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After a loss to the Seahawks, are the Cardinals done in terms of playoff chances? What happened against the Seahawks? How hot is Kliff Kingsbury's seat? Jess and Seth also go over the latest injuries and preview Cardinals-Rams.
“Your Conscious Mind is So much stronger than the Subconscious, if you allow your Conscious Mind to take control of what is happening.”—Ray Sefo My guest this episode is the one and only Ray Sefo, he has fought in 110 Professional Fights, achieving 54 Knock Outs and 6 World Titles. He has competed in 4 Combat Sports (Boxing, Muay Thai, Kick Boxing, and MMA). Mr. Sefo is the President of Fighter Operations for PFL, the Professional Fighters League and is a true martial arts renaissance man.This episode is filled with golden nuggets. We cover the lost art of vision, timing and setting up your opponents. We talk about Ray's transition from traditional arts like Wing Chun to Sport Combat arts like Boxing and Muay Thai. My key takeaway is that “Mental Toughness is the courage to step forward and face your fears.” We dive deep into understanding the inner workings of the Conscious mind and how it must be trained to take control of what is happening around you. Ray describes that “The biggest battle is always fighting yourself.” We also discuss his amazing fighting career, his is epic battles with Mirko Cro Cop, Ernesto Hoost, Jerome Le Banner, and the birth of the PFL. This is an insightful episode filled with great wisdom from a true humble warrior of the arts.
Jess and Seth talk about what the Cardinals did at the NFL trade deadline, the team's loss to the Vikings, Patrick Peterson's comments, Rodney Hudson's injury and Cardinals-Seahawks in Week 9.
"Tako da u toj situaciji ako ne možeš da promeniš svet, promeni kafanu." U 188. epizodi Pojačalo podkasta gost Ivana Minića je Ivan Stanković, marketinški stručnjak, jedan od pokretača marketinške agencije Saatchi & Saatchi, osnivač reklamne agencije Communis, te voditelj emisije „Šta sam tebi i ko sam sebi” na televiziji K1. Za početak Ivan govori o svom najaktuelnijim projektu, emisiji "Šta sam tebi i ko sam sebi": na čiji nagovor je počeo da se bavi voditeljskim poslom, ko su mu bili prvi gosti, te kako se vremenom menjao pristup samoj emisiji. Iako je, po sopstvenom priznanju, bio problematičan učenik, prosto je morao da upiše fakultet, jer je tako nalagala porodična tradicija. Stoga, on pobliže objašnjava kako je vagao između dva "zla", ekonomije i prava, te otkriva pravi razlog zašto se odlučio za Ekonomski fakultet, šta mu je isti doneo i kako ga je uspeo da završi u roku uprkos činjenici da ga te studije uopšte nisu zanimale. Drugi razlog zašto je Ivan "morao" da upiše fakultet jeste vojska, tj. pokušaj eskiviranja služenja vojnog roka. Zato u nastavku priča kako je ipak otišao u taj obavezni "zatvor" i kako mu je dopust od nekoliko dana promenio dalji tok karijere. Kada se našao na novoj životnoj prekretnici, gost je odlučio da preuzme stvari u svoje ruke i najzad održi dato obećanje, što je dalje rezultovalo time da je postao najmlađi direktor marketinga u tadašnjoj Jugoslaviji. Ivan nas potom uvodi u priču o tome kako je zahvaljujući upornosti, snalažljivosti, izvesnoj dozi sreće i poznanstvom sa Draganom Sakanom pokrenuo agenciju Saatchi & Saatchi, koja je naposletku zaslužna za dolazak kompanije Procter & Gamble u ondašnju zemlju. Teme u epizodi: - Uvod i predstavljanje - Odakle ideja za emisiju “Šta sam tebi i ko sam sebi”? - Kad porastem biću - Kako na legalan način pobeći iz vojske na par dana - Kako je biti šef izdavačkog preduzeća - Kako ste ušli u svoju profesiju - Kako je došlo do saradnje sa Saatchijem - Dolazak Procter & Gamble u Jugoslaviju Podržite nas na BuyMeACoffee: https://bit.ly/3uSBmoa Pročitajte transkript ove epizode: https://bit.ly/3zu9BXz Posetite naš sajt i prijavite se na našu mailing listu: http://bit.ly/2LUKSBG Prijavite se na naš YouTube kanal: http://bit.ly/2Rgnu7o Pratite Pojačalo na društvenim mrežama: Facebook: http://bit.ly/2FfwqCR Twitter: http://bit.ly/2CVZoGr Instagram: http://bit.ly/2RzGHjN
Search Amazon for the word ‘innovation' in its ‘Business, Finance & Accounting' book section, and you will find more than 60,000 volumes. The trick is finding stuff worth reading in this deep and wide ocean of material. The new book, Ideaflow: Why Creative Businesses Win, by Jeremy Utley and Perry Klebahn is just such a book. I welcomed Jeremy to this episode of TRIUM Connects to discuss the book as well as his general views on creativity and innovation. In the book, Jeremy and Perry argue that we shouldn't think of innovation as an event, a workshop, a sprint or a hackathon…but rather as a more general capability that can be learnt and is relevant to everyone. Their core principle is that you need ideas to solve problems – in contrast to completing tasks where you just need to get on with the work. But, instead of obsessing over quality, successful innovators focus on the generation of many ideas. Volume is key. Once you have a sufficient volume, then you run quick and cheap experiments to gather more information, revise and test again. Jeremy knows what he is talking about. He is one of the world's leading experts in innovation. As the Director of Executive Education at Stanford's renowned Hasso Plattner Institute of Design (aka "the d.school"). His courses [K1] have been experienced by nearly a million students of innovation worldwide. He advises corporate leaders on how to embed[K2] the methods and mindsets of design thinking into their organizations, and works with professionals to cultivate a robust personal creative practice. He also co-hosts the "Stanford Masters of Creativity," program where Jeremy shines the spotlight on exemplars of creative practice across disciplinary boundaries.What makes Ideaflow a great book, and what I really enjoyed in my conversation with Jeremy, is the concrete, actionable innovation practices described and the fact that they are backed up by solid research and evidence. I hope you enjoy the conversation!Cited WorkMcKeown, Greg (2015) Essentialism: The Disciplined Pursuit of Less. Virgin Books.Koestler, A. (2014) The Act of Creation. One 70 Press.Lotto, B. (2017) Deviate: The Creative Power of Transforming your Perception. Weidenfeld & Nicolson.Lucas, B.J. & Nordgren, L.F. (2020) ‘The creative cliff illusion,' Psychological and Cognitive Sciences: Volume 117 (33), pp 19830-19836.Mackinnon, D. W. (1962). The personality correlates of creativity: A study of American architects. In G. Nielson (Ed.), Proceedings of the XIV International Congress of Applied Psychology. Vol. 2. Personality research (pp. 11–39). Munksgaard.Randolph, M. (2021) That will Never Work: The Birth of Netflix and the Amazing Life on an Idea. Endeavour. Hosted on Acast. See acast.com/privacy for more information.
Covino & Rich are havin' fun on your Throwback Thursday, as they continue the old school topic of the day: Old School Sneakers! The crew & callers share their favorites and there's much reminiscing and laughter! The guys had a K1 racing experience that sparks a C&R theory on first dates, competitive dates and athletics on a date. Plus, there's a 'DIVORCED DAD ROCK SONG OF THE DAY' and Rich takes you to 'TEASER TOWN' for Thursday Night Football! See omnystudio.com/listener for privacy information.
Jess and Seth look back at the Cardinals' win over the Saints, discuss trade possibilities and look ahead at Arizona's Week 8 game against the Vikings.
Jess and Seth look for answers after the Cardinals' loss to the Seahawks. They talk about Robby Anderson, DeAndre Hopkins, Kliff Kingsbury and Cardinals-Saints on Thursday night.
We kick off things with a recap of Fahren. Then talk about The Collection suing Porsche for holding back allocations. Finally wrapping up with a larger than Cayenne SUV being spotted that is a full EV project named K1.
The Cardinals lost a close game to the undefeated Eagles. Who is to blame? What were the positives? How close are the Cards to turning things around and how well can they do with the next part of their schedule? Jess and Seth talk about all of it and preview the Cardinals' next game against the Seahawks.
While Kanal-Centre Pompidou, Brussels' new Museum of Contemporary Art is being built in the old Citroën factory, a space across the canal that used to be a nightclub is now K1, the temporary Kanal-Centre Pompidou. It is hosting its first show, Kinshasa (N)tonga in which various Kinshasa artists use various media to show us their city and how they live it. Curator Estelle Lecaille explains. Open Thursdays through Sundays. Free entry. 23 September to 20 November 2022 www.kanal.brussels
The Cardinals beat the Panthers after a another slow start. J.J. Watt had a heart issue and was still able to play. Arizona has some injuries and they face the undefeated Eagles in Week 5. Jess and Seth talk about it all.
Burns and Gambo take you through all the plays from the Arizona Cardinals' 26-16 road victory over the Panthers, discuss the bright spots on the defense including Zach Allen, react to K1 using his legs more and preview the start of the final D-Backs' series this season. See omnystudio.com/listener for privacy information.
0:00 Úvod0:39 O projektu PML a akci PML 418:15 Fightcard1:00:01 Pokec o všem PODPOŘ PODCASThttps://herohero.co/fairplaythinkerhttp://www.fptshop.cz/ JAN HOMOLKA https://www.instagram.com/homolakJIRKA APELTAUERhttps://www.instagram.com/aplik_muaythai_gym_amt/?hl=enLUKÁŠ JIRKOVSKÝhttps://www.instagram.com/mastaczech/?hl=enPARTNEŘIhttps://choketopus.tv/ Promocode: homolak15https://goldnutrition.cz/ Promocode: homolak10https://www.monsterenergy.com/cz/cs/homehttps://www.mmashorties.cz
The boys are back with a slammin' episode! It was an honour to chat with the martial arts legend Sam Greco. A man who has literally done it all in combat sports, with a million stories to tell. We talk about his coaching, his early days, the mentality required to be a champion, his time in K-1, the glory days of Australian kickboxing, health scares, training to be a professional wrestler, acting, and heaps more! Truly an Australian icon. Don't miss this one. We also preview a big week in UFC and plenty more. Hit the download button and step into the ring. Presented by Palmerbet. Gamble responsibly.
The Cardinals were competitive but fell behind 13-0 and didn't score a touchdown in their 20-12 loss to the Rams. Jess and Seth react to the loss, discuss whether it is time to call the team bad and they look ahead to Cardinals-Panthers.
What will you do to protect your assets if someone sues you?As a real estate investor, it's not sufficient to focus solely on your investment properties. You need to have a comprehensive outlook of your situation from a legal asset protection perspective and tax savings and financial planning perspectives.In today's episode, Lane is joined by Clint Coons from Anderson Law Group to elaborate on asset protection, legal entities, cost seg, K1, tax audits and why it is vital to have a solid entity structuring plan. Hear it straight from the legal expert!To learn about the investment strategies that we do inside our mastermind group, join our club at https://simplepassivecashflow.com/club. Hosted on Acast. See acast.com/privacy for more information.
What will you do to protect your assets if someone sues you? As a real estate investor, it's not sufficient to focus solely on your investment properties. You need to have a comprehensive outlook of your situation from a legal asset protection perspective and tax savings and financial planning perspectives. In today's episode, Lane is joined by Clint Coons from Anderson Law Group to elaborate on asset protection, legal entities, cost seg, K1, tax audits and why it is vital to have a solid entity structuring plan. Hear it straight from the legal expert! To learn about the investment strategies that we do inside our mastermind group, join our club at https://simplepassivecashflow.com/club.
Good Morning everyone, happy Friday! It has been a long week and we are just looking forward to some football. Now I do not know about you guys but there are so many games we gotta talk about today, so lets dive into it! We got a lot of games to discuss but first on the agenda has to be Buffalo traveling to Miami to face off against the Dolphins. Both teams are 2-0 looking to take command of the AFC East. Will Josh Allen be too much for Miami's defense? Or will Tua find a way like he did last week to make the impossible happen. Down in Tampa we have a Hall of Fame showdown! Rodgers vs Brady for the 5th time in their career's. Now here is the thing, Tampa is the farthest thing from healthy. Their entire receiving core is injured (or suspended), will Tom be able to overcome being short handed? Or will Aaron's new batch of receivers finally wake up in time to take advantage of Tampa's lack of depth? Swinging it on over to the west coast we go ourselves an NFC West showdown! The Rams are headed to the desert to face off against Kyler Murray and the Cardinals. Both teams have had their bad games and not so bad games. This match up is to prove whether or not last week was a fluke for each. Will Stafford return to his playoff self from last season? Or will K1 run all over the Rams defense? The division battles continue through the day it seems! Another tough game is up next when the Lions face off against the Vikings in Minnesota. Detroit looks legit, the offense seems to be unstoppable but that defense not so much. The Vikings got embarrassed just a few short days ago on MNF. Can Kirk bounce back and show us that offense is no joke? Or will Detroit continue to shock the world and move to 2-1? This next one has a little bit more meaning, specifically revolving around the quarterbacks involved. The Eagles go to Washington to face the Commanders but its a bit more than just that. Carson Wentz plays the Eagles for the first time since the trade and Jalen Hurts gets to prove that Philly made the right call. Washington has played surprisingly well, led by Wentz they have been in both games thus far. We all know what the Eagles did on Monday night so can they repeat that success? Monday Night just closes out what seems to be division weekend! The Cowboys are headed to New Jersey to face off against the big blue guys (the Giants just incase anyone was wondering). New York is 2-0 and Dallas is looking to follow up on the W against Cincinnati last week. Can Saquon carry this offense passed the early defensive player of the year in Micah Parsons? Or does Cooper Rush continue his winning ways and takes Dallas to a record of 2-1?
Kliff Kingsbury remains bullish on Arizona Cardinals quarterback Kyler Murray, referring to the fourth-year quarterback as a “gift from god”. How can Kingsbury, who has been under fire following his in game management against the Raiders, better complement K1 on game day? Can the AZCardinals take advantage of Murray's heroics ahead of their matchup against the LA Rams? Are key offensive players such as Rondale Moore scheduled to return this Sunday? Join Johnny, Bo and Damien for PHNX Cardinals live! BUY CARDINALS TICKETS HERE: https://gametime.hnyj8s.net/c/3442941... SUBSCRIBE to our YouTube: https://bit.ly/phnx_youtube ALL THINGS PHNX: http://linktr.ee/phnxsports Gametime: BUY TICKETS HERE: https://gametime.hnyj8s.net/c/3442941... SUBSCRIBE to our YouTube: https://bit.ly/phnx_youtube ALL THINGS PHNX: http://linktr.ee/phnxsports DraftKings: Download the DraftKings Sportsbook app now (https://bit.ly/3Jl1dMX), use promo code PHNX and make your first deposit of FIVE DOLLARS and get TWO HUNDRED DOLLARS in FREE BETS INSTANTLY! Plus, EVERYONE can experience the thrill of DraftKings EARLY WIN PROMOTION. Bet on any NFL team to win. If your team leads by ten at any point during the game, you get PAID INSTANTLY. Even if your team loses! If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL/IN/MI/NJ/PA/WV/WY), 1-800-NEXT STEP (AZ), 1-800-522-4700 (CO/NH), 888-789-7777/visit http://ccpg.org/chat (CT), 1-800-BETS OFF (IA), 1-877-770-STOP (7867) (LA), 877-8-HOPENY/text HOPENY (467369) (NY), visit OPGR.org (OR), call/text TN REDLINE 1-800-889-9789 (TN), or 1-888-532-3500 (VA). 21+ (18+ WY). Physically present in AZ/CO/CT/IL/IN/IA/LA/MI/NJ/NY/PA/TN/VA/WV/WY only. Min. $5 deposit required. Eligibility restrictions apply. See http://draftkings.com/sportsbook for details. OGeez!: OGeez! We have free stuff for you! Enter the “Flavoring Life” sweepstakes. One winner will receive 3, YES THREE, bags of OGeez including Orange Creamsicle and Tropical flavors, an OGeez! Hat, a PHNX shirt of your choice and a PHNX annual membership. Sign up at gophnx.com or visit https://docs.google.com/forms/d/e/1FA... Check out OGeez! online at ogeezbrands.com and on Instagram @ogeezbrands. You can also find their products at your local dispensary. Must be 21 years or older to purchase. Four Peaks: Herm's out. ASU has a new coach. Come out to our Peaks tailgate this Saturday to will the team on. $50 gets you access to the buffet, 2 Four Peaks beers, and a free ride to the stadium. Plus our PHNX Sun Devils guys will be there playing cornhole, Jenga, and Connect 4! BUY TICKETS (under Package Beer / Keg Beer section): https://www.toasttab.com/four-peaks-b... Enter to win the “Toast of the Month” sweepstakes to win a $50 Four Peaks gift card, a PHNX shirt of your choice, and a PHNX annual membership. Go to goPHNX.Com or visit https://docs.google.com/forms/d/e/1FA... Must be 21 or older. Enjoy responsibly. Mor Furniture: Sit in the same seats we do! Check out https://morfurniture.com Underdog Fantasy: Sign up for Underdog Fantasy today! Go to the link https://play.underdogfantasy.com/p-phnx and use promo code “PHNX” to receive a deposit match up to $100 Liquid Death: Get free shipping on all water and merch at https://LiquidDeath.com/PHNX AZDHS: Children five and older are eligible for the COVID-19 vaccine. Visit https://azhealth.gov/findvaccine for a location near you When you shop through links in the description, we may earn affiliate commissions. Learn more about your ad choices. Visit megaphone.fm/adchoices
After an amazing comeback win over the Raiders, Jess and Seth react to and break down how they did it. They go over the play of Isaiah Simmons and Kyler Murray, wonder whether this is the start of a turnaround and preview Cardinals-Rams.
* 진행 : 김정용 * 패널 : 서호정 (K리그 해설위원), 윤효용 (풋볼리스트 기자) * 구성 : 김정용 작가 * 연출 : 양예솔 (뽈리TV) * 제작 : 풋볼리스트 ------------------------------- - K1체크 - K2체크 - 이슈체크 - 김정용의 PICK매치
This week, please join author Jonathan Sterne and Associate Editor Shinya Goto as they discuss the article "Association of COVID-19 With Major Arterial and Venous Thrombotic Diseases: A Population-Wide Cohort Study of 48 Million Adults in England and Wales." Dr. Carolyn Lam: Welcome to Circulation on the Run, your weekly podcast summary and backstage pass to the Journal and its editors. We're your co-hosts. I'm Dr. Carolyn Lam, associate editor from the National Heart Center and Duke National University of Singapore. Dr. Greg Hundley: And I'm Dr. Greg Hundley, associate editor, director of the Pauley Heart Center at VCU Health in Richmond, Virginia. Dr. Carolyn Lam: Oh, Greg, we've got a special treat for everyone today. We have a third co-host and he is none other than Peder Myhre from Norway! Really adding to the diversity of our podcast: me from Asia, you from the US, and Peder from Europe. Welcome, Peder. Dr. Peder Myhre: Thank you so much, Carolyn. It's truly an honor to be here and I'm looking forward to being part of this podcast today. Dr. Carolyn Lam: Awesome. Well, here we go. Looks like we have a feature paper, Greg? Dr. Greg Hundley: Absolutely, Carolyn. Peder, welcome. So, listeners, our feature today will involve COVID-19 and its association with arterial and venous thrombotic diseases. But before we get to that, we're going to all grab a cup of coffee from all over the world and get into some of the other articles in the issue. Peder, Carolyn, how about I go first? My first study involves a prospective cohort of 94,000 individuals from the UK Biobank, who had device-measured physical activity from 2013 to 2015 and were free from myocardial infarction and heart failure. Now, Peder and Carolyn, the study was performed because although objectively measured physical activity has been found associated with acute cardiovascular outcomes, it has not been found associated with heart failure and, of course, a syndrome that's been expanding worldwide. As such this study led by Carlos Celis-Morales from the University of Glasgow aimed to investigate the dose response relationship between device-measured physical activity and heart failure by intensity of the physical activity. Now physical activity was measured with a wrist-worn accelerometer and time spent on light, moderate, and vigorous intensity physical activity was extracted. Incidental heart failure was ascertained from linked hospital and death records. Dr. Peder Myhre: Wow, Greg. That sounds amazing. Tell us, what did they find? Dr. Greg Hundley: You bet, Peder! These investigators found that, compared with participants who undertook no moderate to vigorous intensity physical activity, those who performed 150 to 300 minutes per week of moderate intensity physical activity or 75 to 150 minutes per week of vigorous intensity physical activity were at lower risk of heart failure. Now, interestingly, the association between vigorous intensity physical activity and heart failure was a reverse J-shaped curve with a potentially lower risk reduction above 150 minutes per week. And so, the take-home message for this first paper is that device-measured physical activity, especially moderate intensity physical activity, was associated with a lower risk of heart failure. Probably current vigorous intensity physical activity recommendations should be encouraged, but not necessarily increased. In contrast, increasing moderate intensity physical activity may be beneficial, even among those meeting current recommendations. Dr. Peder Myhre: Wow, Greg. That was a great summary. And the second original research article today is about high density lipoproteins. As you know, raising HDL cholesterol levels to prevent cardiovascular disease remains a hot topic. HDL plays a key role in reverse cholesterol transport and may be cardioprotective and reduce infarct size in the setting of myocardial injury. Lecithin cholesterol acyl transferase, LCAT, is the rate limiting enzyme in the reverse cholesterol transport and a recombinant human LCAT called MEDI6012 has previously been shown to increase HDL cholesterol. So in this study from the corresponding author, Marc Bonaca from University of Colorado School of Medicine, the investigators in the real team is 63B multicenter placebo control trial investigated whether randomized patients to, MEDI6012 or placebo would reduce the infarct size as measured by cardiac MRI, 10 to 12 weeks after the STEMI. Dr. Greg Hundley: Very interesting, Peder. So, MRI assessments of LV mass after PCI. So, what did they find? Dr. Peder Myhre: So, Greg, the authors successfully enrolled 593 patients with a median age of 62 years and 78% males. And the median time from symptom onset to randomization was 146 minutes and only 13 minutes from hospitalization to randomization. And the index MI was anterior in 70% and 65% had TIMI Flow grade 0-1. And then to the main results at 12 weeks, the infarct size did not defer between the treatment group. So that was a 9.7% infarct size for MEDI6012 versus 10.5% for placebo with a P value of 0.79. And there was also no difference in noncalcified black volume. So the authors conclude that enhanced reverse cholesterol transport with recombinant human LCAT did not reduce infarct size or late regression of noncalcified coronary REPL at 12 weeks. Okay, Greg. So tell me about the 3rd paper you have today? Dr. Greg Hundley: Peder, what a great description on that previous paper, beautiful job there. So Peder, this next article pertains to cardio toxicity related to the administration of anthracycline-based chemotherapy. And an example would be Doxorubicin. And this occurs in patients often with certain types of cancer. As you know, Doxorubicin is still utilized for the treatment of leukemia, lymphoma, soft tissue sarcoma and in the setting of adjuvant breast cancer treatment. And so to this end, the authors, led by Lorrie Kirshenbaum from St. Boniface Hospital abstract research, wanted to assess cytokine mediated inflammation in myocellular injury, as a result of some of the inflammation that's induced by the administration of Doxorubicin. So as a little bit of background, cytokines, such as TNF alpha, have been implicated in cardiac dysfunction and toxicity associated with Doxorubicin. Now, while TNF alpha can elicit different cellular responses, including survival or death, the mechanisms underlying these divergent outcomes in the heart really somewhat remain cryptic. The E3 ubiquitin ligase, TRAF2, provides a critical signaling platform for K63 length poly ubiquitin nation of rip K1, crucial for NF-kB activation by TNF alpha and survival. Whether alterations in TNF alpha, TRAF2, NF-kB activation signaling underlie the cardiotoxic effects of Doxorubicin, remains poorly understood. So herein, these authors investigated TRAF2 signaling in the pathogenesis of Doxorubicin cardio toxicity. Dr. Peder Myhre: Oh wow, Greg. So we're talking mitochondrial dysfunction in Doxorubicin cardiomyopathy. So please tell me, what did they find and what were the clinical implications? Dr. Greg Hundley: Very nice. Peder, you remind me of Carolyn, asking me the clinical implications. Okay, so first, in mouse models and in vitro measures in rats, mouse and human pluripotent stem cell derived cardiomyocytes, these investigators monitored TNF alpha levels, LDH, cardiac ultra structure and function, mitochondrial biogenics, as you just suggested, and cardiac cell viability. They found that a novel signaling axis exists that functionally connects the cardiotoxic effects of Doxorubicin to proteasomal degradation of TRAF2. Disruption of the critical TRAF2 survival pathway by Doxorubicin, sensitizes cardiomyocytes to TNF alpha and BNIP3 mediated necrotic cell death. Perhaps, interventions that stabilize TRAF2, so here's the clinical implication, may prove beneficial in mitigating the cardiotoxic effects in cancer patients undergoing anthracycline-based chemotherapy. Dr. Carolyn Lam: So Greg, he may sound like me, but this is me going what an amazing summary and especially in something that is your specialty cardio-oncology, that's amazing. Thank you. Peder, I assume you've got one more paper? Dr. Peder Myhre: So Greg, now I'm going to sound like you and say that we are going to stay within the world of preclinical science. So genome-wide association studies have identified many genetic loci that are robustly associated with coronary artery disease. However, the underlying biological mechanisms are still unknown for most of these loci, hindering the progress to medical translation. And there is evidence to suggest that the genetic influence of coronary artery disease sociability may partly act through vascular smooth muscle cells. So corresponding author, Shu Ye from University of Leicester, performed genotyping, RNA sequencing and cell behavior assays on the large bank of vascular smooth muscle cells with an N of almost 1500. And through these extensive analysis, they saw to identify genes whose expression was influenced by coronary artery disease associated variants. Dr. Greg Hundley: Very nice, Peder. So, more about cardiac gene expression. So, what did they find? Dr. Peder Myhre: Approximately 60% of the known coronary artery disease associated variants show statistically significant effects in vascular smooth muscle cells and the study identified 84 candidate causal genes whose expression quantitative trait, loci signals in vascular smooth muscle cells, significantly co-localized with reported coronary artery disease association signals, of which 38 of them are potentially druggable, so, that was the clinical implications. The authors conclude that a large percentage of coronary artery disease loci can modulate genes, gene expression in vascular smooth muscle cells and influence these cell behavior. Several candidate causal genes identified are likely to be druggable and thus represent potential therapeutic targets. And Greg, accompanying this paper is a beautiful editorial by doctors O'Donnell and Bradner entitled "Bridging the Gap to Translating Genome-Wide Discoveries into Therapies to Prevent and Treat Atherosclerotic Cardiovascular Disease." Dr. Greg Hundley: Very nicely done Peder, very nicely done. Well, as usual, we have some other items, we call it in the mail bag because we receive these wonderful research letters and also research correspondence. So I'll go first. First, Dr. Al-Khatib has a research letter entitled, "Duration of Anticoagulation Interruption before Invasive Procedures and Outcomes in Patients with Atrial Fibrillation Insights from the Aristotle Trial." And also there's a nice ECG analysis by Dr. Tsai entitled, "A Peculiar Wide-Complex Tachycardia During Flecainide Treatment." Dr. Peder Myhre: Nice, Greg, and there's also an exchange on letters to the editors and the response from Professors Zhao and Ding, and again, a response from Professor Zhang regarding the prior letter by Jin et al. pertaining to the previously published article "Micro RNA, 210 Controls, Mitochondrial Metabolism and Protects Heart Function in Myocardial Infarction." Dr. Greg Hundley: Beautifully done, Peder. Oh, wow. Welcome to this team. We're so excited to have you. And now Carolyn, I think we're going to jump over to that feature discussion and learn a little bit more about COVID-19 and arterial and venous thrombotic disease. Dr. Carolyn Lam: You bet! Let's go, Greg and Peder. Now we all know that infection with COVID 19 induces a pro-thrombotic state, but the long term effects of COVID-19 on the incidence of vascular disease, both arterial and venous, remain unclear. That is until today's feature paper. We're so grateful to have corresponding author Dr. Jonathan Stern, from the University of Bristol, as well as our associate editor, Dr. Shinya Goto from Tokai University School of Medicine to join us and discuss this very important paper today. Jonathan, could you start us off on telling us why it's so important to look at this? Haven't we always known that infections, COVID or not, are associated with pro-thrombotic state? So what's so different about what you did and what you found this time? Dr. Jonathan Stern: So, yes, I think we already knew that serious infections, in particular infections leading to hospitalization, can result in thrombotic events, either arterial or venous. And it was also clear from January, February, March 2020, that COVID led to very serious infection and therefore was likely to lead to vascular events. The questions that we set out to address, beyond simply establishing that COVID does indeed do this, was to quantify by how much COVID multiplies the rate at which these thrombotic events occurred, to do that separately for different events, such as myocardial infarction, stroke, venous thromboembolism, pulmonary embolism. And then to importantly, because we analyzed a very large dataset, which we might want to talk about, to try to separate out the amount by which the rating events was multiplied over time and in important subgroups, for example, in hospital people who were hospitalized for their COVID, compared with people who weren't hospitalized for their COVID, by age and sex, and by other demographic characteristics. Dr. Carolyn Lam: I love that, you see, that really set out the novel information this added with, may I add, very important clinical implications, which we'll get to them. You've already teed me up to talk about this 48 million adults that you managed to look at. Oh my goodness! Tell us, how in the world did you do that? Dr. Jonathan Stern: Well, I think the first thing to say is that it's my absolute privilege to talk about this paper on behalf of a really incredible team that put the work together. And a lot of that work, or that work started with really unlocking the power of NHS data because of the COVID pandemic. So in the UK, we have a national health service, free at the point of delivery to everybody. The NHS assembled electronic health records, and there's been a long and proud history of research based on electronic health records in the UK. But for the first time, because of the pandemic, a combined data resource for the whole of England, so that's a population of about 58 million people, was established and that linked primary care data - data from family doctors, data on secondary care hospital admissions, data on COVID testing and subsequently, although it's not the subject of this paper, data on vaccination. So those data were all linked and put into one place within what's called a trusted research environment with very strict controls on what can be output from the environment in order to protect patient privacy. And that was really done during 2020. And then the analyses for this paper took place during 2021, and it was an enormous amount of work by a large and absolutely fantastic team of people across multiple UK universities and national health service institutions. Dr. Carolyn Lam: Wow. Bravo! We talk about big data, we talk about using it. I trained in the NHS system. Who knew that this could come out to reveal such important results? So thank you for that as a background, but now, tell us what you found please? Dr. Jonathan Stern: So we found that rates of these conditions, they were primarily acute lymph infarction and ischemic stroke, which we grouped together with other conditions as arterial thrombotic events, and then deep vein thrombosis and pulmonary embolism, which we grouped together with other conditions as venous events. And we found that rates were substantially multiplied immediately after a diagnosis of COVID by up to 748 times, that the amount by which rates were multiplied diminished with time since COVID, but importantly that even six months to a year after that first diagnosis of COVID, rates of venous events were still about double in people who'd had COVID, compared to people who had COVID. And we found, it seemed quite clear that the persistence of the elevated risk was longer for venous events than for arterial events. Dr. Carolyn Lam: Just really fascinating results and Shinya, could I ask, what are your thoughts on this? And as you were managing this paper, the implications? Dr. Shinya Goto: First of all, thank you very much, Jonathan, for choosing saturation for your great paper. I'm handling quite a lot of papers, but your paper was very attractive. As Carolyn mentioned, it's huge data! 48 million, it's surprising, and also you also pick up booster rate of arterial embolism event for years, and you have also shown adjusted rate is initially increased quite a lot and then decreased gradually. And even after two months, three months still, there is a persisted higher risk. And as you mentioned, for the venous thrombo embolism, it's persisted for more than year to year. It's surprising. COVID-19's a different disease. Perhaps COVID-19 infection cuts to the vascular endarterial cell, perhaps, your research raised a lot of research questions, like endarterial damage induced by COVID-19 in the past 6 months; I would say more than half a year to one year. So that mechanistical insight is very important. And you raise a lot of any clinical questions. Dr. Jonathan Stern: Well, thank you very much for your kind words and you are right, I think we are left with questions about maybe in three areas. Firstly, for how long is there an elevation in risk? I should probably say, for those who haven't read the paper, that these results relate to events that occurred in England and Wales during 2020. And so that is in an era before vaccination and when we were dealing with the original variant, and to some extent, the alpha variant. So we are still waiting to see what the implications were over longer periods, and we will be doing that, we will be extending follow up. In fact, we are at the moment extending those results. I think, secondly, we are left with questions about the mechanisms, which you articulated, and thirdly, there's the question about, well, what are the implications for clinical management of patients with COVID-19? And in particular, for patients who've had severe COVID-19, for example, severe enough to be hospitalized for it? Dr. Shinya Goto: Yeah, you have also showed a very important point that even known hospitalization for COVID-19, the risk of thrombosis becomes high. So it's very surprising. And even non-hospitalized patients have a higher risk of thrombosis. That is probably the huge difference between other virus infections and COVID-19. Dr. Jonathan Stern: Yes. The good news, if you weren't hospitalized for your COVID, is that the elevation in risk declines more rapidly for people with less severe COVID who weren't hospitalized than for people with more severe COVID who were hospitalized. But nonetheless, as you say, particularly in the first week, two weeks, three weeks after COVID, there is a clear elevation in the risk of both arterial and venous events, even if you were not hospitalized for your COVID. We should probably also bear in mind that these results for 2020, when there were severe constraints for some of the time on health service resources. So you probably had to be pretty sick to get hospitalized at that time. Dr. Carolyn Lam: That was a very important caveat that you just highlighted. So thank you for contextualizing those findings for us, Jonathan, but then I kind of wish all podcast guests were like you, and you already asked a question, I was going to ask you. Which is, okay, so what's the clinical implication? Should we all be taking some low dose NOAC or aspirin? Whether you're hospitalized or not? Or if you were in 2020? Because, jokes aside, I know that you found some very important risk factors? Or these events which had clinical implications? Could you expand on it? Dr. Jonathan Stern: So maybe I'd start by saying that we didn't find that these patterns varied dramatically either by sex or by age. And in fact, when we were planning the analyses, I was convinced that we would see dramatic differences in these hazard ratios by age. And, broadly speaking, the facts on a multiplicative scale, the amount by which your rate is multiplied, looked similar across age groups and by sex. On the other hand, we did see the amount by rates of arterial and venous events were multiplied, appeared greater in people of Asian ethnicity or Black ethnicity than in people of White ethnicity. A counterintuitive finding was that the amount by which your rate was multiplied is lower, if you've had a prior event than if you hadn't. Those are the sorts of extents to which we can say something about how your own characteristics predict the consequences once you've had COVID. In terms of management, obviously the pandemic has been tumultuous for medicine and for medical research and things have moved on greatly since the pre-vaccination era, 2020 and early 2021, to which these analyses relate. So the first thing to say is, don't get hospitalized with COVID, and the best way to not be hospitalized with COVID, is to be fully vaccinated for COVID. And that's a message that I think the whole of the medical profession has communicated loudly and clearly for a long time now. So the second thing is, well, okay, what about if, nonetheless, you got COVID, particularly severe COVID, and we discussed this in the team extensively, and I particularly want to mention the senior clinical author, Dr. Will Whiteley from the University of Edinburgh in this regard, and I think the main message here is that risk factor management, cardiovascular risk factor management is always important, but it's probably particularly important in people who've had severe COVID to review risk factor management and make sure that existing guidelines in terms of cholesterol lowering, blood pressure lowering and so on, are being adhered to. We don't... So the most important thing is adherence to existing cardiovascular risk management guidelines. I think we don't have evidence that specific additional interventions are indicated in people who've had COVID, and COVID now in the era of Omicron and widespread vaccination is not the same as COVID during 2020. Dr. Shinya Goto: Jonathan, you have raised a very important issue. I strongly recommend all audiences to read this paper. We have to know persistent or higher risk of myocardial infarction, ischemic stroke, may be controlled more regularly controlled. Don't fear the COVID-19 infection to visiting the healthcare professional. In my country, some of the population stopped coming to the healthcare professional because they fear so much about infection from the hospital or clinic. But it's very important to keep that regular control like static and blood pressure control. Maybe we don't have that data about aspiring or not, but strong message your paper gave is that risk factor control after COVID-19 is very important. Dr. Jonathan Stern: I completely agree. Dr. Carolyn Lam: And I would add to that, remember the days when people were stopping their ACE inhibitors and so on for those fear? So what a great message and thank you for giving us a little bit of a peek into the future of what you're planning next with more follow up, in a population that is vaccinated from a different strain perhaps. And I think this still encourages hopefully more trials and research into this whole area of how we should be managing these patients. Well, thank you so much both of you for discussing this very, very current relevant, important paper. Thank you for publishing it in circulation with us. And to the audience, thank you for joining us today. From Greg and I, you've been listening to Circulation on the Run, and don't forget to tune in again next week. Speaker 6: This program is copyright of the American Heart Association, 2022. The opinions expressed by speakers in this podcast are their own and not necessarily those of the editors or of the American Heart Association. For more, please visit ahajournals.org.
After a 44-21 loss in Week 1, Jess and Seth react to what happened to the Cardinals, how concerned they are moving forward and then look ahead to their Week 2 game against the Raiders.
What are the differences between Vitamin K, K1, and K2? How much Vitamin K should you take? Which whole foods provide Vitamin K?
With Week 1 here, Jess and Seth give their season predictions for the Cardinals, discuss Jalen Thompson's contract extension and preview the Week 1 matchup between the Cardinals and Chiefs.
The Cardinals cut their roster down to 53 players. Jess and Seth break down the moves and project some of the moves that are coming as the season fast approaches.
The Arizona Cardinals played their second preseason game, made a surprise trade for an offensive lineman and made some more cuts. Jess and Seth look back at the game against the Ravens, discuss the trade for Cody Ford and make their predictions for final cuts and the 53-man roster.
* 진행 : 곽민선 * 패널 : 정다워 (스포츠서울 기자), 허인회 (풋볼리스트 기자) * 구성 : 김정용 작가 * 연출 : 양예솔 (뽈리TV) * 제작 : 풋볼리스트 ------------------------------- - K1체크 - K2체크 - 이슈체크 - 곽민선의 PICK매치
With one preseason game in the books for the Arizona Cardinals, hosts Jess and Seth break down and react to the team and individual play from last Friday against the Cincinnati Bengals, discuss the first cuts the Cardinals made and look ahead to the game against the Ravens and what they want to see from the team and individual players.
VIDEOS: Bernie Turns Pro-War & Votes To Expand NATO – Jimmy Dore Ukrainian Terrorism: Firing Munitions Containing Petal Mines On Donbass Orphanage, Another War Crime The moral roots of liberals and conservatives – Jonathan Haidt HEALTH NEWS Vitamin K protects cells 3 grams of fresh salmon does wonders for high blood pressure, study reveals Physical activity stimulates the generation of new heart muscle cells in aged mice The Human Mind Is Not Meant to Be Awake After Midnight, Scientists Warn Social Isolation, Loneliness Raise Risk Of Death From Heart Attack Or Stroke By Nearly A Third Mushrooms of the Far East hold promise for the anti-cancer therapy Vitamin K protects cells Helmholtz Zentrum München (Germany), August 5 2022 An article appearing in Nature reported that the reduced form of vitamin K has an antioxidant effect that inhibits cell death caused by ferroptosis: an iron-dependent type of programmed cell death characterized by the oxidative destruction of cell membranes. “We identified that vitamin K, including phylloquinone (vitamin K1) and menaquinone-4 (vitamin K2), is able to efficiently rescue cells and tissues from undergoing ferroptosis,” first author Eikan Mishima announced. Ferroptosis has been implicated in Alzheimer disease and other disorders. “Ferroptosis, a non-apoptotic form of cell death marked by iron-dependent lipid peroxidation, has a key role in organ injury, degenerative disease and vulnerability of therapy-resistant cancers,” the authors explained. “Here we show that the fully reduced forms of vitamin K—a group of naphthoquinones that includes menaquinone and phylloquinone—confer a strong anti-ferroptotic function, in addition to the conventional function linked to blood clotting.” In the current investigation, they determined that the fully reduced form of vitamin K (vitamin K hydroquinone) is a strong antioxidant and prevents ferroptosis. “The reduced forms of Vitamin K and coenzyme Q10 are not very stable, so our finding that FSP1 can maintain them in their active (reduced) state is key to understanding how they are able to function to maintain cell viability,” coauthor Derek A. Pratt stated. The team found that vitamin E and three forms of vitamin K— phylloquinone, menaquinone-4 (MK4) and menadione (vitamin K3)—rescued cells that were genetically modified to undergo ferroptosis. 3 grams of fresh salmon does wonders for high blood pressure, study reveals Macau University of Science and Technology (China), August 9, 2022 Omega-3 carries many health benefits, and a new review suggests eating three grams of it per day is enough to lower your blood pressure. The findings include omega-3 fatty acids obtained from food or dietary supplements. “According to our research, the average adult may have a modest blood pressure reduction from consuming about 3 grams a day of these fatty acids,” says Xinzhi Li, MD, PhD, assistant professor and program director of the School of Pharmacy at Macau University of Science and Technology in China. The average fish oil supplement carries an average of 300 mg of omega-3 per pill. A four to five-ounce Atlantic salmon carries about three grams of omega-3 fatty acids. “Most of the studies reported on fish oil supplements rather than on EPA and DHA omega-3s consumed in food, which suggests supplements may be an alternative for those who cannot eat fatty fish such as salmon regularly,” explains Dr. Li. “Algae supplements with EPA and DHA fatty acids are also an option for people who do not consume fish or other animal products.” The National Institutes of Health recommends 1.1 to 1.6 grams of omega-3 fatty acids daily. The American Heart Association advises getting some of your omega-3 intake through two servings of three to four ounces of cooked fish per week. The review combed through the data from 71 clinical trials studying the relationship between blood pressure and the omega-3 fatty acids DHA and EPA in adults with or without high blood pressure or cholesterol disorders. High blood pressure was lower in people who ate between two and three grams of combined DHA and EPA omega-3 fatty acids daily than adults who did not. Eating more than three grams of omega-3s made a tremendous difference in adults with high blood pressure or high blood lipids. With three grams of daily omega-3s, the average blood pressure in people with hypertension decreased about 4.5 mm/Hg. Those without high blood pressure saw their blood pressure drop by 2.0 mm/Hg. Eating five grams of omega-3s lowered the blood pressure by nearly 4.0 mm/Hg for people with hypertension. Those without high blood pressure who ate five daily grams of omega-3s saw an average decrease of less than 1.0 mm/Hg. Physical activity stimulates the generation of new heart muscle cells in aged mice Heidelberg University (Germany), August 8, 2022 Can physical activity support the generation of heart muscle cells (cardiomyocytes) even in aged animals? Researchers at Heidelberg University Hospital (UKHD) together with a team of international collaborators demonstrated positive effects on the formation of new heart muscle cells (cardiomyogenesis) in aged mice and investigated the underlying cellular and molecular mechanisms. The current research results have been published in the journal Circulation. The heart of adult mammals has a very limited ability to generate new cardiomyocytes. With aging, this capacity continues to decrease, while at the same time the risk of cardiovascular disease increases. Dr. Carolin Lerchenmüller, head of the Cardiac Remodeling and Regeneration research group in the Department of Cardiology, Angiology and Pneumology at the UKHD, and her team have found evidence that physical activity stimulates the new formation of heart muscle cells in aging mice. The researchers found that the calculated annual rate of newly generated heart muscle cells in the “exercising” group of older mice was 2.3 percent. In contrast, there were no new heart muscle cells in the “sedentary” control group. A previous study with young animals had already shown that mice had a calculated annual rate of 7.5 percent new heart muscle cells through exercise, compared to 1.63 percent in the corresponding “sedentary” control group. The Human Mind Is Not Meant to Be Awake After Midnight, Scientists Warn Harvard University, August 4, 2022 In the middle of the night, the world can sometimes feel like a dark place. Under the cover of darkness, negative thoughts have a way of drifting through your mind, and as you lie awake, staring at the ceiling, you might start craving guilty pleasures, like a cigarette or a carb-heavy meal. Plenty of evidence suggests the human mind functions differently if it is awake at nighttime. Past midnight, negative emotions tend to draw our attention more than positive ones, dangerous ideas grow in appeal and inhibitions fall away. A new paper summarizes the evidence of how brain systems function differently after dark. Their hypothesis, called ‘Mind After Midnight', suggests the human body and the human mind follow a natural 24-hour cycle of activity that influences our emotions and behavior. In short, at certain hours, our species is inclined to feel and act in certain ways. In the daytime, for instance, molecular levels and brain activity are tuned to wakefulness. But at night, our usual behavior is to sleep. According to the researchers, to cope with this increased risk, our attention to negative stimuli is unusually heightened at night. Where it might once have helped us jump at invisible threats, this hyper-focus on the negative can then feed into an altered reward/motivation system, making a person particularly prone to risky behaviors. Add sleep loss to the equation, and this state of consciousness only becomes more problematic. The authors of the new hypothesis use two examples to illustrate their point. The first example is of a heroin user who successfully manages their cravings in the day but succumbs to their desires at night. The second is of a college student struggling with insomnia, who begins to feel a sense of hopelessness, loneliness and despair as the sleepless nights stack up. Both scenarios can ultimately prove fatal. Suicide and self-harm are very common at nighttime. In fact, some research reports a three-fold higher risk of suicide between midnight and 6:00 am compared to any other time of day. A study in 2020 concluded that nocturnal wakefulness is a suicide risk factor, “possibly through misalignment of circadian rhythms.” Social Isolation, Loneliness Raise Risk Of Death From Heart Attack Or Stroke By Nearly A Third University of California, San Diego, August 9, 2022 Loneliness increases the risk of cardiovascular disease by almost a third, according to new research. Socially isolated individuals are about 30 percent more likely to suffer a stroke or heart attack — death from either. Scientists at the University of California, San Diego also identified a lack of information on interventions that may boost the health of vulnerable individuals. The findings are based on data pooled from studies across the world over the past 40 years. “Over four decades of research has clearly demonstrated social isolation and loneliness are both associated with adverse health outcomes,” says lead author Dr. Crystal Wiley Cené, a professor of clinical medicine and chief administrative officer for health equity, diversity and inclusion at the school, in a statement. “Given the prevalence of social disconnectedness across the U.S., the public health impact is quite significant.” Risk increases with age due to life factors, such as widowhood and retirement. But the problem is increasingly affecting young people. The study finds social isolation and and loneliness increase the risk of death from heart disease or stroke by 29 and 32 percent, respectively. People with heart disease who were socially isolated had a two to threefold increase in death during a six-year follow-up study. Socially isolated adults with three or fewer social contacts a month were up to 40 percent more likely to suffer recurrent strokes or heart attacks. In addition, five year heart failure survival rates were 60 and 62 percent lower for those who were socially isolated or both socially isolated and clinically depressed, respectively. Isolation and loneliness are associated with elevated inflammatory markers, increasing symptoms of chronic stress. It becomes a vicious circle. Depression may lead to social isolation, and social isolation may increase the likelihood of experiencing depression. Social isolation during childhood can even lead to cardiovascular disease in adulthood, increasing the risk of obesity, high blood pressure and raised blood glucose levels. Mushrooms of the Far East hold promise for the anti-cancer therapy Far Eastern Federal University (Russia) & University of Lausanne (France), August 3, 2022 Mushrooms from the Far East area contain the natural chemical compounds, which could be used for the design of the novel drugs with highly specific anti-tumor activities and low-toxicity. These compounds may offer new avenues for oncology, providing us with either stand-alone alternatives to chemotherapy, chemopreventive medicines, or drugs to be used in combination with other therapies. The international team of scientists from the Far Eastern Federal University (FEFU), University of Lausanne, and Federal Scientific Center of the East Asia Terrestrial Biodiversity FEB RAS describes the available body of research on four fungi species with high anti-cancer potential. The article is published in Oncotarget and contains the list of tumors, which were reported to be promising targets of the fungal compounds. Among them sarcoma, leukemia, rectum and colon cancer, stomach cancer, liver cancer, colon carcinoma and others. For the purpose of the current study scientists chose mushrooms widely used in Asian and Far Eastern folk medicine: Fomitopsis pinicola (conk), Hericium erinaceus (Lion's mane), Inonotus obliquus (Chaga), and Trametes versicolor (polypore). Each is also indigenous to North America. These species of fungi were shown to selectively target certain malignant tumors. The desired effect is achieved thanks to the various bioactive compounds contained in the mushrooms: polyphenols, polysaccharides, glucans, terpenoids, steroids, cerebrosides, and proteins. These substances are not only capable to hit different critical targets within cancer cells levels but also in certain cases to synergistically boost the chemo. Scientists emphasize that four species of fungi were chosen due to the fact that their medicinal properties are relatively well described. Some of them are already actively used for the anti-cancer drugs manufacturing in certain countires. Undoubtedly, there are many other species of fungi that contain chemical compounds to defeat cancer cells. The scientists hope that the high potential of the fungi for the anti-cancer therapy showcased in their article will encourage the further research at the junction of oncology and mycology. Currently in the laboratories of the School of Biomedicine (FEFU) led by Vladimir Katanaev and Alexander Kagansky,the new experiments are conducted to reveal the anti-cancer activities of the mushrooms extracts. This work is aimed at creating the new generation of highly specific low-toxic drugs, which could be specifically targeted on different tumor types.
Jess and Seth are back to talk about the latest with the Arizona Cardinals in training camp and their preseason opener. D.J. Humphries has a contract extension, there are some injuries, there are trade rumors and there are standouts, disappointments and players to watch in the preseason opener against the Bengals.
Let us walk you through the passive investing in multifamily syndication with Eric Chadderdon. In this episode, you'll learn how he goes from small to massive success by transitioning into real estate syndication and how to set yourself apart and win more deals. We'll give you more as we talk about building partnerships, networks, and the convenience of passive investing, so dive in with us!Key Takeaways to Listen forThe power of thinking bigger and aiming higher in real estate investingHow to build your credibility with potential investorsWays to make your LOI (Letter of Intent) stand out from other syndicators in closing dealsChallenges of shifting active investors into passive investingStrategies to build an investor database and get access to more capitalWhy mindset is powerful when scaling up a business to the next levelResources Mentioned in This EpisodeGibby's Capital Webinar Registration for Free Online Training: https://gibbyscapital.com/webinar/Free Apartment Syndication Due Diligence Checklist for Passive Investor About Eric ChadderdonCo-Founder and Managing Partner at Gibby's Capital Investments | Investor RelationsEric Chadderdon as the head of Investor Relations provides investors strategic opportunities to diversify their portfolios with multifamily properties by developing strong relationships and demonstrating consistent and clear communications. This transparency allows for a deliberate investment decision. He provides insights on market activity, cost segregation, property performance and manages quarterly earnings as well as annual K1 reports.He frequently shares his experience and knowledge with other investors and students looking to enter the multifamily syndication space by participating in the Multifamily Mindset's educational program and 3-day education events. He has been a guest on several podcasts, has articles written about him in both Yahoo Finance and the New York Weekly, and has been invited to speak at multifamily conferences across the nation.Connect with EricWebsite: Gibby's Capital Investments LLCFacebook page: Gibby's Capital InvestmentsInstagram: @eric_chadderdonLinkedIn: Eric ChadderdonTo Connect With UsPlease visit our website: www.bonavestcapital.com and please click here, to leave a rating and review!SponsorsGrow Your Show, LLCThinking About Creating and Growing Your Own Podcast But Not Sure Where To Start?Visit GrowYourShow.com and Schedule a call with Adam A. Adams.
Ep. 570 - Cardinals training camp is underway and there has been no shortage of storylines during the first two days of work. Paul Calvisi and Rob Fredrickson discuss Kyler Murray's press conference in which K1 defended his study habits. Plus, linebacker Myjai Sanders joins the show to talk about rookie life in the NFL and we have discussions about where Isaiah Simmons will end up on defense, James Conner and the running back room, why J.J. Watt likes camp and much more.See omnystudio.com/listener for privacy information.
Jess and Seth would normally just break down everything related to training camp, but there was big news! Instead, they go over new contract extension for Kyler Murray, talk new helmets and still have time to talk about some of the things to know for training camp for the Arizona Cardinals.
There are some changes coming for how K1 losses, a highly favored tax strategy for the majority of passive investors, can be utilized beginning in 2023. Listen in to learn what these changes are, why they've come about, and most importantly, how you can position yourselves ahead of time to maximize your tax savings. Key Takeaway: Partnering passive income streams with passive income losses is highly important in growing your wealth and creating effective investment strategies. How to Contact Larry: Website: www.pb-strategies.com Are you REady2Scale Your Multifamily Investments? Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
An alarming addendum was revealed from Kyler Murray's mega extension contract with the Arizona Cardinals. Should Cards fans be concerned that the team has such a clause in K1's new deal? Johnny Venerable and Bo Brack examine "Independent Study" requirement on the PHNX Cardinals Podcast! Learn more about your ad choices. Visit megaphone.fm/adchoices
El QB de los Arizona Cardinals, Kyler Murray, es ahora un hombre de mucho dinero, al recibir $250.5 Millones de parte del equipo para que sea su mariscal de campo en los siguientes 5 años. Con este contrato, Murray estará en el desierto hasta el 2028. Además, el contrato es el segundo que tiene más dinero garantizado en la historia de la NFL, solo por detrás del firmado por Deshaun Watson y los Cleveland Browns. K1 no es precisamente el QB más probado en la liga, lo que deja absolutamente muchas dudas sobre la cantidad de dinero invertido por Arizona. También puedes escuchar el Podcast de NFL Latino en: Apple Podcast https://apple.co/3tjSt2w YouTube https://bit.ly/3GW8IbO
Gambo and Steve Zinsmeister, filling in for Burns, discuss the latest on Kevin Durant and how he could land in the Valley, what Cardinals GM Steve Keim said about Kyler Murray, could K1's contract hurt the team down the line and the biggest trades in NBA history. See omnystudio.com/listener for privacy information.
Kyler Murray secured his bag with a huge contract extension from the Arizona Cardinals and joins other Valley stars Devin Booker and Deandre Ayton who also got paid by the Phoenix Suns this offseason. Rodney Hudson confirms his return to the team following an unexcused absence from Cardinals OTAs. Arizona Diamondbacks pitcher Joe Manitply shines in his MLB All-Star game debut. PLUS Makayla and Chierstin debate which professional All-Star game format is the best, if the Cardinals need to win a Super Bowl this season to be considered successful + MORE! Join co-hosts Chierstin Susel and Makayla Perkins for another episode of THE Phoenix Sports Podcast! 2:00 Valley Peaks -- Book and K1 are staying in Phoenix 30:15 Joe Mantiply shows out for the Diamondbacks at the All-Star game 36:30 Producer decides -- What do the Cardinals need to achieve to consider this season a success? 45:00 Which All-Star game/event is the best? 49:10 Would you rather eat a banana with peel or mayo in your coffee? SUBSCRIBE to our YouTube: https://bit.ly/phnx_youtube Website: https://gophnx.com PHNX Locker: https://phnxlocker.com/ Head on over to The PHNX Locker to pick up one of our new PHNX hats! SOCIAL: Twitter: https://twitter.com/PHNX_Sports Instagram: https://instagram.com/PHNX_Sports Download the DraftKings Sportsbook app now (https://bit.ly/3Jl1dMX), use promo code PHNX and make your first deposit and get a RISK-FREE BET UP TO ONE THOUSAND DOLLARS. Minimum age and eligibility restrictions apply. If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL/IN/MI/NJ/PA/WV/WY), 1-800-NEXT STEP (AZ), 1-800-522-4700 (CO/NH), 888-789-7777/visit http://ccpg.org/chat (CT), 1-800-BETS OFF (IA), 1-877-770-STOP (7867) (LA), 877-8-HOPENY/text HOPENY (467369) (NY), visit OPGR.org (OR), call/text TN REDLINE 1-800-889-9789 (TN), or 1-888-532-3500 (VA). 21+ (18+ WY). Physically present in AZ/CO/CT/IL/IN/IA/LA/MI/NJ/NY/PA/TN/VA/WV/WY only. Min. $5 deposit required. Eligibility restrictions apply. See http://draftkings.com/sportsbook for details. OGeez! is dedicated to creating innovative and memorable cannabis infused products that flavor life's journey. If you're interested in trying the amazingly delicious variety of flavors that OGeez! Brands has to offer, go to https://ogeezbrands.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
Kyler Murray secured his bag with a huge contract extension from the Arizona Cardinals and joins other Valley stars Devin Booker and Deandre Ayton who also got paid by the Phoenix Suns this offseason. Rodney Hudson confirms his return to the team following an unexcused absence from Cardinals OTAs. Arizona Diamondbacks pitcher Joe Manitply shines in his MLB All-Star game debut. PLUS Makayla and Chierstin debate which professional All-Star game format is the best, if the Cardinals need to win a Super Bowl this season to be considered successful + MORE! Join co-hosts Chierstin Susel and Makayla Perkins for another episode of THE Phoenix Sports Podcast! 2:00 Valley Peaks -- Book and K1 are staying in Phoenix 30:15 Joe Mantiply shows out for the Diamondbacks at the All-Star game 36:30 Producer decides -- What do the Cardinals need to achieve to consider this season a success? 45:00 Which All-Star game/event is the best? 49:10 Would you rather eat a banana with peel or mayo in your coffee? SUBSCRIBE to our YouTube: https://bit.ly/phnx_youtube Website: https://gophnx.com PHNX Locker: https://phnxlocker.com/ Head on over to The PHNX Locker to pick up one of our new PHNX hats! SOCIAL: Twitter: https://twitter.com/PHNX_Sports Instagram: https://instagram.com/PHNX_Sports Download the DraftKings Sportsbook app now (https://bit.ly/3Jl1dMX), use promo code PHNX and make your first deposit and get a RISK-FREE BET UP TO ONE THOUSAND DOLLARS. Minimum age and eligibility restrictions apply. If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL/IN/MI/NJ/PA/WV/WY), 1-800-NEXT STEP (AZ), 1-800-522-4700 (CO/NH), 888-789-7777/visit http://ccpg.org/chat (CT), 1-800-BETS OFF (IA), 1-877-770-STOP (7867) (LA), 877-8-HOPENY/text HOPENY (467369) (NY), visit OPGR.org (OR), call/text TN REDLINE 1-800-889-9789 (TN), or 1-888-532-3500 (VA). 21+ (18+ WY). Physically present in AZ/CO/CT/IL/IN/IA/LA/MI/NJ/NY/PA/TN/VA/WV/WY only. Min. $5 deposit required. Eligibility restrictions apply. See http://draftkings.com/sportsbook for details. OGeez! is dedicated to creating innovative and memorable cannabis infused products that flavor life's journey. If you're interested in trying the amazingly delicious variety of flavors that OGeez! Brands has to offer, go to https://ogeezbrands.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
Kyler Murray secured his bag with a huge contract extension from the Arizona Cardinals and joins other Valley stars Devin Booker and Deandre Ayton who also got paid by the Phoenix Suns this offseason. Rodney Hudson confirms his return to the team following an unexcused absence from Cardinals OTAs. Arizona Diamondbacks pitcher Joe Manitply shines in his MLB All-Star game debut. PLUS Makayla and Chierstin debate which professional All-Star game format is the best, if the Cardinals need to win a Super Bowl this season to be considered successful + MORE! Join co-hosts Chierstin Susel and Makayla Perkins for another episode of THE Phoenix Sports Podcast! 2:00 Valley Peaks -- Book and K1 are staying in Phoenix 30:15 Joe Mantiply shows out for the Diamondbacks at the All-Star game 36:30 Producer decides -- What do the Cardinals need to achieve to consider this season a success? 45:00 Which All-Star game/event is the best? 49:10 Would you rather eat a banana with peel or mayo in your coffee? SUBSCRIBE to our YouTube: https://bit.ly/phnx_youtube Website: https://gophnx.com PHNX Locker: https://phnxlocker.com/ Head on over to The PHNX Locker to pick up one of our new PHNX hats! SOCIAL: Twitter: https://twitter.com/PHNX_Sports Instagram: https://instagram.com/PHNX_Sports Download the DraftKings Sportsbook app now (https://bit.ly/3Jl1dMX), use promo code PHNX and make your first deposit and get a RISK-FREE BET UP TO ONE THOUSAND DOLLARS. Minimum age and eligibility restrictions apply. If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL/IN/MI/NJ/PA/WV/WY), 1-800-NEXT STEP (AZ), 1-800-522-4700 (CO/NH), 888-789-7777/visit http://ccpg.org/chat (CT), 1-800-BETS OFF (IA), 1-877-770-STOP (7867) (LA), 877-8-HOPENY/text HOPENY (467369) (NY), visit OPGR.org (OR), call/text TN REDLINE 1-800-889-9789 (TN), or 1-888-532-3500 (VA). 21+ (18+ WY). Physically present in AZ/CO/CT/IL/IN/IA/LA/MI/NJ/NY/PA/TN/VA/WV/WY only. Min. $5 deposit required. Eligibility restrictions apply. See http://draftkings.com/sportsbook for details. OGeez! is dedicated to creating innovative and memorable cannabis infused products that flavor life's journey. If you're interested in trying the amazingly delicious variety of flavors that OGeez! Brands has to offer, go to https://ogeezbrands.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
Get 20% OFF @manscaped + Free Shipping with promo code WESAYTHINGS at https://MANSCAPED.com #ad #manscapedpod https://jobs.sap.com/ Be sure to comment with '#SAPEsports' and your answer to be counted towards the next episode Timestamps: 00:00 Start 06:55 NBA 08:34 Hottest day in Denmark 12:41 DPC 30:22 TI Point Rankings 36:59 SAP Segment 48:39 K1 punishment 52:22 LGD drama 59:50 Riyadh Masters 1:10:40 James Webb Telescope
Byron Elliott is a Founding Partner of Three Pillars Law. He focuses on supporting real estate syndicators through the acquisition, due diligence, closing, entity formation, and private equity offerings. His continued support includes contract drafts and reviews, lease agreements, and general legal consultation. He has successfully supported syndication deals in self-storage, RV Park, manufactured housing / mobile home, and mixed-use asset classes, and has personally invested $13,000,000 in multiple asset classes. Highlights: 00:00 - 06:42] Opening Segment: Who is Byron Elliott Byron Elliott is a real estate syndication attorney and an active and passive investor with over 100 units. He has also been in the army for 24 years. He retired from the army and attended law school at the University of Denver. Byron transitioned from general practice to the real estate space, specifically the syndication side of the house. [06:42 - 13:25] Boutique Firm Offers Syndication Advice to Keep Clients Safe Boutique firm with four full-time staff and focus on syndication Offers due diligence, transactional assistance, and mentorship Concerns about co GP model come from potential for overreaching and SEC scrutiny [13:26 - 20:06] What should we do as passive investors 8% of 50,000 over the life of the deal, or until some hurdles met and it's retired, or it can be 8% based on the capital account, the balance in the capital account right now The interplay is how you characterize the return of each dollar that goes back to the investor. Every single dollar that goes back to the investor reduces the capital account. you can see over time that 8% preferential is less Other sponsors treat the preferential almost like a return on an interest payment. And that'll be reflected in the K1. [20:07 - 23:00] Closing Segment Reach out to Byron Links Below Final Words Tweetable Quotes “There are lenders out there who will loan up to 40% of the after renovated value of the property on a fixed 20 year note. And you don't make a single payment until a year after the project's complete. So if you imagine combining both of those programs, it makes some of these historic properties that people are pretty fearful of. Otherwise, it makes them pretty interesting from an economic perspective” - Byron Elliott ----------------------------------------------------------------------------- Connect with Byron by visiting his website www.3pillarslaw.com Or email him through: byron@3pillarslaw.com You may also call him through: (303) 319-5317 Connect with me: Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Byron Elliott: There are lenders out there who will loan up to 40% of the after renovated value of the property on a fixed 20 year note. And you don't make a single payment until a year after the project's complete. And so if you imagine combining both of those programs, it makes some of these historic properties that people are pretty fearful of. Otherwise it makes them pretty interesting from an economic perspective. [00:00:34] Sam Wilson: Byron Elliott with three pillars law as a real estate syndication attorney and an active and a passive investor with over 100 units, Byron, welcome to the show. Thanks [00:00:43] Byron Elliott: man. Appreciate it. Thanks for [00:00:44] Sam Wilson: having me on absolutely. The pleasure's mine, Byron, there are three questions. I ask every guest who comes in the show in 90 seconds or less. [00:00:51] Sam Wilson: Can you to tell me, where did you start? Where are you now? And how did you get there? [00:00:54] Byron Elliott: So a little bit of my background. I'm a retired army officer. I was in the army for 24 years. The last few years of that attended law school at the university of Denver. And, at the same time that I was getting ready to retire and transition out of the military. [00:01:09] Byron Elliott: Kind of pivoted from doing general practice, type work into the real estate space, specifically the syndication side of the house. And so we've been doing that for a few years now. Really enjoy it on the legal side of the house, working with new clients first, second, third time syndicators. [00:01:26] Byron Elliott: And then we also invest, so we're active operators in a couple properties as well in a pretty niche asset class. So wear two hats, pretty much all times [00:01:36] Sam Wilson: That's really, really interesting. I mean, a lot of times we get, you, your syndication attorney, isn't also an active investor. [00:01:43] Sam Wilson: So I think that's pretty cool that you get to understand kind of both sides of it on the deals that you are doing on your own. Are those deals that you're also raising money for? [00:01:51] Byron Elliott: We have, we've done a couple. So what's kind of nice about that is I can get a little creative with the type of assets that, that we syndicate for on the personal side, because for me. [00:02:01] Byron Elliott: It's great professional development on the legal side of the house. So to your point, if I'm working with a syndicator, who's looking to get into mobile home parks. Well, I can talk a little bit more about mobile home parks, I think, than the average syndication attorney, because we own two of them. [00:02:15] Byron Elliott: So we raise money for those deals makes Fs historic properties. We've got some little boutique hotel properties and then, kind of the standard single family, duplex short term rental stuff. Feel pretty well versed in multiple asset classes. [00:02:29] Sam Wilson: Yeah, I'd say so that, that is quite a mix of asset classes. [00:02:33] Sam Wilson: Was that intentional to get into all of these or were these just deals that just came to you? And you said, man, that makes sense. [00:02:40] Byron Elliott: Yeah. So we actually intentionally invest in a certain part of Colorado. And so while some people just niche down on one asset class and they'll look all across the country, we like to be able to visit our properties in a given day. [00:02:53] Byron Elliott: So everything is, go once a week to the properties, we make sure we've got boots on the ground. We've got a good property management team. So when the opportunity presents itself, regardless of asset class if we do the underwriting, the deal makes. We'll take a look at it. [00:03:08] Sam Wilson: Wow. That's really cool. [00:03:09] Sam Wilson: I love that. And you mentioned something there for a moment where you talked about historic tax properties. I had a guest come on the show or historic properties. I had a guest come on the show recently that was using historic tax credits and a, it was a really interesting interview. [00:03:22] Sam Wilson: And I hate to say it, but I can't remember what the episode number was. We'll have to go back and find that for the show notes, but is that something you guys are using as historic tax credits in order to, to renovate these proper. [00:03:33] Byron Elliott: We do. And we actually, we use three programs that although, you're navigating multiple lenders and multiple programs, especially government programs, it takes a little bit more time. [00:03:43] Byron Elliott: It's a little bit more tedious, but we utilize the sale of historic tax credit. So we find a building that is on the national historic registry. It's either in a, in a national historic district. And it shows as a conforming property or it's listed on their by address. So that's kind of step one is you identify, the property. [00:04:03] Byron Elliott: So when you're out driving around, looking for an opportunity, you see something with boarded up windows on the second floor, we'll pull it up on a national historic registry, make sure it's a, it's a contributing property. And there's a couple things you gotta do. You have to submit a what's called a part one, which is basically yes or no, it's a historic property. [00:04:19] Byron Elliott: Part two is taking your scope of work that you want to do. So whatever renovations or improvements you wanna put it on this part, two application. So I've got a really good architect who does that for us. And then once that's approved, You go ahead and execute your scope of work, renovate the property. [00:04:34] Byron Elliott: You close it out with a part three, which is basically somebody comes and certifies. You've made the renovations in accordance with the standards from the part two, and you can actually recoup up to 55% of your overall renovation costs and tax credits. And so that's a, that's a beautiful thing. Even better is you can, there's actually a market for these. [00:04:53] Byron Elliott: So on one hand, you can either use the tax credits and reduce your taxable income over a certain period of time. Or you sell 'em on this market for 90 cents on the dollar and recover a whole bunch of capital. Right? So. Yeah, it's a, it's a beautiful program. And then we couple it with a program called pace, which some people are familiar with. [00:05:12] Byron Elliott: It's a nationwide program that has to be adopted at the state level and in further adopted at the county level. But if you can work through a pace program, basically it's taking that same scope of work and identifying what are the energy efficient or water conservation improvements that you're making on the building. [00:05:27] Byron Elliott: And then there are lenders out there who will loan up to 40% of the after renovated value of the property on a fixed 20 year note. And you don't make a single payment until a year after the project's complete. And so if you imagine combining both of those programs, it makes some of these historic properties that people are pretty fearful of. [00:05:46] Byron Elliott: Otherwise it makes them pretty interesting from an economic perspective. [00:05:50] Sam Wilson: Right. Yeah, no, that's that's, that's really, really interesting. And do you guys, you said there was like three or four programs you mentioned there, so you've got the standard historic tax credits, then you've got pace. Is there anything else in there? [00:06:01] Sam Wilson: I, I [00:06:01] Byron Elliott: missed. Yeah. So the solar energy stuff. So that's, that's part of the pace project anyway. And so you can get that and finance it on a 20 year note, but you get 26% tax credit for whatever your cost was and same thing you can sell those credits or you can keep 'em. [00:06:16] Sam Wilson: Wow. That's really cool. [00:06:18] Sam Wilson: How fun is that, man? You got your hands in a lot of different stuff. Thanks for taking the time to kind of break down just a, one of the nuanced investments that you guys are working on. I really wanna spend the rest of the time here on this show though, talking about three pillars law, talking about what you guys do on the syndication side of the house and really just getting your, getting a feel from you from, from what you're seeing in the. [00:06:39] Sam Wilson: From what you're seeing and how, how investments have changed. Can you, can you kind of just give us a state, I guess, a state of the union from a from an attorney's perspective on, on, on the opportunities you're seeing come to you to get syndicated, how have they changed? Where are we where, or even just, where are we right now? [00:06:54] Byron Elliott: Yeah. So I guess a little background about our firm. So we're kind of a boutique firm. We're in castle rock Colorado, about 20 miles south of Denver. We have four full-time staff and then we're structured in a way where we have of council attorneys who can add additional expertise or additional bandwidth if needed. [00:07:12] Byron Elliott: And so. We offer due diligence. We offer transactional assistance, but probably 80 to 90% of our work is the syndication stuff. Most of our clients are our first, second, third time syndicators. So for us, that's a lot of fun. We really enjoy the clients. They're energetic, they're motivated. They're very receptive. [00:07:33] Byron Elliott: And, and we have the opportunity to kind of walk them through all the various parts of an offering. Like what are, to your point, the structuring big movement right now with lots of co GP activity going on. So I'm seeing a lot of that is people who would probably be nervous about syndicating a deal on their own. [00:07:49] Byron Elliott: Otherwise you see a handful of 2, 3, 4 cogs working together. Bringing capital and conducting additional activities beyond just raising capital, but working together, pull deals together. It it's a lot of fun. [00:08:02] Sam Wilson: Are there, are there risks that you're seeing people are taking in the co GP model that you look at it and you go, this is an unnecessary risk. [00:08:10] Sam Wilson: And if so, how do you mitigate it? [00:08:11] Byron Elliott: Everyone's, everyone always kind tries to push a threshold. Right. Trying to maybe base a co GP interest solely on the amount of capital that's raised. Right. It seems like a neat, easy formula. Whoever brings. Whatever percentage of the capital to the deal gets that same, proportionate ownership, interest of the GP. [00:08:31] Byron Elliott: And that's just to me that's not good business, I think there's some better ways to craft the deal where you're still meeting what the SEC's looking for in terms of avoiding kind of a broker dealer arrangement. We're talking a little bit beforehand is. Every time, the S E C relaxes a definition. [00:08:46] Byron Elliott: So in this case made a little bit easier to raise capital, relax, the accredited Def accredit investor definition. I always get concerned that people that try to push the threshold even further, especially on the heels of relaxing the rules a little bit makes me a little bit nervous. And so. [00:09:01] Byron Elliott: Constantly coaching, mentoring about, changing the structure in a way where it doesn't reflect a proportional ownership interest based on the amount of capital raised. Right. so yeah, there's, there's always a little bit of risk there. the fee structure sometimes I think is something that we need to pay attention to. [00:09:18] Byron Elliott: So depending on the type of deal that the sponsor's doing, and I'm just assuming this is an operator, right? Not a, not a fund to fund just capital razor type, but right. The sponsor, right? Depending on the type of deal that they're doing, there's certain fees that are customary and, and make sense. But both from an investor optics perspective and maybe from an S sec scrutiny perspective, we just wanna make sure that those fees are aligned with the actual activities being performed. [00:09:45] Byron Elliott: And what's customary in the standard for that work being performed. So, for example, everyone's familiar with a value add opportunity. So you, you find a property that's underperforming for some reason, bad management, mom and pop owners who haven't raised rents there's expansion opportunities, there's upgrades, whatever it may be. [00:10:04] Byron Elliott: So you, you, you find this property, you do capital raise for it. And for the first fall to 18 months, there's kind of a renovation our expansion effort that goes into that. And so, your typical sponsor fee, which I think is, is customary, for the sweat equity involved in risk incurred, I think is, is totally fine. [00:10:23] Byron Elliott: You got an acquisition fee to help kind of recoup some of the costs up front. Right. And then, maybe a construction management or project management fee is okay in that context, because you are managing a project you're working with a GC or subs. If it's a development play, a developer fee is perfectly customary. [00:10:40] Byron Elliott: Right. But I think when people start trying to take all of those fees, but they're not vertically integrated where they're actually performing all of those activities, I think that gets problematic. [00:10:50] Sam Wilson: So you're saying on a, on a development fee, if they're, if they're just third party and all of it, maybe even then you're going, okay, well, that's, that's, you're not actually doing the work and you're still taking the fees. [00:11:01] Sam Wilson: Is that what I'm hearing? Or am I missing [00:11:02] Byron Elliott: something? Yeah. Yeah. I think that's problematic. Right. If you're outsourcing everything and, but you're trying to take a, the same fee, the same fee that you're paying a third party, I think that's problematic. Right, [00:11:13] Sam Wilson: right. Yeah. That's interesting. And what do you think? [00:11:15] Sam Wilson: And again, I know this is kind of probably. Not not subjective is that's the wrong word I'm looking for? Hypothetical, but what do you think are some of the, the problems that that creates is that because we then could get scrutinized by the S sec and then they're gonna find problems with the way that we're taking fees. [00:11:30] Sam Wilson: And like, I don't know. Can you, can you walk us through the problems that could [00:11:32] Byron Elliott: generate. Yeah, I think there's, there's really two, two problems that you're looking at there. One is from, like I said, an investor optics perspective. I mean, at some point, other than maybe friends and family, they're, know, getting there and scrutinize your private placement memorandum and take a look at how much, how much fees you're taking out. [00:11:47] Byron Elliott: And if, if you're not providing those services, I think that's kind of a non-starter. I think there's some trust issues there, from. An sec perspective. I think at the end of the day, you're concerned about a, a material misrepresentation or omission. And so maybe you're taking fees that you didn't outline in the PPM. [00:12:03] Byron Elliott: Maybe you are taking some cut of the raise that you didn't outline in the sources and uses statement. So, just want to be really neat and clean on the PPM and, and make sure that you're operating agreement lines up with what you're suggesting you're gonna take in fees and when, when you take 'em. [00:12:20] Sam Wilson: Yeah, yeah, absolutely. Absolutely. Yeah. And when, and that's that's, that's it, man. I've, I've seen some deal docs here recently that have come come to me and they've just, they've not been. Like I read through 'em and I'm like, okay, this is a problem. Like, this is not as clean as this should be. Are there things that we as passive investors, some high level things as passive investors, we should be doing just as a cursory scrutiny of of deal docs that may kind of weed out some of these issues early on. [00:12:49] Sam Wilson: If we're looking at it from a passive investor perspective, [00:12:51] Byron Elliott: Yeah. So I'd take a hard look at always the definitions, right? Words have meaning. And so the definitions in the doc itself, particularly when it comes to distributions are very, very important. So let me give you an example. Let's just take a very basic deal, right? [00:13:08] Byron Elliott: 8% pre some 70, 30 split, whatever it may be is pretty customary right now. The definition of the preferred return could be a number of things. So the preferred return could be based on a percentage of an original capital contribution. So the first 50 K and it's steady. 8% of 50 K over the life of the deal, or until some hurdles met and it's retired, or it can be 8% based on the capital account, the balance in the capital account right now, where the interplay is, is how you characterize the return of each dollar that goes back to the investor. [00:13:44] Byron Elliott: So some operators, well, every single dollar that goes back to the investor reduces the capital account. So then you can see over time that 8% pre is less and less. And. Right. Other sponsors they'll treat the pre almost like a return on an interest payment. And that'll be reflected in the K one. And the capital accounts only reduced when there's something distributed above the pre right. [00:14:06] Byron Elliott: That's probably middle ground. Right? The, the previous example was very sponsor friendly. This one's middle ground, right. And very investor friendly is, capital is, is only returned at some sort of liquidity that. So you get your pre and you get your split and then capital is returned, at a refinance or, or dissolution. [00:14:22] Byron Elliott: So those definitions are pretty important to take a look at in the waterfall and then making sure you understand where you are in terms of, of priority. So one of the things that we're seeing right now is a lot of people are starting to implement preferred equity positions. Hmm. Right. And so, if you really dig into it, the detail, the details of what that preferred equity definition is, is, generally that person is first in priority after payment of expenses in debt. [00:14:50] Byron Elliott: Right? So before anybody else gets a single dollar, they get paid, whatever their, 10%, 12%. So their highest in priority. And you gotta take a look. If, if your offering has a preferred equity position and you're looking at a class B or a class C unit where you actually have an equity position, you could be lower in priority. [00:15:09] Byron Elliott: And your returns may not kick in for 2, 3, 4 years. Who knows? Maybe even at liquidity. [00:15:14] Sam Wilson: Right. Right. And is that what we're seeing? What is, that being differentiated a lot in class, a class B shares, is that what you're talking about? When you say preferred equity, where it's like a class, a share and you may get a, a 9%, 9% return and that's all they get class a gets 9% class B might get 6%, but then have a 70, 30 split with the, with the sponsor. [00:15:35] Byron Elliott: That's exac that's exactly it. Right. And so people are, are using this structure really when they're trying to satisfy lender requirements. And so if a lender doesn't want the sponsor to be a hundred percent leveraged, right? So the sponsor goes out and does a debt offering and, and raises $300,000 in debt on a nine month, 12 month, 24 month [00:15:54] Byron Elliott: note [00:15:55] Byron Elliott: and then is trying to get a 70, 30 loan from the bank. I mean, they're a hundred percent leveraged. Right. And so, what the sponsor may do instead is have this preferred equity position that doesn't look like debt on the balance sheet for the company. it's important to note though, you still, I mean, from an underwriting perspective, a hundred percent leverage, you're satisfying that debt, that preferred equity on top, right. [00:16:16] Byron Elliott: That, there may not be a whole lot left to distribute. Right, [00:16:20] Sam Wilson: right. Yeah. If you're class B or class C shareholder. Yeah. That's absolutely, absolutely. Right. And that's interesting though, because I see it from a different perspective, just in the sense that, that, that I kind of like the class, a class. [00:16:33] Sam Wilson: Share structure because I have, I have different classes of investors in my not classes, but I have different preferences of investors, diss satisfy. I've got some, some, 75, 80 year old investors that they don't really care about. A two X equity multiple in seven years. They want cash flow now. [00:16:48] Sam Wilson: And then I've got other investors that are, more my age and your age going, Hey, you know what? I probably don't need you to cash today, but I'd love to see this double in five. So I've used that as a class, a class B structure to kind of serve both of my investors. And haven't really thought about it from the perspective of what you're referring to. [00:17:03] Sam Wilson: When you say, Hey, this is being set up in order to satisfy lender requirements, but it does sound like a, a serious risk though. We need to be looking at and just considering what that, how much that preferred equity. Is, and I guess that's probably the next part of the deal is how much preferred equity is there in the deal. [00:17:18] Sam Wilson: If it's, 70% of the equity is preferred equity and 30% is, your class B shares, then, then it probably ha takes on a whole new, a whole new meaning versus maybe some other, other ratios [00:17:28] Byron Elliott: in the deal. yeah, it you made a great point. I really liked the point you made about understanding your investors. [00:17:33] Byron Elliott: Right? And so I think people that are, that are newer into this field, they try to go with kind of a boiler plate approach, something very, very basic, but I think. It's a natural progression to move from that to really honing in on the type of investors you have and matching them with the type of offering that you're doing. [00:17:51] Byron Elliott: So to your point, there's some great opportunities out there for people that aren't looking to cash flow immediately because they're investing in self-directed IRA, they have a longer term plan. That's exactly right. And that's a really great point that we kind of tease out with our clients. [00:18:05] Byron Elliott: Each time we're working with kind of a newbie in the space. [00:18:07] Sam Wilson: Mm-hmm . Yeah, that's really, really cool. I love that. Thanks for sharing the details on that. I think it's always important just as, as the, as the market evolves. And as, as the landscape is constantly changed to be looking at the various. [00:18:19] Sam Wilson: That both investors and sponsors are taken in saying, Hey, how, how do we classify these? I think, I probably don't look at the definitions as well as I should, as much as I rely on just talking to the sponsor and saying, Hey, is this a return on a return of capital? [00:18:31] Sam Wilson: But to your point, I myself, when I'm a passive investor in deals need to spend more time reading the definitions. So thanks for pointing that out. There's something that's kind of, speaking of risks and things that are going on the market right now. There is this, I don't even know how to put it, but there is a, a model of raising capital that I am personally unsure about. [00:18:51] Sam Wilson: And I've, and I've heard it, heard it touted from a few different angles and they call it this B to C 5 0 6 B to 5 0 6 B transition kind of syndication model, where they raise 5 0 6 B for 30 days and they shut it off. Wait 10 days and then go to 5 0 6 C and start advertising it. Have you heard of this? [00:19:08] Sam Wilson: And how do you feel about it? [00:19:10] Byron Elliott: Yeah. So, we've seen some message traffic from some of my peers and then, some capital razors out there and obviously, the way you describe it, it sounds really enticing. If that's, if that's an opportunity, I would tell you our firm, we don't really have a position on it yet. [00:19:25] Byron Elliott: We've socialized it internally. And I've got some attorneys here that are very, very experienced, have actually worked with the S E C. Has socialized this internally with people at the sec. And there's, I, I haven't seen anything definitive. And so, our team is still kind of snooping around and taking a look at at what that looks like. [00:19:42] Byron Elliott: I'm also seeing. A lot of message traffic about people that are investing through a fund of fund model mm-hmm and, , there's, perhaps somebody who has a 5 0 6 C offering, it's a sizeable offering and it's structured in a way to incentivize people to go out and raise capital on every behalf. [00:19:59] Byron Elliott: Right? So to your earlier example, a class, a unit that comes in it's, $2 million minimum, and it's got a 9% profit. And then you have a class B unit. That's your typical retail investor? 50 K. Right. But they've got like a 7% prof, so that's teed up in a way to encourage somebody who has an investor network to maybe pull together a fund to invest in that offering. [00:20:21] Byron Elliott: And then somewhere, they can split the difference between the spread mm-hmm right. Something that concerns me a little bit is when you have a 5 0 6 C offering, that's supposed to be comprised of nothing but accredited investors. And then somebody's trying to set up a fund to fund structure with a 5 0 6 B offering, which is supposed to have that preexisting substantive relationship with each ind, each individual investor. [00:20:42] Byron Elliott: Well, Right there, in terms of looking through that 5 0 6 B offering, that there are non accredited investors in deal. so we're always kind of examining that and there's a lot of message traffic that gets promulgated out there in the various mastermind groups and social media platforms. [00:20:56] Byron Elliott: So, really gotta get into, to deal details and see if that actually makes sense or not. Yeah. [00:21:03] Sam Wilson: That's that that's really sound advice. And I appreciate that. I mean, it's one of those things that I think, it's all hunky Dory until still until stuff hits the fan. And then everybody's, everybody's looking around for somebody to blame. [00:21:14] Sam Wilson: Like I think when, when the market's going up and everybody's making money, there's probably not much to worry about, but when, when there's blood in the streets, then you know, there's gonna be a select group of investors who are probably looking. For the sponsors that didn't do things the way they should, or maybe bent the rules a little bit. [00:21:29] Sam Wilson: And now is never is the time to do that, but especially not now. So I appreciate, appreciate your hesitancy and the risk aver. I hear in your voice when you tell me about those, those types of things going on. Cause it just, it just doesn't make sense. It it's, I think it's playing with [00:21:46] Byron Elliott: fire. [00:21:47] Byron Elliott: Yeah. And I, and I would tell you, I'm pretty aggressive about my clients. Want to get something done. Try to figure out the way to get it done, and so my job is to scrutinize and, and, point out where there may be some red flags and some issues. But if we can, at the end of the day, meet the client objective, I'll still comporting with the sec requirements. [00:22:02] Byron Elliott: I mean, we'll do it. [00:22:03] Sam Wilson: Absolutely. No, that's cool. Byron, thank you for coming on today. There's so many more questions I have. I know we're out of time. I've got lots of questions. This has been a blast. I've learned so much from you here today. Just on some of the risks that we're seeing, being taken on, cog risk, everything down to, taking a hard look at definitions and distributions. [00:22:21] Sam Wilson: You've been, been really, really good to have you on. And then also learn about historic tax credits and how you guys are finding opportunity in your own backyard to do a variety of really cool real estate opportunities and deals. So thank you again for coming on today. If our listeners wanna get in touch with you or learn more about three pillars law, what is the best way to do that? [00:22:39] Byron Elliott: Yep. So obviously we've got a website, right? Who, who does business now a day without, without a website. But you wanna reach out to me personally? It's my first name's Byron, B Y R O N at the number three pillars, law.com. cell phone (303) 319-5317. I love talking about real estate. I like navigating problems. [00:22:58] Byron Elliott: I like talking to people that are putting deals together, so feel free to contact me personally. [00:23:03] Sam Wilson: Awesome, Byron, thank you again. Appreciate your time today. Thank you so much. [00:23:06] Byron Elliott: Thanks really appreciate the opportunity.
Blake Murphy sits in for Seth Cox as he and Jess Root talk about what stories came out of camp during OTAs and minicamp for the Cardinals.
In this episode, Jeff Greenberg, CEO and founding member of Synergetic Investment Group, LLC, joins us to talk about his move from active syndicator to full-time fund manager. He goes in-depth about the customizable fund, a mutual fund that allows investors to pick and choose which investments they want to be in. He also discusses why they are currently investing in Bitcoin mining and other assets outside of multifamily. Tune in to know what they are doing to protect their downside risks! [00:01 - 05:35] Educating Investors to Get Into Quality Deals Jeff on finding the part of real estate that he's passionate about Transitioning from active investing to equity raising and being a fund manager [05:36 - 13:52] The Beauty of Customizable Funds Customizable funds vs typical funds Having a broader spectrum of investments The costs of a customizable funds [13:53 - 20:50] Looking at Investments Outside of Multifamily Going into Bitcoin mining The importance of protecting downside risk How they are buying good self-storage deals Jeff's thoughts on the current state of the multifamily space [20:51 - 19:55] Closing Segment Reach out to Jeff! Links Below Want to learn how to vet sponsors? Grab a copy of the 46 Questions Passive Investors Should be Asking Deal Sponsors e-book for FREE at sigcre.com/sponsor! Final Words Tweetable Quotes “I look at deals now to protect the downside and say, okay, all your projections are beautiful. They're nice. What are you doing to protect on the downside? What's going to be a deal-breaker?” - Jeff Greenberg “Everybody shows their wonderful track record that they've had for the last five years. and everybody's doing great. But at some point, something's going to happen and that's where we need to be cautious.” - Jeff Greenberg ----------------------------------------------------------------------------- Connect with Jeff! Shoot him an email at jeff@synergeticinvestmentgroup.com or jeff@synergeticIG.com and visit the Synergetic Investment Group website. Check out their FREE e-book: 46 Questions Passive Investors Should be Asking Deal Sponsors at sigcre.com/sponsor! Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Jeff Greenberg: I look at deals now to protect the downside and say, okay, all your projections are beautiful. They're nice. They're all these returns. What are you doing to protect on the downside? And so most of the time I go looking at deals trying to figure out okay, you know, what's going to be a deal-breaker and I'm going to throw this deal out. [00:00:22] Jeff Greenberg: Right. And I go and look at it that then if I don't find any, that, that caused me to do that, then I'm going to look okay. Now let's see what the rest of it is. And I'll start looking at the upside. I'll start looking at the assumptions and all these other things, but mainly I'm protecting the downside. [00:00:37] Sam Wilson: Jeff Greenberg is a recovering syndicator. Now helping high net worth individuals get into high-quality opportunities. Jeff, welcome to the show. [00:00:58] Jeff Greenberg: Well, thank you. Thank you for having me. [00:01:00] Sam Wilson: Pleasure is mine. Three questions I ask every guest who comes to the show: 90 seconds or less, where did just start? Where are you now? How did you get there? [00:01:08] Jeff Greenberg: Well, I started out looking at bank owned properties probably about 14 years ago. And so that was my start, but it was a bad time to be investing in a bank owned properties back then when things were dropping. And then I got into multifamily, bought my first. Property that I had ever bought besides my own personal residence. [00:01:32] Jeff Greenberg: And that was a 20-unit property and we syndicated it. Been syndicating for the past 12 years. And decided that the part that I liked best was working with investors and helping them, helping educate investors, helping investors get into quality deals. And it wasn't on the operation side, broker relationships. I've done that. I know how to do it. Analyzing deals, I've done all that. I still do it, but that wasn't my favorite thing. [00:02:02] Sam Wilson: That's cool. Was there a time earlier on where you feel like if you could go back to the Jeff of, you know, 6, 8, 9 years ago that you kind of already intuitively knew what you loved about this business? [00:02:14] Jeff Greenberg: No, not really. In fact, when I first had to raise some money, I was freaked out. The first raise we did was $350,000 and my partner and I had no clue where we were going to get that. And she raised half, I raised the other half and it took us a long time. So I never thought that that would be the part that I would be going towards and enjoy. [00:02:37] Jeff Greenberg: I enjoyed working with numbers. So I thought the analysis part would be good for me. But after you've done hundreds and hundreds of deal analysis you know, that's old stuff. Now I had, I had a group working for me. I had a team doing that stuff for a while and that way it got me out of it. But yeah, it never came to me that this would be where I'd end up. [00:02:59] Sam Wilson: Interesting. That's really, really interesting. At what point in time did you shift? From, Hey, we're going to go out and be an active syndicator to now, I guess you would describe it more of yourself as a fund manager. When, when was that transition? [00:03:14] Jeff Greenberg: Well, the concept of me being an equity raiser came to me probably about three years ago. It was just before COVID with going through the ups and downs of a property that we had purchased, first, getting the property, which was. A traumatic experience, but we got the property, 225 units. And then when I brought on a person to be my asset manager, I enjoyed not be in the asset manager so much that I realized that. [00:03:46] Jeff Greenberg: She was so much better at it than I was that maybe I was doing the wrong thing. And so when I realized that there's other people that could do it a lot better than I could, I decided, okay, you know, where do I fit in and realized that I enjoy working with people. I enjoy education. I enjoy educating people. And that's part of the investor relations business. [00:04:11] Sam Wilson: Oh, it very much so. It is almost all education and a little bit of explaining details on potential deals. But I feel like it's a lot of times just, just teaching people along the way. So you guys are you've switched. Have you closed out all of your existing syndications that you had of all those gone full cycle and now you're full-time fund manager? You still got... [00:04:31] Jeff Greenberg: No, I've got one property in Ohio. That we should be closed out on that by the end of May. And I'll be out of that. And I've got another one up for sale once I've gotten that one sold then I'm pretty much just on the equity. [00:04:47] Sam Wilson: Wow. That's really cool. There's a lot of talk around people becoming, and I'm probably going to butcher the words here, registered investment advisor, or working under a broker-dealer. Have you had to, or do you see any need to go down that road? [00:05:00] Jeff Greenberg: I don't, not at this point. Because there's certain limits that I can do. There's certain things that I can do and not be a registered investment advisor and also not going through the broker-dealer piece of it. I know people that have done that and I'm at a stage in my career that I don't need to try to raise that much money and to really go to that level. I am very happy with the private equity fund that would have and keep it at the level that, that I'm able to legally do that. [00:05:34] Sam Wilson: Interesting. Tell me about the fund. What are you guys investing in? What's the size of it? What's the structure of it? How do you guys underwrite and pick deals? Just kind of give us the breakdown. Maybe even all the way from conception, like what's it cost to get a fund put together? [00:05:48] Jeff Greenberg: Okay. So there's, there's all different kinds of funds. The fund that we're doing, where. Pretty much a deal segregated fund or a what we call like a customizable fund, which it didn't cost us that much to get it going. [00:06:03] Jeff Greenberg: 15,000 bucks to get it going that's legal fees and setting it up in the portal. But what, and it's a little, a hundred, a hundred million dollar fund, but because it's customizable, what we're able to do is to bring deals in one by one and our investors can pick and choose if they want to be in a particular deal or not. [00:06:25] Jeff Greenberg: They don't have to be in every single deal, which is your typical fund. Your typical fund, you have a thesis on what you're looking for, and basically, it's blind as far as, you may see the first one or two, and then the rest of them are all blind. You are in those deals, whether or not you like it or not. [00:06:45] Jeff Greenberg: And the beauty of the customizable fund is, one, the people get to pick and choose which ones they want to be in. But one of the beautiful things, as far as, for both the deal sponsor and the investors is, I could go into a broad spectrum of investments where not everybody may like those. Maybe not everybody wants something that has a high cash flow, but maybe no back end. [00:07:18] Jeff Greenberg: Maybe somebody wants more on the backend. They're not, they don't care about the cash flow. Well, we could throw all those different kinds of deals in there, including. The Bitcoin mining fund, what we're doing, which is pretty much all for cashflow or a development deal where you don't get any cashflow for two or three years. [00:07:40] Jeff Greenberg: And people can pick and choose which one of those they want to be into which one or many of those that they want. In addition to multifamily though, I also like self-storage, mobile home park, assisted living. And maybe there's somebody that doesn't like a particular asset type and they're not forced to get into it. That's the beauty of the customizable fund. [00:08:05] Sam Wilson: Yeah, I think that's really cool. What's the feedback you get from investors? Just throwing this out there is that one of the ideas or the nice things about say a mutual fund is that you can invest in it and once you put it in, it's kind of set it and forget it. It's like, okay, like here's the investment thesis. I don't know. We're making money. Cool. Is there any challenge in getting investor feedback on, Hey, do you want to invest in this or don't you, I mean, is it, is it every time that you have a new deal, they have to wire new money? Is it, what, what does that, how does that process work? [00:08:37] Jeff Greenberg: Well, first of all, if they wanted to invest in one deal, that's a set and forget, you don't have to worry about it. The money would come back to them. But what we would encourage is them to be in other deals and yes, they would have to bring in new money. But the beauty also of this is they don't have to take the distributions. [00:08:56] Jeff Greenberg: The distributions can come in, sit in their account or sit in an account that's allocated to them. And when other deals come in, use that money as well, such as you would in such your, your E-Trade account, where you have money sitting there, that's maybe not allocated to any particular stock. I really haven't received any feedback, negative feedback on the fund concept. It certainly is possible that people don't like it. And then they're just not going to invest, but I have not heard anything as far as anybody giving me anything negative on it. [00:09:33] Sam Wilson: Is this the type of fund where you sign a PPM, you signed your, all your docs one time? And so from this point forward, all it takes is another initiation of a wire transfer. And maybe there's a deal-specific doc they have to sign, but they're not signing a 200-page document every time they put money in. Is that the way this works? [00:09:55] Jeff Greenberg: Absolutely. And that's, that's another beauty in it. They get to wade through that hundred-page PPM once and the rest of the time, on this particular one, which, because it's a Bitcoin mining, it's a little different, I have a one-page disclosure, or I think of maybe a page and a half disclosure. They read the disclosure, they have the opportunity. If they want to, to read the PPM that I'm going to be signing in representing the fund, but they don't have to, but they can read the operating agreement and the PPM of the deal that we're going into, but essentially once they're in, all they have to do is sign that a one or two-page document and wire, the funds and the rest is left up to us. And also at the end, at the end of the year, they'll get one K1 for all of the deals that they're in instead of a dozen K1. [00:10:53] Sam Wilson: Right and my gosh, chasing down is the bane, I think, of every passive investor's experience and it's even in its own right the bane of us as sponsors. I mean, getting all these put together and it's like, oh my gosh. You know, from how many deals, especially if you're in multiple deals, it just, I was talking to some other day and they said, yeah, they're waiting on 26 K1s from 24. [00:11:17] Jeff Greenberg: That's quite a few. [00:11:19] Sam Wilson: It's quite a few. And he goes, I go, yeah, you're filing an extension. I guarantee it. I was like, we've got all our K1s out to our investors, but I know you don't have all 26. He was like, no, he goes, no, I'll be lucky if I'm done by September. Like good grief, man. That's a, that's a fiasco. [00:11:34] Sam Wilson: So that's solving a very real pain point, you know, that people probably don't think about, especially newer, newer investors don't think about until it becomes tax time. And they're like, where's my K one for this project, anybody? Anybody have it? [00:11:46] Jeff Greenberg: Yeah. No, absolutely. Well, I won't blame it totally on them, but CPAs sometimes just don't get it out. [00:11:54] Jeff Greenberg: And you know, three months later, you know, all of a sudden, oh, here comes a K1 came in. Well, where the hell was that? [00:12:01] Sam Wilson: Absolutely. Yeah. I've been there, been there before. Yeah, I got a limited partner. I got one and I'd already sent all my stuff in. I, you just reminded me. I need to send another one in too. My CPA is not doing my taxes. Thanks, Jeff. I think it came in yesterday. I'm like, oh shoot, I got to send that in. [00:12:16] Jeff Greenberg: That was one, there was one I was getting, I thought, I thought we were out of the deal. I thought the deal was done. Here comes a K1 I said, holy crap. We're still in this? [00:12:26] Sam Wilson: This is buttoned up and done, where, where am I getting this from? Yeah, those are always interesting things. I know we're probably, we're probably exposing a little bit of our, chinks in our armor here, but it's just the reality of this is that it's hard to chase down. I mean, it is hard to chase down and keep track of, especially as a passive investor, all of these, if you've got a lot of investments. I mean, getting five different investments is really cool. What are the expense sides of this maybe that you guys run into and administering a fund like this, maybe that some other people wouldn't encounter on a single asset investment? [00:12:57] Jeff Greenberg: Well, the nice thing about the fund on our side of it, as far as the sponsor of it is we only have to deal with the one PPM costs. So that's a one-time shot for us. Now on this particular portal we're in because the, all the distributions and all the numbers for the K1 are calculated through the software and the ownership shares and all that stuff is calculated through the software. So this portal is a little bit more expensive than some other portals out there, but it works out because we would end up paying an accountant to take care of a lot of this stuff that the software is able to handle. So, you know, it's, it's part of doing business. But it's still, it's still only about a half per year, you know, for, for the ongoing expenses. Plus of course, you know, your CPA costs, a couple of grand there for, for doing that. [00:13:52] Sam Wilson: Right. Tell me about, tell me about the things that you guys are investing in. I think this will be an interesting conversation. You've invested in all sorts of reasons. You're kind of turning left or not turn left, but you have, I heard you mentioned earlier a Bitcoin investment going on right now. [00:14:07] Sam Wilson: Let's talk about that. And then tell me what else you guys are getting into right now that you think that make sense. [00:14:11] Jeff Greenberg: We're doing the Bitcoin mining which is exciting for the cash flow that you get, that you get your money back in about 18 months and the rest of the cash flow. We, we, you know, it's supposed to, it's supposed to be a five-year investment. [00:14:26] Jeff Greenberg: But I don't care if it goes 10 years, I've got my money back. You know, once I get my money back, they can keep on going, as long as those machines can turn it out. Right. So that could go forever. But one of the things that, that I mentioned, you know, on our webinar that we did about the Bitcoin mining is I'm concerned about some of the downside protection that I'm not seeing in some of the multifamily deals and my big thing right now, because we've had such a bull market for such a long time. [00:14:57] Jeff Greenberg: We've got hyperinflation, interest rates going up, we've got all kinds of things going on. I look at deals now to protect the downside and say, okay, all your projections are beautiful. They're nice. They're all these returns. What are you doing to protect on the downside? And so most of the time I go looking at deals trying to figure out okay, you know, what's going to be a deal-breaker and I'm going to throw this deal out. [00:15:26] Jeff Greenberg: Right. And I go and look at it that then if I don't find any, that, that caused me to do that, then I'm going to look okay. Now let's see what the rest of it is. And I'll start looking at the upside. I'll start looking at the assumptions and all these other things, but mainly I'm protecting the downside. [00:15:41] Jeff Greenberg: And that was one of the things that attracted me to Bitcoin mining. And so I'm not out of commercial real estate by any means. I still want to find some good quality deals, but I'm looking for ones that fit my criteria that you know, have the downside protection in case. We can't raise rents, in case the occupancy is going down, in case, you know, the market isn't at a point where we really want to sell, what kind of loan do we have? [00:16:10] Jeff Greenberg: What kind of reserves do we have? You know, all of those things that will protect the investors in case, when the music stops. That's kind of where I am right now, but that's why I got excited about the Bitcoin mining because of the downside protection. And it was a whole new thing for me, right? [00:16:29] Sam Wilson: No, I think, I think it's great. I mean, I, I personally as well you know, hold a wide variety of alternative investments. That being one of them actually and it's a, it is an interesting place to be certainly on that front, what are you guys looking at? I know in your fund there, you've talked about self-storage and assisted living. Self-storage is I think going through a similar bull run, like, multifamily has, so what are you doing on that front? [00:16:56] Sam Wilson: When you guys are looking at self-storage deals, what are you doing there, you know, to, to make sure that you're buying properly? [00:17:01] Jeff Greenberg: Anything that I'm doing, I'm looking first at the operator. And so basically what I'm looking at is for good operators that can use some extra funds. You know, if they, some operators have their own resources and don't need to have additional equity raisers bringing in funds. But I do want to find good quality with good track records of operators. And then from there, I'm looking at the deals themselves, but first thing is, is, you know, good quality operators. [00:17:34] Sam Wilson: Right, right. Yeah. Is there anything you're seeing in the self-storage space giving you pause? [00:17:39] Jeff Greenberg: No, I haven't looked at too many self-storage. To be perfectly honest, this Bitcoin mining is the first deal that I've put into the fund. So I'm working out all the kinks on just bringing people into the fund itself, and then I'm looking at a few other things. [00:17:57] Jeff Greenberg: There's some development deals. I'm looking at a multifamily development, as well as the self-storage. Just in general, I see on the, mostly on the multifamily, just some questionable assumptions that, you know, knocks me out of the game on those. [00:18:15] Sam Wilson: Yeah, no, I hear ya. I hear ya. You're not the only one seeing a lot of deals come across your desk and the multifamily space and going, this is maybe a little bit aggressive. And the other interesting thing that I'm seeing as well is just the number of investors that are reaching out to me because we are not in multifamily going, wow, okay, cool. Something else, something outside of probably where your Bitcoin mining fund comes in, something outside of multifamily. And you're kind of hearing that rumbling on the street, whether it's right or not, none of us know, but that there is the potential that, that you know, multifamily is, well, it's, it's hot. It's hot. [00:18:52] Jeff Greenberg: Yeah. We know real estate is cyclical and we've been on a high, we've been on a high for a long time and that's it. And I've been saying this for a couple of years. So one of these years I'm going to be right. You know, Yeah. You know, it's, it's, it's got to correct at some point we just don't know where. [00:19:11] Jeff Greenberg: You know, I know that value add deals, you keep raising rents, raising rents at some point, you know, where's that going to stop? You know, I don't know. And, and the thing is, is right now, there are many, many geniuses out there. You could buy terribly and still end up being a genius. [00:19:31] Jeff Greenberg: And that's wonderful. Everybody shows their wonderful track record that they've had for the last five years or whatever. You know, and everybody's doing great. But at some point something's going to happen and you know, that's where we need to be cautious. [00:19:47] Sam Wilson: Yup. Yup. And I liked what you said earlier about looking at leverage, looking at the loan terms, looking at all the things that go into this, to where if the music stops and you're caught looking at a refinance and you can't. [00:19:59] Sam Wilson: I mean that's, that's when we saw a lot of pain, you know, in the in the '08 crisis was just people with loans that they just couldn't get out of. And they end up giving properties back that maybe were completely salvageable, but you know, they just couldn't get the financing worked out. [00:20:13] Jeff Greenberg: So there was, there was people that, you know, ran great, great deals. They were, they held on to them, you know, but the problem was, you know, all of a sudden their loan came due. And then when loan terms changed loan requirements changed, all of a sudden these good operators couldn't even refinance their properties. [00:20:36] Jeff Greenberg: Not because they had mismanaged and not because they had done anything wrong, but now they didn't qualify for the loans. And now they're stuck. You don't want to be there. Not, not when your value has gone down. [00:20:48] Sam Wilson: No, no, certainly not. Certainly not. Jeff, thank you for taking the time to come on today and really break down the nuance of where you've been as a real estate syndicator, kind of why you've transitioned. [00:20:58] Sam Wilson: How you've kind of found your sweet spot now as a fund manager doing a customizable fund, which I think is, is a, is really interesting, obviously, conversation, just talking about how you're able to put deals in investors, sign one PPM. I mean, what that's, that's just brilliant from an investor experience standpoint. [00:21:15] Sam Wilson: Like that's, that's really cool. I love that. And I love, you know, hearing about some of the alternative assets you're getting into and yet what your thoughts are currently on the market and how to protect downside risk. So certainly appreciate you breaking all of that down. If our listeners want to get in touch with you and learn more about your fund and what it is that you guys are doing, what is the best way to do that? [00:21:33] Jeff Greenberg: They could get me a jeff@synergeticinvestmentgroup. So J-E-F-F@synergeticinvestmentgroup. And you can see that behind me. I also have an email jeff@synergeticIG.com. It's a little bit shorter and synergetic is S-Y-N-E-R-G-E-T-I-C. And that's probably the easiest way to get ahold of me. [00:21:55] Jeff Greenberg: And, and if they wanted to get a free e-book on how to vet or what questions to ask deal sponsors, I do have a giveaway for your listeners. If you go to sigcre.com/sponsor, you'll be able to get a free ebook on what to look for when you're looking for deal sponsors. [00:22:22] Sam Wilson: Awesome. I love that, Jeff. Thank you so much for your time today. I do appreciate it. [00:22:27] Jeff Greenberg: Well, thank you, Sam, that was great.
In this episode, get inspired as our guest Dave Allred, managing partner at Axia Partners, talks about his journey from starting out in a small town in Utah to becoming a successful real estate investor. He shares how he overcame obstacles such as failing at sales during his first summer of work and turning things around by focusing on leadership and adding value for his employees. With 1000 rental properties under his belt, Dave discusses achieving financial freedom and helping other people through experiential investing. [00:01 - 05:45] Beating Yesterday and Striving for the Next Level Dave shares his tough work experience Creating goals as a real estate investors and taking action From failing as an employee to finding success as a leader Learning how to become comfortable with being uncomfortable [05:46 - 11:26] Surrounding Yourself With the Best People Why they partner with more experienced operators Building a team organically Utilizing social media to find talent [11:27 - 18:48] Creating Maximum Value Overdelivering and underpromising when underwriting Value-add really helps insulate against a downturn How to mitigate downside risks Investing in a fund vs going directly to sponsors Proving ROE (return on experience) Experiences are the new economy [18:49 - 19:42] Closing Segment Reach out to Dave! Links Below Final Words Tweetable Quotes “As long as you're always beating yesterday and strive for that next level, you're always going to have that personal development, progression, increasing your network, your net worth, and people you're sharing yourself with.” - Dave Allred “Progression happens through hardship and I've tried it. I made a goal to live my life always trying to be on the fringe of my comfort zone” - Dave Allred “When you know exactly what you want to build and there's a lot of intentionality behind it, I've just found that things just come together.” - Dave Allred ----------------------------------------------------------------------------- Connect with Dave! Follow him on Instagram or email him directly at dave@axiapartners.com. Visit the Axia Partners website if you want to know more about their funds. Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Dave Allred: One of my goals and lifestyle has just been to do bigger deals than yesterday, right? It's like beat yesterday. I feel like as long as you're always beating yesterday and strive for that next level, you're always gonna have that personal development, progression, increasing your network, your net worth and people you're sharing yourself with. And so it's kind of a personal model throughout my life, [00:00:15] Sam Wilson: Dave Allred is the managing partner at Axia Partners real estate fund. Dave, welcome to the show. [00:00:33] Dave Allred: Thanks, Sam. Good to be here, brother. [00:00:35] Sam Wilson: Pleasure's mine, man. Three questions I ask every guest who comes to the show: in 90 seconds or less, where did you start? Where are you now? How did you get there? [00:00:41] Dave Allred: I started in a small town here in Utah called Manti. I was going to college, got to go out and knock doors for a company called the Vivint Smart Home. Now in Chicago, went out for four months, went really, really poorly, failed miserably at it. Luckily, halfway through the summer, I kind of turned it around and was able to stick through it and finish out the summer made $31,000, you know, more than my parents ever made. [00:01:05] Dave Allred: It was game changer for me and came back next year to sales manager and started at 17 year leadership career over at Vivint Smart, doing solar. Really grateful for that, it was awesome. We're for the 121 sales teams across 41 different states, both those companies ended up going public for multi-billion-dollar valuation. [00:01:23] Dave Allred: And all along the way, I was just really focused on financial freedom, achieving true financial freedom, right? Enough passive income to pay for my family's costs of living. I realized that real estate was the best way to create that as well as generational wealth. And so at age 30, I just started focusing on how to take that active income from doing it ourselves. [00:01:42] Dave Allred: Plug it into, you know, reoccurring passive income through real estate. So age 30, I committed to getting 40 rental properties by age 40, because that gave me enough financial, you know, enough passive income to have that financial freedom. Committed to it, reverse engineered it, put together the blueprint, went to work on that, hit that when I was 36. Increased that goal to ownership in a thousand rental properties by age 40, hit that goal when I was 40. From there, I just started getting a lot of syndications multifamily, loved that space. And then from there, the next step was to start a real estate fund. So we launched the Axia Partners real estate fund about one year ago, $20 million equity raise. We're oversubscribed about two months and that's been received very, very well. [00:02:24] Dave Allred: And so we're now launching fund two, $40 million equity raise, launched that two weeks ago and the funds alpha it's just focused on recession- resilient passive income. So we go multifamily apartments, self-storage and RV parks. It's all focused on mitigating downside risk, hedging that while still creating strong yield for our partners. [00:02:41] Dave Allred: And so one of my goals and lifestyle has just been to do bigger deals than yesterday, right? It's like beat yesterday. I feel like as long as you're always beating yesterday and strive for that next level, you're always gonna have that personal development, progression, increasing your network, your net worth and people you're sharing yourself with. [00:02:55] Dave Allred: And so it's kind of a personal model throughout my life. [00:02:58] Sam Wilson: Man, I love that. That's really impressive. Tell me about the turnaround in the middle of that summer for Vivint. What did you do from sucking as a salesman to having a great rest of the summer? [00:03:13] Dave Allred: Cool. Yeah. So when I say sucking, I mean, I was really sucking. Like I'd always been pretty successful at wherever I put my mind to. [00:03:19] Dave Allred: And my first week I sold one account. It's actually a sub 600 credit score, which I shouldn't have installed in the first place. Then he come rip it out a few weeks later and chargeback to our commission. So that's my first week. And my first month was six installs midway through the four months selling season. [00:03:34] Dave Allred: I think I was sitting around like 21 accounts, which is not great, 80% of our team and quit. And what changed for me though was one of the DPS came out and gave a little presentation on how, if you can, anybody that does a hundred accounts may qualify to be a sales leader the next year. And they can go and recruit a team. [00:03:50] Dave Allred: They can work on their leadership skills and help create something bigger than just themselves. And that really, something sparked there for me. I was like, you know what? This could become more of a career instead of just this one-time summer, you know, experiment. And so that's really what switched for me. [00:04:04] Dave Allred: And then where it really got fun was more focusing on leadership, right? The next year, the sales manager, and then the top sales team of the company, and really just focused on how to create more value for my employees. And I really learned to embrace, you know, Zig Ziglar's my favorite quote, which is you can have everything you want in life, if you help other people get what they want. And I realized that if I can create maximum value for these guys, you know, it always reciprocates back. And I really live by that. You know, even now in the real estate game, we have, you know, 400 plus investment partners and it's all about just creating value. Like how do we create maximum value for employees? In fact, the name Axia Partners, our real estate fund is Axia is Greek for to create value. [00:04:42] Dave Allred: And so it was just really that focus. Long story short, it was an opportunity to become a leader and do something bigger than myself and the earning opportunity. And last thing there, Sam is, you know, luckily from a young age, I think I, somehow I developed this understanding that, you know, if we do hard things, we're going to be coming out better by doing that. [00:05:01] Dave Allred: And progression comes from hardship. So Sam, what I learned a long time ago was progression happens through hardship and I've tried it. I made a goal to live my life always trying to be on the fringe of my comfort zone. I feel like that's where I get the most progression, right? And not just progression, like feel the most fulfilled personally is why I'm making that, for progress. And so I realized early on that if I can become comfortable being uncomfortable, that's a very valuable skillset. And I think that also correlates into real estate. A lot of times the best deal, especially in a competitive market like we're in today, it's finding deals that have a little hair on it, right? [00:05:36] Dave Allred: It's a little uncomfortable. By being willing to take on that challenge, we can usually create stronger yields and learn a lot more through that process. [00:05:44] Sam Wilson: One of the ways that we talked about off-air that you kind of scaled initially was by partnering with much more experienced operators. Is that still kind of your business model today inside of the fund or you guys building out teams that are siloed inside each of these asset class? [00:06:01] Dave Allred: 100%. So one of my mentors back in business, really my career said, Hey, Dave, anytime you venture into a new space or take on a new, any space, we'll say always identify the top one to 2% of people in that space and try to get proximity or partnerships with them. And what that does is not only will you have the best in class, you know, partners, but you didn't have proximity to their network, right, to their CPAs, to their attorneys, to their investors, et cetera. And so, absolutely, yes, I think that's been actually one of the best ways that's helped me to scale my portfolio so quickly over the years is by having proximity and partnerships with the very best people in the business. You know, when I first got started as a syndicator, I went to Joe Fairless, you know, went straight to the best guy that I knew in the space and partnered with Joe and same thing. [00:06:44] Dave Allred: And, in Axia, you know, I partnered with our very best fund manager I could find, our best underwriter you get from Goldman Sachs and build up this all-star team here. And then looking at scaling Axia, instead of just doing one fund and then another fund, we actually changed it where we now have strategic partnerships with some of the best people in the country is specialized in, for example, in industrial. [00:07:05] Dave Allred: So we'll launch an industrial fund with one of the top guys in that space. Here in Utah, the number one commercial broker teamed up with us to deal with a Utah fund, specifically focused on the Utah market. And so getting the very, very best people involved, not only does that make it more fun. But also it just creates a lot of peace of mind knowing that we have, we're not going to miss anything. [00:07:25] Dave Allred: And what I learned a long time ago in real estate, Sam, is the biggest risk in real estate in my opinion is simply not knowing what you don't know, right? It's missing one step in the process or something else and, you know, a pothole, or you hit a speed bump and it's hard to recover from that sometimes. [00:07:39] Sam Wilson: Yeah. And it's the details matter in this space, they matter very much, and it is, they have a leveraged effect, both ways where either the small details can make you a lot of money and they can also lose you a lot of money. So I think one of the things you mentioned there was bringing on somebody from Goldman Sachs on the underwriting side. I guess when administering a fund, so who are some of the key people on your team that you found that you needed to add in order to do such large deals? Talk to us about the team you've had to build around the fund. [00:08:08] Dave Allred: Good question because previously, the fund's always a solopreneur, it was always Dave Allred doing the entire syndication, the entire process. Frankly, it was actually a concern to me going into a partnership where I'm going to have multiple GPS and a whole entire team and not being able control the whole process. [00:08:24] Dave Allred: I'm a little bit OCD. I'm kind of a perfectionist if you will. But in hindsight, a year later, it was the best thing I've ever done. You know, you can only go so fast by yourself. And so having a team really does help you to scale much quicker. The key roles for a fund would be your fund manager, I have a director of investors and that's the director of investments, which is our underwriter. [00:08:43] Dave Allred: And now we're building that out to have a full-time underwriter underneath them, and then also an investor relations role underneath him. And then we have a financial manager for the fund. There's all the, you know, the books, annual audits, K1s, all that for us. And then a director of marketing. And that's one of the things actually very, very important as you are marketing to investors, right? [00:09:08] Dave Allred: So your pitch decks, your websites, even the value-add business plans for asset, how we're going to repurpose or rebrand the assets themselves. So those are the three primary ones. From there, you want to have an admin, maybe a controller in place. I think in investor relations is important role as well as you scale. [00:09:26] Sam Wilson: Yeah. Those are a lot of people. Yeah. Going from solopreneur to adding, gosh, I'm counting up what, at least six to eight people that you're adding to the team. That's quite a change in direction there. How have you gone about, and I want to ask a few questions that are specific to each of these roles, but how have you gone about finding the talent that is ready and willing to join you and your team? Like how have you built that out? [00:09:46] Dave Allred: Great question. So I've got 3, 400 plus investors right now. And I've never paid for a lead, I've never paid for marketing. It's always just been organic, right? It's people that I know in my social network. And on that note, I mean, I know people are like, well, Dave, doesn't that stress you out, you know, bringing in your brother or your family or friends and these deals, I would say absolutely. It's a heavy responsibility. [00:10:05] Dave Allred: But at the same time, why would I not want them to come in when they're people I care about? If I truly believe in real estate, I actually believe it's the best way to create generational wealth and financial freedom, why would I not want people I care about coming into these deals with me. With that being said, same thing on my team. [00:10:20] Dave Allred: It's always been organic, it's more, I think, reputation and, you know, past performance and track record. And when you just, you know, you know exactly what you want to build and you know, there's a lot of intentionality behind it, I've just found that things just come together there, man. But the key is having a real clear idea and vision of what you want to build and then just putting it out there. You know, social media is a very powerful tool. It's a free resource. I think it's something that if you can clearly communicate what is it you want, what you need, naturally things just come together, man. I mean, we do a little bit on LinkedIn, ZipRecruiter to find some of this talent. [00:10:56] Dave Allred: I'm very lucky to have our fund manager, his name's Adam, you know, he's a Stanford, only person ever with Stanford and also JD at Harvard. And so he has a very connected network of very prolific, very experienced real estate professionals. And so it's been in the top 22% of people, right. Their network, their proximity. They just know people. And so if you get the very best people as partners, naturally, it's going to be pretty easy to build out a best-in-class team. [00:11:23] Sam Wilson: Right, no, I think that's really key. Talk to me a little bit about the underwriting side of things. I think it's always interesting when you hear of somebody in a fund like yourself, or, you know, some I've talked to some advisors and some other people that they basically take all of the sponsors decks and all the sponsors information and turn around re- underwrite it themselves. Is that kind of what you guys are doing? [00:11:44] Dave Allred: Sorry, I didn't quite follow what you mean there. That takes someone else's deck and... [00:11:49] Sam Wilson: You're going to take the information from your sponsor because one of the things that you guys are doing is finding the top best in class people and in partnering up with them by allocating large chunks of capital to their deals, right? But you're also doing your own underwriting, which means you're taking the data set they're giving you and independent of how they've underwritten it. You're underwriting it again yourself. [00:12:06] Dave Allred: Absolutely. 100%. And I'll say this on underwriting. I love real estate, man. Everything about it. [00:12:11] Dave Allred: Separately underwriting. That's the one thing that I get no energy from. And so I really do try to hire, you know, again, the best in class underwriter I can get on the team and really just trust him to do that. But we absolutely underwrite every single deal, no matter what the proforma is. To me, usually proformas are BS anyway. I mean, it's not something that, I would never do a deal or close on a deal just based on somebody else's packet they gave me. You know, we want to look at the assumptions, want to make sure it's conservative, want to make sure that all the data is up to date and checks out for our model we're looking for. And with our model again, with Axia, you know, it's such a competitive market right now. [00:12:45] Dave Allred: And I see so many other people's decks right now that are very loose assumptions, in my opinion, that frankly speaking, in my opinion, being that we're 12, 13 years into this incredible housing run. It's irresponsible to assume that it's going to be the same next three years, five years, seven years, or even close to that, right? And so our underwriting is extremely conservative in my opinion. And that's what we want. I mean, we want to be able to always over-perform and, you know, overdeliver or underpromise. And so, we always underwrite it. And you know, he does a fantastic job on that one at the end of the day, real estate comes down to numbers. [00:13:17] Dave Allred: It's simple math, right? Doing real estate the right way, but it's so competitive right now. I would say that, share this real quick, we're big on value add, right? A lot of people are in the space right now. But I think value add really helps insulate from a downturn or when there is, it's not a matter of if, but when there is a correction or some choppy waters ahead of us. [00:13:33] Dave Allred: And so really being great at value add is important. And one thing that we did with Axia is it's not just traditional value add of putting, you know, lipstick on a pig and putting some new paints and granite countertops in, but it's also a more innovative approach with working on searching and optimization, social media presence. [00:13:49] Dave Allred: A lot of these assets in today's commercial real estate market have no online presence or no social media presence, which is kind of crazy to me, you know, going in and adding dog spas, you know, putting in WeWork type of shared office spaces or renovating units to have a little break in a little cubby office space in the units. [00:14:07] Dave Allred: So just some more of an innovative approach than what we see in the market. [00:14:12] Sam Wilson: Yeah, no, I think that's absolutely great. What are some deal types that you guys are flat out saying no to right now? [00:14:18] Dave Allred: A lot. Yeah. I mean, ton. We're big on net positive migrations. We started a u-haul data points every month, every quarter. [00:14:25] Dave Allred: And so we'll only go into states was a positive net migration, you know, love Florida, Tennessee, the Carolinas, Georgia, Utah, Idaho, and Nevada, Arizona, and Texas, obviously. And also we actually won't go in, those all happen to be red states and it's not like a political thing. We can't control rent evictions or rent control or eviction moratoriums and stuff like that. [00:14:47] Dave Allred: And so we want to go to markets where they embraced free markets, right? Because that's something that we can't control that. If the government's going to come in and say, we, they're going to interrupt the natural flow or the natural markets, that's a big concern for us. So we only go into those markets with high positive net migration, you know, red states. [00:15:03] Dave Allred: And then, you know, again, I think that the value add is such an important component right now. And I think it's really important that we're always focusing on how to mitigate downside risk. What would we say no to flat out? Quite a bit. Each one of our funds has a specific investment thesis, right? So our first was a cashflow-focused fund. [00:15:20] Dave Allred: This fund today, it's more of a development fund. And so we have the ability to go into industrial, even to do some ground-up commercial, you know, essentially the question is what kind of back to me is all about mitigating downside risk. You know, Warren buffet says, well, number one in investing, don't lose your principle. [00:15:35] Dave Allred: Number two, don't forget rule number one. And so it's always, in a worst-case scenario, how bad could this deal be and going into a data approach. And again, in real estate sometimes, what you don't know is your biggest risk. And so I think that if you go into it with your eyes wide open, you can actually mitigate so much of the risk in a deal by having the foresight of seeing it, looking at it very critically and what could possibly go wrong with this opportunity? [00:16:00] Sam Wilson: I love that, last question here for you is when you talk to investors and they recognize that you are a fund that invests in other opportunities or other well-known sponsors, why would they choose to invest with you versus just going directly to that sponsor? [00:16:16] Dave Allred: Great question. So, first off, I would say the reason why I went from the syndications into fund world was mainly because I started investing in the funds and I realized that for some different data points, it's 2.7 times less risk in a fund versus an individual asset because of the diversification that a real estate fund creates. So again, a much lower risk profile on a fund structure, and then just the compound effect of what, how a fund is structured correctly, where you can reinvest those proceeds. And over a five to seven-year period, that's a beautiful thing. [00:16:50] Dave Allred: We can get that compounded effect going. And then just to be able to help a lot more people. My syndications I'd only have, you know, five to 20 people coming into a syndication. Now I can bring in hundreds of investors and create maximum value for them. That's probably the biggest reason, you know, I think funds make even more and more sense as we go into some choppy waters where the economy I go swimming. [00:17:10] Dave Allred: And then lastly is because of the passive nature. You know, I think that a lot of people there's a lot of money in the markets right now, but a lot of people want to be more passive in their approach and they don't want to go and own their own real estate, right? So for us to be able to create a truly passive opportunity where we literally just, Hey, you know, if the deal fits your investment thesis, the workload is filling out subscription documents, sending a wire, and then the end of each year sending a K1 to their CPA. [00:17:33] Dave Allred: That's literally all they have to do. Now, Sam, I just want to mention the one thing that I'm really proud about with our fund, it's very unique from what anybody else I've seen in the market, is the motto is experiential investing. And what that means is we're very committed to education and creating, not just a strong ROI return on investment, but also an ROE, return on experience and I feel like that's very valuable. And so once a month we have a webinar with all of our partners. We have the best guys in the nation coming in and speaking for an hour. But when we do a site visit, we let our partners come and walk with us. When we do underwriting, we close on a deal. [00:18:07] Dave Allred: We give a webinar, we go through the entire process on the underwriting on how we sourced the debt, how are we going to manage it, business plans for value add. And that's been received very, very well because I think that most people want to be doing large commercial real estate. They want to be doing these type of deals. [00:18:21] Dave Allred: It's just a lack of competence or confidence, right? And so anyway, I call it experiential investing. And last thing on that is actually, I believe that experiences are the new economy. You know, I think people are willing to pay for experiences, whether it's millennials or baby boomers, like people want experiences. [00:18:38] Dave Allred: And so the more we can create experiences around our real estate, then the better it's received. And in my opinion, the greater NOI we can achieve as well. [00:18:48] Sam Wilson: Love it, Dave, thank you for taking the time to come on today and break down a really cool business model and just share your experience here with us today. Has been lots of fun. [00:18:57] Sam Wilson: If listeners wanna get in touch with you or learn more about you or your funds, what is the best way to do that? [00:19:01] Dave Allred: I would say I'm most active on Instagram. So just search Dave Allred. Should be pretty easy to find. With Axia, it's axiapartners.com. And my email is dave@axiapartners.com. [00:19:13] Sam Wilson: Dave, thank you again for your time. I do appreciate it. [00:19:15] Dave Allred: Thanks. And I appreciate it, man.