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Keith discusses the new power shift in the housing market, where buyers now have more power in the Northeast and Midwest.  Ken McElroy joins us to discuss the current state of the real estate market, highlighting a significant decline in apartment building values and a predicted further drop in home ownership rates, potentially below 60%. They note that while some states, like Arizona, have surpassed pre-pandemic housing supply levels, others, like the Northeast and Midwest, still face shortages. Ken emphasizes the importance of affordability and the shift towards renting, predicting a significant increase in renters. He also shares insights on strategic property investments and the benefits of buying at current market lows. Resources: Use the discount code "KEN10" to get a discount on the Limitless Expo event. Show Notes: GetRichEducation.com/559 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai  Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, apartment building values have crashed about 30% in the past few years. Well, it's the opinion of today's qualified guest that it's going to get even worse from here. We'll also discuss why rents in the Phoenix area are declining, and a bold prediction on a collapse in the home ownership rate and the hordes of renters that that will create all today on get rich education.   Mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider, their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with a better business bureau and now over 5000 houses renovated. There's zero mark up on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs, and wait for it, a high quality renter. Remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com   Speaker 1  1:59   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  2:15   Welcome to GRE from the Tigris to the Euphrates to the Mississippi and across 188 nations worldwide. I'm Keith Weinhold GRE founder Forbes real estate council member, Best Selling Author, look for my work in the USA today as well, and you are back inside for another wealth building week of get rich education. What's all that really mean? Ah, I'm just another slack jawed mouth breather with a mic here. Before we get to today's guest, Ken McElroy, let me tell you about housing's new power shift and where we're at today. Three to five years ago, sellers held all the power in virtually every market because the housing supply was so miserably low everywhere. So you had more one tours of real estate and few that were willing to sell. That is still mostly true on a national level, but the new power shift is about the fact that the Northeast and Midwest are replete with home buyers. Queues of buyers are lining up for the few available properties like I've touched on before, and look low available housing supply in these areas, the Midwest and Northeast, that's not a symptom of mass in migration. Hordes of people are not stampeding into Buffalo for the nightlife. It's all due to chronic under building, partly from strict regulation, especially in the Northeast. A big part of the power shift, though, is that we now have fully 10 states that are above pre pandemic supply levels, and you'll notice that none of these are in the Midwest and Northeast. The 10 states are Arizona, which we'll talk about more today, Colorado, Florida, Idaho, Hawaii, Oregon, Tennessee, Texas, Utah and Washington. Here in these places, is where the tables have turned, because supply is catching up with demand in those 10 states. So that's where we're seeing softer home price growth and where buyers have the power, these are some of the states where you can find better deals. Motivated sellers and builders in these places will often buy down your mortgage rate, give you closing cost credits or reward you with incentives, like a free year of property management. In fact, our GRE investment coaches guide you for free to exact property addresses where builders will buy down your mortgage rate to 5% today, one of them will even give you a $9,800 post close credit instead, if you so choose. Often do. Those like that are in those 10 states. They're elsewhere too. You can get started at GRE investment coach.com, conversely, 40 states have less for sale housing inventory than they did as compared to pre pandemic times. This is where sellers still have the power some of the most competitive markets in the nation are buffalo, Hartford, Providence and Boston, where more than 10 active home buyers vie for every single listing. That's per Zillow. That's sort of the real estate equivalent of a Taylor Swift or Beyonce ticket queue. At the other end of the spectrum, shoppers have an easier time in Miami with only 2.6 shoppers per listing, followed by Houston at 3.4 New Orleans at 3.5 and San Antonio at 4.3 nationally active listings are up 31% over last year. That's quite a bit, but we're still 12% below pre pandemic, 2019 inventory levels. And is all this good news or bad news? It totally depends on who you are. If you're holding property in the Northeast and Midwest, you're pretty happy about this strong appreciation in the single family space, but in the southeast, appreciation is non existent. There's even mild depreciation, especially in parts of Florida. If you're looking to own more property in the nation's southeast quadrant, you're now enjoying less buyer competition. In fact, sellers are competing for you, and let's avoid being too assuming. Here I've been talking about things on the state level. States are not monoliths. Philadelphia is not Pittsburgh, Seattle is not Yakima. Cities have different supply situations. Even within one city, the scenario varies, of course, really the bottom line here is that today's recovery from 2022 national supply abyss has been an uneven recovery, where builders are frozen, appreciation soars, where builders hustle, buyers win. So if you're looking for deals, find that short queue.    Today's guest is a familiar one to GRE listeners. He's based in Scottsdale, Arizona, which is the Phoenix Metro. Arizona, though it's fast growing, is still just the 14th most populous state, but Arizona is an interesting market, because we're going to get to see what happens when you have an overbuilt condition, like we do there. We'll discuss that market and the national market as well. Get a key gage on the direction of rents, occupancy and prices, first in the single family space, and then we'll talk about apartments. Anyone that's paid attention to real estate that past few years. Knows that when mortgage rates spiked in 2022 single family values have held up, apartment values plummeted due to their interest rate resets. We'll get insight on if the beleaguered apartment space has bottomed out price wise, or if apartment values still have further to fall.    I'd like to welcome in frequent GRE guest, and he was also one of our earliest back in 2015 Ken McElroy. Ken authored a bunch of successful books, both within and outside of the rich dad series. He's also a well known, successful apartment syndicator with over 10,000 units across several states, and he's also in other parts of the commercial real estate sector, including billboards and self storage. So it's really great to have back on the show. Ken McElroy   Ken McElroy  8:57   good to be here, Keith, thank you. It's been 10 years, man, since we've been doing   Keith Weinhold  9:01   this? Yes, 10 years back in episode 25 since you were first here, more than a decade of this. So we know each other's work really well, and it's such an interesting time in the apartment space. I want to get to that later in our conversation today and really find out if you think that the apartment space has bottomed out. But before we do that, let's talk about the single family space. The audience should know that you can meet both Ken and I in person, as we're both faculty members on the spectacular real estate guys Investor Summit C, which is actually underway now. We're recording this just before the summit. So let's discuss the direction of rents and occupancy. We'll get to price later and Ken although most states still have a housing shortage statewide, Arizona's active housing inventory for sale is 24% above pre pandemic levels. That's what realtor.com tells us, and this. Deeply due to a lot of building, a lot of building usually does not bode well for price growth or rent growth. So tell us about rent, direction and occupancy in the single family space in the Phoenix Metro.   Ken McElroy  10:15   There's a bunch of things happening in the Arizona market. First of all, one is we've had a lot of people move here right in the last 4,5,6, years. Yeah, post pre pandemic, post pandemic, all of that. We are a pretty small state. You got Phoenix, got Tucson, you got Flagstaff, a bunch of other small cities that kind of surround some of those. But it's not like a Texas or a Washington or a lot of these California, like a lot of states, and have a lot of cities to draw from. If people move to Phoenix, that's pretty much where they're they start a lot of times, not every time, but and so it's really interesting. When we have net in migration into Arizona, it really moves the needle for most of these cities. Is kind of the point. And so we're always going to be affordable, we're always going to have great weather, it's safe. We got pretty normal politics, I should say, as compared to some of the others, we really do have a growing population. And so what happened? We had a nice run on the real estate. As you do, you know, we had a nice run on the apartments. We had a nice run on the single family that tapered off when the interest rates went up, essentially, right? You know, we actually built too much. We built too many apartments. We built too many houses. When interest rates went up, people kind of pulled back. That's what you're seeing now. So right now, it's a great time to be a home buyer. It's a great time to be a renter in most of those cities in Arizona specifically. And why would that be? It's because they have a lot of choices. So on the single family side, the listings have gone up, and therefore some of the prices have you know, people are starting to negotiate a little bit more. Now here's the interesting thing, Keith, if you measure it on last year or the year before, it has huge numbers, like you just quoted, you know, 24% but what's happening is things are on the market like 40 days, you know, you know what I mean, like from a week or two, it's doubled or tripled, as you know, that's still not a very realistic market. The market is still, in my opinion, pretty healthy. It's not unbalanced, and before it was a seller's market, and so it's just normalizing. And normalizing, to me, if you go over year, over year, over year, is I think MLS says four to six months of inventory, right? I think things are just normalizing. But if you've been through the run, this is like the end of the world, right? But it's not. It's just things are settling down, and it's the greatest time because they're supposed to be a little bit of friction between the seller and the buyer. I believe there should be just about right. It's never just right, as you know, it's usually pulls on one harder on one side or the other. But we just went through an incredible time where the sellers pretty much got whatever they wanted and the landlords pretty much got whatever they wanted, and so this is just pulling back, you know, the tide's going back out. There's no cause for concern, at least in my world at all. It's supposed to be this way, and we need affordability. We need people to be able to buy homes. We need people to be able to rent. Yeah, I'm in the landlord business, but I don't want rents to run. There needs to be a balance there, even though it's good for me, if it does, but it's not good, because what happens is, then the government gets involved, and what they need to get involved in is adding supply, right? And not capping the rents. You know, what they need to do is just work with developers. And you know, because we're growing here in Arizona right now, we're seeing a pullback, but I think it's needed. There's nothing wrong with this. It weeds out a lot of, you know, realtors that weren't doing much, that just got their license, were hanging around, say, with mortgage folks and title people and lazy contractors and all that stuff. So whenever there's a pullback, the professionals win.   Keith Weinhold  14:01   Well, this is some really good perspective here. We're all victims of the recency bias, and, yeah, you're talking largely about market normalization. What sure wasn't normal or healthy, in a lot of ways, was back in 2021 when you might have had 50 offers for one available property, and people had to bid 50k over the asking price, and they might have waived their inspection, which is typically not a good idea when we talk about rents in the direction of rents, especially there in the Phoenix metro with single family homes, which I know your wife, Daniil, is pretty intimately involved with. Typically, this new supply increases competition. It increases the competition for landlords competing for more of those tenants, which is something that typically is not good for rents. Have we seen declining rents in the local market there in Phoenix?   Ken McElroy  14:54   Of course, yeah. And I'll tell you, there's a bunch of factors. So there's always cross currents. People want one. Answer, but there's not right, like, so let's just pick on a whole bunch of things that went wrong at the tail end of all of this. It was Airbnb. Like, Phoenix and Scottsdale are a huge Airbnb market. I've rented Airbnbs there. Sure. It's incredible, right? And so what happened was a lot of people said, oh, I can buy this house, throw some furniture in it. And, you know, I can get 10,15, 20 grand a month in rent out of these things. And they were right. And then what happened was, there just was too many, so became oversaturated. So you're definitely seeing those back on the market. And so interesting fact, Heath, all you got to do is look at the pictures. And if you see bunk beds. You know, it used to be an Airbnb like, you know what I mean? So that was the one, but two, let's don't forget this run that we just had put a lot of people into the rental market for the first time on the single family side too. So we never really had this many landlords on the single family side as well. And so there's all these mistakes that people made. They bought incorrectly. They had capex work. They bought with floating rate debt. And when rates went up, they weren't cash flowing. They wouldn't know how to manage them. So So there's all this stuff that was kind of going on behind the scenes, on the apartment side of the equation, which is where I hang out. Mostly, I watch all this. And because my class A buildings are competing for single family. They have single family typically wins because it has a yard, has a garage. Nonetheless, I gotta pay attention to it. So it's been interesting to watch. At one point you could not find a home in the Scottsdale area under 500 grand period like nothing. And now, of course, those are starting to come down a little bit more, and there's some softness in the rent, so the renters are have more choices. Now, why is that? There's a couple reasons. If you're a renter and you're looking for a place, you know, I'm sure you're considering a house, but not everybody wants a house, especially if you're single or maybe it's just you and somebody else, and maybe you don't have a pet. There's a lot of reasons that people just don't want to have to a home. So you've got condos and you've got apartments and you've got homes, and then you have school districts. So people definitely want to be in certain school districts based on their children. So you have all these cross currents going on, on where people want to be. And so what does all that mean? What that means is there are certain markets, from a rental standpoint, that are doing extremely well, still, both on apartments, on condos and houses. And then there are other markets that absolutely are not just depends on the concentration of all those things and all those factors that are going on. The one thing that's actually disrupting a market more than anything is apartments and condos. Because, for example, Danielle just had a condo that she owned, and the condo was worth, let's say, 300 grand, but it's probably 25 years old now, yeah, and there's apartments going up, you know, a block from there, right? So her renter is said, you know, I'd rather go over here. Brand new amenities, nine foot ceilings, brand new fitness center, all this stuff. So apartments really do reach into that rental market a little bit. And so there is some spillover between that. But primarily what's going on in Phoenix is there's a lot of new construction. And not just Phoenix. This is Tucson and Greater Phoenix. There's a lot of new construction that was started when rates were low. They were started in 2122 and you know, like, because I'm a builder, it could be a year to 18 months when we're opening a project from the time we put our the shovel in the dirt, we're not even open for a good 18 months. So there's a lag period. And those started opening in 23,24 and certainly 25 and these big projects, two, 300 unit projects, which I have several going right now, they're one to two year lease ups, so you could be looking at two or three year lag on some of the housing that's being provided. So that's all here now that is been good for renters. There's a couple horror stories going on, and I'll just explain. So downtown Phoenix, there was a whole bunch of apartment projects and condo projects that were built trying to attract people to live in downtown Phoenix? Well, there's challenges for downtown Phoenix too, and we won't have to get into that. I don't particularly think that there was ever the real demand for the amount of housing. So what you've done is people build a lot of housing in concentrated areas around the stadium in West Phoenix, near the Cardinal Stadium downtown Phoenix, you know, right in the heart of the business district. So if you were to rent something today, it would be four months free on a 12 month lease.   Keith Weinhold  19:48   Wow, that's about the steepest concession I've ever heard of in my life.   Ken McElroy  19:54   Yes, that's today. So all you gotta do is Google it and you'll see. And the only reason that happened, Keith, is. Is because there was too many units delivered at at a short period of time, and there was the demand, wasn't there? Gosh, now go 10 miles up to Tempe, go to Chandler, go to Scottsdale. No concessions, right? So again, you know, when you look at a market, you're going to see that it typically a lot of these concentrate in certain areas. And so there's a lot of areas in Phoenix where the consumer or the renter has an upper hand a lot. And so they're driving their choices based on their monthly rent. All of that plays into this thing, but the there's areas that are rock solid. And you know that would be Scottsdale, Tempe, Chandler, Gilbert, and there's areas that are over built that would be the west side, downtown Phoenix, the south side, there's areas that there's pockets that you know are in disruption you can kind of pick your poison, right? Like, if you're a landlord, there are areas that you want to buy in areas that you don't want to buy in. And as a renter, you have the same kind of choices. So when you blend it all together, you guys get the national news. But really it's pretty pocketed, just like it can be in any market.   Keith Weinhold  21:12   Well, you bring up so many good points there. Some of these markets that have done more building than usual are in this situation where there is landlord competition for tenants. Now, nationally, we're still under built, so it's interesting to talk about one of these overbuilt conditions in that competition for tenants, like we've been talking about, in general, a tenant prefers a single family home, and it's privacy for sure. They can't always afford that, but the apartment market and the single family rental market are somewhat interrelated, because if there's so much new apartment supply, it's got the appeal of being brand new, and there might even be concessions given, like you've mentioned there Ken and that can make it very attractive for a potentially wannabe single family home renter to go ahead and rent an apartment instead. So this glut of new apartment supply actually can affect the single family rental market somewhat, and competition is really interesting. I mean, certainly in my real estate investment career, I've experienced that. The first time I ever experienced that was that I owned several doors, and they were about 25 years old, and they had garages, each one of them a new apartment complex was built close to those so brand new, and you had to drive by this new apartment complex. Everything nice, shiny new, painted new parking lot, everything a prospective tenant had to drive by that in order to get over to look to my units. That softened my rent somewhat. The one thing that saved me a bit is that my running units were in Anchorage, Alaska, I had the garages with my units. The new apartment building didn't. They only had carports, so I did have a differentiator to help soften the blow in a rental market that became more competitive. Tell us more about the competition for tenants there in Phoenix, whether that's on the single family side or the apartment side can with concessions. And does that mean that you're altering the length of leases there in the local market? Or tell us more about how you're doing that competition?   Ken McElroy  23:10   It's a great question, yeah. So I would say generally, a home is going to be about 1000 bucks more on the average, like if you were just to put a number on it, three bedroom, Rambler type home with a garage in a yard. It's going to be maybe three grand. That apartment, the equivalent was is going to be maybe two grand. So roughly, those are kind of the numbers. But what happens if you're going to rent a house, you're definitely going to pay more money, that's for sure. And of course, depending on the area, depends on the on the rent. Now what's happening in a lot of these markets, like West Phoenix, for example, where you have 1000s of units being added at once, and you get this one month, two month, three month, and the extreme, of course, being four months free, if you're a renter and your rent is two grand, but you get three months free, let's say or four, you're going to take that deal, right? Because your your your average rent is, what 12,13, $1,400 a month, not 2000 so all of a sudden, it's going to impact those single families. So what's happening right now is the apartments that got delivered in in a lot of these geographic areas, these sub markets are definitely impacting the single family rental market. Now, if you're a family and you've got kids and you got pets and you want to be in a school district, you're not even looking you're basically just trying to find the best deal on a home. I get that. But if you have a choice, the rents are about the same, you're going to take the house, sure period I would, you would. So now what's happening is there's, there's such a difference between the rental price of a home versus the rental price of a brand new apartment that people are going to gravitate to the apartments, because those landlords trying to fill those things up are scrambling and marketing to anybody. And everybody and cutting whatever deals they can, because they're just trying to get out of those construction loans. It's a weird market right now. And of course, there are areas Keith that this does not exist at all, right, like you go into like Tempe, and you're not going to have because it doesn't have the available land, you know, which is around Arizona state for example, the Arizona State University. You go into North Scottsdale, you're not going to find this because North Scottsdale doesn't like apartments. And, you know, the homes are a million bucks and up, but there are definitely pockets where this is happening. So if you're a renter and you have choices, this is a great time for you and and to be honest, it's about time, because it was a seller's market and a landlord's market for a long time, and so it's just reverting back to the mean.   Keith Weinhold  25:46   Let's wrap up the discussion about rents and occupancy with what's happening nationally. Ken, since in apartment buildings, you invest in multiple states there, we know, for example, that the home ownership rate recently fell from 65.7% down to 65.1% fewer homeowners means more renters. But that doesn't necessarily mean that they're all going to be absorbed immediately, either. So talk to us about that.    Ken McElroy  26:13   There's an affordability problem, right? We haven't seen a massive adjustment with house prices now you have in areas, of course, I saw your recent podcast on Florida. You know how right the price of a house is, is less than a car today? Yeah, you're right, like so, but what's happening is there are markets that are pulling back, right. There are markets that had a bigger bubble than others, and they're pulling back. And so there's great deals in those markets. A lot of areas in Florida being one of those markets, there are other markets where you don't have that. So we are definitely seeing the same thing. And so we're having, in my opinion, it's the greatest time, because you have people that are, I think, should be able to buy a home. But interest rates seem to be holding at Six 7% and the pricing, albeit, hasn't run like it has, but it's certainly not pulling back like crazy either. It's still over 400 on the average, you know. So if you look at the delta between what it costs to buy a home just mortgage only, and you look at what it costs to rent, it's never been bigger. So the difference between your rent, the rent and a mortgage, has never been bigger. And the other thing Keith, that doesn't get talked a lot about are everything non interest rate and everything non mortgage. So let's start talking about insurance. Let's talk about property tax. Let's talk about, you know, capex. So there's a really good survey that bankrate.com did that said that right now, the average cost to own a home, not mortgage, is 1500 a month. So now that's average. I'm sure there's some that's less. I'm sure it's some that higher. So when you take 1500 a month to own it, plus the mortgage you're talking about quite a bit. It's a heck of a financial commitment when you can just rent for 12, 1314, 1500 and call it a day, you're going to move the needle twice as fast, and you're going to be able to get out of whatever financial situation you're in twice as fast when you don't have all those other costs. So what's really going on now? And the reason why you're starting to see this home ownership rate go down, and I actually make a prediction, gonna do it right now on your show, I think it's gonna go down below 60. I think for the first time in our history, we're gonna see home ownership in the 5050 nines, which is a massive statement. But if you take a look at under Obama got up to 69 and then it was, first of all, it was Clinton, and before that, and then kind of ran, but then it kind of got pulled back under the Bush, and then Obama kind of took the brunt of it. You know, when all that stuff was falling out, but it's been falling, and it's falling. Why it's falling? Because people can't afford a home, and they need to be able to afford a home. So we can't build affordably. The single family market is not affordable, and inflation surpassing wage growth, so you have this massive shift of people, in my opinion, moving from home ownership to the rental side. And there was a time where 1% shift Keith was 1 million people,   Keith Weinhold  29:27   1 million new renters, with every 1% drop in the home ownership rate   Ken McElroy  29:32   was 1 million people. So imagine that it doesn't sound like much when you go 65.7 to 65.1 right? That's a lot of people. When you got about 142 million people in the US, or a billion, right? 340   Keith Weinhold  29:46   350 million in 300 Yeah, about 145 million houses,   Ken McElroy  29:51   45 million, yeah, something like that. So you start to take a look at these numbers. They're massive. So these little 1% movement. It is a lot of people. I think we're going to continue to see it. People need to put their stake in the ground here and get on the landlord side of this, because we're going to see a massive shift of people because they can't afford they're going to be permanent renters, renters for life. And it's not good. I'm not advocating, but it just is what it is, with wage destruction, with inflation, with the affordability, the way it is, people are going to be forced into the rental side of the equation, whereas before, we were always kind of working on the fluctuations of the interest rates and the policies of the President, let's say, or whatever it was, to try to get people to be homeowners, or whatever it might be. Now, we might be in some kind of a permanent state unless something really changes, because we're four or 5 million houses short in the US as a result of the last 20 years. As you know,   Keith Weinhold  30:54   I recently saw a media article that was titled The hidden cost of home ownership, and they were talking about hidden costs as things like maintenance, property taxes, property insurance, utilities. I don't know how in the heck those costs are hidden. Any prospective homeowner needs to be aware of those costs, and inflation impacts those costs, where inflation cannot impact your fixed rate, principal and interest payment. There we have it a brazen prediction from Ken that the home ownership rate will drop below 60% in this cycle and the hordes of renters that that's going to release, we're talking about the direction of rents and occupancy in both Phoenix and the nation at large. We're going to come back after the break and talk about the direction of real estate prices. You're listening to get rich education. Our guest is Ken McElroy. I'm your host. Keith Weinhold.   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. 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So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text family to 66866. To learn about freedom. Family investments, liquidity fund again. Text family to 66866   Naresh Vissa  33:25   this is GRE real estate investment coach. Naresh Vissa listen to get rich education with Keith Weinhold, and don't quit your Daydream.    Keith Weinhold  33:32   Welcome back to get worse education. We're talking with seasoned investor Ken McElroy, and he's also been one of the most recurrent guests here on the show. He's just consistently got some of the very best perspectives in the entire nation on the real estate market. And Ken the Fred data, which pulls their numbers from Kay Shiller, it shows that the value of a mid tier single family home in Phoenix, Metro wide, has basically been flat for the last year and a half. I know your wife, Daniil, deals with single family rentals there in Phoenix. Can you corroborate Is that what you're seeing as far as values go there on the ground, or is it different in the sub markets    Ken McElroy  34:20   it's definitely different in the sub markets, but I would definitely concur that it is flat, Keith, it's a very interesting time. People are used to selling things fast. Oh, I'm going to sell this and it trades, and then they're moving it right to something else. They're not used to the markets that you and I grew up in, right which is, you remember the old days where we would list something and it might be on the market for three or four or five months. These people, these kids, these let's last 10 years, they have never seen anything like that. So for me, I think we're just moving back to what I would consider to be normal. I don't see a problem with flat at all. In fact, I think homes are unaffordable and. And flat isn't necessarily bad. That means that both sides are kind of doing deals. That means the seller doesn't hold the cards, and it means the buyer doesn't hold the cards, and so right now is a great time to buy because if a seller is sitting on something for even a couple months, they're not used to it. There's deals to be had right now. And it's, I think, if you have the dry powder and you have the ability to move, is a great time to buy.   Keith Weinhold  35:26   You had mentioned, when we were talking outside this show, that your wife, Danielle has made some interesting moves in her single Yeah, yeah, tell us about that.   Ken McElroy  35:36   It's a fantastic move. I mean, one of the greatest, obviously, I'm doing these big apartment deals, she can't relate, and she's doing these small houses, which she loves. She doesn't like debt. She likes to pay them off, and she manages them all herself. And so she bought this condo years ago, and it's worth about 300 grand, and she paid like 164 years ago, and the rents have dropped. You know, per our last conversation, they were used to be around 1900 now they're around 1700 but the same time, rents have dropped. And why would rents drop? Because there's more competition. There's new apartment buildings being built around the area. The tenants have more choices. Again. There's, you know, rents came down a little bit. So she lost couple 100 bucks a month there, and the HOA hit her with costs. Our insurance went up, our landscaping went up, so all of a sudden their HOA fees started going up. So the rents came down, and the HOA costs went up, squeezes on, yeah, so all sudden she's got this squeeze and so she's looking at it. And I said, you really ought to take a look at your what we call imputed equity. In other words, she has no debt on this thing, so she literally has another way to say it is she has 300,000 sitting in a condo, an asset. What does it matter? What it is and she gets maybe, what does she make it 500 a month, maybe $6,000 okay? Net Cash Flow a year, right? Nothing. So you take your 6000 you divide it by your 300 and it's not a very good return. Yeah, eight. Okay, so she's looking at what we call imputed equity. What's your return on the equity you have? Okay, so she said, I'm going to start looking at these homes that have, like you said, the garages and the yards, because again, we know that should be able to get closer to $3,000 a month on those so she started scouring, and she found one, and it was about 450 grand. So she had to come up with another 150 grand. And so what she did was she sold the unit, the condo she had that had rising HOA and lowering rents for 300 she did a 1031 exchange into the $450,000 house, and then she had to come up with another 150 but her rent now is three grand, and she was able to increase her cash flow By almost $1,000 for a month. So that extra 150 generated about $12,000 of net cash flow gain. And so again, she just purely looked at the math on one and did a 1031 moved it into another one. And now she's super happy it's in a home. And as you know, in a lot of these homes, not always, but you tend to have people that don't move as much. So this the guy that moved in has his son. He has him in a local school. He's young. He's probably going to be there for years, so she's probably not going to have the turnover that she would in a condo project. That's really more like an apartment building. That's what she just did. And so don't forget, when prices are high, you're exiting high and buying high. When prices are in flux, a little bit like they are flat, you're going to be able to find deals. So it's a really good time to take a look at imputed equity and what's your real, true return, and is there a better asset class for you to be able to move that money into? Because this is truly about managing money and maximizing your return on your own dollars. And that's a move that she just made, and she's going to be on the cruise. She'll see you, and I'm encouraging her to actually do a talk on it, because there's a lot more detail to how she pulled it off. But it only took her, like, four or five months to do it, and it worked perfectly.   Keith Weinhold  39:22   Yeah. Well, congratulations there. I'm a fan of debt around here, as you know, on the summit, Daniel and I'll have to have a chat, and I'll talk about why financially free beats debt free and all of that. But I would love to hear her reply. She probably has some really good, sound reasoning for that can nationally apartment values have followed perhaps an astounding 30% because the way I see it is that three or four years ago, there were tons of new apartment starts with those freakishly low mortgage rates like you touched on. Start to completion of an apartment building can be as long as two years. So those starts have now become completion. Dollars, and they need to be leased up. So that's the glut, and that's why apartment vacancies are common in a lot of American markets today, with higher mortgage rates now, we have fewer starts and with less new future apartment supply coming onto the market, which would have been completed in 2025 to 2027 I mean, that's something that could portend well for the future, but the current apartment glut still needs to get absorbed by tenants. So talk to us about that.   Ken McElroy  40:29   That's a great, great tee up for me. Okay, so I'm going to do seven transactions this year. Now, that's all 200 plus units. So I bought 360 unit building and brand new in Las Vegas. We just closed on a 282 unit in north Scottsdale. We bought 152 unit in Phoenix. And on and on and on and on and on. We're really, really, really busy right now, because, to your point, why would we be doing that now? Here's why apartments are valued based on how they're operating period. So high vacancy, high concession, flat rents, high expenses. That's all bad if you own it, it's really good if you buy it. So you want to buy at today's numbers, and that's what we're doing. We're buying at today's numbers, and we think that there's a little window that we've got through 26 to be able to acquire a bunch of apartments at these low values. To your point, they've definitely dropped. There's another case as to why, because the next piece is when the mortgage rate's high, cash flow is less. So when your mortgage payment is higher, all things being equal, your cash flow is less. So when rates went up, then people could pay less, and that drove values down. So if we could lock in today with all this disruption, so that's what we've been focused on. And it's been a very exciting year for our company. And in addition to that, to your point, but you and I have never spoken about, we just broke ground on another deal, and we're just leasing up on a deal down in Tucson that we're we're a 300 unit building that we're just finishing, and we just broke ground on a 312 unit, and we got a couple more slated because we're trying to break ground today. And why would we would break ground today because there's not a lot of subcontractors bidding on the stuff. So we're getting better pricing. The interest rates are high. This is true. That's not necessarily a positive, but we're breaking ground in anticipation of opening in two years, when all this stuff gets absorbed, we're going to be opening and so, you know, if we could time it today with 25 we break ground, we're going to open in 27 this stuff will be absorbed by then the blood will be in the streets in 25 and 26 and maybe early 27 and then it's going to shift again, Keith, and you know, people are slow to react. And so we think we're going to hit this little window at optimal time to be able to open up brand new product in two years.   Keith Weinhold  43:05   That's great. Ken we've been having these conversations for over a decade now, I know, and the way that I see it is that MC companies, your company, was built exactly for times like this. Is that to say that you think apartment values have reached their bottom,   Speaker 2  43:22   so I actually don't think they have yet. That's a funny comment, and here's why, because we also went through this extend and pretend time with lenders, right? So the lenders, whoever bought something, was trying to hold on to it forever. But now, with this new administration and the battle with the, you know, Powell still in office for another year. Who knows really, what's going to happen with rates? Maybe a quarter here, quarter there, whatever. But the reality is, there's no relief in sight. It doesn't appear. Because now we have this high vacancy, we have high expenses, and I don't think there's going to be a lot of interest rate relief. And so I think the lenders are going, you know what? We're gonna start listing these. So we're starting to see just in the last few months, brokers call. I got a call the other day from a broker out of San Antonio. He said a lender called me. They gave me nine deals. He said the keys, they gave me the keys on nine deals now and then I got another one in Dallas. It was 35% occupied, and the loan was 25 million, and the guy said they would take 14, so that's an $11 million haircut to the lender. So you're starting to see these. These are coming into my emails, right? Because they flooded. We are kind of deal. Yeah, it's so good. Now I've passed on everything so far because I think the knife is still falling a little bit, and so I think we're in the first few innings of seeing these kinds of deals, and there needs to be a lot of them, right? Like they need to be everywhere. And then when they're everywhere, everything's listed, and people are looking at them, and there's all this interest, then I think we're going to be at the bottom, but we're darn close. I mean, we're darn close, I would say. Right? We're probably by end of the year close. That's why, if a prudent investor, is getting their dry powder together, now they're meeting with their broker relationships, now they're meeting with their lender relationships, now they're putting together their LPs, and they're starting to go out and look at deals. Now, even if it's no no, no, no, no, no, no. This is the time for you to build relationships and be ready to strike when you start to see stuff this year, toward the end of the year, will will be the bottom and then I also think next year is going to be rocky for a lot of things. Then you're going to see a lot of lender write offs.    Keith Weinhold  45:37   This is really good guidance for what you the listener, can accidentally do if you are a prospective apartment building buyer. Great insight there. Ken. Ken, yes, you and I are about to be together on the real estate guys Investor Summit to see but there's another great event that begins at the end of next month that you put together.    Ken McElroy  45:59   Tell us about that. This is great. I have now we have about 4000 investors. So these are all high net worth people that invest with us. And you know, this is our 24th year in business. So when I meet with all of them, we used to do these investor summits, they would say, What about gold? What about silver? What about oil? What about water? What about timber? What about self storage? What about Office? What about retail? So I'm like, I'm going to create a conference where I can have everything in one spot, and we can invite high net worth, accredited people be able to come there and listen to the best of the best. So no professional speakers, just people that are really doing deals. You know, like we have guys that are building wellness spas and hospitality. Obviously, we have some single family. We got multi family. Got a retail guy, industrial guy, commercial guy, office guy. We got a gold panel. And then we got these economists, and you probably know some of the names. So we got George gammon coming. We got Jeff Snyder, who's unbelievable Euro dollar University. He's coming. We got Brent Johnson, who created what's called the milkshake theory. And just Google it, you'll see it's all about the central banks. We got Jim Rickards, who wrote currency wars and a new case for gold. And we got Lawrence Lepard, who just wrote this book called The Big print. All coming as speakers unpaid, and they're just going to try to deliver the best value they can to the people. Because I tell you what, Keith, I don't know about you, but it's confusing. I'm reading about tariffs, I'm reading about inflation. I'm reading about unemployment. I don't know where interest rates are going. I'm feeling it at the street level, at the main street level, with my apartment buildings, they're harder to manage. The expenses are going up. I try to create this environment to where people can show up and hear real real things, and they can make real decisions and course correct, right, and also take advantage of of some other things. We're also having a manufacturing panel, and I got a whole panel just on the Trump tax bill, because the opportunity zones, the bonus depreciation, all the stuff, these are things that you can do to be able to take action. So this is limitless expo.com. Since we're on your show, they can do KEN10. KEN10, which is a discount, the prices do go up. Obviously they're the highest. They are in July, because that's when the event is but in June, they're still lower. So I would suggest that people go this year, especially with this new administration, and everybody's like, what is going on? Hopefully we can it's starting to clear up some of the confusion that we all have right now and try to figure things out.   Keith Weinhold  48:36   It seems like all we do know is that we don't know limitless ought to help clear some of that up. It is July 31 to August 2. Tell us where it's taking place.   Ken McElroy  48:47   Yeah, it's at the gaylord in Texas, in Dallas, Texas. It's called the Gaylord Texan. It's limitless expo.com. Now we did it last year. There'll be 2000 people. We have 50 speakers. We have five stages, 50 speakers. It's a really high end event. What I mean by that is these are real people doing real deals with real businesses, real investors. It's been fantastic. I haven't had to pay speakers because of the quality of the attendee. That says a lot. It's really been interesting and great. And by the way, I don't really think having big speakers to sell tickets is the way to go. I'd rather have a real quality event, and it's really interesting once you set your mind on something. Because my investors and other investors show up because they do more than invest in just what we do. Like real estate. Everybody wants a little piece of real estate, but they also want to know about Bitcoin. They also want to know about gold, you know. And these are things that I'm not that proficient in, you know. I want to hear from experts in those fields. So it's really been a great, great event.   Keith Weinhold  49:48   You kind of crowdsource the need. You listen to what your audience was asking about, and then you delivered it for them. Limitless expo.com, use the discount code KEN10 to get. Get a discount. Ken McElroy, it's been great chatting about the direction of rents and prices in the both single family space and apartment space. It's been great having you back on the show.   Ken McElroy  50:09   Yeah, for sure. Keith, always great. Man. Good seeing you.   Keith Weinhold  50:18   Yeah. Ken, decidedly bullish on buying real estate, even calling it a great time to buy. He basically believes that because buyers have more power than they did three and four years ago, and they have more options, an emphatic prediction that the home ownership rate will fall below 60% there is profundity here. I mean, the census figures on this go back to the 1960s and the lowest it's fallen in all that time was 63% by the way, homeownership peaked in 2004 at 69% apartment values have crashed about 30% and It's probably going to get worse. So the worst isn't over, but likely will be by about the end of this year. So in Ken's opinion, most of the worst is over. I'm reading in between the lines there on that one. Hey, I hope you've been enjoying this show lately. Next week, we're going to change things up somewhat here. Recently, we've had rather prominent guests on the show, like the father of Reaganomics, David Stockman, then Russell gray last week, this week, the owner of 10,000 running units, Ken McElroy. And you know their perspectives and experience and influence, they are terrific. And I trust that you've learned from them. Next week, we'll have two GRE listeners here on the show, regular listeners, perhaps people more like you, because you can probably relate well to their stories. Until then, I'm your host. Keith Weinhold, don't quit your Daydream.   Speaker 3  51:59   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Keith Weinhold  52:22   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access, and it's got paywalls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point, because even the word abbreviation is too long. My letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre 266, 866, while it's on your mind, take a moment to do it right now. Text GRE TO 66866   The preceding program was brought to you by your home for wealth building, get richeducation.com    

On this episode of Next Level CRE, Matt Faircloth interviews Cameron Herold, founder of the COO Alliance and former COO of 1-800-GOT-JUNK. They dive into the nuanced roles of CEO versus COO, and why so many entrepreneurs misunderstand what they truly need in a second-in-command. Cameron shares how building 1-800-GOT-JUNK into a globally admired brand came from creating a strong culture, leveraging free PR, and obsessively developing a business “flywheel.” He also offers tactical advice for hiring, building trust between co-leaders, and crafting a vivid vision that unites and inspires teams—even at the early stages of growth. Cameron Herold Current Role: Founder, COO Alliance; Author and CEO Coach Based in: British Columbia, Canada Say hi to them at: https://www.cameronherold.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of the Passive Income Playbook, Pascal Wagner interviews Matt Picheny, a Tony award-winning Broadway producer turned seasoned multifamily GP with over 16 GP deals and 28 as an LP. Matt shares how his path from acting and digital marketing led to real estate success, including a pivotal first deal where he quadrupled his investment. They dive deep into lessons learned from early LP mistakes, why conservative underwriting (especially around cap rates) is critical, and how today's market might be ideal for investing if you have the stomach for it. Matt also discusses the values behind his coaching program, his value-add investment philosophy, and how LPs can vet operators more effectively. Matt Picheny Current role: Multifamily GP, LP, Coach, and Author of Backstage Guide to Real Estate Based in: New York City Say hi to them at: picheny.com – includes newsletter, free resources, coaching info, and social links Go to https://zbiotics.com/BESTEVER  and use BESTEVER at checkout for 15% off any first time orders of ZBiotics probiotics. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textWelcome to a special episode of The Modern Arizona Podcast, where we pull back the curtain on what it really looks like to build a career in family law.In this candid roundtable, Billie Tarascio is joined by her three law partners at Modern Law—Stacey Rogan, Heather Pelaez, and Kylie Bigelow—for an insightful conversation tailor-made for future attorneys, law students, and practicing lawyers looking to understand the reality of being a woman in law, building a sustainable legal career, and the evolving legal landscape.Whether you're fresh out of law school, considering a shift in your legal career, or wondering what it takes to become a managing partner—this conversation is packed with honest reflections, powerful advice, and real-world insight from four powerhouse women in family law.

Lu Zhang Managing Partner of Fusion Fund joins Peter this week to talk about what it takes to scale an early-stage venture firm—and back game-changing companies—at the speed of today's AI boom.Fresh off her oversubscribed $190M Fund IV raise, Lu talks about what most managers get wrong when pitching institutional LPs, what it takes to stand out in a bubble-driven market, and why true founder support means going way beyond capital. She opens up about her unique CXO and Super Founder networks, team-based investing philosophy, and how Fusion unlocks early commercial contracts—even from highly regulated enterprise buyers.If you're looking to raise a fund, raise a round, or just understand how great institutional investors think, this is a must-listen.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:01:15 – Fund IV success: fusion in a $190M market moment02:14 – Why repeat founders are jumping back in03:32 – Different edges: repeat vs. first-time AI founders04:46 – Are we in a valuation bubble?07:10 – Fusion's advice-first approach to early-stage rounds08:19 – CXO network as a go-to-market advantage09:44 – Why “revenue is the best capital”10:14 – Building founder loyalty through value creation11:33 – Handling tough decisions: shutdowns, M&A, and alignment14:38 – Distribution vs. recycling: how Fusion thinks15:15 – Fund structuring and reserving for multiple follow-ons17:05 – Matching long-term firm vision with scaling founder support18:12 – Working across sectors with deep research and reports19:31 – Beyond Silicon Valley: geopolitical signals + timing20:05 – What CXOs actually want from AI startups21:29 – Edge compute, vertical models & AI infrastructure22:24 – Enterprise readiness and compliance bottlenecks23:10 – The true cost of AI: what founders overlook24:18 – Portfolio growth stats: 20x revenue in one year25:04 – When small teams scale to $100M+27:15 – How to break into regulated markets with AI28:25 – Complying with data regulations by design29:12 – The upside of regulation-readiness for AI adoption30:18 – Foundation models & new healthcare openness30:57 – M&A momentum inside Fusion's most recent exits32:14 – Fund IV hard cap decisions & LP allocation dynamics34:04 – M&A vs. IPO: timelines, outcomes & premiums35:07 – From angels to institutions: how Fusion's LP base evolved36:01 – Building LP community with intention36:56 – Graduation moment: from emerging manager to fund IV37:47 – Why large LPs are warming to small fund strategies38:44 – Growing with consistency: keeping method > trend39:42 – The LP metric that matters: revenue at the portfolio level40:43 – Why clean marks and real revenue matter so much now41:17 – Has co-investor behavior changed post-2021?42:12 – Why Fusion's map of investors is still highly consistent42:58 – Lightning round: sectors, geographies & support43:03 – Sector Lu's most excited about? Healthcare & spaceThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

Keith Breslauer, Managing Director & Senior Partner at Patron Capital Partners, joins me on the People Property Place Podcast this week.   Please note that this conversation was originally released on the 18th July 2024, and we have decided to re-release it given the recent news that Mitsubishi Estate Co. has acquired a majority stake in European private equity property fund manager Patron Capital.   In this conversation, we trace Keith's journey from a self-funded entrepreneur in New York to building one of Europe's leading opportunistic real estate investment firms - Patron Capital Partners, with over €5.4bn raised across 17 countries.   Keith is honest, reflective, and deeply driven by purpose. He doesn't shy away from the challenges and lessons learned from nearly three decades in private equity real estate.   If you're interested in real estate fund management, distressed investing, fundraising, or leadership driven by long-term thinking and values, this episode is jammed packed full of wisdom.   Key Topics Covered In This Episode:   •       Early career lessons and building a software business to fund his education •       How a career in secured credit at Lehman Brothers led him into European real estate •       Why he left Lehman to start Patron and how he raised his first fund •       What made Patron's hybrid local partner model so effective across Europe •       Alignment between LPs, Patron's internal team, and local operating partners •       Why discipline on leverage preserved Patron's position through GFC and COVID •       What he learned from raising and deploying seven funds •       We discuss the most recently €860m raise for Fund VII •       The opportunity set today - distress, ESG, supply-demand mispricing •       Fund structure, deal sizing, and where specifically Patron deploys it capital •       The evolution of his investor base and the shift away from US LPs •       How political and macro uncertainty is affecting decision-making •       Reflections on legacy, purpose, and why charity work has become so central to him   And finally… With £500m to invest – which People, what Property, and which Place would he choose?   Enjoying the show? Follow and turn on notifications so you never miss an episode.   The People Property Place Podcast is powered by Rockbourne – Giving Real Estate Investors a difficult choice of who to hire.   If you're serious about adding game-changing talent in 2025 and are open to doing it differently, DM me on LinkedIn.   #realestate #privateequity #property #fundmanagement #podcast

Jen Choi is CEO of ILPA – the Institutional Limited Partners Association, where she has spent over a decade. She previously spent over 7 years at the Emerging Markets Private Equity Association.Our conversation traces her background and her path to representing LPs and their interests in the fast-pace private asset arena. Our conversation has a strong emphasis on transparency – we open with a quote around sunlight being the best disinfectant.This takes us to a discussion about demystifying the often-opaque world of private assets, the evolution of the position of the LP and the current state of the pendulum in terms of where it is sitting. We hear about the evolving ILPA standards, getting buy-in across a global LP population and the importance of collective action as well as standardization.Thank you to GCM Grosvenor and Resolute Investment Managers, Inc. for sponsoring Series 3 of 2025.GCM Grosvenor is a global alternative asset management firm with a longstanding commitment to supporting small, emerging, and diverse investment managers. For over 30 years, the firm has developed expertise in funding and guiding these managers as part of its broader activity across alternative investments.With over $20 billion in AUM dedicated to small and emerging managers and $16 billion in AUM dedicated to diverse managers, GCM Grosvenor leverages its experienced team, broad network, and proprietary sourcing capabilities to support their success. Through the Small, Emerging, and Diverse Manager Program, the firm creates opportunities for investors to access a wide range of talent while seeking to drive strong returns and impact. For more information, visit www.gcmgrosvenor.comResolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners.

Idiopathic intracranial hypertension (IIH) is characterized by symptoms and signs of unexplained elevated intracranial pressure (ICP) in an alert and awake patient. The condition has potentially devastating effects on vision, headache burden, increased cardiovascular disease risk, sleep disturbance, and depression.  In this episode, Teshamae Monteith, MD, FAAN speaks with Aileen A. Antonio, MD, FAAN, author of the article “Clinical Features and Diagnosis of Idiopathic Intracranial Hypertension” in the Continuum® June 2025 Disorders of CSF Dynamics issue. Dr. Monteith is the associate editor of Continuum® Audio and an associate professor of clinical neurology at the University of Miami Miller School of Medicine in Miami, Florida. Dr. Antonio is an associate program director of the Hauenstein Neurosciences Residency Program at Trinity Health Grand Rapids and an assistant clinical professor at the Michigan State University College of Osteopathic Medicine in Lansang, Michigan. Additional Resources Read the article: Clinical Features and Diagnosis of Idiopathic Intracranial Hypertension Subscribe to Continuum®: shop.lww.com/Continuum Earn CME (available only to AAN members): continpub.com/AudioCME Continuum® Aloud (verbatim audio-book style recordings of articles available only to Continuum® subscribers): continpub.com/Aloud More about the American Academy of Neurology: aan.com Social Media facebook.com/continuumcme @ContinuumAAN Host: @headacheMD Guest: @aiee_antonio Full episode transcript available here Dr Jones: This is Dr Lyell Jones, Editor-in-Chief of Continuum. Thank you for listening to Continuum Audio. Be sure to visit the links in the episode notes for information about earning CME, subscribing to the journal, and exclusive access to interviews not featured on the podcast. Dr Monteith: Hi, this is Dr Teshamae Monteith. Today I'm interviewing Dr Aileen Antonio about her article on clinical features and diagnosis of idiopathic intracranial hypertension, which appears in the June 2025 Continuum issue on disorders of CSF dynamics.  Hi, how are you? Dr Antonio: Hi, good afternoon. Dr Monteith: Thank you for being on the podcast. Dr Antonio: Thank you for inviting me, and it's such an honor to write for the Continuum. Dr Monteith: So why don't you start off with introducing yourself? Dr Antonio: So as mentioned, I'm Aileen Antonio. I am a neuro-ophthalmologist, dually trained in both ophthalmology and neurology. I'm practicing in Grand Rapids, Michigan Trinity Health, and I'm also the associate program director for our neurology residency program. Dr Monteith: So, it sounds like the residents get a lot of neuro-ophthalmology by chance in your curriculum. Dr Antonio: For sure. They do get fed that a lot. Dr Monteith: So why don't you tell me what the objective of your article was? Dr Antonio: Yes. So idiopathic intracranial hypertension, or IIH, is a condition where there's increased intracranial pressure, but without an obvious cause. And with this article, we want our readers---and our listeners right now---to recognize that the typical symptoms and learning about the IIH diagnostic criteria are key to avoiding errors, overdiagnosis, or sometimes even misdiagnosis or underdiagnosis. Thus, we help make the most of our healthcare resources. Early diagnosis and management are crucial to prevent disability from intractable headaches or even vision loss, and it's also important to know when to refer the patients to the appropriate specialists early on. Dr Monteith: So, it sounds like your central points are really getting that diagnosis early and managing the patients and knowing how to triage patients to reduce morbidity and complications. Is that correct? Dr Antonio: That is correct and very succinct, yes. Dr Monteith: And so, are there any more recent advances in the diagnosis of IIH? Dr Antonio: Yes. And one of the tools that we've been using is what we call the optical coherence tomography. A lot of people, neurologists, physicians, PCP, ER doctors; how many among those physicians are well-versed in doing an eye exam, looking at the optic disc? And this is a great tool because it is noninvasive, it is high resolution imaging technique that allows us to look at the optic nerve without even dilating the eye. And we can measure that retinal nerve fiber layer, or RNFL; and that helps us quantify the swelling that is visible or inherent in that optic nerve. And we can even follow that and monitor that over time. So, this gives us another way of looking at their vision and getting that insight as to how healthy is their vision still, along with the other formal visual tests that we do, including perimetry or visual field testing. And then all of these help in catching potentially early changes, early worsening, that may happen; and then we can intervene more easily. Dr Monteith: Great. So, it sounds like there's a lot of benefits to this newer technology for our patients. Dr Antonio: That is correct. Dr Monteith: So, I read in the article about the increased incidence of IIH, and I have to say that I completely agree with you because I'm seeing so much of it in my clinic, even as a headache specialist. And I had a talk with a colleague who said that the incidence of SIH and IIH are similar. And I was like, there's no way. Because I see, I can see several people with IIH just in one day. That's not uncommon. So, tell me what your thoughts are on the incidence, the rising incidence of IIH; and we understand that it's the condition associated with obesity, but it sounds like you have some other underlying drivers of this problem. Dr Antonio: Yes, that is correct. So, as you mentioned, IIH tends to affect women of childbearing age with obesity. And it's interesting because as you've seen that trend, we see more of these IIH cases recently, which seem to correlate with that rising rate of obesity. And the other thing, too, is that this trend can readily add to the burden of managing IIH, because not only are we dealing with the headaches or the potential loss of vision, but also it adds to the burden of healthcare costs because of the other potential comorbidities that may come with it, like cardiovascular risk factors, PCOS, and sleep apnea. Dr Monteith: So why don't we just talk about the diagnosis of IIH? Dr Antonio: IIH, idiopathic intracranial hypertension, is also called pseudotumor cerebri.  It's essentially a condition where a person experiences increased intracranial pressure, but without any obvious cause. And the tricky part is that the patients, they're usually fully awake and alert. So, there's no obvious tumor, brain tumor or injury that causes the increased ICP. It's really, really important to rule out other conditions that might cause these similar symptoms; again, like brain tumors or even the cerebral venous sinus thrombosis. Many patients will have headaches or visual disturbances like transient visual obscurations---we call them TVOs---or double vision or diplopia. The diplopia is usually related to a sixth nerve palsy or an abducens palsy. Some may also experience some back pain or what we call pulsatile tinnitus, which is that pulse synchronous ringing in their ears. The biggest sign that we see in the clinic would be that papilledema; and papilledema is a term that we only use, specifically use, for those optic nerve edema changes that is only associated with increased intracranial pressure. So, performing of endoscopy and good eye exam is crucial in these patients. We usually use the modified Dandy criteria to diagnose IIH. And again, I cannot emphasize too much that it's really important to rule out other secondary causes to that increased intracranial pressure. So, after that thorough neurologic and eye evaluation with neuroimaging, we do a lumbar puncture to measure the opening pressure and to analyze the cerebrospinal fluid. Dr Monteith: One thing I learned from your article, really just kind of seeing all of the symptoms that you mentioned, the radicular pain, but also- and I think I've seen some papers on this, the cognitive dysfunction associated with IIH. So, it's a broader symptom complex I think than people realize. Dr Antonio: That is correct. Dr Monteith: So, you mentioned TVOs. Tell me, you know, if I was a patient, how would you try and elicit that from me? Dr Antonio: So, I would usually just ask the patient, while you're sitting down just watching TV---some of my patients are even driving as this happens---they would suddenly have these episodes of blacking out of vision, graying out of vision, vision loss, or blurred vision that would just happen, from seconds to less than a minute, usually. And they can happen in one eye or the other eye or both eyes, and even multiple times a day. I had a patient, it was happening 50 times a day for her. It's important to note that there is no pain associated with it most of the time. The other thing too is that it's different from the aura that patients with migraines would have, because those auras are usually scintillating and would have what we call the positive phenomena: the flashing lights, the iridescence, and even the fortification that they see in their vision. So definitely TVOs are not the migraine auras. Sometimes the TVOs can also be triggered by sudden changes in head positions or even a change in posture, like standing up quickly. The difference, though, between that and, like, the graying out of vision or the tunneling vision associated with orthostatic hypotension, is that the orthostatic hypotension would also have that feeling of lightheadedness and dizziness that would come with it. Dr Monteith: Great. So, if someone feels lightheaded, less likely to be a TVO if they're bending down and they have that grain of vision. Dr Antonio: That is correct. Dr Monteith: Definitely see patients like that in clinic. And if they have fluoride IIH, I'm like, I'll call it a TVO; if they don't, I'm like, it's probably more likely to be dizziness-related. And then we also have patient migraines that have blurriness that's nonspecific, not necessarily associated with aura. But I think in those patients, it's usually not seconds long, it's usually probably longer episodes of blurriness. Would you agree there, or…? Dr Antonio: I would agree there, and usually the visual aura would precede the headache that is very characteristic of their migraine, very stereotypical for their migraines. And then it would dissipate slowly over time as well. With TVOs, they're brisk and would not last, usually, more than a minute. Dr Monteith: So, why don't we talk about routine imaging? Obviously, ordering an MRI, and I read also getting an MRV is important. Dr Antonio: It is very important because, one: I would say IIH is also a diagnosis of exclusion. We need to make sure that the increased ICP is not because of a brain tumor or not because of cerebral venous sinus thrombosis. So, it's important to get the MRI of the brain as well as the MRV of the head. Dr Monteith: Do you do that for all patients' MRV, and how often do you add on an orbital study? Dr Antonio: I usually do not add on an orbital study because it's not really going to change my management at that point. I really get that MRI of the brain. Now the MRV, for most of my patients, I would order it already just because the population that I see, I don't want to lose them. And sometimes it's that follow-up, and that is the difficult part; and it's an easy add on to the study that I'm going to order. Again, it depends with the patient population that you have as well, and of course the other symptoms that may come with it. Dr Monteith: So, why don't we talk a little bit about CSF reading and how these set values, because we get people that have readings of 250 millimeters of water quite frequently and very nonspecific, questionable IIH. And so, talk to me about the set value. Dr Antonio: Right. So, the modified Dandy criteria has shown that, again, we consider intracranial pressure to be elevated for adults if it's above 250 millimeters water; and then for kids if it's above 280 millimeters of water. Knowing that these are taken in the left lateral decubitus position, and assuming also that the patients were awake and not sedated during the measurement of the CSF pressure. The important thing to know about that is, sometimes when we get LPs under fluoroscopy or under sedation, then these can cause false elevation because of the hypercapnia that elevated carbon dioxide, and then the hypoventilation that happens when a patient is under sedation. Dr Monteith: You know, sometimes you see people with opening pressures a little bit higher than 25 and they're asymptomatic. Well, the problem with these opening pressure values is that they can vary somewhat even across the day. People around 25, you can be normal, have no symptoms, and have opening pressure around 25- or 250; and so, I'm just asking about your approach to the CSF values. Dr Antonio: So again, at the end of the day, what's important is putting everything together. It's the gestalt of how we look at the patient. I actually had an attending tell me that there is no patient that read the medical textbook. So, the, the important thing, again, is putting everything together. And what I've also seen is that some patients would tell me, oh, I had an opening pressure of 50. Does that mean I'm in a dire situation? And they're so worried and they just attach to numbers. And for me, what's important would be, what are your symptoms? Is your headache, right, really bad, intractable? Number two: are you losing vision, or are you at that cusp where your optic nerve swelling or papilledema is so severe that it may soon lead to vision loss? So, putting all of these together and then getting the neuroimaging, getting the LP. I tell my residents it's like icing on the cake. We know already what we're dealing with, but then when we get that confirmation of that number… and sometimes it's borderline, but this is the art of neurology. This is the art of medicine and putting everything together and making sure that we care and manage it accordingly. Dr Monteith: Let's talk a little bit about IIH without papilledema. Dr Antonio: So, let's backtrack. So, when a patient will fit most of the modified Dandy criteria for IIH, but they don't have the papilledema or they don't have abducens palsy, the diagnosis then becomes tricky. And in these kinds of cases, Dr Friedman and her colleagues, when they did research on this, suggested that we might consider the diagnosis of IIH. And she calls this idiopathic intracranial hypertension without papilledema, IIHWOP. They say that if they meet the other criteria for modified Dandy but show at least three typical findings on MRI---so that flattening of the posterior globe, the tortuosity of the optic nerves, the empty sella or the partially empty sella, and even the narrowing of the transverse venous sinuses---so if you have three of these, then potentially you can call these cases as idiopathic intracranial hypertension without papilledema. Dr Monteith: Plus, the opening pressure elevation. I think that's key, right? Getting that as well. Dr Antonio: Yes. Sometimes IIHWOP may still be a gray area. It's a debate even among neuro-ophthalmologists, and I bet even among the headache specialists. Dr Monteith: Well, I know that I've had some of these conversations, and it's clear that people think this is very much overdiagnosed. So, that's why I wanted to plug in the LP with that as well. Dr Antonio: Right. And again, we have not seen yet whether is, this a spectrum, right? Of that same disease just manifesting differently, or are they just sharing a same pathway and then diverging? But what I want to emphasize also is that the treatment trials that we've had for IIH do not include IIHWOP patients. Dr Monteith: That is an important one. So why don't you wrap this up and tell our listeners what you want them to know? Now's the time. Dr Antonio: So, the- again, with IIH, with idiopathic intracranial hypertension, what is important is that we diagnose these patients early. And I think that some of the issues that come into play in dealing with these patients with IIH is that, one: we may have anchoring bias. Just because we see a female with obesity, of reproductive age, with intractable headaches, it does not always mean that what we're dealing with is IIH. The other thing, too, is that your tools are already available to you in your clinic in diagnosing IIH, short of the opening pressure when you get the lumbar puncture. And I need to emphasize the importance of doing your own fundoscopy and looking for that papilledema in these patients who present to you with intractable headaches or abducens palsy. What I want people to remember is that idiopathic intracranial hypertension is not optic nerve sheath distension. So, these are the stuff that you see on neuroimaging incidentally, not because you sent them, because they have papilledema, or because they have new headaches and other symptoms like that. And the important thing is doing your exam and looking at your patients. Dr Monteith: Today, I've been interviewing Dr Aileen Antonio about her article on clinical features and diagnosis of idiopathic intracranial hypertension, which appears in the most recent issue of Continuum on disorders of CSF dynamics. Be sure to check out Continuum Audio episodes from this and other issues, and thank you to our listeners for joining today. Thank you again. Dr Antonio: Thank you. Dr Monteith: This is Dr Teshamae Monteith, Associate Editor of Continuum Audio. If you've enjoyed this episode, you'll love the journal, which is full of in-depth and clinically relevant information important for neurology practitioners. Use the link in the episode notes to learn more and subscribe. AAN members, you can get CME for listening to this interview by completing the evaluation at continpub.com/audioCME. Thank you for listening to Continuum Audio.

In this conversation, David Cruz e Silva sits down with Dario de Wet, Founding Partner of LTV Capital, a next-generation fund-of-funds reshaping the LP-GP landscape through intentional, hands-on support for emerging managers, especially in underserved and global markets.Together, they unpack what it takes to stand out as an emerging VC manager today, how LP sentiment is shifting across continents, and why democratizing access to venture capital remains fraught with friction.

My guest today is Sugandhi Matta, Chief Impact Officer at ABC Impact – the largest Pan-Asian impact-dedicated private equity fund, with nearly $900 million in AUM.Sugandhi began her career focused on growth and returns — first at Temasek, and later at Actis. But after a breast cancer diagnosis in her early thirties, she returned to work with a new question: What if she could apply her investing skills to businesses solving real problems?That question led her to LeapFrog Investments — and eventually to ABC Impact, where she became one of the founding partners. From the ground up, she helped build a fund that integrates impact into every step of the investment process, from deal screening to reporting.Today, ABC Impact invests across four themes:Climate and water solutionsFinancial and digital inclusionBetter health and educationSustainable food and agricultureSugandhi leads the firm's impact team. They developed a proprietary system rooted in the five dimensions of the Impact Management Project and tailored to ABC's sectors.The internal language centers on three Cs: consistency, comparability, and communicability. It's a disciplined approach – built to align intention, data, and outcomes across the portfolio.Sugandhi's goal is to hold impact to the same standard as IRR.However, she points out that the burden of proof is often uneven. Expected returns are taken at face value. Impact is asked to justify itself at every turn. Because investors don't yet trust its metrics the way they trust financial ones.The double standard isn't just about data. It's about gender, too.As one of the few female investment leads in Asia's private equity ecosystem, Sugandhi has had to thread her way through what she calls the “quiet skepticism” – the unspoken assumptions around risk appetite, ambition, or expertise.Even now, she's often the only woman in the room with GPs or LPs. She doesn't lead with gender, but she's aware of how it plays out. The skepticism is often unspoken, but present.Over time, she's learned not to internalize it. Instead, she focuses on the work, knowing that – fairly or not – being a woman in this space can mean having to prove yourself just a little more.—Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on XFollow SRI360° on FACEBOOK—Additional Resources:ABC Impact websiteABC Impact LinkedInSugandhi Matta LinkedInABC's 2020 Impact ReportABC's 2024 Impact ReportInsights from Dalberg and ABC Impact's User-Centered Study—SRI360 interviews mentioned:

On this episode of Best Ever CRE, Joe Cornwell interviews Nick Stageberg, owner of Black Swan Real Estate. Nick shares how 2024 marked their best acquisition year ever, with 2025 already on pace to surpass it, thanks to a focus on fixed-rate debt and operational excellence. He dives deep into their vertically integrated model, drawing on lessons from software development and Japanese lean manufacturing to run a highly efficient, team-based property management system. Nick also shares a tough lesson from a permitting nightmare in Tacoma and a recent big win on a 112-unit deal in Minnesota secured through creative financing and mission-aligned operations. Nick Stageberg Current role: Owner of Black Swan Real Estate Say hi to them at: blackswanteam.com – book 15 min with Nick securefreedomfund.com – learn about their preferred equity fund Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Topical Tuesday episode, I spoke with Aleksey Chernobelskiy who advises Limited Partners (“LPs”) on existing and future investments. He writes weekly to thousands of investors at LPlessons.co to explain how to properly vet and think about LP investments in the grand scheme of their portfolios. Aleksey also helps General Partners on matters relating to LPs, such as capital calls or feedback on investment decks.   Be sure to tune in if you're interested in learning about: A practical breakdown of the three-part framework LPs should use to evaluate syndications Why track record inflation is common—and what investors should really look for when assessing experience Where LPs often underestimate risk and how to think clearly about capital calls and downside scenarios The biggest mistakes investors make when relying too heavily on IRR projections To your success, Tyler Lyons Resources mentioned in the episode: Aleksey Chernobelskiy LinkedIn Twitter Website   Interested in learning how to take your capital raising game to the next level? Meet us at Capital Raiser's Edge. Learn more here: https://raisingcapital.com/cre

Sean Byrnes is a co-founder & General Partner at Near Horizon. Sean has spent the past 20 years founding and scaling companies that have defined new categories, including Flurry—the world's largest mobile analytics platform, acquired by Yahoo—and Outlier.ai, an automated data analysis leader. At Near Horizon, Sean partners hands-on with founders, combining deep operational expertise and capital to help launch the next generation of AI-powered startups. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comNear Horizon website - https://www.nearhorizon.vc/Breaking Point Newsletter - https://www.breakingpoint.tech/Sean Byrnes on LinkedIn - https://www.linkedin.com/in/sbyrnes/

On this episode of the Best Ever CRE Show, Matt Faircloth is introducing another new segment! Matt introduces Chris Lopez and Richard McGirr, the new co-hosts of Unlimited Capital. Together, they dive deep into the fund-to-funds model, discussing how Chris and Richard built Property Llama to raise and deploy over $60 million in capital across institutional-grade real estate deals. They share how their entrepreneurial roots, complementary skills in software and marketing, and a deep fiduciary mindset helped them scale from local Denver investors to nationally respected capital aggregators. The conversation unpacks key distinctions between co-GP and fund-to-fund structures, the importance of value-driven networking, and how anyone can begin building their own capital raising flywheel—even with just a few million dollars hiding in their phone contacts. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Die Welt scheint aus den Fugen, und die Götter schicken Blitz und Donner: Album Nr. 14 kracht von der ersten Sekunde an gewaltig. The Young Gods packen, rütteln auf und stecken an - und liefern einen Kompass dafür, wie man sich in der ultrakomplen, digitalen Welt bewegen kann, ohne unterzugehen. «Appear Disappear» von The Young Gods ist Sounds! Album der Woche. Wir verlosen täglich unterschriebene CDs und LPs - nur live im Radio.

On this episode of The Horizon, John Chang discusses the delayed impact of new tariffs on inflation and how businesses stockpiling inventory may temporarily mask those effects. He outlines the Federal Reserve's cautious stance on interest rates, noting likely rate stability through Q3, with potential movement in Q4 depending on economic indicators. John also explores how immigration policy and labor shortages—especially in construction and healthcare—pose challenges for commercial real estate. Finally, he unpacks how the proposed tax bill, including accelerated depreciation and expanded deductions, could benefit CRE investors, particularly those pursuing value-add strategies, and why he believes real estate may outperform other assets under a second Trump administration. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Multifamily Mastery, John Casmon interviews John Makarewicz, a managing partner at Faris Capital Partners. John shares how he transitioned from a 15-year residential real estate career to multifamily investing after a successful exit from his previous brokerage. He breaks down how his entrepreneurial skill set and passion for improving client and resident experiences laid the foundation for Faris Capital's early success. They discuss the importance of visionary planning, building the right team from the start, and maintaining strong broker and investor relationships to fuel long-term growth. John emphasizes the power of partnerships, clarity of roles, and the discipline of tracking lead measures to stay on target. John Makarewicz Current Role: Managing Partner at Faris Capital Partners Say hi to them at: fariscapitalpartners.com Linkedin Get 60% off the Magic Mind offer with our link and code https://magicmind.com/bestevermf & BESTEVER60 #magicmind #mentalwealth #mentalperformance Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Next Level CRE, Matt Faircloth interviews Jonathan Nichols of Apogee Capital. Jonathan shares how he and his wife scaled from single-family homes to multifamily syndications across Texas and Oklahoma by leveraging broker relationships and applying analytical rigor learned from his engineering background. He recounts the transformation of a distressed 170-unit property in Lubbock—from 68% to 93% occupancy in just a few months—by temporarily relocating on-site and aggressively implementing a value-add strategy. Jonathan and Matt also dig into property management challenges, when to vertically integrate, and the importance of broker trust and clear communication in winning off-market or "first-look" deals. Jonathan Nichols Current Role: Managing Partner, Apogee Capital Based in: Dallas–Fort Worth, TX Say hi to them at: https://apogeemfc.com Get 60% off the Magic Mind offer with our link and code https://magicmind.com/bestevermf & BESTEVER60 #magicmind #mentalwealth #mentalperformance Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Produced by Foundersuite (for startups: www.foundersuite.com) and Fundingstack (for VCs: www.fundingstack.com), "How I Raised It" goes behind the scenes with startup founders and investors who have raised capital. This episode is with with Marlon Nichols of MaC Venture Capital, a a seed-stage venture capital firm that invests in technology startups leveraging shifts in cultural trends and behaviors. Learn more at https://macventurecapital.com/ In this episode, we discuss Marlon's path to becoming a VC, details of raising his previous fund Cross Culture with Troy Carter, lessons learned from the Kauffman Fellows program, how he tapped mentors such as Freada Kapor and Jason Green to learn the VC trade, why it's so important to "do what you say you will do" when building relationships with LPs, tips for cold outreach and much more. How I Raised It is produced by Foundersuite, makers of software to raise capital and manage investor relations. Foundersuite's customers have raised over $21 Billion since 2016. If you are a startup, create a free account at www.foundersuite.com. If you are a VC, venture studio or investment banker, check out our new platform, www.fundingstack.com

Pharaoh Exchange is a next-generation decentralized exchange (DEX) built on the Avalanche (AVAX) C-Chain, designed to serve as a central liquidity hub for the Avalanche ecosystem. It leverages concentrated liquidity—similar to Uniswap v3—allowing liquidity providers (LPs) to allocate their assets within specific price ranges, resulting in more efficient use of capital and potentially higher returns for LPsGuest: @LHBCrypto - Founder of Pharaoh ExchangeFollow on Twitter ➜ https://x.com/LHBCryptoPharaoh Exchange Website ➜ https://pharaoh.exchange/00:00 intro00:14 Avax All-Time High!00:43 Avax Layer-1 Flips Base01:04 New DEX's 01:23 Arena & Pharaoh TVL Growth01:57 Pharaoh Exchange02:45 Pharaoh Stealing Marketshare04:34 Revenue For Holders06:50 Top 3 Yield Opportunites on Avax08:08 Arena Rewards Yields10:04 Gaming Tokens11:48 Off The Grid $GUNZ Token12:51 FIFA Tokens Are Coming 14:59 Pharaoh on TradingView?15:14 outro#Crypto #avax #ethereum~AVAX Shatters All-Time High Transactions!!

On this episode of the Passive Income Playbook, Pascal Wagner interviews Jimmy Atkinson, founder of OpportunityZones.com and host of the Opportunity Zones Podcast. Jimmy breaks down how Opportunity Zones work—from their 2017 creation in the Tax Cuts and Jobs Act to the powerful tax incentives they offer investors. He shares how these zones have catalyzed billions in investment across the country, not just in multifamily but also in startups, industrial real estate, and community-focused developments. They also explore the future of the program, including what Opportunity Zones 2.0 might look like, and Jimmy offers tips for LPs considering OZ investments for the first time. Jimmy Atkinson Current role: Founder of OpportunityZones.com and host of the Opportunity Zones Podcast Based in: Dallas, Texas Say hi to them at: https://opportunityzones.com Get 60% off the Magic Mind offer with our link and code https://magicmind.com/bestevermf & BESTEVER60 #magicmind #mentalwealth #mentalperformance Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Brian Wilson, whose death at the age of 82 was announced last evening, was one of the most remarkable songwriters of the 20th century. The genius behind the Beach Boys was behind revolutionary, groundbreaking pop music including the album, Pet Sounds, regarded as one of the greatest LPs of all time. In the early 1960s, Connie Turner from Tralee was in LA, enjoying life in Santa Monica and Malibu. And what was Connie listening to? Of course, the Beach Boys! He shares his memories with Jerry.

On this episode of Beyond Multifamily, Amanda Cruise and Ash Patel interview Matt Drouin, managing partner at Oak Grove Development. Matt shares how his asset-agnostic, opportunistic approach has led to a $18 million portfolio across 25 commercial properties in Rochester, NY. He dives into the strategy behind acquiring underperforming office buildings—like a 55,000-square-foot historic skyscraper bought for $1.5 million—and converting them into workforce housing. Matt also discusses the pros and cons of joint ventures versus syndications, the value of local market dominance, and how he's leveraged content creation to expand his investor network and broker relationships. Matt Drouin Current Role: Managing Partner, Oak Grove Development Based in: Rochester, New York Say hi to them at: LinkedIn, YouTube Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard Fitzgerald, Co-Founder and Managing Partner at CapitalSpring, joins Sean Mooney to share the story behind one of the most enduring sector-focused firms in private equity. In a conversation that moves well beyond deal mechanics, Richard reflects on the early days of CapitalSpring, the value of sticking with a niche, and what it takes to build trust and alignment — across teams, LPs, and portfolio partners — over the long haul. Episode Highlights: 1:07 – Richard's path to private equity 7:53 – Building a sector-specialist investment firm with true competitive advantage 11:06 – We'd know Richard better if we knew this about him 18:27 – Working through hard things – navigating the pandemic 26:45 – The art of private equity in the franchise/multi-location sector – best practices 35:48 – Benefits of having a sector specialist franchisee investors for sponsors investing in franchisors 40:42 – Flexibility to provide both debt and equity solutions for growing businesses is a competitive advantage 43:05 – Richard's advice for his 22 year-old-self For more on CapitalSpring: https://www.capitalspring.com To connect with Richard Fitzgerald: https://www.linkedin.com/in/fitzgeraldrichard For more on Challenge Aspen: https://challengeaspen.org/ For more on the Michael J. Fox Foundation: https://www.michaeljfox.org/ Explore more episodes of Karma School of Business: https://www.bluwave.net/podcasts

This week on Swimming with Allocators, Earnest and Alexa welcome Evan Finkel and Charlotte Palmer from Integra Global Advisors. Evan and Charlotte discuss their approach to venture capital investing, focusing on emerging managers while also sharing insights into evaluating new fund managers, emphasizing the importance of transparency, unique investment theses, and consistent communication. The conversation also covers challenges in the current VC landscape, including the competitive fundraising environment and the need for succession planning. Key takeaways include the value of building strong LP-GP relationships, the potential of smaller funds to generate alpha, and the critical role of motivation and differentiation for emerging managers. Also, don't miss our insider segment as Jason Kropp from Sidley discusses the complexities of cross-border venture capital investments, highlighting the importance of tax optimization, international investment structures, and navigating regulatory uncertainties in the current global investment landscape.Highlights from this week's conversation include:Evan's Background and Journey (1:09)Charlotte's Journey to Allocator (3:04)Integra Overview and Differentiation (4:41)Geographic Focus of Clients (8:24)Motivation and Competitive Landscape for Emerging Managers (11:13)Market Correction and Emerging Manager Archetypes (15:29)Diligencing Differentiated Perspectives (19:37)Off-List References and Deeper Diligence (23:51)Insider Segment: Complexities of Cross-Border Investments (24:48)LPAC Involvement and Value (28:56)How LPs Should Give Feedback (31:00)Questions GPs Should Ask LPs (34:18)Assessing LP Commitment and Stickiness (38:40)Succession Planning in VC Firms (42:55)Lessons Learned as LPs (47:31)Final Thoughts and Takeaways (50:00)Integra Global Advisors is a registered investment advisor (RIA) functioning like a multi-family office. The firm invests across the entire investable universe but on the venture side, the team specializes in early-stage investments across the U.S., Israel, Latin America, and Europe. Focused exclusively on emerging managers, Integra provides capital and strategic partnerships, actively engaging in LPAC positions to help funds succeed. Learn more at www.integraga.com.Sidley Austin LLP is a premier global law firm with a dedicated Venture Funds practice, advising top venture capital firms, institutional investors, and private equity sponsors on fund formation, investment structuring, and regulatory compliance. With deep expertise across private markets, Sidley provides strategic legal counsel to help funds scale effectively. Learn more at sidley.com.Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies. The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

My guest today is Michelle Arevalo-Carpenter, Co-Founder of IMPAQTO and General Partner at IMPAQTO Capital. Michelle is a human rights lawyer by training, a fund builder by calling, and one of the most compelling system-reimaginers I've ever had on the show.Michelle's journey has taken her from a small apartment in Quito to the halls of Oxford and the UN — and back again. What she learned along the way is that real change doesn't come from reports or elite institutions. It comes from being close to the problem — and the people.Back in Quito, Michelle started where many great entrepreneurial stories begin — with no office, no plan, just an instinct that something better could exist. Over a hundred coffees with local founders, she kept hearing the same themes: isolation, lack of support, funding that didn't fit.In response, she created IMPAQTO, Ecuador's first coworking space for social ventures, not because she had a real estate vision, but because people needed a place to belong. “They weren't paying for square meters,” she said. “They were paying to not be alone.”From there, IMPAQTO grew — into an accelerator, a research platform, a voice in policy. But the biggest problem persisted: no capital. Or rather, the wrong kind of capital.Local businesses needed $10K–$500K. They didn't want to sell equity. They wanted to grow on their own terms. Too big for microfinance, too small for venture. “That's the missing middle,” Michelle said. “That's where we live.”So in 2021, she launched IMPAQTO Capital, a revenue-based investment fund designed not to chase unicorns but to nourish sustainable growth. Michelle described it not as alternative capital, but as capital that's appropriate for the context they're operating in.Rather than chasing foreign LPs, her team went local. They raised over half their first close from Ecuadorian and Andean-region families — people with lived experience inside the very systems the fund aims to change. “Our investors aren't impact tourists,” she said. “They're system insiders.”What Michelle is building isn't just a capital vehicle. It's an ecosystem intervention — a cultural shift that treats belonging as a precondition for growth, and care as critical infrastructure. She's also a co-founder of CLIIQ, a regional research and advocacy platform focused on unlocking catalytic capital for women-led businesses.At IMPAQTO Capital, every deal is evaluated not just on returns, but on whether it preserves the dignity and agency of the founder. Every exit includes a “cap party” — a ritual of closure and celebration that says: You did it. You paid us back. We're done. And we're proud.There's a lot to learn from Michelle. About capital. About leading with trust and care. About staying rooted in a place and still seeing the whole system.But mostly, about how change happens — not from the top down, but from the inside out. Slowly. With proximity. And with people who never forgot where they started.—About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing.—Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on XFollow SRI360° on FACEBOOK—Additional Resources:IMPAQTO Capital websiteIMPAQTO Ecosystem BuilderMichelle Arevalo-Carpenter websiteMichelle Arevalo-Carpenter LinkedIn

My guest today is Bill Gurley. Bill was the general partner at Benchmark Capital. He joins me for his sixth time on Invest Like the Best with his most comprehensive market analysis yet, examining the realities reshaping venture capital. Bill tackles the uncomfortable math underlying today's venture returns, with companies staying private for far longer. He also walks through why no one—from GPs to LPs to founders—has proper incentives to mark assets accurately, creating a system-wide coordination problem. And, we dig into the investment implications of AI as a platform shift, ranging from evaluating AI revenue quality to international competitive dynamics. Bill offers crucial perspective on playing the game both as it exists today and as it may evolve. Please enjoy my conversation with Bill Gurley. For the full show notes, transcript, and links to mentioned content, check out the episode page⁠⁠⁠⁠ here.⁠⁠⁠⁠ ----- This episode is brought to you by⁠⁠⁠⁠ Ramp⁠⁠⁠⁠. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠ Ramp.com/invest⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to⁠⁠⁠⁠⁠ ridgelineapps.com⁠⁠⁠⁠⁠ to learn more about the platform. –  This episode is brought to you by⁠⁠⁠⁠⁠ Arcana. Arcana is the world's most advanced portfolio intelligence platform, trusted by institutional investors managing trillions in AUM — including market neutral, long-short, long-only, and capital allocators. Arcana enables portfolio managers, risk teams, analysts, and CIOs to drill into exposures and idio, construct optimal portfolios, and decompose performance at incredible granularity. Visit arcana.io to request a demo and learn more. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:23) State of the Union: Venture Capital Edition (00:07:58) The Rise of Mega VC Funds (00:09:38) Zombie Unicorns: The Overvalued Giants (00:17:29) The IPO and M&A Market Stalemate (00:24:08) The AI Wave and Its Impact (00:26:03) Private Markets and LP Liquidity Issues (00:29:57) The Future of Capital Markets (00:37:49) Advice for Founders in a Changing Landscape (00:39:27) The High-Stakes Game of Capital Battles (00:41:35) AI: The New General Purpose Technology (00:42:57) Challenges and Opportunities in AI Revenue Models (00:44:37) The Role of Founders in the AI Revolution (00:46:44) The Impact of Time and Liquidity on Venture Capital (00:50:35) Navigating the Future of Venture Capital (00:58:45) International Dynamics in the AI Race (01:13:58) Advice for Founders in the AI Era

On this episode of Best Ever CRE, Joe Cornwell interviews Andy Wyman, a Florida-based attorney and founder of Wyman Legal Solutions, who specializes in construction and real estate law. Drawing on nearly 30 years of experience and a background in a family of contractors, Andy shares the most common legal pitfalls property owners and investors face when hiring contractors. He emphasizes the importance of vetting, clear communication, permits, and using contracts that protect both parties. The conversation covers red flags in hiring, the hidden risks of litigation, and practical guidance for both investors and contractors navigating construction disputes and project planning. Andy Wyman Current role: Founder & Construction Attorney, Wyman Legal Solutions Based in: Boca Raton, Florida Say hi to them at: www.wymanlegalsolutions.com Phone: 561-361-8700 Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

What if you could pay taxes on a smaller amount while investing in the same deals—and then watch your money grow tax-free for decades? In this episode, we explore a little-known strategy that allows investors to convert traditional retirement accounts to Roth at a discount, even when those funds are tied up in illiquid syndications. Today, we're joined by John Bowens, a self-directed retirement expert from Equity Trust, to walk us through the “discount conversion” strategy and other advanced tax planning tools for passive investors. John explains how real estate syndications, solo 401(k)s, and Roth conversions can work together to help you minimize taxes, create tax-free income, and even build legacy wealth for future generations. If you're holding pre-tax retirement funds, investing in private real estate, or just tired of giving up a chunk of your gains to the IRS, this episode breaks down the tax code strategies that smart LPs are using to protect and grow their wealth. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast. In This Episode We Cover The basics of Roth conversions and how they apply to self-directed IRAs and solo 401(k)s The “discount conversion” strategy and how investors are saving thousands in taxes How to convert illiquid syndication investments without selling Key differences between traditional IRAs, solo 401(k)s, and checkbook-controlled accounts When Roth conversions make sense and how to model out your tax impact And So Much More!

George Aliferis talks to Andrea Carnelli Dompe, the founder of Tamarix Technologies about the intersection of private market investing and AI technology. Andrea, whose background is in quantitative finance and machine learning, discusses the capabilities of his AI agents, which help institutional investors, family offices, and ultra-high net worth individuals optimize their operations using AI agents. These agents streamline data extraction, normalization, and processing, allowing investors to make better decisions with greater efficiency.USEFUL LINKSTamarix: https://tamarix.tech/ Andrea on LinkedIn: https://www.linkedin.com/in/andrea-carnelli-dompe-phd-2668b63b/?originalSubdomain=uk

In this episode of the Rainmaker Podcast, Gui Costin sits down with Michael Rubenstein, Managing Director at RMWC, for an insightful look into disciplined sales execution, solo practitioner fundraising, and the mindset needed to succeed in a competitive investment landscape. As RMWC's first employee and the architect of its capital formation strategy, Michael shares his evolution from top-performing financial advisor at State Farm Investment Management to leading sales and investor relations for a specialized real estate credit firm.Michael credits his early success to embracing a structured, metrics-based sales process he learned through the “Circle of Wealth” system. This replicable model enabled him to track inputs like calls and meetings, tailor conversations to client needs, and consistently close multiple lines of business. Today, he brings that same process discipline to RMWC, where he leads sales as a solo practitioner, backed by a firmwide culture of accountability and ownership.Michael recounts how RMWC pivoted from a fund-of-funds model to its current focus: short-duration, floating-rate, senior-secured real estate credit. With roughly $5–$20 million check sizes, RMWC primarily targets family offices, multi-family offices, and RIAs. In 2024 alone, Michael conducted over 400 investor meetings—an impressive volume he attributes to strategic cold outreach, warm referrals, and carefully curated in-person events that foster peer-to-peer influence among LPs.Communication is central to Michael's approach. He tracks opportunities by stage—lead, intro call, diligence, soft close, hard close—and reports regularly to leadership using Backstop CRM and a detailed relationship spreadsheet. But he's quick to emphasize that no tool replaces the human element. A personal follow-up to a canceled meeting at iConnections led to a rebooked conversation simply because he took the time to check in. “Trust is what we're selling,” he says. “People want to do business with people they connect with.”Michael's leadership style blends “shock and awe” with “land and expand.” He believes strong first impressions and consistent service create loyal, scalable relationships. His advice for young professionals? Nail your sales process, get a mentor, and be meticulous about CRM hygiene—small follow-ups can be the difference between a deal and a missed opportunity.This episode offers a tactical, real-world roadmap for fundraisers navigating today's tight capital environment—and a reminder that great salespeople lead with process, empathy, and persistence.

Fundraising in 2025 isn't business as usual. James Varela, Partner at Rede Partners and Head of MENA, joins us to break down what it really takes to raise capital from LPs—especially in the Middle East. We talk DPI pressure, LP targeting, co-investments, how to build credibility in emerging markets, and the biggest mistake GPs still make when pitching. Whether you're struggling or oversubscribed, this one's for you.[00:00] Intro to James Varela and focus on capital raising in the Middle East.[00:30] James' 15+ years in capital raising across PE, infra, credit, and real estate.[01:26] Fundraising remains tough—macroeconomics and low DPI are key issues.[02:21] LPs cautious; focus shifting to GP quality and DPI visibility.[03:13] GPs turning to NAV lending and creative liquidity tools.[04:05] 66% of LPs now cite DPI as their top investment metric.[04:31] Strong fundraises begin 12 months out—prep is everything.[05:00] Nail your equity story—what sets you apart?[05:26] Focus on LPs where your strategy fits—don't spray and pray.[05:55] Transparency and respect matter more than past returns.[06:26] GPs often fail to systematize and name their edge.[07:25] LPs want proof—not theory—of execution and outcomes.[08:24] Plan 2–3 years out for Middle East fundraising; co-invests are key.[08:55] Content > presence—show up with something to say.[09:52] LPs want honest differentiation, not polished fluff.[10:51] Share what went wrong and what changed—credibility counts.[11:44] Most firms struggle from poor positioning, not poor product.[12:14] Systems reduce risk, especially for global firms.[13:37] Frameworks matter—manage what's out of your control.[14:07] Even top performers can fail at storytelling.[15:02] Reframing the narrative can unlock overlooked value.[16:26] Fundraising is marketing—Rory Sutherland's Alchemy cited.[17:22] Iteration is painful but critical—change takes work.[18:20] LPs care about the future, not just past returns.[19:09] Big firms re-entering mid and small-cap to chase alpha.[19:37] Middle East mistakes: wrong timing, same pitch, poor targeting.[20:34] Use portfolio milestones as conversation openers.[21:04] GCC LPs want both long-term trust and large co-invests.[21:59] Vision and culture alignment matter just as much.[22:29] Targeting is everything—don't chase irrelevant LPs.[22:59] LPs prefer North America, large GPs, proven track records.[23:57] Specialization and sector depth are rising priorities.[24:55] AI and tech are hot in the UAE—substance still matters.[25:54] Growing appetite for GP stakes from Middle East LPs.[26:21] Europe gaining ground as LPs move down-market.[27:14] Top reads: Alchemy, Acquired, Diary of a CEO, Tools of Titans, Atomic Habits.[29:05] Final thoughts: fundraising is either brutal—or it's fine. Nothing in between.Connect with James Varela on LinkedIn. Thanks for tuning in.Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!Raw Selection partners with Private Equity firms and their portfolio com

On this episode of the Best Ever CRE Show, Joe Fairless interviews Chris Parrinello, Vice President of Investor Relations at Viking Capital. Chris shares how Viking scaled their investor relations team from just two people to a five-person department supporting over 1,000 LPs, including their unique intern-to-associate pipeline. He dives deep into investor sentiment in today's challenging multifamily market, explaining how Viking is rebuilding trust through transparency, new incentive structures, and proactive communication. Chris also reveals the tech stack and strategies they use for investor education, capital raising, and operational efficiency, emphasizing the value of organic growth and long-term relationships over quick wins. Chris Parrinello Current role: Vice President of Investor Relations at Viking Capital Based in: United States (exact city not mentioned) Say hi to them at: https://www.vikingcapllc.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Starting a venture capital fund sounds glamorous — but the reality? It's a long, grueling, high-stakes journey. In this episode of the Demo Day Podcast, we sit down with Rick Smith, Co-Founder of Crosscut Ventures, to unpack why most first-time VCs fail, how to navigate the emerging manager landscape, and what it really takes to build a lasting VC career.Rick shares hard-won lessons from 25+ years in venture, including:- What makes or breaks a fund's first few years- How to raise capital from LPs when no one knows your name- Why early-stage VCs need to swing bigger- The hidden emotional toll of transitioning out of a firm- How Crosscut almost didn't survive Fund IWhether you're a founder, emerging fund manager, or aspiring venture capitalist, this episode is packed with tactical insights, emotional honesty, and behind-the-scenes stories from one of LA's most respected investors.#VentureCapital #StartupFunding #EmergingManagers #VCAdvice #RickSmith #CrosscutVentures #DemoDayPodcast #Founders #TechStartups #FundraisingTips

On this episode of The Horizon, John discusses his personal ranking of commercial real estate property types, grading them from F to S based on current performance, long-term potential, and economic headwinds. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Multifamily Mastery, John Casmon interviews George Otel, a commercial real estate finance expert and founder of US Business Funding. George shares his journey from the transportation industry into real estate, detailing his pivot into multifamily and ultimately commercial lending. He explains how his team works with over 1,000 lending sources, including private lenders, family offices, and funds, to help investors navigate complex financing scenarios—especially when traditional banks fall short. They discuss the importance of structuring deals creatively, moving fast on off-market opportunities, and the emerging landscape of business acquisitions as a wealth transfer looms. George Otel Current role: Founder, US Business Funding Say hi to them at: https://usbizfunding.net Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Next Level CRE, Matt Faircloth interviews Mike Bonadies, founder of TerraVestra Property Management. Mike shares his unique journey of scaling a profitable property management company while owning rental properties himself—something he says is rare but critical for alignment. He discusses the importance of hiring investor-minded staff, leveraging offshore talent from the Philippines, and creating systems grounded in landlord-tenant law and municipal code knowledge. The episode also dives deep into controversial topics like the future of Section 8 housing, vetting property managers with the right questions, and handling maintenance and pest issues responsibly—without falling into the trap of "scumbag landlord" behavior. Finally, Mike reveals how a trusted VA's idea led to launching a telecom company bringing internet to remote areas of the Philippines. Mike Bonadies Current Role: Owner, TerraVestra Property Management and co-founder of a Philippine-based telecom company Based in: South Jersey Say hi to them at: mbonadies@tvpm.info or www.terravestrapropertymanagement.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ's fund secondaries business, recorded live from NASDAQ's Times Square studio.  The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets.  They dive deep into the complexities of LP transactions, the origins of NASDAQ's platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today. They discuss: * How NASDAQ's acquisition of SecondMarket evolved into a fund secondaries platform * Why secondary LP transactions are more like M&A deals than stock trades * The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals * How NASDAQ's Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity * Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries This episode is essential listening for GPs navigating LP liquidity needs or building next-gen fund structures in private markets. Links: Nasdaq Fund Secondaries - https://www.nasdaq.com/solutions/fund-secondaries Chris Tinsley on LinkedIn - https://www.linkedin.com/in/christoffertinsley/ Rory Mabin on LinkedIn - https://www.linkedin.com/in/rory-mabin-966a1333/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:20) - Introducing Chris Tinsley and Rory Mabin (00:01:45) - NASDAQ's role in private market secondaries (00:02:09) - Chris Tinsley's journey to NASDAQ (00:03:55) - Rory Mabin's background in fund secondaries (00:05:04) - Understanding NASDAQ beyond the exchange (00:06:40) - The origin of NASDAQ's fund secondaries business (00:10:28) - Challenges in fund secondaries transactions (00:17:40) - The role of technology in streamlining processes (00:23:49) - Adapting to investor needs in private markets (00:27:26) - Enhanced liquidity options for limited partnerships (00:31:02) - Understanding Qualified Matching Service (QMS) (00:33:28) - Challenges and solutions in providing liquidity (00:36:52) - The role of technology in liquidity solutions (00:38:03) - Practical implementation of embedded liquidity (00:46:37) - The future of secondary markets and AI integration (00:50:02) - Conclusion and final thoughts

On this episode of the Passive Income Playbook, Pascal Wagner interviews Paul Moore, founder of Wellings Capital, to unpack one of the most misunderstood concepts in real estate investing: the capital stack. They dive deep into the distinctions between common equity, preferred equity, and mezzanine debt—breaking down how each affects risk, return, and control. Paul shares why his firm has shifted from common to preferred equity over the last five years and explains how LPs can benefit from this approach—especially in today's volatile lending environment. He also introduces a new hybrid strategy that balances preferred protections with common equity upside, and closes with key tips on how LPs can avoid fraud and conduct meaningful due diligence. Paul Moore Current role: Founder & Managing Partner, Wellings Capital Based in: Blue Ridge Mountains, Virginia Say hi to them at: https://wellingscapital.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of The Data Minute, Peter is joined by Beezer Clarkson, Partner at Sapphire Ventures and co-host of the acclaimed Origins podcast, for a candid, rapid-fire look inside the minds of LPs, the realities of fundraising, and why venture isn't broken, but is being reshaped.They cover the biggest questions emerging managers are asking right now: How do you stand out in a market filled with sameness? Do mega-funds really distort early-stage deals? And how should GPs talk to LPs about secondaries, exits, and… failure? Beezer also dives into how newer GPs are using content, transparency, and AI tools to differentiate, and why Sapphire has taken a public voice when so many LPs have stayed quiet.If you've ever asked “What do LPs really care about?” or “How can I build enduring conviction with institutional investors?” — this episode has the answers.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:01:14 – Are mega-funds distorting early-stage VC?03:38 – Why nimble managers can win the best early deals05:04 – The myth of aiming for a “base hit” in venture06:57 – Will the best founders always land at the biggest funds?08:08 – Repeat founders vs first-timers in the AI age08:55 – Why Sapphire is still bullish on emerging managers09:28 – How LPs think about adding a new GP to their portfolio11:04 – Relationship inertia: it's not just about the numbers12:14 – The real reasons LPs don't shift allocations more13:36 – Why reporting is fundamentally harder in venture14:03 – Hidden strengths of today's emerging managers15:03 – Better reporting formats: from Notion pages to CEO videos16:24 – Reimagining the Annual General Meeting (AGM)18:18 – The risk of communicating only in failures19:53 – Self-regulating GPs: what long-term LPs really look for21:20 – Learning from anti-portfolio decisions23:49 – Qualitative qualities LPs remember: insight and differentiation25:33 – Generalist funds in an AI-driven market26:22 – How pattern recognition drives better decision-making28:15 – Scouting, accelerators, and thoughtful experimentation29:07 – Why it's gotten harder to stand out as a new manager30:17 – The liquidity crisis: is this the worst it's ever been?32:14 – Normalizing secondaries: opportunity or stigma?33:34 – Why secondaries are often still so uncomfortable36:52 – Founder secondaries and aligning incentives38:20 – Term sheet innovation and collaborative norm-setting39:39 – Is venture broken? Or just economically challenged?41:51 – The core issue: it's not innovation—it's liquidity42:43 – Why funding pathways must evolve for the long private cycle44:45 – What does professionalized venture look like post-2021?45:58 – What LPs can learn from participating in content47:12 – The unexpected upside of LP-led thought leadership49:16 – Content as a learning engine: why Sapphire shares publicly51:21 – Motivation, value, and the Origins podcast origin story52:31 – What going “above and beyond” looks like for today's GPsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

On this episode of Beyond Multifamily, Amanda Cruise and Ash Patel interview Roger Becker, founder of Street Smart Success. Roger shares his candid journey from running a successful advertising business to becoming a seasoned passive investor in over 30 deals, the majority of which he's done in the past five years. He opens up about the mistakes he's made in both active and passive real estate—ranging from ill-fated Section 8 rentals to trusting the wrong sponsor early on. Despite the setbacks, Roger explains how he's honed his strategy, now focusing on experienced sponsors, resilient asset classes like mobile home parks, and building a strong vetting network through investor groups. Roger Becker Current Role: Founder of Street Smart Success Based in: Alameda, California Say hi to them at: https://streetsmartsuccess.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

What does it take to raise over $100 million in just four years—while building a portfolio that spans more than $2 billion across real estate, debt, and business acquisitions? In this powerhouse episode, Sam Silverman, founder of Silverman Capital, lays it all out. From leaving corporate America to mastering capital raising at scale, Sam shares why he focuses on operator selection over deal structure, how he aligns interests with investors, and the real reason capital raisers get stuck. If you're serious about scaling your capital and doing it right, this conversation is a masterclass in execution, clarity, and strategy.5 Key Takeaways to learn from this episode:Quality Over Control: Sam prioritizes partnering with best-in-class operators, even if it means taking a back seat in management—because investor outcomes matter most.Capital Raising Is a Full-Time Business: Treating capital raising like a company, not a side hustle, is what helped Sam scale to $100M+ in four years.Clear Operator Standards: His selection criteria include access to proprietary deals, operational excellence, and a track record of investor-first outcomes.Why Most Capital Raisers Fail: According to Sam, they're focused on promoting deals instead of providing value—and they lack the systems to nurture real investor relationships.Fund of Funds Done Right: Sam uses the FoF model to offer his LPs better terms, diversification, and deal access—while keeping his firm lean and efficient.About Tim MaiTim Mai is a real estate investor, fund manager, mentor, and founder of HERO Mastermind for REI coaches.He has helped many real estate investors and coaches become millionaires. Tim continues to help busy professionals earn income and build wealth through passive investing.He is also a creative marketer and promoter with incredible knowledge and experience, which he freely shares. He has lifted himself from the aftermath of war, achieving technical expertise in computers, followed by investment success in real estate, management skills, and a lofty position among real estate educators and internet marketers.Tim is an industry leader who has acquired and exited well over $50 million worth of real estate and is currently an investor in over 2700 units of multifamily apartments.Connect with TimWebsite: Capital Raising PartyFacebook: Tim Mai | Capital Raising Nation Instagram: @timmaicomTwitter: @timmaiLinkedIn: Tim MaiYouTube: Tim Mai

On this episode of Best Ever CRE, Joe Cornwell interviews Aaron Yassin, founder of Hive Developers, to explore the intricacies of ground-up condo development in Brooklyn. Aaron shares a detailed breakdown of his latest 10-unit project in Bushwick, including how he sourced and assembled the property, navigated estate complexities, and leveraged zoning laws to maximize buildable square footage. He also highlights design-driven strategies that helped him presell 8 of the 10 units, emphasizing how thoughtful architectural and financial planning drove value and efficiency. The conversation dives deep into New York City zoning, due diligence pitfalls, and the creative ways developers can add value—like duplexing into below-grade space and avoiding costly elevator installs. Aaron Yassin Current role: Founder & Principal, Hive Developers Based in: Brooklyn, New York Say hi to them at: DesignDrivesValue.com (free eBook) TheJosephine.nyc (project showcase) LinkedIn – Aaron Yassin Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of the Best Ever CRE Show, Joe Fairless interviews Vince Gethings, a multifamily investor and founder of Tri-City Equity Group. Vince shares how he's scaled a portfolio of 10 apartment communities totaling 800 units and over $100M in assets under management. He discusses his integration of small business ownership—including a flooring company and home installation franchise—to support his real estate operations and cash flow strategy. Vince also dives into the EOS (Entrepreneurial Operating System) framework that he uses to manage his six companies, how he structures L10 meetings across them, and his evolving investment thesis—shifting from C-class value-add to newer, higher-quality multifamily assets in DFW. A candid story about a painful loan retrade underscores the importance of holding firm at the closing table. Vince Gethings Current role: Founder of Tri-City Equity Group; Owner of multiple businesses including flooring and installation companies; Successor to Jake & Gino's Vivo Profits Academy Based in: Dallas–Fort Worth, Texas Say hi to them at: vince@wheelbarrowprofits.com or visit vincegethings.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of The Horizon, John discusses the recent court ruling striking down President Trump's tariffs and its broader economic and real estate implications. He explains how the legal back-and-forth introduces uncertainty, raising recession risks and inflationary pressures, which in turn could stall business investment and construction. John then examines how various commercial real estate sectors—apartments, retail, office, and industrial—are likely to be impacted by the economic turbulence, highlighting apartments as a relative safe haven. He closes with a deep dive on the timing of buying and selling real estate in light of potential tax code changes, especially the return of 100% bonus depreciation, and why he believes long-term fundamentals still support strategic acquisitions. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Multifamily Mastery, John Casmon interviews Matt Faircloth to celebrate the launch of the new "Multifamily Mastery" segment on the Best Ever CRE Show. They dive into the concept of mastery—not as a destination but as a lifelong journey—and explore how multifamily investing embodies that evolving path. John shares his personal investing journey, from discovering multifamily through books like The ABCs of Real Estate Investing to building a career around scaling operations, acquisitions, and asset management. Together, they debunk myths around off-market deals, broker tactics, and the true responsibilities of asset managers, emphasizing current market strategies over outdated playbooks. Matt Faircloth Current Role: Founder & CEO of DeRosa Group, multifamily investor, author of Raising Private Capital Based in: New Hope, Pennsylvania Say hi to them at: derosagroup.com or on Instagram @themattfaircloth Go to https://zbiotics.com/BESTEVER  and use BESTEVER at checkout for 15% off any first time orders of ZBiotics probiotics. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Next Level CRE, Matt Faircloth interviews Veena Jetti, powerhouse real estate investor and founder of Vive Funds. They discuss market headwinds facing multifamily operators, including softening rents and homebuyer incentive programs eating into tenant demand. Veena shares how she uses creative concessions, AI-driven insights, and debt assumption strategies to stay ahead. The conversation also dives deep into mindset—why scarcity thinking holds investors back, and how gratitude, vulnerability, and community have helped Veena scale her business with resilience and clarity. Veena Jetti Current role: Founder, Vive Funds Based in: Dallas, Texas Say hi to them at: @veenajetti on Instagramor visit multi mastermind for her toolkit Go to https://zbiotics.com/BESTEVER  and use BESTEVER at checkout for 15% off any first time orders of ZBiotics probiotics. Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of the Passive Income Playbook, Pascal Wagner interviews Joel Friedland, a veteran industrial real estate investor and founder of Brit Properties. Joel shares his journey from cold-calling tenant leads in the 1980s to building a 100+ property portfolio—all purchased without using debt. He explains the appeal and stability of Class B industrial buildings in the Chicago market, his strategy of selling to users rather than investors for premium pricing, and the importance of investing with operators who prioritize safety and long-term thinking. Joel also offers a grounded take on reshoring trends, cautioning that labor shortages—not tariffs—will be the limiting factor for a U.S. manufacturing boom. Joel Friedland Current role: Founder of Brit Properties Based in: Chicago, Illinois Say hi to them at: www.britproperties.com Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices