathan shares how he identifies massive product-market fit, structures deals with preferred returns, and turns raw land into cash-flowing assets delivering 22% IRR to investors in just 25 months. This is opportunistic real estate at its finest.   Check out Jonathan's work at land-play.com