Podcasts about praxis capital

Short term loan maturities are a death sentence in a down market, which is causing major pain for sponsors and Limited Partners. Since mid-2022, multifamily prices have plummeted as high as 40%, and transaction volume is down 80%. Class C, in particular, has taken the largest beating. Currently, lenders are giving loan extensions to sponsors who can raise more money, thereby reducing their exposure. In turn, the lenders are hoping they'll be able to foreclose at the end of the extension, and sell the properties in a better market. Brian Burke, President and CEO of Praxis Capital, has been through several cycles, and believes that 2025 will be a transition year for multifamily. 

In today's episode, Michael sits down with Brian Burke, CEO of Praxis Capital and author of The Hands-Off Investor. Brian shares why right now might be the perfect time to dive into multifamily investing - something he's never said before - even with high interest rates. He takes us through his journey from single-family rentals to large multifamily deals and explains the mindset changes that helped him scale up. Whether you're stuck with a few rentals or want to move into bigger deals, this episode gives you real steps to make it happen.For full episode show notes visit: https://themichaelblank.com/podcasts/session452/

Are you intrigued by the promise of passive real estate investing but concerned about the risks? In today's episode, we dive deep into the strategies that successful investors use to balance high returns with low risk. Joining us is none other than Brian Burke, a seasoned real estate investor with over 35 years of experience, author of The Hands-Off Investor, and founder of Praxis Capital. With nearly a billion dollars in real estate transactions funded by investor capital and a pristine track record of safeguarding investor principal, Brian has a wealth of insights to share. We'll explore critical factors that every passive investor should consider before diving into real estate syndications. From evaluating the experience and track record of your investment team to understanding complex financial structures like loan-to-value ratios and debt service coverage, Brian demystifies the elements that make or break a deal. He emphasizes a guiding principle in investing: It's easier to lose money than to make it. Therefore, mitigating risk must always be at the forefront of your investment strategy! What You'll Learn in This Episode

In this insightful interview, Brian Burke, author of The Hands-Off Investor and founder of Praxis Capital, shares his unique approach to real estate investing. We dive deep into why market psychology often matters more than the metrics, KPIs, or numbers. From his timely exits in 2004 and 2021 to his contrarian approach to buying during downturns, Brian reveals his secrets to surviving and thriving through multiple market cycles. If you've ever wondered how top investors navigate irrational exuberance and blood-on-the-streets moments, this video is a must-watch.

In this Topical Tuesday episode, I spoke with Brian Burke who is the President & CEO of Praxis Capital, Inc. Brian has acquired over 800 million dollars' worth of real estate over a 30-year career including over 4,000 multifamily units and more than 700 single-family homes. He is also the author of “The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications”.  Be sure to tune in if you're interested in learning about: The rise in distress across different lending sectors, with CMBS loans seeing notable increases. Regional multifamily opportunities, highlighting short-term potential in the Midwest and long-term value in the Sunbelt. The challenges and evolving strategies in value-add multifamily investing. Insights on vertical integration in property management and its complexities. To your success, Tyler Lyons Resources mentioned in the episode: Brian Burke Website Instagram Book Interested in investing with Asym Capital? Check out our webinar.   Please note that investing in private placement securities entails a high degree of risk, including illiquidity of the investment and loss of principal. Please refer to the subscription agreement for a discussion of risk factors. Tired of scrambling for capital?  Check out our new FREE webinar -  How to Ensure You Never Scramble for Capital Again (The 3 Capital-Raising Secrets). Click Here to register.   CFC Podcast Facebook Group

In this episode of Next Level CRE on the Best Ever Show, Brian Burke, CEO of Praxis Capital, joins host Matt Faircloth. Brian has acquired over half a billion dollars of real estate in his 30-plus years in the business, including more than 3,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, and constructed self-storage, but prefers to reposition existing multifamily properties. Brian discusses how to build a syndication business from scratch, including how to time the market based on psychology, the biggest misconceptions about multifamily properties, and the key hires he made that scaled his business from $30-40 million to $100 million. He also explains why he (almost) never visits the properties he buys and how he would build his business if he has to start over from scratch today. Brian Burke | Next Level CRE Praxis Capital Portfolio: 1,000 units +/- Based in: Santa Rosa, CA Say hi to him at: LinkedIn Sponsors: Altra Running Apartments.com  

Since mid-2022, multifamily prices have plummeted over 30% and transaction volume is down 80%. Class C, in particular, has taken a beating. In the Class A space, sales volume is starting to pick up as owners are being forced to sell by lenders or institutional partners in advance of impending loan maturities. In most markets, rents have stopped their decline and beginning to stabilize. In addition, rates may be plateauing and ready to decline. As these factors come into play, and as new inventory gets absorbed, we may be near the bottom and on our way back up to a full recovery. Brian Burke, President and CEO of Praxis Capital, has been through several cycles, and believes multifamily will rebound in 2025 and 2026.

In this new episode, Jason sits down with Brian Burke, a seasoned multifamily real estate mogul and the President and CEO of Praxis Capital. Brian shares his transformative journey from house flipper to managing over 4,000 multifamily units and raising $300 million in investor capital. The conversation explores how Brian has navigated various market cycles, particularly the severe downturn in the multifamily market, which he describes as more intense than the 2008 financial crisis. Brian's expertise in protecting investor capital through turbulent times and his strategic decision-making process provide invaluable lessons for both seasoned and aspiring passive investors. Key Takeaways: 1. Brian's Journey: - The transition from house flipping to multifamily real estate around 20 years ago. - Managing over 4,000 multifamily units, raising $300 million from thousands of investors without losing any investor capital. 2. Market Insights: - Current multifamily market downturn is described as more severe than the 2008 financial crisis. - Multifamily pricing has dropped by 30- 40% from its peak in early 2022. 3. Track Record and Investor Protection: -The importance of a strong track record, especially through various market cycles. -Brian's approach to protecting investor capital, including dipping into personal funds during challenging times to cover expenses and debt service. 4. Timing the Market: -Brian's strategy for selling properties during market peaks and buying duringdownturns. - Insights into market indicators and gut feelings that led to timely exits and entries in the real estate market. 5. Debt Structure and Risk Management: - The critical role of debt structure in real estate investments. - Avoiding high leverage and short-term bridge debt during uncertain marketconditions to mitigate risk. 6. Advice for Passive Investors: - Importance of vetting syndication sponsors' track records and market experience. Get in touch with Brian: www.praxcap.com IG: @investorbrianburke If you want to know more about Dr. Jason Balara and the Know your Why Podcast: https://linktr.ee/jasonbalara Audio Track: Back To The Wood by Audionautix is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/ Artist: http://audionautix.com/

Brian Burke is President / CEO of Praxis Capital Inc, a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian has acquired over 800 million dollars' worth of real estate over a 35-year career including over 4,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, and constructed self-storage, but really prefers to reposition existing multifamily properties. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and is a frequent public speaker at real estate conferences and events nationwide. www.PraxCap.com www.linkedin.com/company/praxcap www.linkedin.com/in/praxiscapital https://www.facebook.com/praxcap/ https://twitter.com/praxcap https://www.instagram.com/praxcap/ https://www.instagram.com/investorbrianburke Book:  www.BiggerPockets.com/SyndicationBook Summary Brian Burke, president and CEO of Praxis Capital, shares his insights on real estate investing and market cycles. He discusses his decision to sell off properties in 2021 and 2022, just before the market peaked, and explains the importance of recognizing market trends and investor behavior. Burke emphasizes the need for sellers to become fearful before a market bottom can be reached. He also provides advice for passive investors who may be experiencing challenges with their investments, including the importance of communication and due diligence. Takeaways Recognize market trends and investor behavior to make informed decisions in real estate investing. Sellers becoming fearful is a sign of a market top, while sellers becoming fearful indicates a market bottom. Communication is key for passive investors facing challenges with their investments. Due diligence is crucial when evaluating alternative investments. Invest with experienced sponsors who have successfully navigated market cycles. Titles Advice for Passive Investors Facing Challenges The Role of Communication in Passive Investing Sound Bites "Be fearful when others are greedy and greedy when others are fearful." "When sellers become fearful, that's when you've reached a market bottom." "Recognize what's going on with your investment and rule out any fraud or scam." Chapters 00:00Introduction and Brian Burke's Background 03:08Recognizing Market Tops and Bottoms 08:19The Importance of Fearful Sellers 25:04The Role of Communication and Due Diligence 28:30Investing with Experienced Sponsors 39:02Conclusion and Final Thoughts RANDY SMITH Connect with our host, Randy Smith, for more educational content or to discuss investment opportunities in the real estate syndication space at www.impactequity.net, https://www.linkedin.com/in/randallsmith or on Instagram at @randysmithinvestor Keywords real estate investing, market cycles, selling properties, market trends, investor behavior, passive investors, challenges, communication, due diligence

Curious about the secrets behind successful real estate investing? In this episode, you'll get a sneak peek into the strategies and lessons that have helped Brian Burke build a multi-million dollar real estate portfolio. Discover how to navigate market volatility, build a reliable investment team, and protect your capital. Tune in now for expert advice that could transform your real estate journey.     Key Takeaways To Listen For The importance of conservative underwriting and financing structures Lessons from the 2008 market crash and how they apply today Why you need to maintain your reputation and integrity as an investor  Strategies for building a successful real estate team in different markets Insights on current and future real estate market trends     Resources/Links Mentioned In This Episode The Hands-Off Investor by Brian Burke | Paperback and Kindle Rich Dad Poor Dad by Robert T. Kiyosaki | Paperback and Kindle Real Leaders Don't Do PowerPoint by Christopher Witt and Dale Fetherling | Kindle, Hardcover, and Paperback TED Talks by Chris Anderson | Kindle, Hardcover, and Paperback     About Brian Burke Brian is the President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. He has acquired over 800 million dollars' worth of real estate over a 30-year career including over 4,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, and constructed self-storage, but really prefers to reposition existing multifamily properties.   Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide.     Connect with Brian Website: Praxis Capital Instagram: @investorbrianburke     Connect With Us If you're looking to invest your hard-earned money into cash-flowing, value-added assets, reach out to us at https://bobocapitalventures.com/.     Follow Keith's social media pages LinkedIn: Keith Borie Investor Club: Secret Passive Cashflow Investors Club Facebook: Keith Borie X: @BoboLlc80554

Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets.Brian is the author of “The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications” and is a frequent speaker at real estate investment forums and conferences across the country.In this episode, we talked about:Brian's Bio & BackgroundAbout PraxisGetting DealsHow “The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications” Book was BornInvestor's Capital DeploymentDebt Fund2025 OutlookUseful links:https://praxcap.com/

Today's episode is about redemptive entrepreneurship and creating impact-driven businesses and nonprofits. Join Dave and Carly as they welcome guest Dan Reed, a partner at Praxis Capital. Praxis is a venture-building ecosystem with a redemptive imagination, supporting founders, funders, and innovators motivated by faith to address the major issues of our time. Dan is inspired by the potential of generous, forward-thinking capital to catalyze cultural transformation.  The group discusses the concept of redemptive entrepreneurship and ventures, exploring the importance of leadership qualities and ethical extremes within nonprofits and the business realm. Redemptive entrepreneurship emerges as a beacon of hope as the philanthropic world has been suffering in the last couple of years. Dan goes into the discernment between market and redemptive opportunities in entrepreneurship. Topics covered: The importance of invaluable qualities of redemptive leadership in both nonprofit and business contexts The power of the redemptive entrepreneurship method that aims to mend a broken system Creative problem-solving and ethical business practices How imagination-driven collaboration between nonprofit, business, and funder leaders can address social issues. Looking at how corporations can take responsibility for social and economic issues and the impact they have had. (EX. Patagonia)  We hope you enjoy our conversation with Dan Reed! Season Four of the Purpose & Profit Podcast is brought to you by: IMAGO CONSULTING Imago Consulting is an advisory firm that helps nonprofits and businesses grow through innovation. Innovation is the lifeblood of any growing organization. Imago publishes a weekly trends report called The Wave Report – learn more at www.imago.consulting and subscribe at www.imago.consulting/wavereport. VIRTUOUS Virtuous is a software company committed to helping nonprofits grow generosity. Virtuous believes that generosity has the power to create profound change in the world and in the heart of the giver. With that in mind, it's their mission to move the needle on global generosity by helping nonprofits better connect with and inspire their givers. Learn more about Virtuous at www.virtuous.org and download your free Nonprofit CRM Checklist at www.virtuous.org/checklist.  MASTERWORKS At Masterworks, their mission is to help you accomplish yours. They are a full-service agency for Christian organizations. Their emphasis on both mission & mastery makes us leading experts in moving hearts & minds to act. Masterworks has over 30 years of experience serving organizations through strategy, direct mail, digital, analysis, creative, & technology. Learn more about Masterworks at www.masterworks.agency. Special thanks to editor and sound engineer Barry R. Hill and producer Jenna Owens.

Join us on this enlightening episode of the Passive Investing from Left Field podcast, where we dive deep with Brian Burke, president and CEO of Praxis Capital. With over $800 million in real estate acquisitions, Brian shares his seasoned perspective on navigating the unpredictable real estate market, preserving capital, and strategizing investments for long-term success. Whether you're a new investor or a seasoned veteran, Brian's insights on current market trends and his prudent approach to investment offer invaluable lessons in cautious yet successful real estate investing. Don't miss out on these expert insights – tune in now!  About Brian Burke Brian Burke is President / CEO of Praxis Capital Inc, a vertically integrated real estate private equity investment firm, which he founded in 2001.Brian has acquired over 800 million dollars' worth of real estate over a 30-year career including over 4,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, and constructed self-storage, but really prefers to reposition existing multifamily properties. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and is a frequent public speaker at real estate conferences and events nationwide.   Here are some power takeaways from today's conversation:3:00 Has he lost any investor's money4:00 When is it the time to buy?6:30 Will rate caps go down? 8:43 Will escrow help with rate caps?11:03 Investor expectations18:11 debt funds23:12 Forecast for 2024 29:31 Floating rate debt 37:12 Syndicators in technical default of their loan covenant 39:46 Should LP invest in multifamily right now?41:22 Pref equity and rescue funds on underperforming deals45:07 How many investors should an LP invest with to diversify your portfolio 48:40 Bridge mortgage fund51:51 Podcast recommendation52:45 Contact Brian This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.       Resources Mentioned:Website: www.PraxCap.comLinkedIn: www.linkedin.com/company/praxcapLinkedIn: www.linkedin.com/in/praxiscapitalFacebook: https://www.facebook.com/praxcap/Twitter: https://twitter.com/praxcapInstagram: https://www.instagram.com/praxcap/Instagram: https://www.instagram.com/investorbrianburkeBook:  www.BiggerPockets.com/SyndicationBook Podcast Recommendations:Bigger Pockets: https://www.biggerpockets.com/Advertising Partners:Left Field Investors:https://www.leftfieldinvestors.com/Rust Belt Capitalhttps://rustbeltcapital.com/Left Field Investors - BEChttps://www.leftfieldinvestors.com/bec/

Today's Flash Back Friday episode is from #60 that originally aired on March 9th, 2015. Our guest for this week's show is Brian Burke who is the co-founder and managing director of Praxis Capital and CEO of Praxis Residential, which is a privately held RE investment firm based in Northern California who is active in both the single family and multi-family space and has completed well over $200 million in acquisitions. Brian and his team have been absolutely kicking butt and during this interview Brian shares with us some of his secret sauce that has attributed to his success as an investor, but I'll warn you ahead of time that the primary ingredients of this secret sauce are loads of hard work and thorough education. One of the most impressive parts of Brian's story is how he started his professional career as a police officer and invested in real estate in his spare time. In fact, he worked a full-time job for a # of years before taking the leap of faith into becoming a full-time real estate investor. In this show you're going to learn: How he was able to build a rental portfolio while working a full-time job The steps he took to self educate himself into becoming a real estate investor Why he feels it's critical to prove your investment concept with your own money before taking investors capital Learn the different fund structures that Brian uses for his different projects What markets he's excited about today and why What his crystal ball is telling him about the next few years His goal to underwrite 1 multi-family deal per day with the goal of buying 2-3 deals in 2015 And much more..   Recommended Resources Download my free success guide,  “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide Schedule a free "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2 Looking to invest in Mobile Home Parks? Want to partner with the industry experts? Check out http://www.SunriseCapitalInvestors.com Check out Brian's company @ www.PraxisCap.com   Check out our company and our investment opportunity by visiting www.SunriseCapitalInvestors.com Self DirectedIRA Investment Opportunity–Click Here: https://www.advantaira.com/partners/s... To Learn More About How You CanInvest With Us Through Your SDIRA Accredited Investors Click Here: https://sunrisecapitalinvestors.com/ to learn more about partnering with me and my team on Mobile Home Park deals! Grab a free copy of my latest book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park...and how to avoid them MobileHomeParkAcademy.com

There are indicators to help you time the real estate market. Brian Burke, author of The Hands-Off Investor, explains how he has successfully timed the market. Welcome to Pillars of Wealth Creation, where we talk about building financial freedom with a special focus in business and Real Estate. Follow along as Todd Dexheimer interviews top entrepreneurs, investors, advisers and coaches. Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Brian has acquired over 800 million dollars' worth of real estate over a 30-year career including over 4,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, and constructed self-storage, but really prefers to reposition existing multifamily properties. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide. You can connect with Brian on Instagram, www.praxcap.com or www.biggerpockets.com/syndicationbook Interested in coaching? Schedule a call with Todd at www.coachwithdex.com Connect with Pillars Of Wealth Creation on Facebook: www.facebook.com/PillarsofWealthCreation/ Subscribe to our email list at www.pillarsofwealthcreation.com Subscribe to our YouTube channel: www.youtube.com/c/PillarsOfWealthCreation

Since mid-2022, Commercial Real Estate prices have been in a freefall. Dramatic increases in Interest rates have pushed prices down, capital has dried up, and the market has come to a standstill. The lending industry, however, is varied and complicated, and no one quite knows what will transpire when loan maturities transpire. Unlike 2008-09, operations on most properties are sound, but unprecedented rate increases will saddle properties with more debt than they'll be able to service. Brian Burke, President and CEO of Praxis Capital, has been through several cycles, and believes the fallout from this phenomenon will not be as bad as many predict.

A career in real estate may start small, but over the years, with thoughtful actions, it can lead to more significant opportunities. Scaling to the next level isn't always easy, but it is definitely rewarding. On this episode of Zen and the Art of Real Estate, Jonathan's guest is Brian Burke, president and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm. Brian is also the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications. During his 30-year career, he's acquired over $800 million in real estate.  Jonathan and Brian dive into Brian's career in real estate, from purchasing foreclosures in the beginning to creating software for his real estate business and his shift to multifamily properties during the 2008 real estate crash. They also discuss why investors should diversify their asset classes, who Brian's investors are, and why he almost gave up on his real estate career during the 2008 real estate crash. Finally, Brian explains the current disconnect between buyers and sellers when it comes to fair property sale prices. With more than 30 years in real estate investing, Brian Burke's unmatched knowledge and experience make this a can't-miss episode. In this episode, you will hear: Brian Burke's first exposure to real estate when his parents received a foreclosure notice on their front door His start in real estate with foreclosures in the late 1980s, which led to Brian creating software to help him organize his business How he systematized his process for purchasing foreclosure properties, including inspections The organic scaling of Brian's business and why he changed paths to multifamily properties when he realized that foreclosures might eventually dry up Multifamily syndications and the requirement to stay involved for multiple years at a time What a debt fund is, and how it relates to an equity fund in syndications The importance of diversification of asset classes for investors and vetting who you're investing with How Brian Burke came up with the passive-investing topic for his book, The Hands-Off Investor Who his investors are and why you should be working with more than one sponsor The impact of 2008 on Brian's real estate career, the reason he almost gave up, and what he would do differently today Why some people come to syndications because they weren't good mini-operators on their own The disconnect between buyers and sellers when it comes to what a fair price is for property His advice for investors who want to get into the market now and where his business is going Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at http://www.trustgreene.com/podcast/zen/069 to download it. Supporting Resources: Praxis Capital website - www.PraxCap.com Find Praxis Capital on Facebook - https://www.facebook.com/praxcap/ Connect with Brian Burke on Instagram - https://www.instagram.com/investorbrianburke Praxis Capital on LinkedIn - www.linkedin.com/in/praxiscapital Connect with Praxis Capital on Twitter/X - https://twitter.com/praxcap Get Brian Burke's book - www.BiggerPockets.com/SyndicationBook Find Praxis Capital on Instagram - https://www.instagram.com/praxcap/ Website - www.streamlined.properties YouTube - www.youtube.com/c/JonathanGreeneRE/videos Instagram - www.instagram.com/trustgreene Instagram - www.instagram.com/streamlinedproperties TikTok - www.tiktok.com/@trustgreene Zillow - www.zillow.com/profile/Streamlined%20Prop%20eXp Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/streamlinedproperties Email - info@streamlined.properties Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Do you ever wonder how the real estate giants built their empires?

Passive investing is not just about finding the right deal; it's about finding the right sponsor who has the discipline, experience, and integrity to deliver consistent results for their investors through the ups and downs of the market. In this episode, Jim Pfeifer interviews Brian Burke, the CEO and Founder of Praxis Capital, about his journey to becoming a syndicator and authoring one of the most popular books on passive investing for investors, The Hands-Off Investor. Brian shares his experiences and insights on the multifamily market and its trends, as well as where he thinks it's headed. He also discusses different strategies such as how passive investors should change their analysis of a deal when cap rates, interest rates, and rent growth are in different places, and how to spread risk among different sponsors, property types, and asset classes. Tune in to learn how to invest passively and effectively in the multifamily market. To see the full show notes and transcript, click here.Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors' Community.Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

Welcome to the RE Social Podcast, your source for real estate investing tips! Joining us today is Brian Burke, President and CEO of Praxis Capital, Inc., a real estate private equity investment firm that he established back in 2001. Over his 30-year career, Brian has acquired over 800 million dollars worth of real estate, including over 4,000 multi-family units and more than 700 single-family homes. Brian is not only an experienced real estate investor but also a successful author. He wrote "The Hands-Off Investor," which is a valuable resource for anyone looking to get started with real estate investing. Brian is also a popular public speaker at real estate conferences and events nationwide, where he shares his knowledge and insights with others in the industry. Today, we get to hear about his investment journey, along with the lessons he learned the hard way and the strategies he uses to become such a successful real estate investor. Tune in to find out! Resources and Links Connect with Brian: https://www.linkedin.com/in/praxiscapital https://praxcap.com/our-team/ https://www.instagram.com/investorbrianburke/ https://www.instagram.com/praxcap/ https://www.facebook.com/syndicationbook/ Learn more about AnVi Invest

Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian and I discuss what it takes to go from 0 to over 4,000 units. For more information or to get started in multifamily investing, please visit: https://www.multifamilyinvestingacademy.com/.   

Interest rates are higher than anyone expected a year ago and they're continuing to rise. As a result, many purchasers of multifamily properties with high leverage bridge debt will not be able to get the extensions on their loans they anticipated and will be forced to refinance at rates the properties can't support without injecting more capital. At this point, they'll have to reach out to their investors to request more capital or sell at a loss. Either way, the outlook is not good. Brian Burke, CEO Praxis Capital and Author of the Hands-Off Investor, has been a real estate investor for over 30 years and says the debt component of these transactions will make or break these deals and that a lot of newer operators will have to face tough choices in the months to come.

Despite the volatile nature of the market, today's guest has consistently managed to get into deals when the market was good and get out when it was even better. Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity firm that he founded in 2001. Praxis now has over $5 billion of transactional experience in multi-family real estate. In this episode, Brian explains why he has been focusing on selling instead of buying over the past few years. He believes that his asset management superpower is to recognize opportunity and his success attests to this. To find out about his predictions for the market in the next 6 to 12 months, what data he wants to see before he reenters the market, and what areas or markets he has his eye on for future opportunities, tune in today!Key Points From This Episode:An introduction to Brian Burke and his career in real estate. Brian's focus on selling, as opposed to buying, over the past few years.  Insight into how much work is involved in selling a deal instead of just getting a deal. Brian's predictions for the market in the next 6 to 12 months. What data he wants to see before he reenters the market.The dangerous assumptions that investors are currently making in terms of rent growth.Markets or areas that have changed in the last year or two that Brian is keeping an eye on. How Brian was able to exit properties with a decent return despite unpaid rent during the COVID pandemic. Brian's asset management superpower to recognize opportunity. Links Mentioned in Today's Episode:Brian Burke  Praxis Capital The Hands-Off Investor Episode #2: Refinancing with Brian BurkeAsset Management Mastery Facebook GroupBreak of Day CapitalBreak of Day Capital InstagramBreak of Day Capital YoutubeGary Lipsky on LinkedIn

Do you want to know how you can start investing in something that's both sustainable and scalable? Tune in to today's episode with prominent investor Brian Burke as he shares actionable investing and mindset tips so you can cultivate a growth mindset and achieve what you believe today!WHAT YOU'LL LEARN FROM THIS EPISODE 3 components of growing your investor baseSmart ways to kickstart your real estate investing careerReasons and motivations to invest in multifamilyPractical investing strategies for any market conditionInvesting advice you can apply to various areas of your lifeRESOURCES/LINKS MENTIONEDThe Hands-Off Investor by Brian Burke https://amzn.to/3QvYRgQ BPCON 2022 https://web.cvent.com/event/a9286e8f-8766-4903-aadb-7b674caf3bf8/summaryKW Commercial Summit 2022 https://events.kw.com/event/kw-commercial-summit-2022/Real Estate Investing Forums, Tips, Advice https://www.biggerpockets.com/forumsWant to learn how to invest passively in real estate syndications? Check out Brian's book at https://biggerpockets.com/syndicationbook and get an insider's insights on real estate investing success!ABOUT BRIAN BURKEBrian is the President and CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms and manages active syndications for acquiring single-family, multifamily, and opportunistic residential assets in US growth markets. Throughout a real estate investment career that began in 1989, Brian's offerings have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Brian has arranged over $500 million in debt and equity for Praxis acquisitions, including single-family homes, self-storage, mixed-use, and large apartment complexes in multiple states. Praxis' current portfolio exceeds $200 million of real estate assets under management.CONNECT WITH BRIANWebsite:  https://praxcap.com/LinkedIn: https://www.linkedin.com/in/praxiscapital/Facebook:  https://www.facebook.com/praxcap/Twitter:  https://twitter.com/praxcapInstagram: https://www.instagram.com/investorbrianburke/CONNECT WITH USGreen Light Equity Group - http://www.investwithgreenlight.com/For a list of Virtual Meetups - Email: tate@glequitygroup.com | chelsea@glequitygroup.com Special Announcement! Tate's brand-new audiobook, “F.I.R.E.-Financial Independence Retire Early Through Apartment Investing” is downloadable! Go to: Green Light Equity Group: http://www.investwithgreenlight.com/.Do you have difficulty underwriting deals? Never worry about getting your numbers wrong with Real Estate Lab, a cloud-based platform for investors. Sign up at https://www.realestatelab.com/ using the promo code TAG2 to get 10% off your first 12 months. Automate your acquisitions and underwriting like a boss now!

Opportunistic multifamily deals can provide significant returns for investors, but by their very nature come with risks. In a time of economic uncertainty, many investors may wonder if more opportunistic projects will become available in the coming months. Brian Burke, President and CEO of Praxis Capital joins the show to share his insights on opportunistic deals, the multifamily landscape, and more.  Show notes: https://multifamilyinvestor.com/2022/08/brian-burke-046/

In the 90th episode of Cash Flow Pro, we talk with Brian Burke, President and CEO of Praxis Capital Inc. Brian first began his real estate investment career in 1989. Since then, he has acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Like other investors, Brian began with the fix and flip strategy, and then about 20 years ago, he got into multifamily. When he made a personal 1031 investment, he never looked back.   Brian is also the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications and a frequent public speaker at real estate conferences and events nationwide.   These are all the qualifications that make him the perfect candidate to discuss the uneasy waters that are expected in the real estate market.   Praxis Capital, Inc. is a vertically integrated real estate private equity investment firm. Their strategy involves combining an entrepreneurial approach with an institutional infrastructure. Together the executive team at Praxis combines more than 100 years and $5 billion of experience in the multifamily sector, including ownership and management of over 100,000 apartment units. The firm believes in “creating” value with every investment.     In this episode, we discuss: Upcoming changes in the real estate market: cap rate compression and increasing prices The perfect time to jump into real estate Understanding the finances behind real estate and dealing with debt Why no one is touching the Cali real estate market   If you are interested in learning how to navigate the current and up-and-coming real estate market conditions, make sure to tune in to this episode to find out more!   Find your flow, Casey Brown   Resources mentioned in this podcast: https://praxcap.com/ https://www.linkedin.com/in/praxiscapital/

In this week's episode I interviewed Brian Burke, President & CEO of Praxis Capital to discuss the following topics as it relates to commercial and industrial real estate: 0:00 - Introduction 1:10 - Cap rates are NOT a return metric 7:10 - Why are cap rates so popular? 8:38 - Cap rates vs unleveraged yields 12:30 - Cap rates & interest rates 15:01 - Valuating a deal (and how cap rates are used) 21:48 - Actual return metrics (IRR, cash-on-cash, equity multiplier) 30:20 - Looking for deals in today's market 35:50 - Active vs Passive real estate investing 39:44 - Manipulating cap rates 44:15 - Software for analyzing deals 47:40 - Forecasting rent growth 49:23 - A fantastic summary of cap rates -- About Brian: Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single family homes, self storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis' current portfolio exceeds $200 million of real estate assets under management. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide. Connect with Brian: LinkedIn: https://www.linkedin.com/in/praxiscap... Praxis Capital Website: https://praxcap.com/ -- ⚡ Become an Industrial Insider: https://www.youtube.com/c/ChadGriffit...

In the 11th episode of Purpose-Driven Wealth, your host Mo Bina and guest Brian Burke talk about why the detail-oriented reader-investor would love the book The Hands-Off Investor. After sharing the basic formula for cap rates in one chapter of the book, Brian answers the biggest misconception most have regarding cap rates. Here, he also shares his two cents on core competencies, the qualification and quantification of sponsors, and the balance he had to keep as an author. In this episode we covered: Don't wander too far away from your core competencies Is having market experience enough? Cap rates are just market forces Will cap rates compress, expand, or level off in the coming years? Brian Burke – on why he wrote the book The Hands-Off Investor and so much more! About Brian Burke:   Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily, and opportunistic residential assets in US growth markets.   Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single-family homes, self-storage, mixed-use, and large apartment complexes in multiple states.   Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis' current portfolio exceeds $200 million of real estate assets under management.   Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications and a frequent public speaker at real estate conferences and events nationwide.   Follow Brian Burke on:   Website:          https://praxcap.com/ LinkedIn:         https://www.linkedin.com/in/praxiscapital Facebook:       https://www.facebook.com/praxcap/ Twitter:            https://twitter.com/praxcap   The Hands-Off Investor, Book by Brian Burke: https://store.biggerpockets.com/products/the-hands-off-investor?variant=32588986974304&utm_source=magazine   Connect with Mo Bina on:   Website:          https://www.high-risecapital.com/ Medium:          https://mobina.medium.com/   For more information on passive investing in commercial real estate, please check out our free eBook — More Doors, More Profits — by clicking here: https://www.high-risecapital.com/resources-index      

One of the greatest risks to multifamily investing is financing. Many of today's newer operators are using heavily leveraged bridge debt to finance deals. If things don't go according to plan, they can get stuck unable to get extensions or refinance after an initial three-year term. When this happens, sponsors can lose their property. Brian Burke, CEO of Praxis Capital, has been in multifamily for over 30 years and shares his experience and wisdom on financing and many other aspects of multifamily investing. Learn more at https://www.streetsmartsuccess.com

In this episode, Paul speaks to Brian Burke about the fundamentals of investing in passive real estate syndications. They go in-depth about the main issue a passive investor should focus on before investing, and the steps to follow when looking for syndicators to choose from. They also discuss the rise of online platforms for crowdfunding in real estate, having in-house management for numerous locations and chasing opportunities to invest as we come out of Covid.About our guest:Brian Burke is President, founder & CEO of Praxis Capital, Inc., a real estate private equity investment firm. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. He is also a frequent public speaker at real estate conferences and events nationwide.You can find his book “The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications” on Amazon.Brian's LinkedIn: https://www.linkedin.com/in/praxiscapitalDisclaimer: This real estate podcast is for informational and educational purposes only, and does not imply suitability. The views and opinions expressed by the presenters are their own. The information is not intended as investment advice.For any inquiries or comments, you can reach us as info@indepthrealestate.com.

When it comes to real estate, Brian Burke is pretty much the man

Looking into hands-off investing in growth markets? In today's episode, we're going to dive into them! Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm which he founded in 2001. He currently manages active syndications in single family, multi-family, and opportunistic real estate assets across the United States. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications and a frequent public speaker in real estate conferences and events nationwide[00:01 - 03:02] Opening SegmentLet's get to know today's guest, Brian BurkeBrian shares his humble real estate beginnings[03:03 - 13:26] Investing Only in Growth MarketsHarvesting and Multiplying Investments“We are not in a parking business.”The Growth Process of Hands-Off InvestingHigh Barrier to Exit MarketsDealing with 17 Offers[13:27 - 19:57] Hard-Earned Growth LessonsThe Buyer and the Seller “Every lesson is learned the hard way.”Brian shares challenges he has faced in real estateRenter's InsuranceRaising capital to grow their portfolio earlier[19:58 - 22:37] Final Four SegmentResources MentionedThe Hands-Off InvestorTweetable Quotes“The returns get worse if you hold and they get better if you sell.” - Brian Burke“Being a seller teaches you a lot about how to be a better buyer.” - Brian Burke“I think I've seen it all but tomorrow will teach me that I have not. Everyday is a lesson.” - Brian Burke-----------------------------------------------------------------------------Connect with Brian Burke through: brian@praxcap.com, Instagram, BiggerPockets and LinkedIn. Check out his website https://praxcap.com/ and learn more on how to be a better real estate investor!Connect with me:I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. FacebookLinkedInLike, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in!Email me → sam@brickeninvestmentgroup.com

Looking into hands-off investing in growth markets?  In today's episode, we're going to dive into them!  Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm which he founded in 2001.  He currently manages active syndications in single family, multi-family, and opportunistic real estate assets across the United States.  Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications and a frequent public speaker in real estate conferences and events nationwide[00:01 - 03:02] Opening SegmentLet's get to know today's guest, Brian BurkeBrian shares his humble real estate beginnings[03:03 - 13:26] Investing Only in Growth MarketsHarvesting and Multiplying Investments“We are not in a parking business.”The Growth Process of Hands-Off InvestingHigh Barrier to Exit MarketsDealing with 17 Offers[13:27 - 19:57] Hard-Earned Growth LessonsThe Buyer and the Seller “Every lesson is learned the hard way.”Brian shares challenges he has faced in real estateRenter's InsuranceRaising capital to grow their portfolio earlier[19:58 - 22:37] Final Four SegmentBrian's advice to aspiring investors“It's a lot easier to lose a million dollars than to make a million dollars.”“Make money but don't get overconfident because it can come back to bite you.”How Brian stays on top of his gameGetting the best work-life balanceBrian's way to make the world a better placeImproving housing quality Giving people tips, tricks, and confidenceReach out to our guest - see links below Final wordsResources MentionedThe Hands-Off InvestorTweetable Quotes“The returns get worse if you hold and they get better if you sell.” - Brian Burke“Being a seller teaches you a lot about how to be a better buyer.” - Brian Burke“I think I've seen it all but tomorrow will teach me that I have not.  Everyday is a lesson.” - Brian Burke-----------------------------------------------------------------------------Connect with Brian Burke through: brian@praxcap.com, Instagram, BiggerPockets and LinkedIn.  Check out his website https://praxcap.com/ and learn more on how to be a better real estate investor!Connect with me:I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.  FacebookLinkedInLike, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!Email me → sam@brickeninvestmentgroup.com 

Brian started real estate investing after coming to know that it is quite possible to invest in real estate with no money down. He tried this idea out in the market and succeeded. Since then, there is no looking back. On this episode, Jake and Gino talk with Brian Burke. Brian is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. The key takeaways from the Podcast include the following: It takes commitment, education and action to succeed in real estate investing. Financing comes later. There are various creative ways to get started with multifamily investing with little to no capital investment. It needs to ask the right questions for an investor to succeed in real estate investing. Every asset class has its own risk and reward profile, and looking at the historic records, real estate is one of the most stable and vibrant asset classes. And within the real estate domain, multifamily real estate is indeed the top one. Avoid the Shiny Object Syndrome. Stick to your channels and focus on what you need to do to make it work. If Multifamily Investing has worked for so many people, it can work for you too. All you need is right education and action. Do you want to learn more about Multifamily Investing, join this complimentary training: https://bityl.co/6v71 Learn more about Brian: https://praxcap.com/

This week's Best Of episode features a clip from our interview with Brian Burke where he gives us free advice on how to avoid the common pitfalls in multifamily investing. Find out more about our investing opportunities here

Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily, and opportunistic residential assets in US growth markets.Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single-family homes, self-storage, mixed-use, and large apartment complexes in multiple states. Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis’s current portfolio exceeds $200 million of real estate assets under management.Brian is the author of The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide. 

After several years of consistent growth in the multi-family market, several markets continue to have strong projected gains in population growth, job growth, and appreciation. This growth, combined with rapidly increasing building costs, can be the perfect storm for even greater rent growth and appreciation in the years to come. Brian Burke, CEO and President of Praxis Capital, is always cautious, but remains bullish for multi-family at the right price, in the right markets, and with the right opportunities.

Find a sponsor, assess the deal, then invest money. Becoming a passive investor seems like an easy feat, but trust us, there is much more to it than that. Find out more about our investing opportunities here

Brian started out flipping homes 30+ years ago, and now he is working to grow his syndication company Praxis Capital https://praxcap.com/. He has been able to grow each business with one strategy and that's having a system in place and growing that one system to success. That rings true through the years he has put into his business. Brian is truly a great investor and his ability to manage a team while building great contacts to get deals done has made his reputation even better. Check out his book on syndications The Hands-Off Investor or you can find him and his book at biggerpockets.com Check us out: petermckernan.com

Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm. Brian invested over half a billion dollars into the real estate including over 3000 multifamily units and more than 700 single family homes. Brian is also the author of “The hands-off investor” - an insider`s guide to investing in passive real estate syndications and is a frequent speaker at Real Estate investment Forums and Conferences across the country. In this episode we talked about: The changes in real estate over the last 6 months Recovery from pandemic Pros and cons of funds and syndication Importance of diversification Property management Brian’s background and his first steps in Real Estate “The hands-off investor” book. Why did Brian write it? Passive investment  Limited partnership Brian’s thoughts on interest rates, inflation and economy of 2021 Resources and Links: https://www.linkedin.com/in/praxiscapital

Brian Burke is the President & CEO of Praxis Capital and the author of The Hands-Off Investor.  He has been investing in real estate for 30 years and has been a multi-family syndicator for 19 years. Brian has purchased over $500 million in real estate and raised over $200 million from investors and has never lost a penny of investor capital.  In this episode Brian talks about funds versus single asset investing, how to evaluate a sponsor and market and some red flags to look for when evaluating a deal.Brian talks about why they have recently shifted to a fund model rather than a single asset syndication.  He also discusses the importance of vetting the sponsor by asking them questions like, how long they have been a sponsor, how many deals have the invested in, how many exits they have had and how their past returns have compared to projections.  He talks about the importance and challenges in trying to ascertain the content of the sponsor's character. Brian recommends that you do your research including when you hear the sponsor on a podcast or at an event – that you listen to what they are saying and determine if it makes sense.Brian also talks about how he picks markets. He invests in markets that people are moving to and that have income growth and job growth which results in rent growth.He also talks about some red flags to look for when evaluating multi-family syndications; including debt, default ratio and rent growth. Podcast he recommends:Bigger PocketsTo connect with Brian go to www.praxcap.com and accredited investors can go to www.investwithpraxis.com.  Brian can also be found on the Bigger Pockets forum and on Instagram @investorbrianburke.If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

On today's show, we have Brian Burke. Brian is the President and CEO of Praxis Capital. After the 2008 crash, he decided to transition from being a fix and flipper to investing in multifamily properties. Today, he owns over 3,000 multifamily units. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications. Brian talks about how he broke into the multifamily space, reaching out to brokers, his first deal, and being a landlord during the pandemic. He also explains the benefits of being a passive investor, what to look for or avoid in a general partner, and major economic trends in the real estate market today. Tune in to learn from someone who has found great success in the multifamily real estate space. The Hands-Off Investor Book: www.biggerpockets.com/syndicationbook**BONUS CONTENT if you order it hereAlso available on Amazon & BookstoresPraxis Capital Website: www.Praxcap.comAccredited Investors Website (to learn about latest offerings) : www.investwithpraxis.com Instagram: Investorbrianburke 

On today's show, we have Brian Burke. Brian is the President and CEO of Praxis Capital. After the 2008 crash, he decided to transition from being a fix and flipper to investing in multifamily properties. Today, he owns over 3,000 multifamily units. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications. Brian talks about how he broke into the multifamily space, reaching out to brokers, his first deal, and being a landlord during the pandemic. He also explains the benefits of being a passive investor, what to look for or avoid in a general partner, and major economic trends in the real estate market today. Tune in to learn from someone who has found great success in the multifamily real estate space. The Hands-Off Investor Book: www.biggerpockets.com/syndicationbook**BONUS CONTENT if you order it hereAlso available on Amazon & BookstoresPraxis Capital Website: www.Praxcap.comAccredited Investors Website (to learn about latest offerings) : www.investwithpraxis.com Instagram: Investorbrianburke 

Forrest Corral serves as the Chief Investment Officer (CIO) for Praxis Capital, responsible for investment strategy, acquisitions, and dispositions of the company.As the CIO, he has managed to convert more than 3,000 multifamily units into condominiums, which is only one of his many achievements in his over 25 years of experience. Today, he joins us to talk about the steps he’s taking to add tons of value to his company and to the industry in general. Listen to Forrest and learn how he’s buying billions of dollars of multifamily! [00:01 - 06:46] Opening SegmentLet’s get to know Forrest CoralA “financial mercenary”He talks about his humble beginnings in real estate[06:47 - 16:08] Build Generational Wealth Why “timing is everything” for ForrestDo you want to build generational wealth?Real estate is a way to goThe secret to starting your real estate career[16:09 - 28:27] Find the Available Data Forrest shares their approach to look for deals The metrics you should consider when looking for markets The role of natural disasters in driving up real estate demand[28:28 - 40:10] Don’t Always Rely on Gut FeelingHow Praxis Capital leverages the skillsets of its members Don’t trust your gut feeling all the timeForrest explains Are you planning to buy new multifamily deals?Here are Forrest’s advice for you What he means by “buy and watch”[40:11 - 49:52] Closing SegmentThe foundation of success and reason for failure for Forrest Connect with Forrest! Links belowFinal words from Forrest and meTweetable Quotes: “If anybody is thinking about being in this business, it’s just about starting and it’s about not giving up.” - Forrest Corral “You could be lucky some of the [time] but you can’t be lucky all the [time] with your gut. You gotta look at facts” - Forrest Corral Resource mentioned:Ernst & YoungBrian BurkeBook: The Hands-Off Investor------------------------------------------------------------------------------------------Connect with Forrest on LinkedIn and Instagram. Check out Praxis Capital, Inc and their Twitter, Facebook, Instagram, and LinkedIn pages. Guest email: forrest@praxcap.comConnect with me:https://www.5tcre.com/FacebookLinkedInInstagramWatch 5T CRE on YouTubeLeave us a review and receive your free ebookEmail us --> abel@5tcre.comSupport the show (https://www.buymeacoffee.com/5Talents)

Brian Burke is a 30-year real estate investor, a public speaker, and the author of “The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications.”He has used his decade’s worth of experience in real estate to lead Praxis Capital, Inc., a vertically integrated real estate private equity investment firm that combines entrepreneurship and institutional infrastructure in their approach. Brian joins us today to share his real estate journey and talk about this specific investment vehicle to raise capital. Listen to Brian and learn more about blind pool funds! [00:01 - 04:59] Opening SegmentLet’s get to know Brian BurkeHow did he end up in the real estate space? [05:00 - 13:36] Building a Track Record and Reputation How Brian and his team managed the pandemic in 2020 The reality about multifamily investing for BrianAre you a passive investor? Listen to Brian’s pitch about his new book! [13:37 - 28:52] Knowing Blind Pool FundsBrian breaks down the blind pool fund Brian’s “ridiculously simple” step to get started in real estateHe talks about his approach in building partnerships[28:53 - 38:21] Growing Naturally in Incremental Steps His transition to multifamily syndication Brian shares how he has grown their company Connect with Brian! Links below[38:22 - 45:06] Closing SegmentWhy you should sign up for BiggerPockets Final words from Brian and meTweetable Quotes:“You have to do something that you can actually accomplish and use that as a stepping stone to the next thing that you’re gonna accomplish.” - Brian Burke“Don’t find a duplicate of yourself as a partner. Find somebody that brings something you don’t.” - Brian BurkeResource mentioned:The Real Estate Syndication ShowBrian’s book: The Hands-Off InvestorBiggerPockets BiggerPockets Real Estate Podcast‬------------------------------------------------------------------------------------------Connect with Brian on LinkedIn and Instagram. Check out Praxis Capital, Inc and their Twitter, Facebook, Instagram, and LinkedIn pages. Guest email: brian@praxcap.comConnect with me:https://www.5tcre.com/FacebookLinkedInInstagramWatch 5T CRE on YouTubeLeave us a review and receive your free ebookEmail us --> abel@5tcre.comSupport the show (https://www.buymeacoffee.com/5Talents)

The High Level Professional Real Estate Investor Brian Burke shared his opinion about the differences of a Dealer and Sponsor with other HIGHLY important topics that he discussed in the book. Brian Burke is the President & CEO of Praxis Capital, Inc., and a Podcaster at BiggerPockets and other Multifamily Investing Podcasts. He is also a speaker and an author. He released a book last year entitled “The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications”. He's been investing for decades and raising hundreds of millions of dollars and done hundreds of deals at this point.  Don't miss this incredible episode that gives you or contributes to your knowledge and experience on how to become a successful Real Estate Investor from Brian Burke himself. We discuss topics like: Brian Burke's background and how he got interested in Real Estate. Brian's inspiration and motivation to write his latest book that would be beneficial to both passive and active investors. Deal vs. Sponsor: Why Brian Burke believes that one is more important than the other. Some of the criteria you must look for in an excellent Sponsor. The transition from being an Average Investor to Excellent Sponsor. Ways on how you can be of value to your investors. Ideas on how can we find and gain the trust of new investors as well as retain our current database of investors. Learning how to stay on top of mind to our investors. Ways on keeping a consistent flow of deals to your company.  The Best TIPS for exceeding as a Multifamily syndicator. Future plans of  “Praxis Capital” for 2021. Pod Decks Segment. “Core Four” Segment. Favorite Real Estate Related Book. Unique skill is that helped you become successful? Tell me something that's true about real estate that almost nobody agrees with you on. The one piece of advice would you give to our listeners wanting to succeed in real estate investing. Book: The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications https://store.biggerpockets.com/products/the-hands-off-investor?variant=32588986974304&utm_source=magazine Resources: https://praxcap.com/ https://www.instagram.com/investorbrianburke/ For more information about Ferrari Capital visit us on our website @ https://www.ferraricapital.com  If interested in doing any deals with us and want to keep updated on any upcoming new deals, just sign up at the link below and you'll be in our investor list: https://www.ferraricapital.com/partnership To grab a copy of our free Ebook: “The Ultimate Guide to Investing in Multifamily Syndications”, just provide us your email on our homepage and will send that right over to you.

Brian Burke, Author and Founder of Praxis Capital, joins us to discuss lessons learned over a 30 year career investing in multifamily and a variety of other real estate asset classes. Connect with Brian at www.PraxCap.com

Brian Burke has acquired over half a billion dollars' worth of real estate over a 30-year career, including over 3,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, and constructed self-storage, but really prefers to reposition existing multifamily properties.  Brian is the President / CEO of Praxis Capital and the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications. [00:01 – 08:35] Opening Segment I introduce and welcome our guest, Brian Burke. Brian talks about what he and Praxis Capital has been up to Quick plug to Brian's book title “The Hands-Off Investor.” Grab a copy on http://www.biggerpockets.com/syndicationbook (www.biggerpockets.com/syndicationbook) for bonus content offered by the publisher. [08:36 – 24:13] Struggle of Building a Business Why real estate? Brian shares his journey to investing in real estate Brian shares a story from his first job working at a grocery store DBA – filing a fictitious business name until you find interested investors Quitting his job and transitioning to being a full-time real estate investor  [24:14 – 34:25] Acquiring $500-Million in Real Estate Brian talks about his “AHA!” moment. Brian shares the process of building up their portfolio. A 10-year long journey to profitability [34:26 – 48:02] The Hands-Off Investor Why did you get involved in BiggerPockets? Writing his book titled “The Hands-Off Investor.” Brian's advice to a passive investor looking to invest with an operator [48:03 – 53:31] The Contrarian 3-Pack What would you say is the most contrarian investment you've made? Foreclosures  What's your favorite activity to do with your friends and family outside of work? Flying airplanes What actions, whether within work or family, offer you the most fulfillment in life? The life I've created at home and the things that I've been able to see my investors benefit from. Get in touch with Brian. See the links below. Tweetable Quotes: “Once in a while, you're gonna go through some challenging times and some difficulty. Ultimately, it's a growth opportunity, and I wouldn't be where I am today or who I am today if I didn't go through those challenges.” – Brian Burke “If I could educate [investors] a little bit on kinda what to look for and what's important and what's not important. That'll help people avoid some of the mistakes that they otherwise would make.” – Brian Burke   Resources Mentioned: https://www.biggerpockets.com/ (BiggerPockets) https://www.biggerpockets.com/podcast (BiggerPockets Podcast) https://www.biggerpockets.com/blog/2013-01-31-raising-money-getting-started (BiggerPockets Podcast 003 with Brian Burke)   Get in touch with Brian onhttps://www.biggerpockets.com/ ( BiggerPockets),https://www.instagram.com/investorbrianburke/?hl=en ( Instagram), and their websitehttps://praxcap.com/ ( https://praxcap.com/). Interested investors can head over tohttp://investwithpraxis.com/ ( http://investwithpraxis.com/). LEAVE A REVIEW + help the podcast grow by sharing it with your friends, family, or someone in need. Follow me on https://www.linkedin.com/in/joblanto/ (LinkedIn) or visit our http://contrariancashflow.com/ (website) to know more.  Think Different. Earn Different. Live Fulfilled.

We interview Brian Burke, CEO of Praxis Capital and author of "The Hands Off Investor".

Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single-family homes, self-storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis’ current portfolio exceeds $200 million of real estate assets under management. Brian is the author of The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide. --- Support this podcast: https://anchor.fm/multifamilymavericks/support

Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single-family homes, self-storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis' current portfolio exceeds $200 million of real estate assets under management. Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide.

Brian Burke has an extensive real estate background where he has been investing in real estate for over 30 years and is the founder, president and CEO of Praxis Capital, a real estate private equity investment firm. He has purchased more than 750 properties, including over 3,000 multifamily units, worth more than half a billion dollars and has raised $100 million-plus from individual investors. Brian is also the author of “The Hands-Off Investor”: An Insider’s Guide to Investing in Passive Real Estate Syndications.Connect with Brian:Order your copy of “The Hands-Off Investor”: An Insider’s Guide to Investing in Passive Real Estate SyndicationsPraxis Capital - praxcap.comFollow Praxis Capital on Instagram and Twitter at PraxCapFollow Brian on Instragram at InvestorBrianBurkeConnect with Brian on BiggerPockets.comLearn more about investing with Brian at Investwithpraxis.com

  Brian Burke is a real estate entrepreneur with over half a billion dollars’ worth of real estate over his 30-year career, including over 3,000 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. He has subdivided land, built homes, and constructed self-storage, but really prefers to reposition existing multifamily properties. Brian is the President & CEO of Praxis Capital, he and his team have over $200 million in assets under management, with a focus on acquiring underperforming residential real estate assets in growth markets that they can transform through renovation and repositioning. He is also the author of "The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications".   In this episode, Brian will be explaining how to discover opportunities in real estate and be successful.   

Having that "ONE" life-changing idea is better than pitching out millions that will lead you to nothing. That's why Brian Burke's mantra is "Quality over Quantity." Brian is the CEO of Praxis Capital, and he is the No.1 go-to guy when I think about real estate syndicators who got the experience and background for the job.[00:01 – 05:25] Opening SegmentBrian shares why he is a "quality over quantity" guy[05:26 – 09:53] What's your favorite thing about real estate investing?Brian talks about what hooked him into real estate investingThe challenges Brian and Praxis Capital faces in the COVID-19 pandemic[09:54 – 18:49] The Hands-Off InvestorBrian talks about his book, The Hands-Off InvestorMostly centered around Multifamily SyndicationsDiversify your assetsSyndications: not a get rich quick type investment platform[18:50 – 26:48] The FINAL FOURWhat's the worst job that you ever had?My first job. I was bagging groceries.What's a book you've read that has given you a paradigm shift?TED Talks by Chris AndersonReal Leaders Don't Do PowerPoint by Christopher Witt and Dale FetherlingWhat is a skill or talent that you'd like to learn?Flying Helicopters and getting the licenseWhat does success mean to you?"I think that success is about good work-life balance."Connect with Brian online. See the links below.Final words from me Tweetable Quotes:"If I'm gonna say something, I want it to mean something to someone and help somebody." – Brian Burke"I find it really important for our business that we have multiple streams of incomes from many different strategies so that we're not in a position where we are forced to transact just to keep the lights on." – Brian Burke Resources Mentioned:Steal the Show by Michael Port You can connect with Brian on Instagram and BiggerPockets. Visit their company website https://praxcap.com/ to know more. WHERE CAN I LEARN MORE?Be sure to follow me on the below platforms:Subscribe to the podcast on Apple, Spotify, Google, or Stitcher.LinkedInYoutubeExclusive Facebook Groupwww.yonahweiss.comNone of this could be possible without the awesome team at Buzzsprout. They make it easy to get your show listed on every major podcast platform.Support the show (https://www.buymeacoffee.com/weissadvice)

Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity firm and in the past 30 years has acquired over half a billion dollars in real estate. He has been in a previous episode about 5 years ago, episode 305, and in today's episode he will be sharing why he wrote the book “The Hands-Off Investor”  which is catered to the passive investor to teach them the ins and outs of investing Brian Burke Real Estate Background: President & CEO of Praxis Capital a vertical integrated real estate private equity firm In the past 30 years has acquired over half a billion dollars in real estate; 3,000 multifamily units & 700 single family homes using proprietary software Can be found in a previous episode Author of “The Hands-Off Investor” Based in Santa Rosa, CA Say hi to him at:   Best Ever Book:       for more info on PropStream Best Ever Tweet: “Don’t take on too much debt” - Brian Burke  

A lot of people think that building wealth takes an insane amount of talent and amazing background. The President and CEO of Praxis Capital, Inc., Brian Burke, joins this episode to prove that wrong. He shares his origins along with the perception and mindset that he used in order to build his wealth and turn his life around. Learn about the tactical methods he uses in order to offset capital gains tax in great detail. Understand why it’s necessary to focus on your own niche while being flexible at the same time. Brian also emphasizes the importance of variety when you invest. He discusses easy and practical strategies for you to diversify your risk as a way to not only create but also preserve more wealth, both for yourself and your partners. Love the show? Subscribe, rate, review, and share!Here’s How »Join the Capital Gains Tax Solutions Community today:capitalgainstaxsolutions.comCapital Gains Tax Solutions FacebookCapital Gains Tax Solutions Twitter

I have the special honor of speaking with Brian Burke, founder and CEO of Praxis Capital, a vertically integrated real estate private equity firm that has over $200 million dollars of assets under management and over 3000 doors. Brian shares his story of how he fell into real estate and built up a successful business flipping homes and acquiring them at auction, how he managed to start his first fund after pitching his coworkers when he quit his job, and how Praxis has pivoted from a single family flipping focused fund to a multifamily focused fund.

Join Duc and Vince as we talk with Brian Burke about how to be a hands-off investor. Brian is the CEO of Praxis Capital and has acquired over half a billion dollars' worth of assets over 30 years. He has never lost a nickel of investor's money during his career!  Brian gets into his “buy and watch” approach, which is useful during the current market climate. Usually, investors go into deals with a fixed mindset of either “buy and sell” or “buy and fix.” The “buy and watch” strategy gives more room to be flexible and see what makes sense. What Praxis Capital does is when they buy a property, they improve everything to improve the income stream, and wait for the right time to exit! Stay tuned to hear more from Brian! Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets.  Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single family homes, self-storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis' current portfolio exceeds $200 million of real estate assets under management.  Brian is the author of The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide.   Outline of the Episode:  More than twenty years of using investor money to acquire real estate through many market cycles. A passion for providing passive cash flow for other people. A disaster of a deal and coming to understand the enormous impact that an adverse economic climate can bring. The similarities with Hurricane Harvey and COVID. Job loss, income loss, no evictions, and inability to go anywhere. Gauging when the effects on real estate from COVID are going to normalize. Reminding the responsibility to pay rent and conveying the message that you're on their side. The “buy and watch” strategy, not a “buy and flip” nor a “buy and hold” type of investor. Going vertically integrated, bringing everything in house, and managing properties that are in their own portfolio. Value-add opportunities and cutting expenses. They combined a 255 unit property with a 284 unit property, creating ten to fifteen million dollars' worth of value in 18 months! Homerun hurdles and setting yourself up for grand slams. Putting more focus on driving revenue instead of cutting costs on expenses. Improving public speaking skills as a real estate sponsor. Power in economic cycles. Don't get too happy chasing after get-rich-quick schemes! A cautious and conservative business, not allowing any losses on investors' money for over 20 years! Learning the ropes as a passive or active investor.   Resources: ·      Brian Burke LinkedIn ·      Brian Burke on Bigger Pockets ·      The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications ·      Praxis Capital ·      Upside: Profiting from the Profound Demographic Shifts ·      TED Talks: The Official TED Guide to Public Speaking  Connect with The Cashflow Project! ·      Tri-City Equity Group Facebook | Instagram | YouTube | LinkedIn

Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 3,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single family homes, self storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $500 million in debt and equity for Praxis acquisitions. Praxis’ current portfolio exceeds $200 million of real estate assets under management. Brian is the author of The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications, and a frequent public speaker at real estate conferences and events nationwide. In this episode, Brian shared how he started in real estate, his humble beginnings, the type of his first deals, flipping homes, in depth explanation of real estate syndication, its advantages and disadvantages, cash flow and returns. We also talked about his book "The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications" and many MORE!   Quotes: ”If you don't have the money you can't buy the real estate. It's like showing up to the department store and you don't have your credit card with you.” “I knew that real estate was the path for me and I just kept persevering in it.”   Resources and Links: https://praxcap.com/ BiggerPockets-Brian Burke

Would you agree that economic fluctuations have a massive impact on investment performance? How do you underwrite deals and turn them into a recession-proof investment?   Brian Burke has been on major market crashes in history, talks about his 30 years of experience. He is the founder of Praxis Capital, Inc. with the current portfolio exceeds $200 million of real estate assets under management.   "Underwrite your acquisition under the assumption that something bad is gonna happen." -Brian Burke

There are tons of books out there that teach you how to invest in real estate syndications with other people’s money. But what if you’re the ‘other people’? What resource teaches you how to evaluate opportunities and pick the right sponsor to trust with your money? Brian Burke is the President and CEO of Praxis Capital, a private equity investment firm that focuses on repositioning multifamily properties. An expert real estate syndicator and investor, he has acquired 3,000 multifamily units and 700 single family rentals in his 30-year career. Brian is also the author of the new book, The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications. On this episode of Apartment Building Investing, Brian joins me to explain why passive investors need to look beyond returns when comparing syndication opportunities. He discusses why the sponsor is a more important consideration than the market or the deal itself, sharing the cautionary tale of an investor who lost her life savings to an unethical syndicator. Listen in for Brian’s insight on the benefit of investing in a non-correlated asset like real estate and learn what questions to ask as you evaluate different investing opportunities. Key Takeaways The cautionary tale Brian included in The Hands-Off Investor Grocery clerk sold fourplexes to invest in TIC syndication Sponsor ran off with money and she lost life savings The three indicators used to measure the performance of a real estate investment IRR Cash-on-cash return Equity multiple Why passive investors must look beyond returns when comparing opportunities Sponsor can manipulate what forecasted cashflows will be Look at what’s behind numbers to determine if reasonable Why the sponsor is more important than the market or the deal itself Bad sponsor can ruin good investment in great market Take time to determine moral character, track record What secrets sponsors don’t want passive investors to know Hidden asset management fees Treatment of bad debt How distributions made The pros and cons of being a passive investor in multifamily syndications Professional edge (make more money working with expert) Give up control, can’t exit if don’t like what’s happening The benefit of investing in non-correlated assets like real estate Drop in stock market unlikely to impact real estate Reduces any single point of failure in portfolio Brian’s advice for skeptical investors looking at multifamily real estate Look at where world’s wealth made Minimize risk with balanced portfolio Connect with Brian Burke Praxis Capital Praxis Capital on LinkedIn Praxis Capital on Facebook Praxis Capital on Twitter Praxis Capital on Instagram Resources The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications by Brian Burke Brian on Apartment Building Investing EP005 Purchase the Replay of Deal Maker Live Join the Nighthawk Equity Investor Club Download Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate? Podcast Show Notes Michael’s Website Michael on Facebook Michael on Instagram Michael on YouTube Apartment Investor Network Facebook Group

In this episode, Jonathan Farber interviews Brian Burke on his journey from his first single-family rental to buying over half a billion dollars in property. Brian is based in Santa Rosa, California, and is the president and CEO of Praxis Capital, a vertically integrated real estate private equity investment firm. Brian has wide experience in nearly every type of real estate investment. In this episode, we unpack topics like balancing research and execution, blocking out noise and taking action, handling recessions, and more! Top Takeaways: How to balance research and execution - 19:00 - 22:00 The amount of research you put into your operation should match the operation you want Preparing for years might seem like overkill but it lays a foundation that will last for decades Preparing for months might get you transacting sooner but may run out sooner Taking action without preparation is waste How to block out noise and take action - 28:15 - 30:40 Find a market with sustainable job growth, population growth, and income growth Those factors correlate directly with demand Any other noise doesn’t matter How to handle a recession - 31:00 - 37:20 Always consider the risk exposed when underwriting a potential acquisition Waiting for a recession to buy in probably won’t work - all recessions are different Buying with more equity keeps you out of debt trouble if things go wrong 1% of the property value is a liberal rule of thumb for cash reserves How to bring value to Brian Burke: Marketing of any kind is useful Providing a home to a veteran through charity Resources: Book by Brian Burke: The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications Aheroshome.org - Helps to provide a home for a veteran Social Links: BiggerPocket’s Profile: biggerpockets.com/blog/contributors/brianburke Company Website: praxcap.com Connect With The host, Jonathan Farber Here! LinkedIn: https://www.linkedin.com/in/jonathanfarber1/ Instagram: @jonjfarb FaceBook: https://www.facebook.com/jonathan.farber.9 Facebook Group: Real Estate Mentorship Mastermind BiggerPockets: https://www.biggerpockets.com/users/JonathanF29

Brian Burke is one of the most sought after multifamily investors, and today we get to chat with him about his humble beginnings, how he went from flipping homes while bagging groceries in the early '90s, to currently controlling over 3,000 multifamily apartments units. We talk about launching his real estate private equity firm Praxis Capital in 2001, how his firm has navigated (and been pleasantly surprised by) the effects of Coronavirus on their overall portfolio performance, and how much fun he has going to the office everyday.

In today's episode, Brian Burke shares his story about building a real estate company into an empire of more than 3,000 multifamily units. Brian talks about the basics of real estate investing and syndication, and what it's like to run a real estate fund. Currently, Brian is the CEO of Praxis Capital, a real estate private equity firm based outside San Francisco. Brian has acquired over half a billion dollars' worth of real estate over a 30-year career including more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes, constructed self-storage, and repositioned existing multifamily properties. In addition, Brian is the author of “The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications” and is a frequent guest on the Bigger Pockets real estate podcast and at conferences across the U.S. We hope you learn and get some value out of today's episode!

With a recession already underway, we're turning to an investor with 30 years of experience, 3,000-plus multifamily units acquired, and one of the sharpest minds in real estate.Brian Burke is back today, and he sits down with Brandon and David to offer his interpretation of current events and to guide our audience through how to invest passively without violating Warren Buffett's No. 1 rule: "Never Lose Money!"Brian explains how his firm Praxis Capital is navigating COVID-19 and shares a few tips everyday investors can use to fortify their portfolios. We also discuss leverage, how lending practices are changing, and techniques you can use today to safeguard your investments against vacancy and drops in valuation.In the second half of the show, Brian speaks to those interested in becoming "hands-off" investors—whether you want to focus on making money in your day job or just don't want to deal with being a landlord. After all, BiggerPockets has 10-plus books on how to actively get deals done... but none (until now) on how to evaluate passive investment opportunities.We go over how to meet syndicators, what red flags to look for, how to diversify your investments... and the absolute No. 1 quality to look for in a passive investment (hint: it's NOT the deal itself).This episode is packed with deep insights into the current market shift, but it's also a timeless lesson in evaluating syndication opportunities.For more info, check out Brian's new book, The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and all the great bonus content, too.In This Episode We Cover:How Brian got his start raising capital from his cop buddies"Bulletproof vests" investors can use to survive right nowBrian's definition of "over-leveraged"Why Brian is currently more focused on operations than acquisitionsHow government stimulus $ may affect the real estate marketHow and where passive investors meet syndicatorsThe #1 quality passive investors should look for in a syndicatorWhy the deal sponsor is more important than the deal itselfDiversifying your passive investment portfolioRed flags to look for when evaluating syndicatorsWhy "alignment of interests" is overratedThe lesson he learned from a friend who lost her life savingsLinks from the ShowBiggerPockets ForumsBiggerPockets WebinarsBiggerPockets Business PodcastReal Estate Rookie PodcastBiggerPockets Money PodcastBiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian BurkeBiggerPockets Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian BurkeBiggerPockets Podcast 152: Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge ShukhatBiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert GreeneBiggerPockets BRRRR GuideBiggerPockets BookstoreCheck the full show notes here: http://biggerpockets.com/show378

With a recession already underway, we're turning to an investor with 30 years of experience, 3,000-plus multifamily units acquired, and one of the sharpest minds in real estate. Brian Burke is back today, and he sits down with Brandon and David to offer his interpretation of current events and to guide our audience through how to invest passively without violating Warren Buffett's No. 1 rule: "Never Lose Money!" Brian explains how his firm Praxis Capital is navigating COVID-19 and shares a few tips everyday investors can use to fortify their portfolios. We also discuss leverage, how lending practices are changing, and techniques you can use today to safeguard your investments against vacancy and drops in valuation. In the second half of the show, Brian speaks to those interested in becoming "hands-off" investors—whether you want to focus on making money in your day job or just don't want to deal with being a landlord. After all, BiggerPockets has 10-plus books on how to actively get deals done... but none (until now) on how to evaluate passive investment opportunities. We go over how to meet syndicators, what red flags to look for, how to diversify your investments... and the absolute No. 1 quality to look for in a passive investment (hint: it's NOT the deal itself). This episode is packed with deep insights into the current market shift, but it's also a timeless lesson in evaluating syndication opportunities. For more info, check out Brian's new book, The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and all the great bonus content, too. Click here to listen on BiggerPockets.

Passive investing in real estate has traditionally been a great way for investors to add income streams and diversification to their portfolios. But what happens when passive investing takes a turn for the worse? In this episode, Adam Torres and Brian Burke, President & CEO at Praxis Capital, explore the ins and outs of what it takes to successfully invest in real estate as a source of passive income. Follow Adam on Instagram athttps://www.instagram.com/askadamtorres/ for up to date information on book releases and tour schedule.Apply to be interviewed by Adam on our podcast:https://missionmatters.lpages.co/podcastguest/

Brian Burke is President & CEO of Praxis Capital, Inc. Brian currently manages active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Over the course of a 30+ year real estate investment career Brian has acquired over 750 properties, including over 2,500 multifamily units. As a recognized real estate expert, Brian has been a frequent speaker at real estate forums and conferences. He has also served as co-host and real estate expert on the Fox News Radio show, “The Best of Investing”. Brian is married and has lived in Northern California for over 30 years. An avid aviation enthusiast, he is a licensed instrument-rated airplane and helicopter pilot. Find Brian Here Brian on Bigger Pockets   Bannock Capital Youtube and Training Connect with me on BiggerPockets

Brian Burke is the CEO and founder of Praxis Capital, a real estate investment firm that specializes in multifamily and single-family homes. Brain shares his incredible story about how he got into real estate and made his first deal with no money down, which eventually led to building a nationwide company with over $200 million in assets. He also has a new book coming in the spring of 2020 called “The Hands-Off Investor,” which is an insider's guide to investing in real estate syndications. Brian also details the types of questions to ask as a syndicator to protect yourself and make sure a deal is right for you. Reference Links Praxis Capital https://praxcap.com/ Bigger Pockets https://www.biggerpockets.com/ MidAtlantic Summit https://midatlanticsummit.com/

Brian Burke, based in Santa Rosa, California, is a real estate investor and the President and CEO of Praxis Capital, which is a vertically integrated private equity investment firm. He established this firm back in 2001. He began his career in 1989, buying his first rental property which led him into the world of multi-family then commercial investing.  Brian is a successful entrepreneur and syndicator - today he shares how he started his real estate career and giving back to his community after the wildfire in California. He also discusses his investing strategy, where he’s looking to invest, what to expect from an investment and his future plans. Some Of The Highlights: His First Real Estate Investment and His Business Today His Work Strategy and Advice For a ‘Rainy Day’ In Business Brian’s Retirement Plan What is the preferred return?    Connect with Brian: Website: PRAXCAP.COM - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  TRANSCRIPTION Intro: Hey guys, this is Eden and today is a very special episode because we are going to host Brian Burke, who is one of the biggest investors on this show to date. Brian had completed half a billion in real estate purchases this year alone after a long and beautiful career that lasted for 30 years and still counting. When listening to this episode, I was personally amazed by how humble Brian is and the sheer perspectives and mindset real estate investors to have despite the fact that they never met before. Also, today we would like to ask you guys for a favor. If you love our content and feel like you're learning from this podcast, please go on iTunes and give us a five-star review. This helps the podcast to rank higher and the best, part if you give us five-star review, shoot us an email at Hello@donandeden.com with the content of the review and your phone number, and you'll get scheduled for 30 minutes phone call with me and Don where you can talk about real estate and get answers for the questions you always had. So, without further ado, let's get started. Lady: Welcome to the commercial real estate investing podcast with Don and Eden where we cover all aspects of real estate investing with special attention to off-market strategies. Don: Hey Brian, welcome to the show. Brian: Thanks for having me on Don. Don: How's the weather in Santa Rosa, California? Brian: Oh, it's a beautiful day today, almost 80 degrees this afternoon and in November, which is a little unusual, but I'll take it. Don: I like to skate. It's like my hobby. So, I went to L.A., I went to Venice. I took a month off, just wanted to skate, took my skates with me and went there. Some people said it's the best place for anything that has wheels. And so, when I got there, that was late May and it was raining. It was like rain in L.A. and people told me it's very rare. That never happens. And it was kind of cold. And so, one of my friends that lives in California said that the weather over there was pretty unusual this year. Would you agree? Brian: Yeah, it was unusual. A lot of rain this spring and a lot of heat this fall. So, it's been a little bit unusual. But I would say the best weather in California is probably September and October. Those are usually some of the nicest months and people think that summer is probably the nicest, but it's not always the case. Don: Yeah not always the case. Is it still burning over there? I know you guys had the wildfires. Brian: There's a large fire. The largest fire in our country's history just got fully contained yesterday. And that was about a couple miles up the road from our office. So, we were under mandatory evacuation last week. And this week, we're back in action here in the office. Don: As sad it is to say that, I'm sure that these wildfires pose some great opportunities for real estate investors. Am I right? Brian: Well, once in a while they do and we had a fire in our city two years ago that wiped out 5000 homes in our city. We raised a fund last year to rebuild homes and our city and we raised about $8 million and we've been building single-family homes on burned-out home sites where the owners decided not to rebuild and elected instead to sell or move to a different area, put their lots up for sale and we're putting spec homes on those lots and got a couple of dozen homes under construction right now. So certainly it does breed some opportunity. Don: Not only opportunity, in this case, also give back to the community that is your city. Eventually, you want people to live in it and feel happy about it. Because that's home for you. Right? Brian: Yeah, people want the city to be put back the way it was. And we're doing our part to help do that and at the same time provide much-needed housing. When you lose 5000 homes in a city of 250,000 people it makes a real impact on housing demand, and there's a need for housing here. And we're helping to provide that which is pretty exciting. Don: That's beautiful. So, I know your real estate career is a very long one. You're one of the most successful entrepreneurs and syndicators on the show to date. I know you've amassed a portfolio of 250 to 300 million if my numbers are right and you've completed your half a billion in purchases of properties this year, am I right? Brian: Yeah. 2019 is a banner year for us. We crossed the half a billion-dollar mark and real estate purchase, which is an incredible accomplishment for me to even say that it is weird. I never imagined that in my lifetime I would do something like that. But we managed to pull it off. Now we've got a portfolio consisting mostly of multifamily properties. Our business focuses primarily a hundred units and up multifamily all across the US and we've got about 3000 units that we've done. Our portfolio now is about 250-300 million of value. We still do some single-family here and there. Of course, our fund where we're building homes in our city, so we're kind of a multidisciplinary real estate firm that started in single-family migrated to multifamily, but once you have developed roots and single-family, it's hard to lose those. Don: Yes. I started single families too, and let's be honest, it's fun. Even when you're doing commercial, it's still fun to do some projects there as well. So, let's talk about how it all started. When did you make your first steps in real estate? What was it back then? Because I know you've been doing real estate for 30 years, right? Brian: Yeah, my first real estate investment was a little over 30 years ago. In 1989 was my first real estate investment. Don: Just a side note. I was born in 1989. Brian: You were born? Yes. So, when you were busy being born, I was busy trying to find a house to buy and I made my first real estate investment. I didn't even own my own home but I bought a rental and fixed it up a little bit and a couple of years later sold that and I started doing some house flips, one house at a time and I was still working at the time and this enabled me to make a living on my job and then invest in real estate to build my future. Don: What a smart decision! So, one thing led to another and now you are in control of over 500 million worth of property in multifamily which is amazing. So, tell us a little bit about the first deal in multifamily. When was the first time you decided to buy a commercial property? Brian: My first multifamily was about 16 or 17 years ago. And it was here in California, it was a 16 unit apartment building. And what I was doing is I trying to figure out how to invest in commercial real estate, but I just didn't understand it very well. I didn't understand what the numbers meant or how to value it or how to evaluate it. Two rental houses that I accumulated through my house flipping business and flip one, keep one flip one, keep one. So, I had a couple of rentals I wanted to sell and I wanted to do a 1031 exchange and exchange up into an apartment building. It just seemed like it was an interesting way to grow the business and have more economies of scale and cash flow and all that.  So, I reached out to the real estate agent that was helping me sell my flips because he was a CCIM which is a certified commercial broker. And I said, "Hey, I don't understand any of this and will you teach me?" and he did. He taught me how to read an income statement and what to look for and all kinds of different things. And then not long after that, he's told me my first apartment building. I did a 1031 exchange and never looked back. Don: How was the first investment? Was it a good investment, a bad investment? Brian: Funny story is I just sold that property like two years ago. So, I kept it for a long time and I was able to do a 1031 exchange into an oceanfront condo in Hawaii where I rent that out and, maybe one day I'll even be able to move into it. Who knows? Don: We all have dreams. Being busy in real estate, you never stopped working. So, I know we talked a little bit before the show started. I asked you about the ways that you make money when you own such a massive portfolio, but most of it you syndicated. So, most of it, you had to raise money. And you had to structure a deal in which your investors are being paid first because I know you care about your investors. So how do you make money? How much money do you make on these types of deals that you're acquiring? What are your goals for the future as far as your financials? Brian: I started just entirely doing things with many of the resources that I could collect together. My first single-family investment was done with seller financing and then after that, I was like cash advance credit cards and getting signature lines of credit and all crazy kinds of things. I always tried to learn by putting my own money at risk. Then once I figured out how to do it right, I would go to investors and have investors invest. It took me about 12 years to start raising money from investors. And I did it for my single-family business.  First, I raised a blind pool fund and I split the profits 50-50 with my investors while we were flipping homes, and then when we move into multifamily, we're seeing a lot of money from investors. If you're going to buy half a billion dollars in real estate, it takes a lot of capital to do that. We were fortunate that a lot of investors were interested in partnering with us and putting up capital. So generally, the way we work it is the investors provide most of the capital for any multifamily acquisitions that we acquire. And in exchange, the investors get all of the profits until they've received a certain rate of return. Turn, once they've received that specific rate of return, then we start splitting in the profits and our splits usually start around 30% of the profits as the return goes up, then our split can get a little bit higher than that.  But generally, our investors always get the majority of the profits, and they always get paid first. So, this isn't a big cash flow business for us. I know a lot of syndicators out there, who'll just have a profit split day one where every dollar that comes in some goes to the investors and some go to the sponsor. Ours doesn't work that way, the investors get a preferred return where they get all of the cash flow until they've received a threshold return and then we start to share. So, we keep the lights on here by doing house flips and having other multiple streams of income. For example, us building homes here in our community and the fire damage lots is another source of income and we have a lending company which is another source of income.  Occasionally we sell our multifamily properties and that's when we get paid. We get a payday, not a paycheck. It's not quite as lucrative as many people would think, but eventually, you get there and profit potential is enormous but you never realized that until you start performing for your investors. Don: Okay, so let's talk about the way that you structure your deals with your investors. So, they're getting a preferred return. I guess it's 8% right that's the classic return that they get? Brian: Yeah, ours is 8% general. Don: 8% and then that's going to be a preferred return which means they get that right away as they invested the funds or a little bit after right it could be two or three months after, right? Brian: It doesn't mean anything, they may never receive it. If the dealer loses money and never makes money from day one, they never see a dime. But the way of preferred return works is that the investors get 100% of the cash flow until they've reached that threshold return and that's a cumulative return. So, if you invest today, in the first year, the deal throws off no cash flow, you get no cash flow. But if the second year it throws off 4% you get 4%. In the third year, throws off 8% you get 8%. In the fourth year it throws off 12%, you get all 12 because we still owe you 4% from year two and 8% from year one. So, if for two more years after that it still produces 12%, those two years, you're still getting 12% that makes up the 8% from the first year. And then after that, dropped to 8%, we'd start splitting the difference of what goes over 8%.  So, a preferred return is often confused with a dividend and it's they're not the same. A preferred return just means that you're first in line for all cash flow until you receive your hurdle rate. It doesn't mean that you're going to get distributions right away equal to the preferred return. It just depends on what the property is throwing off cash flow wise. Don: Yes, thank you for clarifying that. Now, I know the investors are putting all the down payment and the capital expenses for repairing the properties and improving the properties. And so, they also get a share of the profits of the entire purchase. So, you're offering your investor 70% 30%? Brian: First, they get 100% until you reach that 8%. So, if they haven't been distributed the full 8% through cash flow during the ownership period, then that's where you catch it up. As you take your sales proceeds, you catch up on your preferred return first. After your preferred return is fully caught up, then any sales proceeds remaining after that are split according to whatever the waterfall is. And if it's 70-30, 70% goes to the investor 30% goes to the sponsor. In our case, we have a couple of different hurdle thresholds where it's 70-30, typically to a 12. And then after a 12% return, anything that goes above a 12% return is then split 60-40. And anything that goes above a 15% return if you actually can ever get above a 15% return, if we do then whatever a little amount goes over would be split 50-50. That's the way at least three quarters to 80% of our deals are structured that way and of course, every once in a while there are slight variations on that theme. Don: So, at the end of the entire purchase in the cycle of purchasing a property, renovating the property, stabilizing it, and then you refinancing the properties or you're selling them? Brian: If we're going to hold over three years we like to refinance and return capital to investors. But if we can sell, we will. I always like to say that we're a buy and watch investor, we don't necessarily buy to flip and we don't necessarily buy to hold. What we do is we buy the asset we watch, we improve the asset, and we watch the market for the most optimal exit point. And generally speaking, the most optimal time to exit is going to be right around year two and a half, two year three and a half, right around that point after you've fixed up units and fixed up the outside, you've increased the income, you've pumped the value.  That's the inflection point where now the business plan would switch from things we physically do to just simply relying on the market for anything additional after that point. And when we reached that inflection point, that's usually when we like to sell. But if the market isn't cooperating and we don't think it's the right time to sell then we won’t sell. We can refinance, return some capital investors, sit on it for another year or two or three until the market is ripe for a sale, and then we could sell at that point. Don: What would you say you're typically improving the property like as far as the value goes? So, let's say you purchase a property for 10 million. After all the renovations and after improving the property, what would you say, percentage-wise, is the new value that you guys can bring the property to? Brian: On stabilization, we're looking for at least a 20% lift that includes, over and above the renovation. So, if we bought a property for 10 million, and then we put 2 million into it, or 12, then you'd be looking for somewhere around a $2.4 million increase. So, you'd be like 14.5, maybe 15 million to exit. So, we're looking for the kind of like that 20% or more lift within that stabilize period. Don: Of course, we got 2.4 million in profit, 30% of that is going to go to the sponsor or is considered profit for the sponsor after the deal is completed, right? Brian: First, you have to catch up with your 8% preferred return. So, let's say you distributed no cash flow during that period. For example, let's say it was a real deep value add and wasn't throwing off any cash. Now the first thing you'd have to do is give 100% of it to your investors until they got an 8% return. If it was three years' worth of time, then that's 8% times three. That goes off first, and then after that, whatever cash is left is what goes into the split here. Don: So, assuming you were cash flowing, and you managed to pay the preferred return during the entire process, and they always got the 8%, right? Hypothetically speaking, so you would be making 30%. Brian: That's right Don: Of the amount that you generated, which is 2.4 million in case of buying a property for around 10 million. Brian: And yeah, so you're looking at maybe $750,000. Could be your potential payday for the value created. That's right. Don: Yeah. So, it's just a matter of being able to get into a few deals like that every year, and then the profit as a sponsor, right as an indicator, the product It is down the line, a few years down the road. Brian: Yeah, that's exactly it. Like I said investors want to see their sponsor is getting a payday, not a paycheck. If you perform for them, then you do well. And if you don't perform for them, then you don't do so well. So certainly assuming you did your job right, the profit potential is pretty substantial. Don: But, something Robert Kiyosaki changed my life twice. Once was when he wrote 'Rich Dad, Poor Dad.' We all did read this book and got influenced by it. And if you didn't, then you should, because it's like I would consider that the Bible for real estate investing and investing in general. The second time he changed my life was actually when he wrote his book 'Fake,' which he talks about how money is not real and how money is a depreciating asset and why you should never have it, why you should never hold any money. And that's so true when you are trying to get wealthy and I think it's something you understand once you've made some money in your life because you realize that it's not real. But the things that money can buy, it just pays the bills. But if you try to get rich, then the only way to do that is to equity, which is what you're doing right? Brian: That's exactly right. Don: I think once this light bulb goes off and you get that principle, then you're okay with putting all the work and assembling a deal and improving the deal and stabilizing these properties that you're buying, just so you can get wealthier down the road. Because in theory, you are already wealthier because you have equity in the property. So, it doesn't matter. Brian: Yeah, you've got the equity and assuming that the market doesn't turn against you and take the equity back from you, that's happened before too. You saw what happened in 2005 through 2007. Equity is fleeting, so it's 100% true, everything you just said. But there is something to be said for keeping some cash for a rainy day and always having reserves and kind of living a little bit of a low leverage lifestyle. The people with the most leverage were the ones that got hurt the most. And it's funny when you live through an economic downturn like I have and managed to survive it, you see the risk that leverage ads and so you have to strike a good balance and you want equity and you want to use debt smartly to help improve your position.  But at the same time, you don't want to over-leverage and you want to keep a safety net. You get it, you guys have built your business completely with equity without debt here so far and seeing what that's enabled you to do. And now you can use debt smartly, to help grow your portfolio. And I think everybody needs to watch that as an example of how to do it the right way, and the safe way. Don: Yeah, I think the main reason why we were able to pull this off was that we were making money in two streams, right. So, one stream was our business, our wholesale business, which created nice paychecks and nice paydays the way you call it before. And it's an accurate way to call it because when you make paydays, then you're able to buy properties and create wealth. And so that was the second way that we've created the portfolio that we own right now, through equity. The equity is the transactions that we made. We never live a lavish lifestyle. And it's different than most people here, Miami because, I don't know if you've been here but if you drive in the streets here, then you're going to see a Ferrari or a Lambo everyday second turn. And that's a lifestyle in Miami.  Being a successful investor here in South Florida, we were able to resist that temptation, to invest the money where it should be parked, which is, in my opinion, real estate and stocks and property and equity. There's a beautiful saying that affected me tremendously, "Rich people are busy making money while poor people are busy showing off money that they don't have." Brian: Right. Yeah, you could certainly see a lot of evidence of that around, that's for sure. Don: Definitely. And especially today with social media, everybody's trying to show off, everybody's trying to faking it till they're making it. You're not going to make it, you're going to blow your first 10K on a Rolex. You should be blowing it on education. That's not even blowing it, that's investing and that's the difference, right? So that's what I think like an investor as I'm growing. Of course, I still have a lot to learn and I interview people like you, people that have made it bigger than me, the people that come to the show they have the same perspectives and the same lifestyle as well. Brian: It's just a matter of prioritizing and realizing that the first thing you've got to do is invest for your future. And it's like I spent almost every dime I had investing in more real estate and more real estate. And so, it's enabled me to accumulate a fairly large portfolio of rental homes just for my own, basically, my retirement plan. I don't get any cash flow off of them because I had them all financed on 15-year loans. So that way, they'll be completely paid off when I'm ready to step back and slow down. And it's a sacrifice now because if the property needs to be repaired, I'm probably pulling that repair out of my pocket and kind of negative cash flow, but I look at it as like a deposit into that savings account, right? And then eventually I'm going to have 40 or some rental units that will be completely paid for and cash flowing for me with no debt and right at the time, I would need it the most. So, it's sacrifice now, but it's a payoff later. Don: Definitely. So, let's talk about the future that a bit since we're already talking about it. What would your thoughts on the multi-family market right now and where it's going because I know it's a little bit overheated, a lot of people want to buy multifamily? And I know people buying properties for five and a half cap rate, which is pretty expensive in my opinion. What do you think about the market and where it's going? Brian: Yeah, you're right, the cap rates are low. And we're buying stuff at five and a half and six caps too. So, I get it, it's where the market is right now. And certainly, real estate is desirable, but it's desirable for a reason. And then, the reason is supported by fundamentals. And that's why pricing is so high right now. And one of the most common questions I get is, what inning are we in and everybody wants me to say that we're in the eighth or ninth inning and this is all going to change soon there's going to be a big downturn, you're going to be able to come in and scoop up properties at a big discount. I just don't believe any of that's about to happen, and doesn't matter what anymore because anybody knows that a game can go into overtime and a game can be rained out early, and can't just say that every game nine innings.  So, we're not at the bottom of the cycle. And if we are at the top, what does the top look like? I think that a top when we reach one if we haven't already, it just looks like a plateau in pricing where we take a pause and the economy catches up to where we are and valuations are still fully supported with incomes right now, even where they stand today. So, I don't think there's going to be a big downturn or a big buying opportunity anytime soon like some people are holding off for. When that does happen, maybe prices have gone up another 20% then they fall 10%. And if they would have got in today, they would have made 10%. But instead, they're going to buy them and gain nothing. So, we're still buying and I think one of my defense mechanisms is to buy in strong markets that have population growth, job growth, and income growth and that gives me a hedge against the downside. I think it's important to do that. It's tough out there. We have to look at about a thousand deals to buy one. Don: It looks like a shiny market. Everything's growing. The population is growing. The jobs are growing and so yeah, everybody would probably want to buy it there. But we're already talking about that, what would you say that market is? Where are you looking right now for properties? Brian: We're looking in Phoenix, Arizona, Las Vegas, Nevada, Atlanta, Georgia, northern and central Florida, specifically Tampa, Orlando, North Carolina, such as the Research Triangle market, Charlotte, a little bit here and there of Texas. But I think Texas is way overbought. So, we're kind of scaling back in Texas. We still own there, but we're net sellers in Texas. I love to find something in Nashville, but there's very little product coming out of that area. So primarily, I think, Arizona and Nevada, Georgia and Florida are primary markets. Don: So, you're looking at a lot of markets, and how do you analyze all the deals that are coming your way? I guess you got to have some help, right? Brian: Yeah, we've got a fairly robust team here. I've got two other guys on the acquisition side and one analyst. So, we've, every time a new opportunity comes to us, my chief investment officer will do a quick prescreen. If it passes a certain series of tests, it goes to our analysts to build a financial model. And then it goes back to our chief investment officer or our CFO who is like a co-Chief Investment Officer. And then they review the deal and tour it and talk to the brokers and run the comps and tour the comps and do all those other tasks. Our businesses grown pretty substantially, we're vertically integrated. So, we have our own management company and we manage our assets, which means we have employees on the ground, in all the areas where we operate.  So for example, we toured a couple of assets the other day, and it just turns out that we had our manager go with our acquisitions guy and manager knows the manager of one of the properties because they used to work together at one of our properties actually, and so, we have kind of a little bit of good rapport there and can learn more about the property because those relationships. So, we've well ingrained in the markets that we're in, we have people on the ground and the markets that we're in, and we have full control over the whole process. So I'm lucky that between me and my CIO, my CFO and the CEO of my property management company, between the four of us, we have 100,000 units of multifamily experience going back as long as 40 years and it gives us a good leg up on being able to stay on top of the markets in the assets. Don: That's not something you can easily find as an investor or a passive investor who's looking to invest with a sponsor. I mean, your team sounds very professional and experienced and you guys are exploring many markets and have years of experience. So, if I was looking to invest as a limited partner, I would give you guys a call. And speaking of which, if anybody wants to connect with you and get to know a little bit more about what you're doing and your projects and your future deals, what would be the best way to do that Brian: Probably the best way to reach us is through our website. Which is PRAXCAP.COM or a company's Praxis Capital and our website is P R A X C A P. C O M and on there, there are contact forms and you can fill out and our senior vice president and investor relations will set up phone calls. And we'll get to know you and establish your relationship before we start talking about deals. That's probably the best way. You can also find me on biggerpockets.com which is a real estate forum website where people ask questions and get answers about all kinds of real estate topics. I'm pretty active there and love to answer people's questions on that website when they post in the forum. So those are probably the best two ways. Don: All right, Brian, awesome. Thank you so much for that. And thank you so much for the insights that you gave us today. And of course, most importantly, time is the most valuable asset and therefore I want to thank you for investing the time to come to the show today. We appreciate it. I hope you're going to have a great day. Brian: Thanks, Don. I appreciate you having me on the show. I had a great time and humbled and appreciative to be a part of it. Thank you for having me on. Don: You're welcome. Thank you very much, Brian. Brian: Sure thing. Lady: Thanks for listening to the real estate investing podcast with Don and Eden. Stay tuned for more episodes. Till next time!

Adam Torres interviews Brian Burke President & CEO at Praxis Capital in this episode. Follow Adam on Instagram at Ask Adam Torres for up to date information on book releases and tour schedule. Apply to be interviewed by Adam on our podcast: https://www.moneymatterstoptips.com/podcastguest --- Support this podcast: https://anchor.fm/moneymatters/support

My guest in this episode is Brian Burke. Brian is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets. Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 750 properties, including over 2,500 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single family homes, self storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $450 million in debt and equity for Praxis acquisitions. Praxis’ current portfolio exceeds $200 million of real estate assets under management. I have launched another podcast, Cashflow Investing Secrets, it is a shorter show, 10 minutes or less where I share one concept at a time what I have learned from interviewing over 500 Cashflow Ninjas. You can go to Itunes and other podcast platforms and all video platforms and search Cashflow Investing Secrets and you will find the show!   Other valuable resources I can offer is access to our Private Facebook Group - search Cashflow Ninja Community to join us and our exclusive investor community, e-mail me at info@cashflowninja.com for more info.   On October 25th there is another Learn & Grow event at the historic Renault Winery in Southern New Jersey, just outside Atlantic City.   The event is hosted by Josh & Melanie McCallen and it is a fantastic quarterly event to meet and network with fantastic people, learn from speakers and other attendees and get to enjoy amazing food and wine and American Champagne. I am super excited to be involved in this resort rehab project and am attending the event with people from my Meetup, investors group and other Cashflow Ninja listeners, and it would be awesome if you could join us at this event.   This is a resort, so if you are traveling there, there is a hotel to stay at on the property along with the other amenities such as the spa, restaurants, golf course, wedding venues and the winery. You can e-mail me at info@cashflowninja.com for more information. Interview Links: Praxis Capital Inc. If you have enjoyed our podcast, please share with friends and family Please Subscribe, Rate, and Review on Itunes so more people can find us! Support Our Sponsors Producers Wealth, create, protect & multiply your wealth in ANY Economy. Asym Capital, achieve asymmetric returns through recession-resistant real estate.   The Real Asset Investor, alternative cash flow investments.   Masterworks, Invest In Fine Art Like The Ultra-Wealthy.   Audible, download any audiobook for FREE when you try Audible for 30 days.   Thanks so much for joining me again. Have some feedback you’d like to share? Leave a note in the comment section below! If you enjoyed this episode, please share it using the social media buttons you see at the bottom of the post!   Also, please leave an honest review for the Cashflow Ninja Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them.   And finally, don’t forget to subscribe to the show on iTunes to get automatic updates, please follow me on twitter @mclaubscher and Instagram, @thecashflowninja.   Until next time! Live a life of passion and purpose on YOUR terms,   M.C. Laubscher

In the next episode of Premium Cashflow Podcast, Brian Burke with Praxis Capital shares practical business insights into establishing your sub-market criteria and selecting optimal sub-markets for multifamily investments. We discuss what is working in today's economy and how investor expectations have to be aligned with operator for best outcome. Brian advises reg how their apartment investments are structured with limited partners, their capital raising structure and their syndication sensitivity analysis, and waterfall structure. Further he shares tips/tricks of buying correctly, conservative underwriting, financing, asset management, their entity structure and more...This episode is packed with actionable content and practical gems for all listeners.

How do you structure your first ever deal in real estate that would inevitably lead to a win-win situation? Brian Burke lists down the three common ways you can use and integrate when structuring real estate deals. Brian is the President and CEO of Praxis Capital, Inc, a vertically-integrated real estate for private equity real […]

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Brian Burke is President / CEO of Praxis Capital Inc, a vertically integrated real estate private equity investment firm. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of multifamily, single family, and opportunistic residential assets in US growth markets. Brian has acquired over $400 million in real estate over a 30-year real estate investment career including over 2,500 multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Brian has subdivided land, built homes and constructed self-storage, but really prefers to reposition existing properties.   The Achieve Wealth Podcast  Guest: Brian Burke  Host: James  Title :  Market selection, Rent Comps and turning around apartments   James:  Hey listeners, thanks for coming into this podcast show, it's called The Achieve Wealth Podcast. So we focus on value at real estate investing aspects and today we have a great show. Somebody that I've been following since when I started in Bigger Pockets, the host's name is Brian Burke. He's the president and CEO of Praxis Capital, a vertically integrated real estate private Equity Firm. Basically, they are currently managing active syndication of multifamily, single-family and residential assets across the US growth market. Brian has acquired over 400 million in real estate over 30-year real estate investment carrier, including 2500 multifamily units and more than 700 single-family homes and he built his own software that he wrote himself.   He has done a lot of different aspects of real estate such as subdividing land, build homes, constructing self-storage, but he really prefers the re-positioning of existing property.  Hey, Brian, welcome to the show.     Brian: Thanks for having me on.    James: So why don't you tell about your location, whatever background that I've missed out and what's your focus area and what's your reason for focusing on real estate?     Brian: Yeah, you pretty much hit it. Our office is located in Santa Rosa, California, which is north of San Francisco.  But having said that that's not really where we're investing in real estate. All of the real estate we're buying is outside of California, mostly in the southern half of the US, Arizona, Texas, Georgia, and Florida. We're acquiring multifamily properties that are somewhere between preferably 150 units and right now we have 539 in a contract. So somewhere between 150 and 500 units. Typically, we've done a couple of deals that are smaller like 136 units recently and we've also made offers on some larger properties like one that was almost 1000 units.   But we're really focused on the value-add multifamily space in the southern half of the US.    James: Good. So why are these markets? I mean, can you describe a bit more on why did you choose this few markets?     Brian: Yeah, we select our markets based on areas where we see a really good economic growth story. So really what we're looking for is, we're looking for a lot of income growth, job growth, and population growth. Those are the three big drivers of multifamily and so we're looking for markets that have all three of those. In addition, we like to see areas, where there's not a ton of new development or the new development doesn't exceed the population growth and absorption.  So, we analyze markets all over the US every year, we come up with a list of Target markets where we want to be and each year it's typically the usual suspects but some markets will drop off and some markets will pop on.     James: So in your looking for deals, do you start with the market first, do you start with the sub-market or do you start with the deal first? What do you start with?    Brian: We definitely start with the market first; the deal is so much less important than the market itself because the market is going to provide you either with a headwind or a tailwind. You can work really, really hard trying to push a great deal in a bad market and get absolutely nowhere but on the other hand, you can buy a good deal in a great market and achieve an incredible result. So it's really got market first, sub-market second, the deal is third.    James: So what are the parameters? Let's say, you look at like, you chose a few like Arizona, Georgia, and Texas, right? So, what are the actual indicators that you look for? How many percent job growth do you look for, how many percent supply coming in, just tell me what are the exact criteria that you look for when it's like a market.    Brian: Yeah; the yardsticks are less about percentages than they are about how---number one, do they exceed the US average?    James: What average are we talking about here? Is it household income or is it house vacancy or what are we talking about?     Brian: No, we're looking at income growth, job growth, and population growth. Those are the three main metrics and we want to see that all three of those exceed the national average; that's kind of the first test. But really the way that we test them is, we look for the top markets in the country You can look at the Milken Institute's best-performing cities index, you can look at PWC and ULIs markets to watch rankings and you can get a sense of how some of the expert demographers and economists are ranking various markets by their performance in those categories. And so to begin with, we look at the top ranking market. So, there might be, call it, 200 different markets that are ranked, we definitely want to be in the top 100, preferably the top 50 and generally, we're focusing on kind of those top 25 markets, that's a starting point.     The next thing we do is, we go in and we look at the actual data; we can compare those markets so which ones do we think are going to be the most promising for us? And also you have to couple that up with what markets have a deal flow right? I mean you could find a great market where all of the demographical indicators are telling you that there's a great reason to buy multifamily property there, but they only have 20,000 units of multifamily housing stock so you might see one deal every two years.    James: Yeah, exactly.    Brian: It also has to be areas where there's an actual product to buy.     James: Okay. So let's take an example; so after you look at all these different reports you look for the top, in terms of, job growth, income growth, and population growth. And you also look at the deal-flow because you need to get deals right? I mean, sometimes it's just too crowded with people trying to buy in the same market, just because everybody knows it's a good market. So, what do you do next? I mean do you go into, let's say, for example, Atlanta? Atlanta is a very strong Market, is that a place that you buy?    Brian: Yes. We own over 1000 units in Atlanta; it's definitely one of our primary markets. And again, it has all of those things; it has income growth, job growth, and population growth.     James: Okay. So, for example, Atlanta, it's a big city, right? So, how do you go to the next level?    Brian: The next level really is starting to look for the product. And we've been in that market for a while so we have really good relationships with brokers in that market and we see a lot of opportunity coming out of that market.   If it was a new market to us that we hadn't been in before, what we would need to do is we need to establish relationships with brokers. And generally the best way for us to do that, is through brokers that we've actually closed with before and other markets and say, hey, you guys have an office in Orlando, can you get in touch with one of the guys over at the Orlando office and tell him about your experience in working with us in your market.    So they'll take us seriously when we call or our lender, maybe we've used their debt group before and they can call and vouch for us because this is a relationship business and cold-calling Brokers out of nowhere and saying you're this big-time buyer isn't really gonna win you a lot of points.    James: Yeah. So let's say you get a deal from the broker and you know, I mean, I know somebody in Atlanta which I would not buy right I mean, so I'm sure you have that as well. So what do you look for in terms of sequence? I mean, let's say you get a deal today, what do you do, do you look at numbers, do you look at sub-market, do you look at the crime rate, what do you look for?     Brian: The first thing we're going to look at is, does the property fit within our box? So, our box would be if it's like built before 1980, it's probably not going to fly. It might if we do some 70s deal on a case-by-case basis but if it's built before 1970, it's probably an automatic cross off.     The next thing is, is it too small? If it's 100 units or 99 units or 75 units, yeah, it's just too small, we're gonna cross it off. So, it has to meet kind of the age and size restrictions, we're looking for properties preferably with pitched roofs, no chillers, a good unit mix so we're basically kind of looking at the physical plan itself. And if that's a pass, then the next step after that would be to underwrite the financial performance. And that involves building the model, inputting the historical financials and rent rule data into our model, conducting a market survey to study what the market will support for rents, post-renovation, talk to the broker and learn about the story behind the deal and then model it up and see how it will perform.     James: So when at which point do you look at the sub-market?     Brian: That's part of this process of looking at the physical asset. So, when we are underwriting and modeling it up, one of the things we're going to look at is, we're going to look at the median income in that census tract, we're going to look at the crime rate in that area. Those things are a little bit lesser important but when we get close where we think we're going to make an offer on the property or we think that there's a chance we're actually going to get awarded the property, now we're going to take a really deep dive into the actual sub market data and statistics.     What's the historical rent growth in that sub-market? What's the future forecasted rent growth in that market? What are the occupancies? What's the occupancy history and occupancy forecasts? We're looking at that. We're looking at the trough occupancy, how bad did occupancy get during the last great recession? We're looking at all of those different kinds of granular level statistics right about the time where we're circling in on making a decision either to write an offer or to accept an award of a deal.     James: Okay. So basically you have a very high level, you have age and size that might be just like [12:28unintelligible] if it doesn't work, then it doesn't work; no Chiller, pitch roof and you will go ahead and do the underwriting on the financials and just before writing an offer you think you're going to get the offer then you go into deeper into the sub-market [12:45crosstalk] and occupancy okay, interesting.    Brian: Yeah. Yeah.     James: So, when do you do the market rent comp?    Brian: That's one of the first things we're doing. So as we're building the model and putting in the historical rent data, we'll go out and do a tour of the property where we show up and look at some units, take a good look at the exterior of the property. And then after we've seen the property and then we go to drive the comps and we visit those comps and figure out what they're charging in rents, what their level of renovation is like, is that a property that's supporting where rents for the subject property should be today or is it more of an aspirational comp where this is what this property could be when it grows up.    We need to figure out which category the comps fit into and then make sure that we're adjusting our rent expectations based on comps that are really comps.     James: Okay, so when you do your rent comp, how do you do it? Do you go by bedroom, or do you go that high-level price per square footage? Can you describe in a bit more detail about how do you go into doing the rent comp analysis?     Brian: Yeah, the comp analysis is basically it's a grid system where we lay out the unit mix of the subject property so that we can see, you got to 500 square foot studio and a 650 square foot one bedroom and an 800 square foot two bedroom and 1000 square foot three bedroom, and we're going to lay all those out on a grid then as we go visit the comps, we're going to put the most applicable units in that grid.     So like if we're looking at a 750 square foot two bedroom unit at the subject, we want to find somewhere around 750 square foot two-bedroom units of the comps and they might be 700; they might be 775, they might not be 750 but they'll be somewhat close. We're going to put that next to the rent that we have for the subject property and we're also going to note, what condition are those in; are they renovated or non-renovated and if their renovated to what level have they've been renovated or they have granite countertops and stainless steel appliances or is it resurface counters and white appliances? You want to know what you're comparing to and then what you plan to renovate the subject to and how it's going to fit in with those comps.     James: Okay, got it. How far do you go in terms of looking at properties that kind of meet those comps or that you're going to select for comps? I mean, is it like one mile, 0.75?     Brian: We go as far as we have to; the best comps are within three miles, but sometimes we're finding comps five or six miles away. This can happen, especially if you're looking to renovate a property in a sub-market where there's only been a couple of properties that have been renovated. Sometimes you have to broaden your search out to find other properties that have been renovated to give you a frame of comparison to a post renovated rent status.     So, we're looking for a minimum of four, preferably 6 comps for the property and we'd like for those comps to be representative of what we expect our property to look like after we finish doing what we're going to do to it.    James: Okay. Got it. And how do you identify because real estate is hyper-local right? It's very, very localized. So how do you identify whether the comp qualifies a comp or not? Because if you do a circular comp so you can go across certain artificial barriers, such as a highway and I mean, street by street right? Sometimes by doing this, you have a completely different comp, people are willing to pay more but how did you identify those kinds of issues?    Brian: One of the things we look at, sometimes you can just tell; you can just drive in and you can say this is just not a comp, it's a completely different physical plan. The subject property is a pitched roof - 1980s and this is a flat roof - 1970s with no amenities and it hasn't been fixed up; you can sometimes just tell but going beyond that, you're right. Sometimes you can cross over a major arterial and you can go from a place where people want to live to one where they don't want to. So one of the ways that you can check for, just as for the subject property, we looked at the median income in that census tract and the crime rate in the area of that comp. We can do the same thing for the comps and look at the census tract where the comp is located and sometimes it's different. You might cross arterial and cross into a different census tract and you can see like a massive change in income.    So one of the things that can trip people up sometimes is let's say, your subject property is in areas that have $30,000 median income, you've got a great renovated comp about six blocks away and they're getting like $400 more so you might say, geez, we could get $400 more for this property, that's great. But then, you look at the income maps by census tract you see like, okay, this is in the 30,000 neighborhood, but the comp is in a 90,000 income neighborhood, it may look like a comp but it's not really a comp and it could be that it crossed the School District boundary and you went from subpar schools to your really desirable School District or whatever the case may be and sometimes those comps aren't really comps.    James: So you are mentioning a lot about census tract. So in your opinion do you think census tract represent, could be the artery on where the difference in household income would be able to be represented well?   Brian:  Well, it's just when they're doing a statistical data set, that's the way that the data is calculated. It's by census tract and so some people do it by ZIP code but zip codes can be so large that they might cover half of a City versus census tract that it's more like a few blocks; it just gives you a little bit more granular level detail.     James: So do you do like a cost report to do initial rent comp before you guys drive down?    Brian: No, not generally. With rent comps, they're fairly easy to kind of circle in on to some extent. Usually, the offering memorandum, the broker will give you, will show you some comps and have some comp data in there that you can use as a starting point. And then there are other things you can do; like visit the comps property website, it's supposed to have a link you can click to see the available units and you can click on that and you can see what they're asking for various different floor plans on their website, they have pictures and you can get a sense of the property by looking at the comps picture. You know those kinds of things are relatively good start.     Nothing beats good old fashion shoe leather of showing up in the office and asking for a brochure and saying, Hey, I want to rent an apartment here, what are you going to charge me for a two-bedroom unit and can I see one?   That's really the way you get the best comp data. We do have the ability to get comp data from Co-star, Axiometrics, and Reese, which is certainly very helpful. And we do use that to a certain extent but we like to get a little bit more granular than that.    James: Okay, okay, but do you use this Co-star, Axiometrics in the beginning before you visit the property or that is just not being used at all.     Brian: We usually use that when we're getting closer to deciding on a price or putting in an offer; until we go see the property, that's just raw data. We really want to get our hands on what we're dealing with and what the comps look like in person. We can usually tell if a deal is work before we go down there, but we're still going to end up touring a lot of properties that maybe we could have ruled out but we just group them together and our chief investment officer will take a trip to Atlanta and look at 10 assets that are for sale and do it all in one trip.    And so there might be a couple in there that slip through that we could maybe have decided against by looking at data. But the time it takes to look at that data, it's probably more time than it would have taken it to drive a few more blocks and go look at the property.    James: Okay, I mean, it looks like what you're saying is you prefer to just see the property on the market just go and drive for on comp rather than doing all this, Co-star, Axiometrics and all that.    Brian: Yeah, that information is helpful; it's certainly not something to be completely disregarded but you can only do so much desktop underwriting. Real estate is a tangible business and it's a hands-on process and so you gotta get hands-on.     James: Yeah. Yeah, that's interesting because I know a lot of sponsors who like to do a lot of things on the desktop before going even and walking the units and they may walk the unit's eventually but the rent comp is so tricky because if you get the wrong rent comp, your whole business plan may not be able to work right?    Brian: That's exactly right. Yeah, it's true and you know what I find is that the data in those third-party reports often contain inaccurate or dated information and there's no current information better than showing up in the office and asking for a brochure. We just do ours a little bit more hands-on; nothing wrong with using data and we will use data to kind of screen initially but we really want to go see those comps.     James: So what about on the financials, like the P&L and rent roll so let's take P&L; I know we take the numbers from them and underwrite it but at a high-level glance when you look at P&L, what do you really look for?      James: Not much; there's not a lot of information on there that's particularly helpful. I would say there's really only two things on a P&L that we use and that's the utilities expense and the contract Services expense. Because whatever they're paying for utilities; water, sewer, electric, that's probably not going to change when we buy the property so that that information is useful.     The other thing is Contract Services, what they're paying the landscape company and the cable TV contract and the alarm bill, Alarm Monitoring those kinds of things, those recurring contracts, assuming that we can't negotiate a better deal those costs are going to end up being our costs and so we want to look at what those costs are; the rest of it is not particularly helpful. We will look at things, like, we look for clues right?     So often times, you might find the general and administrative expense category is abnormally high. Well, why is that and then you find out, well, there's a homeowner's association that charges homeowners association dues; we're going to be stuck with those so we want to make sure we build that into our expense model so we look for clues like that to tell us that there are certain charges or expenses that we're going to be responsible for. But outside of that, the balance of their expense sheet doesn't really apply to us because our insurance company is going to charge us a different price than there getting. We're going to have different software than they're using so we might switch phone companies or change internet providers or whatever.     So our general administrative costs are going to be different. We'll advertise differently so our advertising and marketing costs are going to be different.   We're going to staff differently so our payroll costs will be different. We'll probably have a different pay scale than they have, we'll probably pay a different management fee. Our property taxes will get reassessed based on however the local taxing jurisdiction handles property taxes upon a transfer so that's going to be different. So all that historical financial data is relatively meaningless other than to give us a comparison to see kind of what the starting point is.    James: Okay. Except for these two, basically what you're saying is that's basically coming to entry cap rate, right? So do you really care for the entry cap rate?    Brian: No, entry cap rate doesn't mean anything; entry cap rate has no use in acquisition underwriting.    James: Yeah, especially on a value-add deal because now you are going to be running it much differently from the current guy that has been doing it.     Brian: That's right and cap rate is nothing more than a measurement of the sentiment of the market and how it's valuing an income stream. There's no particular use for entry cap rate in underwriting your acquisition.    James: Yeah, absolutely. Like what about the rent roll, what do you do with a rent roll that's given to you? What is one of the first analysis that you do?    Brian: Yeah, what we do is we sort the rent roll based on floor plan and then we sort it based on move-in date so that we can see each floor plan, what the average rent is that they're getting for each floor plan and we can also see what is the average that they've been renting those units out for in the last 90 days.  And those two things kind of give us a sense of what units are renting for and what direction they're headed.     James: Okay, and why last 90 days?     Brian: We just want to see what the most recent rents are going out. So, let's say, for example, you have a two-bedroom unit that on average is rented for $800 but you notice that in the last 90 days, they've been getting 875; that tells you that something's going on. One of two things is going on; either they're doing some renovations and they're getting a $75 bump for the renovations or the market has gone up $75 and they're not doing any renovations at all.     So as we're analyzing what our starting point rents are, the starting point rent is $800 because that's what the average is or are the starting point rent is 875 because that's what they're getting today.  James: Okay. Well, they could be just faking the rent rule at the last minute just because they want to sell.     Brian: That's also possible.     James: I've seen many cases like that.     Brian: I have to yeah, they could be stealing the rent rule. That's entirely possible, absolutely.     James: Yeah. I've seen cases where sellers, they were only like five years and the last year they started bumping up and it's like the last three months, they started bumping up. I always wonder, what? I mean, you owned it for the past five years and why suddenly the last three months you're bumping up?    Brian: Because they want to sell.     James: They want to sell it?    Brian: Yeah, absolutely. The trick is when you go and due diligence you're doing a lease file audit and you're looking at those most recent leases, did they do an income verification? Did they do a criminal background check if that's what their practice was? So if you look all the sudden, their lease file audit is pretty clean but in the last 90 days you're noticing that there's a bunch of felons that have no jobs, but they're still paying a higher rent, it tells you that they just got anybody to sign a lease [28:50inaudible]     James:  Absolutely. Yeah, it's a lot of tricks that the sellers play too. So I mean commercial that's the challenge right? It's not based on surrounding comps like single family homes, right? I mean, in commercials it's all about the income stream that's coming in and you have to be very careful on how the sellers are positioning their product just before selling and buyers can get tricked into it. So I mean, you focus a lot on value-add deals, right? I mean, that's the fundamental on why people do commercial real estate because of [29:22inaudible] appreciation. So what do you think is your secret sauce and is there any secret sauce that you have in your value-add investing that you think, I'm very good at doing this or I'm good at identifying this and fixing this, other than increasing income and reducing expense?     Brian: Well, I think a couple of things; one is, I think we underwrite very well and very accurately. We've got really powerful modeling tools that we use that gives us a competitive edge, I think that's part of it. The other is we take a very deep dive and we have a very good understanding of the market and the comps.     We have an advantage in most of our markets because we already own there so we have our historical experience to be able to dip into and really, a lot of people fail to realize is that doing a value-add deal isn't just about an acquisition, it's about execution. My senior team here has 105,000 units of multifamily experience and they've been doing this for as long as 40 years. So that gives us a tremendous advantage because we just got all this operational experience and things are not going according to plan.    We've got a lot of experience here to dip into, to figure out how to right the ship and make things start going according to plan. I think that gives us a tremendous   advantage.     James: So I think you have your own proprietary Excel spreadsheet, I guess to underwrite the deals, right? So what do you think is the unique advantage of that spreadsheet that you think it gives you really good accurate underwriting numbers?    Brian: Yeah. It's just incredibly granular and the level of detail that it goes into and it's been built for doing value-add multifamily deals and gives us a very, very detailed look at what we expect a property to do. And it's also enormously flexible that we can arrange all different kinds of financing, vehicles, debt, equity, just an enormous number of combinations and model; any scenario and estimate the outcome and it just gives us a huge advantage to be able to underwrite like that.     James: Yeah, so have you tried to match whatever you've underwritten and are you able to execute it correctly? I mean, have you seen it come out all the time correctly?  I mean, there could be some times where whatever you underwrite on paper didn't come out on execution; what are the cases like that?    Brian: Well that happens 100 percent of the time, the only thing I can tell you about underwriting multifamily with absolute certainty is that the actual performance will not exactly match the expected.    James: It always ends up, something is wrong. It's always something wrong.     Brian: Yeah, it's 100 percent wrong. I mean, it's the best estimate you can make going in but you're gonna perform in one direction or the other and that direction is going to change. So, it's not at all uncommon where you find that your first year performance was way under the mark because you got in there and you end up finding out that a third of the tenants didn't qualify and they stopped paying, you got to get them out and bring occupancy down to 75 percent and then bring it all the way back up with a new tenant base and we call that repositioning the tenant base or resident profile change is another term for it.    James: Demographic shift.     Brian: Demographic shift; sometimes you have to do that and that causes your first-year performance to slack but then you get to the second year and now you've got a better tenant based on what you started with and your second year outperforms. And then, by the time you get to year 3 everybody's forgotten how bad year one was and you've got a higher income than you projected and you sell and you actually beat your projections.     You have other times where right straight out of the gate, you're beating your projection. We had this one property where the day we took over, the new managers went into the office like literally an hour after closing. And every time a new prospect walked in the door, we increase the asking rent $25. And we did that all day long until somebody said no.     I think, by the time we were finished, it was like a $125 increase from where it was five hours earlier. And that property really outperformed in the first year because we had so much more robust renewal and lease rates than what we had forecasted. So you're never going to get it exact, you're always going to be wrong. But the point is, can you underwrite it accurately enough to make a good decision on whether or not you want to be involved in that asset, to begin with? And then, how well can you execute and can you outperform that projection? And we've kind of  intentionally design our pro formas so that we can outperform them. It's just a much easier way to operate and we don't always do that, especially in the first year, it can be tough on some assets but generally speaking we tend to outperform. And by the time the property is stabilized, we're usually stabilized at a higher income than we projected. All the deals that we've exited, we've exited and delivered a higher rate of return and a higher multiple than what we had projected to achieve so all in all, we have a really good track record. But you just can't track a track record month by month or quarter by quarter, you don't really get your report card until you're about two or three or four years in.    James: Correct, especially in value-add deals. I mean, you're absolutely right. You just do not know what you're getting into until after a couple of years. So, what are the tools that you use to do asset management? Because I mean, you are you are an operator right so there should be a lot of tools that you use to monitor the rent growth or the rent increase, the expense reduction; what are the things that you track and what are the tools that you use to track them?     Brian: Well a couple; we use a software platform called Real Page which is a property management software platform, an enterprise-grade management platform that is used for generally, people think of Real Page, they also know it as one site.    James: Yeah, it's a property management software, right?     Brian: Yeah. It's a property management software usually think of it as a way to track your tenants and book your rents and that sort of stuff but it's an enormously powerful tool. And one of the things that they have as part of that package is a package called, oh, shoot, now, I forget what it's called; let me let me look and see how I saved it here,  it's called like asset something or other. Business Intelligence, see how intelligent I am, I forgot that it's even called, Business Intelligence. And so the Business Intelligence model what it does is, it gives me a dashboard or I just login; I can see on a dashboard, occupancy, the leasing velocity, the number of visits to every property in our portfolio on one dashboard at a class, including with graphs and everything. So I can just pop that up and I can see what's the occupancy property, how many people walked in and asked for a tour? How many of those closed and signed a lease? What's the least rate that we've been leasing out lately?     What was the lease rate we had a year ago? I can make comparisons then and then every week it automatically emails me a detailed report showing me a number of different yardsticks that I can measure performance. In addition to that tool, we also take our quarterly performance and model in a comparison spreadsheet next to our expected performance. So we'll take each and every quarter out of the acquisition model we have, what did we think we were going to get in gross potential rent and how much are we going to lose the vacancy loss and what we're going to spend in utility bills? And we input our actual performance next to that and we can compare how we did with how we thought we were going to do and we can report that to our investors.     So we kind of take both of those two platforms and also that gives us a little bit inside, where do we need to improve? You know, jeez, we really missed the mark on vacancy loss so we need to get on a drive to push occupancy and oh, by the way, we didn't spend the entire budget on marketing so maybe if we spent more money on marketing we'd have less vacancy. So those kinds of things, you can see that stuff kind of in real time as it happens.     James: Wow! But this is assuming the real pitches, you're assuming that all your property management companies are using Yardi systems as the property Management tool because that's basically integrated with that.    Brian: Yardi is a different system than Real Page so that's a competitor. It's similar, but it's a competitor product but we own our own management company. So, we are the management company, we have that in place at all of our properties.    James: But do you use a specific property management software to use Real Page?     Brian: That is it.     James: Yeah, so basically, you're using one site.     Brian: One site is real Pages product; it's all kind of part of the same enterprise software platform.     James: Okay. So what do you do when you see certain properties not recovering from its bad performance?    Brian: You get to work. So we had one like this in Houston, Texas, it was kind of interesting. It was performing great and all sudden hurricane Harvey came in and it created a lot of chaos in the city. And at first, we thought it was actually going to be beneficial to us. So a lot of units, not on our property, but outside of our property were destroyed by the hurricane and we thought, all these units are going to come offline, those people are going to need to find someplace to live, that's going to drive occupancy, it's going to drive rent growth.     Historically when you looked at past hurricane events, you saw that happen like in Katrina; rents went up 30% so we expected it was actually going to help our performance. But instead, what happened is we found that a lot of the apartments that were destroyed were in really, kind of subpar neighborhoods or bad neighborhoods or just lower-income neighborhoods or however you want to characterize it and those residents were coming to our sub-market to rent. And a lot of them weren't paying, they were skipping out; it just turned into a complete disaster and we noticed delinquencies sky-rocketing, we noticed vacancies increasing. To combat vacancies, we would offer concessions and that brought concessions up and then marketing expense went up and it caused the whole thing to perform below expectations.     So, what we had to do was, we had to try every experiment in the book and you try this concession. Like maybe you give half off on the second month and then maybe you try a month free or maybe a try waiving the security deposit or then you try waiving the admin fee. I mean, just a variety of different things trying to throw things against the wall to see if any of them stick and none of them did. We literally tried everything there was and nothing got us over the hump. Finally, I said we have to do something that nobody ever wants to do and it's probably maybe even never heard of.    James: What is that?    Brian: We're going to lower the rent. And it's funny, I used to go to some of these like Guru seminars and stuff and they're like, "The great thing about owning apartments is that the rents always go up. When was the last time you ever saw someone lower rent?" And I'm here to testify that sometimes rents do go down and we tried that and we lowered the rent.     We found that there were two floor-plans that were really contributing to the majority of our vacancy and we lowered the rent on those two floor-plans by $50. And lo and behold, within six weeks, we had the property back up to our projected occupancy; delinquencies plummeted, literally plummeted by about 75% and the property was tracking back on track within six weeks. And now that we did that, we can start walking the rent back up and over time, we'll get it back to where it was and it only affected a limited number of leases that we signed but the strategy works. So sometimes you have to get creative, you have to think outside the box, you have to do things you don't want to do but part of being an operator is improvising and trying to make the best decision to right the ship. Yeah, that decision sometime maybe difficult.    James:  Yeah, I mean, I've done it as well. I look at demand based on square footage and floor plans as well and sometimes, you may have been wrong. So now when you look at the data demand-supply analysis, they are sometimes you realize okay that particular floor plan is too highly priced so you need to reduce that.  So I've done it quite a number of times and it's a balance. Some floor plans might be over-performing and compared to what you thought and some could be lower in performance and the data will tell you.     Brian: Yeah.      James: So, for example, we talked about what are the markets that you look for to acquire deals, right? So what are the criteria for market do you look for when you think that I should start selling in this market? You've maybe done that before.    Brian: Yeah. We haven't really done a coordinated Exit Plan for many markets, generally, so far, knock on wood, we've been lucky enough to just maybe get out of markets before that happened. We have a business plan for each asset, we try to accomplish that business plan and sell when we had planned to sell it.     If we decide, this market isn't performing quite the way we want, we're not necessarily going to go into a fire sale, but we'll stop buying in that market and then over time, we'll just have a [44:48inaudible] we sell off properties and we're not buying additional properties, we're net sellers in the market; eventually, we're out of that market completely. We've definitely seen some sellers will do a portfolio sale and go like, you know what, we want out of Kalamazoo; take all the properties and put them all in the market in a big portfolio and we're done and you could certainly do that.    At this point, with the size of our portfolio, the lower 2000 units, we're not in a position where we would say we want to do a wholesale exit of a market and do a portfolio sale so we haven't done that type of analysis yet.     James: That's good. And why did you choose to have a vertically integrated structure?    Brian: As opposed to third-party management; so we started out with third-party management, I think most owners do. We had property management companies in each of the local markets where we invested managing those assets in those markets and that works fine, nothing wrong with it. But as we grow, having vertical integration allowed us to bring more of the control in-house, it allowed us to combine systems, we had better access to Asset Management tools, like the Business Intelligence I was telling you about, where I can log into my dashboard and see how all of our assets are performing, that's difficult to do if you've got a hodgepodge of different third-party managers in charge of properties in different areas. So this allowed us to to get that internal control over our data, our accounting, centralize everything and also really one of the big drivers was we were looking for institutional Capital Partners who could bring significant amounts of capital into our Acquisitions.    And, generally speaking, those institutional capital groups have discovered that vertically integrated companies perform better and so many of them have a preference to funding joint ventures with groups that are operators that are vertically integrated. And so in order for us to have the best chances of attracting those kinds of Partners, we needed to have that vertical integration and we did it.    James: I didn't know that institutional guys likes vertically integrate. I mean I presume is one neck choke, right? That's what I always say.     Brian: Yeah. That's a great way to put it.   James: So have you started working with the institutional partners?    Brian: We have yeah, we've done a few deals with some institutional partners and it's certainly helped us fuel our growth.    James: Okay. That's good. And in terms of value-add, what do you think is the most valuable value-add?    Brian: The most valuable value-add. Wow, that's [47:44 crosstalk]    James: If you do these few things...    Brian: Yeah, sometimes 20% a year effort will get you 80% of the result.    James: Yeah.     Brian: Yeah, that's true, that's a great question. I don't think I've ever been asked that one before. The challenge of it is that it really varies depending on the property. You can have some properties where you can just literally walk in the front door and create an enormous amount of value just by walking in the front door. A good example is that one I told you about a while ago, where literally the day we took over we raise rents $25 every time a prospect walked in.     Just managing correctly and understanding your market. I mean, we got 50% of our rent lift without spending a dime on that property the very first day and so that is a tremendous amount of added value is just proper management. But generally speaking, where we find most of our value is in doing interior renovations and taking an older run- I wouldn't say rundown- let's call them dated interior finishers and transformed into a more modern appearance; it goes a long way to getting additional value out of that property and actually the residents feel better about it.     They don't feel so good when they found out that you just rented $25 more of the rent than the last guy just because they were the next one to walk in the door; that doesn't necessarily make them feel like they got some value right? But in exchange, if you can show hey, look what we've done to the interior of this unit; it's got new flooring and new countertops and new fixtures and appliances and they see that there's actually value of that extra dollar that they're spending, then it's kind of a two-way street of adding value. Where you've added additional income which is added value to the real estate but you've also added value for the resident and they feel as though they've gotten something out of the transaction as well.     James: So what are the top three things inside the interior units that you think is the biggest bang for the buck?    Brian: The biggest bang for the buck is probably kitchens and bathrooms so appliances, countertops, and fixtures are the biggest ones.     James: Okay, that's very good. I mean, there could be a lot of people, I mean, I know right now the market is so hot, there so many gurus going around telling multifamily is one of the hottest real estate asset class to do even though they don't tell how difficult is it to manage multifamily, right?    Brian: No, that would drive people away. They wouldn't buy the course if they say [50:17 inaudible]     James: Yeah, you can do all kind of selling when the market is hot, but when things turns around, it's a whole new landscape right out there.     Brian: That is true.    James: Yeah, one of the top five advice that you would give to people who want to start a multifamily?    Brian: The top advice; I would say first is to start with a size that you can execute on. So a lot of times I hear people go, hey, I just ripped my first house, I want to go buy a 200 unit apartment complex. It's probably a little too soon; set your goal a little bit lower, get some experience doing some smaller assets, prove yourself, survived that and then move to the next level. I heard it said that success is an escalator, not an elevator and you got to do it one step at a time, you don't just go straight to the top. So I think that's probably the biggest piece of advice thing. Most people, they try to go too big, too soon and give up.    James: So you think they should be starting slowly, learning how the whole real estate process works. Where you buy under the market and you start to renovate it and you start to increase the value, I guess, the whole transaction process, right?     Brian: So I think you gotta start wherever you can execute. If you've got 20 million dollars in your bank account, you can start at a different point than somebody that has 20 dollars in their bank account. So I think you can start wherever you can execute and just make sure you just don't put yourself into getting yourself in over your head.     James: Yeah. Yeah, that's crazy. I know it's a lot of people thinks that they can buy 100 units. I mean just because syndication has become popular nowadays, and there's a lot of capital, able to pull money and there's a lot of clubs, pulling the money is become so much easy; so much Facebook group so many Gurus out there telling that you can start with 100 plus units, right? And everybody's jumping into trying to be an asset manager and they don't realize how complex the business is and that's a bit scary.    Brian: Yes, I agree.     James: Yeah and then advice for newbies that you think that they should know?   Brian: Just be ready for it to take a while. I didn't buy my first large multifamily property until I've been in this business for like 15 years. So, you gotta just pace yourself and not get too wound up in whether or not it's moving fast enough for you, it will happen in time; just be patient.     James: And just another question before I forget; so in terms of buying and selling real estate, I mean, do you believe in buying whole forever or do you buy and hold until the gas is out from that property or do you like to flip properties within a couple of years?    Brian: Well, I think I believe in all of that, it really just depends on what your strategy is. I have some properties in my personal portfolio that I've owned for a decade or longer and I might own the rest of my life and they're not particularly great properties, there's nothing special about them but what I do know, is that in about 10 more years, they'll be completely paid for and that rent can provide me with a retirement income even if I did absolutely nothing else, I know that that's there. And so it serves a specific purpose so that's the 'buy and hold forever' approach and it's serving a very specific purpose.    Now, I wouldn't go and raise money from a bunch of investors with the thesis that we're going to go buy some property and hold it forever, that just doesn't work. When you're investing money for others, you have to be sensitive to the fact that they want to know that they're getting the highest returns. They want to know when they're going to get their money back and they want to know what the business plan is going to be an 'buy and hold forever' really isn't the plan. It's you're buying it and setting it and forgetting it; there's no active component to buy and hold forever.    So if you're going to raise money from other people to invest in real estate, I think that you make the most improvements that you can to the asset, you increase the income as much as you can and then at that point, the hold cycle reaches this inflection point. Where it's no longer about you and what you can do, it's now up to the market. And when we reach that inflection point, to me, that's a great time to sell and we can get out, recapitalize our investors and we can do it all over again and we never have to rely on the market, we can always rely on our execution.     James: Okay, that's a good point. So do you have any funny stories that you have? I mean, as an operator you would have seen a lot of funny stories by tenants, right? You want to share a couple or one or two?     Brian: Oh geez, I'm terrible at remembering stories. It's like, they're always funny when they happen and then you laugh about it and then afterward, you move on so gosh! I'll tell you another thing is once you think you've seen it all, you haven't seen it all; there's always something that comes up and says, hey, this is new. We certainly had plenty; we've had all kinds of interesting things happen in the 750 something properties that I've acquired over the years, every one of them has a unique story. It's just that after having done so many of them, I don't even remember them anymore.    James: Okay, that's fine. So, hey, Brian, thanks for coming onto the show. And can you tell our listeners, where and how can our listeners reach you?     Brian: Yeah, sure. Thanks for having me on the show, by the way, James. I appreciate being here and the best place to find me, it's really two places where you're going to find me. One is going to be on biggerpockets.com.  I'm on that website, we're answering people's questions, contributing to the forums and that sort of stuff. So I've written for their blog so I get around on there so that's one place where people can find me.   Another is through our website, the Praxis Capital website, which is, praxcap.com.    James: Okay, I'll try to put that into the show notes as well. And yeah, I mean thanks for coming online and talking to me and our audience. I presume you have gone into a lot of details and my main motivation in doing this podcast is so that we can listen to some podcasts and learn a lot of things.  I mean, a lot of podcasts has been too much into a marketing material and I think as you go deeper into the multifamily asset class that's so much of details that an operator can give and that's what are the most important thing that I want to bring into this podcast. And, hopefully, everybody learned something today and thanks for being here.    Brian: And thanks for having me, James.   

Brian Burke is president and CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single, multifamily and opportunistic residential assets in the U.S. growth markets. As a recognized real estate expert, Brian has been a frequent speaker at real estate forums and conferences, including the Opal Family Office & Private Wealth Management forum, the Keiretsu Forum, and the Institute for Private Investors. He has also served as co-host and real estate expert on the Fox News radio show, “The Best of Investing”. Brian is married and has lived in northern California for over 30 years. An avid aviation enthusiast, he’s a licensed instrument-rated airplane and helicopter pilot.

What’s it going to be worth when I’m done? Answering this question is how Brian Burke underwrites large multifamily deals. However, to truly answer this question requires a deep understanding of the market and an accurate projection of the income statement. Brian is the President and CEO of Praxis Capital, a vertically integrated real estate private equity firm, founded in 2001. Brian has been investing since 1989 and has acquired over 700 properties, including over 2,000 multifamily units. Brian came on the show to share how he analyzes multiple markets to stay ahead of the cycle and what to look for when underwriting deals.     Key Market Insights Multifamily underwriting approach came from flipping single family properties to know, “how much is this going to be worth when I’m done” Take the future value, knock off percentage and subtract rehab costs Current market has too much money chasing too little real estate Each year, review markets using various sources such as Milken Institute and Urban Land Institute Texas markets were the first to recover, Florida was one of the last Surprising Markets for 2019: Las Vegas, Huntsville and Denver – driven by job growth, population growth and inward migration To manage risk in today’s market: Brian is looking at markets that are earlier in the recovery cycle, now underwrites with higher economic vacancy and multiple exit strategies Economic vacancy = physical vacancy + credit loss + concessions + loss to lease Use the submarket’s physical vacancy for vintage of property Tips for reviewing investment underwriting: check projections for economic vacancy, sources of income, expense assumptions and in-place income vs. Y1 projections If deals are missing credit loss, concessions, loss to lease – Expenses – ensure the staffing/payroll is in line with the plan Sources and uses of funds – have they allocated enough to complete the business plan Formed his own management company to oversee portfolio Most excited about their expanding investor base rapidly     Bull’s Eye Tips: Winning Your Market: Perseverance Tracking Market Changes: Reading economic data and news articles Daily Habit: Underwrite 1-2 deals daily Resources: Milken Institute – Best Performing Cities Index Urban Land Institute and PWC Best Business Books: The Dealmaker’s Guide to Commercial Real Estate by Ray Alcorn   Digital Resources Google Maps   Tweet This: “There’s so much more to future value than just cash flow”   “The exit drives the bus, the passengers on the bus are the cash flow and entry price.”   “There’s too much money chasing too little property”     Places to Grab a Bite: Las Vegas - Gordon Ramsay Steak Maui – Kimo’s Lahaina   Connect with Brian: Website: https://praxcap.com/   Leave us a review and rating on iTunes or Stitcher. Be sure to check out more info at TargetMarketInsights.com.    

Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single, multifamily and opportunistic residential assets in US growth markets.   Over the course of a real estate investment career that began in 1989, the offerings Brian manages have acquired over 700 properties, including over 2,000 multifamily units, with the assistance of proprietary software that he wrote himself. Acquired asset classes include single family homes, self storage, mixed-use and large apartment complexes in multiple states. Brian has arranged well over $300 million in debt and equity for Praxis acquisitions. Praxis’ current portfolio exceeds $150 million of real estate assets under management.     Contact Brian https://praxcap.com   Content mentioned Unbeatable Mind: Forge Resiliency and Mental Toughness to Succeed at an Elite Level https://www.amazon.com/Unbeatable-Mind-Resiliency-Toughness-Succeed/dp/B00UNYMSR6/ref=mt_audio_download?_encoding=UTF8&me=&qid=   Follow Ola www.instagram.com/oladantis @OlaDantis for all social media Send me a DM when you follow so I can say hi!   Learn more at: dwellynn.com/invest

In this episode, Whitney interviews Brian Burke, President, and CEO of Praxis Capital. Brian shares some of his best work practices that have allowed him to build a $200 million asset portfolio over the years. You will learn about the different areas that Brian is contemplating investing in. What is Brian's methodology for zeroing in on suitable areas? Is it worthwhile to invest in self-storage facilities? You will also learn the importance of conservative underwriting – and factoring in non-revenue units and concessions while analyzing a deal. This show is loaded with great value that will surely help you and your business. Tune in now! 

Today we speak with Brian Burke, former law enforcement officer based out of San Francisco, CA. He talks about how he got into his first few deals and how he invested on the side for 14 years while working his full-time job. Brian gets into fix and flips, single family rentals, partnering and multifamily. He has now done over 700 deals and is currently the President of his private equity firm Praxis Capital. This is a great show for beginners looking to get started but also for experienced investors looking to scale up!

In this episode of the Real Estate Investing for Cash Flow Podcast, Kevin shares the mic with CEO of Praxis Capital, Brian Burke.Brian started his career like many Real Estate Professionals typically do: By Flipping or Holding Single-Family Homes. Surprisingly, his career exploded between 2008-2010 at the height of the Recession as he focused all of his attention on purchasing distressed Real Estate.Now at 2000 doors, Brian and his company are now setting their sights on 10X’ing that number to 20,000 doors -- or die trying. Enjoy this episode as Brian dives into exactly what’s in store for Praxis in the upcoming years. HIGHLIGHTS: [10:21] Brian talks about the shift Praxis is making. Why 20k doors, and how will Praxis do it? [13:05] How has Brian shifted leadership within his company to account for the big change? [17:13] What are some of the benefits of chasing institutional capital for this growth? [19:48] What really excites Brian about the market right now? [25:50] How has Brian been able to attract Top Talent? [36:56] What is the best piece of advice Brian has ever recieved? [38:37] How did Brian get his head back in the game after the Recession? Job Opportunities with my Team: Click Here Recommended Resources: Check out our company and our partnership opportunities by visiting SunriseCapitalInvestors.com Would you like to partner with us on future MHP deals, call 844-CASH-FLW to learn more or click here to schedule a time on our calendar. Grab a free copy of our book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them click here Episode #60 — When Kevin & Brian last spoke. Visit Praxis Capital’s Website

Gary Pinkerton talks with Brian Burke, President & CEO of Praxis Capital as well as a former firefighter, police officer, and ambulance EMT, about his journey from first responder to creating and running a $150+ million company. The two discuss how Brian found/made the time, when he realized it was time to switch careers, his thoughts on real estate, and finding favorable areas to invest in. Key Takeaways: [5:33] How was Brian able to find the time and energy to create his company while being a firefighter/police officer/ambulance EMT? [9:19] Brian eventually reached the point where his real job was getting in the way of his investing job (where he could make more money), so he had to make the switch. The weird hours of being a first responder definitely helped him in his real estate journey. [13:51] If you have a job and are thinking that you don't want to do real estate investing full time, you don't have to. Brian started with a goal of 1 rental home a year [18:20] How investors have sold properties in California in order to buy a whole lot more in other, more favorable, investing areas [21:26] Brian's thesis on real estate Website: www.PraxCap.com

"There's times when the best real estate investment you can make is to go play golf"...So says Brian Burke, the guest in this episode. Brian has been investing in real estate since 1989, and currently manages over $150M in assets through his firm Praxis Capital. Yet he started off with no savings, no connections, and living paycheck-to-paycheck as a grocery store employee. How did he do that? Listen to this episode to hear his answer, and the answer you can give when people say you're CRAZY to do REI

Here’s some of what you will learn: Beginning with an $80,000 mobile home purchase. The value of getting doses of “what not to do”. Making the decision to leave your full time job to become a full time real estate investor. Brian’s first syndication meeting, (he walked away with $500,000 and 28 investors with guns). What is a 1031 Exchange? The real estate disease to avoid. Studying a market to buy for cash flow. The keys to real estate (they aren’t location, location, location). Taking advantages of downturns. Being a Buy and Watch investor. Brian’s real estate team. Why you should always underwrite to survive. Book recommendation: The Family Office Book: Investing Capital for the Ultra-Affluent by Richard C. Wilson. Our Guest You can learn more about Brian Burke and Praxis Capital Inc. at: https://praxcap.com/ Want to build Lifetime Cash Flow from Multifamily Properties? If you’re committed to creating the life you deserve, we've created the best multifamily training and coaching program on the market. I personally coach you on your path to create the life of your dreams. I will help you CRUSH it in this business!  - if you'd like to receive information about our program, text CRUSH to 41411 now. Recommended Resource Looking to invest in a multi-family real estate project? Want to partner with me personally on a deal? To schedule a time for us to talk click on this link: http://meetme.so/RodKhleif Review and Subscribe Posted in Podcast Tagged acquisitions, Brian Burke, Praxis Capital, apartment investing, apartments, appreciation, Assisted Living, broker, brokers, business, cash flow, cashflow, commercial, commercial real estate, CRE, CRE investing, Defaulted paper, Donald Trump, entrepreneur, equity, Eviction, expert, experts, Foreclosure, funding, Hedge fund, investing, investing in real estate, investments, Rod Khleif, Rod Khleif Florida, Rod Khleif Real Estate, Riyad Khleif , manager, mergers, millionaire, multi-family, multifamily, Office, passive income, podcast, private lending, private money, property management, raw land investing, real estate, real estate broker, real estate cashflow, real estate coaching, real estate investing, real estate investor. Investing, REIT, Retail, Robert Kiyosaki, sales, Sales Coach, sales expert, Sales Training, Self Storage, Selling, Senior Living, Shopping Center, Short Sale, Suburban Office, syndication, training, value add, Repositioning assets, multi-family expert, multifamily expert, multi family investing, multifamily training    

Our guest for this week’s show is Brian Burke who is the co-founder and managing director of Praxis Capital and CEO of Praxis Residential, which is a privately held RE investment firm based in Northern California who is active in both the single family and multi-family space and has completed well over $200 million in acquisitions. Brian and his team have been absolutely kicking butt and during this interview Brian shares with us some of his secret sauce that has attributed to his success as an investor, but I'll warn you ahead of time that the primary ingredients of this secret sauce are loads of hard work and thorough education. One of the most impressive parts of Brian's story is how he started his professional career as a police officer and invested in real estate in his spare time. In fact, he worked a full-time job for a # of years before taking the leap of faith into becoming a full-time real estate investor. In this show you’re going to learn: How he was able to build a rental portfolio while working a full-time job The steps he took to self educate himself into becoming a real estate investor Why he feels it's critical to prove your investment concept with your own money before taking investors capital Learn the different fund structures that Brian uses for his different projects What markets he's excited about today and why What his crystal ball is telling him about the next few years His goal to underwrite 1 multi-family deal per day with the goal of buying 2-3 deals in 2015 And much more..   Recommended Resources Download my free success guide,  “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide Schedule a free "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2 Looking to invest in Mobile Home Parks? Want to partner with the industry experts? Check out http://www.SunriseCapitalInvestors.com Check out Brian's company @ www.PraxisCap.com

In today’s show we talk with Brian Burke, a house flipper and real estate investor from Northern California with a fantastic story and fascinating business model.Two days ago, Brian wrote a wildly popular article on the BiggerPockets Blog titled, “Anatomy of the Grand Slam: How I Made $800,000 on One Flip” where he talked about flipping a large apartment complex using a combination of hard money and private capital he raised. In today’s Podcast, we’re going to look more in-depth at how Brian got started, the strategies he uses to flip over 100 houses per year, and how you can use the same techniques that he does to raise money for your next real estate deal.Last week, the BiggerPockets Podcast reached #6 on the Top Business Podcasts in all of iTunes. This is an enormous honor and we want to just take a minute to thank everyone who has taken time to listen on iTunes or leave a review. As of today, we are up to 49 Five Star Reviews. If you haven’t yet left us a review and want to help us out, please click here to leave a review in your iTunes player.Read the transcript for Episode 3 with Brian Burke here.In This Week’s Podcast We’ll Explore:How Brian started with no money, no experience, and without rich friendsHow losing money on early deals helped grow Brian’s businessInvesting in real estate when you look 15 years old.Why dealing with sellers is Brian’s least favorite strategy for real estate investingBrian, Brandon, and Josh’s differing opinions on using credit cards to finance real estateWhy raising private capital is one of the most important jobs for an investorThree tips for raising private capitalWhy Richard Branson gets in a hot air balloon and sails around the world.How Brian funds dozens of real estate flips per monthUsing property managers to get you inside informationThe one piece of advice new investors can’t survive without.Using partners to invest in real estateLinks from the ShowReg D OfferingI.R.R. (Internal Rate of Return)The Anatomy of the Grand Slam FlipThe BiggerPockets Radio Podcast 001 – Building a Successful House Flipping Business and Losing Millions with Marty BoardmanBiggerPockets Facebook PageTweetable Topics“If you don’t screw up – you don’t learn.”(Tweet This!)“They won’t say yes if you don’t ask.”(Tweet This!)“Sometimes failure is your biggest boost.”(Tweet This!)“Whether it’s Harvard, Yale, or on the streets of real estate school – every lesson costs you money.”(Tweet This!)“Sell yourself… the more track records your build, the easier you can raise capital.”(Tweet This!)“If you want to change your situation, change your vocabulary.”(Tweet This!)“A lot of this business is sounding like you’re smart – but you’ve gotta back it up.”(Tweet This!)“If you don’t love your work – you’ll never make it to the next level.”(Tweet This!)Books Mentioned in the PodcastRich Dad Poor DadReal Leaders Don’t Do PowerPointDavid Lindahl BooksArt of the Deal – Donald TrumpArt of the Comeback – Donald TrumpThink and Grow Rich – Napoleon HillAbout BrianBrian Burke is co-founder and Managing Director of Praxis Capital, LLC, a real estate private equity investment firm created to provide high rates of return to his investors while tactically managing risk. He has been a real estate entrepreneur since 1989, and has purchased over 500 properties valued at over $150 million, primarily from foreclosure.Brian’s BiggerPockets ProfileBrian’s Company Website: Praxcap.com

Learn how money is made buying distressed property with Praxis Capital. We are consistently purchasing property at discounts exceeding 30% off of current market value, providing consistent returns to our investor clients. Learn how investing in an expert team outperforms going it alone.