Podcasts about reit

Want passive income? Well, DON'T invest in rental properties. Buy REITs (real estate investment trusts) instead. Yes, you read that right. Although rental properties are a phenomenal way to build wealth and cash flow and pay fewer taxes on your income, they aren't the most “passive” type of investment around. Between the 2 AM tenant phone calls, leaky toilets, evictions, and common headaches of owning a house, rental properties might not be worth the extra incomefor most Americans. But REITs probably are. REITs are traded on the stock market just like your favorite index fund. The difference between REITs and traditional stocks? REITs let you buy a share in a large landlord company, which passes their income down to you via dividends and often an appreciating share price. And now, as many commercial real estate values are dumping, top REITs could be selling at a HUGE discount. So, how do you start investing in them? We brought Jussi Askola on to help. Jussi runs Leonberg Capital, where he consults with some of the largest REITs in the world. He also writes the “High Yield Landlord” newsletter for Seeking Alpha and is arguably the world's most up-to-date REIT expert. In today's episode, Jussi gives you a top-to-bottom breakdown of REIT investing, who should (and shouldn't) invest in them, how to know whether one is worth buying, and why rentals PALE in comparison to the passive income REITs provide. In This Episode We Cover REITs vs. rental properties and why one beats the other on profit and passive income potential How to make TRULY passive income by investing in REITs today Private vs. public REITs and which are safer, easier to exit, and provide better returns  The MASSIVE REIT discount in today's stock market and which companies are worth investing in REIT industries to avoid in 2023 that may continue to see their prices drop And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Connect with Scott on BiggerPockets Grab Scott's Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Passive Income (Without the Properties!) by Investing in REITs w/Matt Argersinger What Are REITs And How Can You Invest In Them? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-455   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

This is ReConversations, a special interview with Rod Pickney, Senior VP of Acquisitions at Broadstone, live from ICSC ReCon 2023.ReConversations is an exclusive mini-series of The Crexi Podcast, an insider's look at all things commercial real estate, powered by NNN Pro Group.The Crexi team visited ICSC ReCon LIVE in Las Vegas from the floor of the convention center at the NNN Pro Group's booth. The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Yannis Papadakis sits with Rod to cover wide-ranging topics, including:Introductions and early career movesDay-to-day insights and strategies in managing acquisitions for a diversified REITKey mentors, lessons learned, and favorite mistakesCurrent trends in retail space and impact of disruption from industry & macroeconomic factorsEmergent opportunities and potential upsideRapid fire questions and sign-offsAnd much more!A special shout out and thanks to our friends at the NNN Pro Group, the market leading net lease investment sales and advisory team who is making this podcast series possible. NNN Pro Group has completed over $30 billion in net lease sales and is one of the largest sale-leaseback advisors in the country. To learn more about their team and services, you can visit their website.If you enjoyed this episode, please subscribe to our newsletter to receive the very next one delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out our blog, Crexi Insights.Ready to find your next CRE property? Visit Crexi and immediately start browsing hundreds of thousands of available commercial property.Follow Crexi: WebsiteInstagram ​ Facebook​ TwitterLinkedinYoutubeAbout Rod Pickney:Rod Pickney is Senior VP of Acquisitions at Broadstone, an internally-managed real estate investment trust (“REIT”) that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.

Todd Kellenberger, REIT client portfolio manager at Principal Asset Management, was a guest on the latest episode of Nareit's REIT Report podcast.Kellenberger noted that listed REITs currently trade at significant valuation discounts to both equities and private real estate. He pointed out that the earnings price multiple of REITs versus equities today is over two standard deviations away from the long-term mean—"a level that's even cheaper than what we saw during the GFC, particularly for U.S. listed REITs.”Meanwhile, the change in valuations for private real estate have been slower than for listed REITs, given the appraisal-based methodologies and limited price discovery in today's transaction markets, he added.

Rick Romano, managing director at PGIM Real Estate, takes a turn at the microphone to discuss the current environment for publicly traded REITs, including the strongest property types, categories that are flashing red, the impact of rising interest rates, supply/demand imbalances, and the disconnect between public and private real estate values. (09/2023)

Rick Romano, managing director at PGIM Real Estate, takes a turn at the microphone to discuss the current environment for publicly traded REITs, including the strongest property types, categories that are flashing red, the impact of rising interest rates, supply/demand imbalances, and the disconnect between public and private real estate values. (09/2023)

This episode Ken breaks down the automotive sector. Looking to build wealth? Tap in to the Bullish Institute of financial literacy.at 313-744-3489https://www.bullishinstitute.com/Got stock market questions? Send your question to Ken on IG@AskBlanksQuestions will be answered on future episodes.Register to our live webinars. Get the early bird special belowSign up hereWe would like to thank our sponsors Coleman Austin Legal Shield 313-218-1527 CRC Financials LLC 313-268-7205 ask for Carla Wilson Drone Logistic Services 908-209-2794 Black & White Look Otical 248-255- 6444

In this week's episode of The TreppWire Podcast, we break down the post-Fed decision discussion – with the focus on the Dot Plot and the 'higher for longer' narrative. In CRE, we take on the hot (but not hot enough) topic of insurance, discuss a REIT bankruptcy filing, share office crabgrass, and more multifamily comps with interesting cap rates. Tune in now. Episode Notes: - Post-Fed decision discussion: Dot Plot, higher for longer (0:23) - Signature Bank CRE portfolio (8:12) - Insurance expenses (11:37) - Office (mostly) crabgrass (16:30) - Retail (32:23) - Multifamily comps (39:43) - Shoutouts (42:24) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

Today's guest is Jason Fudin.   Jason Fudin is the CEO and Co-Founder of Placemakr, a mixed-use multifamily operator.   Show summary: In this podcast episode, Jason Fudin, CEO and co-founder of PlaceMaker, discusses their unique business model that blends different asset classes to create value in real estate. They offer a hospitality living or flex living model, similar to private student housing, and a pop-up hotel model where they partner with developers to run a subsection of new apartment buildings as furnished units during the lease-up period. Jason explains their transition from pop-ups to permanently flexible buildings and the challenges they faced along the way. He also shares his belief that blending real estate and higher utilization will become the norm, increasing the value of real estate.   -------------------------------------------------------------- Introl [00:00:00]   Jason Fudin's Background and Journey in Real Estate [00:01:12]   Spinning PlaceMaker Out and the Opportunity for Growth [00:03:30]   The Flex Living Model [00:09:37]   The Pop Up Hotel Model [00:10:46]   Building a Blended Asset Class Company [00:11:46]   The blending of real estate and higher utilization [00:18:44]   The transformative impact of the company's model on real estate [00:19:36]   Attracting good people to the team [00:20:23]   -------------------------------------------------------------- Connect with Jason:  Linkedin: https://www.linkedin.com/in/jason-fudin-16613ba/ Web: https://www.placemakr.com/   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Jason Fudin (00:00:00) - Let's say we're going to go build that 300 unit apartment building, brand new. Well, when you deliver it, the whole thing is empty, right? You got 300 empty, brand new apartment. What we do for partners that build new buildings is we come in and say, Hey, give us 100 units the day you open and we'll run a subsection of your building as an apartment hotel as you lease up. So if you're leasing 20 units a month, it'll take you 15 months to lease up an apartment building. For 12 of those 15 months, we'll run 100 or so units furnished where people can stay. And so we monetize that vacancy during lease up in a temporary way so that if the lease up takes a little bit longer, the developers make additional cash flow and if it goes faster, they make a little less. But it's an insurance policy that's paying them. And then for residents, they get, you know, an on site hotel, they get hospitality services for free. So we blend the asset classes.   Jason Fudin (00:00:49) - We're in the business of making real estate more valuable by blending the asset classes.   Sam Wilson (00:00:52) - Welcome to the How to Scale Commercial Real Estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Jason Fudan is the CEO and co-founder of Place Maker, a mixed use multifamily operator. Jason, welcome to the show.   Jason Fudin (00:01:12) - Thanks for having me, Sam.   Sam Wilson (00:01:13) - Absolutely. The pleasure is mine. Jason There are three questions I ask every guest who comes on the show in 90s or less. Where did you start? Where are you now and how did you get there?   Jason Fudin (00:01:22) - I started growing it up up in upstate New York. Uh, I went to college in Canada as an engineer, decided I wanted to be in real estate and not an engineer because real estate blends the community analytical challenges and money. And so found my way into real estate development. Started as a secretary. I worked my way up to running a couple of billion dollars in development and then eventually started my own company.   Jason Fudin (00:01:46) - And I'm building something for myself and my team.   Sam Wilson (00:01:48) - That is crazy. So the you said it so fast, I missed it. You started as a 90s.   Jason Fudin (00:01:56) - You kept me quick, you know?   Sam Wilson (00:01:58) - No, no, that was great, man. I love it. I love it. Sometimes you're like, you asked for 90s and it's like 900 seconds. You're like, Wait, that was 90, not 900. So no, you did good. I appreciate that. But the you started as a secretary and then you started running a couple billion dollars. You worked with running a $2 billion real estate development company.   Jason Fudin (00:02:15) - A pipeline. So I worked for a senior vice president at Vornado Realty. And at the time, the Vornado office was focused a lot of focus on office and I worked on the residential side, so there wasn't as much focus there. And I got this awesome boss who said he showed up was like, I'm running all these projects, how do you want me to hand them off? And he goes, Look, you seem like a brilliant kid that's going to work your ___ off.   Jason Fudin (00:02:39) - Like, let me know if you're drowning. So I just I worked an ungodly amount, learn the industry from some amazing colleagues. And when I left that role, yeah, I was responsible for about 2 billion of development between master plans, individual ground up developments. Um, and then then went over to a regional developer and ended up working with my now co-founder and we bought land and capitalized deals and did regulatory, you know, buildings, condos, apartments, retail, you name it, and then just continue to work my way up till eventually went back to that big company. He was an executive there, ran their innovation division, which was novel seven, eight years ago for a big public REIT and then built what is now place maker within the organization and spun it out. And we're about six years old now.   Sam Wilson (00:03:30) - Wow, that's really cool. When you decided to spin Place Maker out of that organization, what was the opportunity you saw in going off and doing your own thing that maybe wasn't there when that company was inside of the other business?   Jason Fudin (00:03:43) - So I always expected to go build my own company.   Jason Fudin (00:03:45) - And the reason I chose real estate development is it was $1 trillion asset class and I figured there had to be a niche space where smart person could go build something that they were passionate. And so I kind of bided my time. You know, I built a lot of real estate for other people, made them a lot of money. And then when I saw the opportunity to make real estate more valuable, real estate is just a set of cash flows. People become really like emotional about it, but really it's a set of cash flows. And so what became really obvious to me is if you could increase those cash flows in a predictable, nonvolatile way, you'd make real estate more valuable and saw the opportunity to do that. And I started doing that. And a big company, that company is a REIT, so they're precluded from having a hospitality operation in house and so they were unable to own the business I was building. So spun it out. Uh, asked my now co-founder to join me, raised a few million dollars of capital and and off we went.   Sam Wilson (00:04:38) - Got it. So you guys spun that out and now we talked about this before we started recording and I'd love to hear kind of what and again, I'm talking out of my league here quite a bit, so I'm going to have to rely.   Jason Fudin (00:04:49) - I doubt that, but I appreciate it.   Sam Wilson (00:04:51) - No, no, you're you're not too dumb it down for for somebody like me to understand. But you guys and I think the words that you use, you are you said we are a tech enabled operator, which means you guys are a venture. Lincoln said venture capital backed, tech enabled operator. Is that the way the way you said that?   Jason Fudin (00:05:09) - Yeah, I said it all jargony, but that's true. I'll dumb it down for you. So basically, a bunch of folks that invest in high growth operating companies have invested north of $70 million in our operating company under the premise that it will become a large public company over time. And so there's two major innovations in our operating business. One is blending multiple real estate asset classes to create higher yield, more viable real estate, the commingling of real estate.   Jason Fudin (00:05:42) - The second innovation is operating that co-mingled real estate in a way that depends largely on software and other technology tools in order to maintain lower expense ratios. And so off a more cash flow, more profit on the property base. And so we are those two things. As an operating company, we're pioneers in the blending of asset class classes and were the forefront of using technology to operate those assets efficiently.   Sam Wilson (00:06:08) - Can you give me a case, a case study on that?   Jason Fudin (00:06:11) - Yeah, sure. So we and we also buy buildings, so I'll put it all in one. There's a building we bought in Nashville, I think you're in Tennessee, right?   Sam Wilson (00:06:19) - Am Yes.   Jason Fudin (00:06:20) - We bought a building that in. Asheville and the sober neighborhood just off Broadway, its 300 or so units. The cost us about $140 million, $150 million. And so we acquired that with an outside investor. We we bought that asset with the with the plan of blending hospitality and multifamily. So that 313 unit asset has about 200 furnished units today, just over 100 unfurnished units, a single onsite operating team that's probably about a third the size that you'd see at a hotel, the same at the same size.   Jason Fudin (00:06:51) - And something like 80% of our arrivals are contact list. And so a lot of that like concierge check and stuff that needs to happen at a traditional hotel doesn't happen for us. All the locks are automated in our backend system. The same if you booked with us the day before, you'd get an automated code to get into your room, you can turn your phone into your key. And so that entire experience happens with a lot less kind of hand-holding. Think about like ordering an Uber today versus calling up a cab ten years ago. So we've automated a lot of that. In addition, we've blended a global workforce with an onsite team, so a lot of things that traditionally would be handled on site at, you know, all hours of the night or whatever else we handle out of, we call it off site supports team in other states, at other properties or in other countries. And that allows us to continue to maintain a pretty low cost of goods sold on the expense side. So that particular asset runs just shy of a 50% margin.   Jason Fudin (00:07:47) - Um, and an average hotel runs at a 25% margin and service maybe at 30. So we're, we're doing almost twice as good as pure play hospitality, um, because of technology.   Sam Wilson (00:08:01) - Now in that building was a it is a hotel or it is a yeah this.   Jason Fudin (00:08:09) - That's like saying like that's like saying on your phone is that the storefront that you went to or it's not that was probably not the right ways to frame it. Right? Our customers fall into four categories folks that rent with us for 12 or more months where they bring their own furniture. It's their home, they sign up for the internet, everything else. Yep. Um, and they have access to hospitality services. So, you know, you could opt in for cleaning or linen service or whatever, you know, it's just. It's a more experiential home. Sure. Um, that's about a third of that building. The other two thirds is furnished. And we have three types of furnished guests. We have long stay furnished. So think like your company is moving you to Nashville.   Jason Fudin (00:08:48) - You know, they're like, Hey, for six months, we'll pay for your housing. They just. They just rent a one bedroom apartment for six months. The next is we call it interim housing. Think like two weeks to six weeks. You're a doctor on residency, you're traveling nurse, whatever. You're reloading, you're getting your house renovated. It's too long to be living out of a hotel, but too short to actually sign a traditional lease. Right. Um, and then our last set of customers are transient. You're coming to Nashville Thursday through Monday because you're going to go down to Broadway and hopefully behave a little bit. Um, you're working Monday through Thursday in town on projects on a regular basis. You're a consultant. Um, and so that's kind of the core set of customers we have. And any particular property.   Sam Wilson (00:09:30) - And this is the same model you guys like you said, any particular property, It's the same model you guys are carrying to each.   Jason Fudin (00:09:37) - Yeah. So, yeah. So we do that in Nashville, we do that in New York City, we do that in Washington, D.C. We optimize like that particular asset will have more than doubled the cash flow from when we bought it within 24 months.   Jason Fudin (00:09:49) - So it'll be 24 months here in December, we'll have more than double the in-place cash flow. So that's obviously material for an asset like that. So it's not a hotel per se, it's not an apartment building per se. It's structurally an apartment building with an operating model that leads to higher cash flow. Think one of the easier analogies is to think of private student housing, where they're building essentially apartments. But they're, you know, they're they're structured around a specific set of customers where they can drive more cash flow than a pure play apartment building in that same city. We're like that on steroids. On steroids. Right? Like we're that times a lot more. So that's that's called our hospitality. Living or flex living model. That's about 80% of our inventory. The other 20% we run is that kind of a unique little model we call a pop up hotel. And so let's say you were going to go build that 300 unit apartment building, brand new. Well, when you deliver it, the whole thing is empty, right? You got 300 empty, brand new apartment.   Jason Fudin (00:10:46) - What we do for partners that build new buildings is we come in and say, Hey, give us 100 units the day you open and we'll run a subsection of your building as an apartment hotel as you lease up. So if you're leasing 20 units a month, it'll take you 15 months to lease up an apartment building. For 12 of those 15 months, we'll run 100 or so units furnished where people can stay. And so we monetize that vacancy during lease up in a temporary way so that if the lease up takes a little bit longer, the developers make additional cash flow and if it goes faster, they make a little less. But it's an insurance policy that's paying them. And then for residents, they get, you know, an on site hotel, they get hospitality services for free. So we blend the asset classes. We're in the business of making real estate more valuable by blending the asset classes.   Sam Wilson (00:11:28) - That's really, really genius. Where did I mean, I've had, I don't know, what's this 800 and something episodes that we've put out on this show.   Sam Wilson (00:11:37) - And I've not heard anyone doing this model. Where did you cook this up? Was this your own home cooking or was this a model you've copied from somewhere else? How did you come up with this?   Jason Fudin (00:11:46) - I would say own cooking. Um, so when I was at Vornado running their innovation group, it's been a bunch of time looking at how do you make real estate more valuable? And one of one of the there's basically two ways to make real estate more valuable. There's more, but like there's two big ways you take existing assets. One is you get more assets through the door, higher utilization. The other is you sell to the highest paying customer at any point in time, which is commingling uses. And if you think about real estate as a, you know, an evolution of a bond, a fixed income asset, your goal is to throw off more cash flow in a predictable way. And so by doing those two things, you know, the the high utilization is like co-living co-working, shared conferencing.   Jason Fudin (00:12:26) - The co-mingling is something like what we do or what a convene does in the office conferencing space. And yeah, it just was really obvious to me. And so I sat down with my analyst at the time, me and her in a room and we were like, What is the easiest way to blend asset classes, to create value? And we're like, Well, what is more wasteful than a brand new empty apartment building? Like is crazy? They were like, Well, if we can there's a there's a duration mismatch between the timing of how you lease up a building correctly, um, and how quickly someone could use it in the interim. They're like, oh, we'll just pair those two things to go build an operating company that blends the asset classes where it's free money, and then once we get good at that, we move to the permanent model. So our business plan originally was start with pop ups until you understand and get good and build the tech stack and, you know, understand customer, customer funnel and OpEx ratios and all that crap.   Jason Fudin (00:13:18) - And then once we get good enough, it's no longer free money. We make it the core business. And that's that evolution that we evolved to. We started the company in 17 and my partner and by 2021, so within four years we were buying and rolling out permanently flexible buildings. And today we have a couple thousand units of this stuff.   Sam Wilson (00:13:35) - That is really cool. Tell me about some of the operational challenges that you face and how you overcome them.   Jason Fudin (00:13:44) - I mean, operations is messy in anyone that anyone that's in the operating business knows that you designed your best set of procedures and structure. You hire super talented people that are empathetic and then you learn by doing. And so every time you make a mistake, you figure out why you made it. You make a right, you make it better. And that's kind of been our iterative process. I'd say we've accelerated it by using technology. We've accelerated by bringing a bunch of veterans on that run, billions of dollars of assets or, you know, hundreds of stores or whatever.   Jason Fudin (00:14:19) - We blend. Leadership generally is a mix of people from the multifamily world in the hotel world, so each can take their best habits hopefully, and try to cancel out each other's worst. And I'd say one of the biggest mistakes we made early on when we started the company is we didn't appreciate the value of building the right culture and talent. You know, as developers were kind of like, Oh, we just, you know, you build a building like any bricks need windows, whatever. Like a company's not like that. It's like a living organism. And so one of the biggest mistakes we made at first was not appreciating how critical it was to build that culture, that set of norms. And, you know, we had like core values that couldn't even tell you what they were. So it was total crap. Um, but today, you know, we have three norms of the company. We own it, we make it better, we treat people right. Everyone rallies around that and they know that if they ____ up, but they do it in, you know, an effort for one of those norms that they're going to get some grace.   Jason Fudin (00:15:11) - And that's helped us build a foundation of a high quality team. And then people that do a great job, we promote them fast and often and give them more and more responsibility. And so and then we offer people where we feel like they're not a fit. We don't just wait it out as some big company.   Sam Wilson (00:15:26) - Oh, no. I think that's that's really, really great. And that was going to kind of be my next my next question behind this because there's you know, I look at what you're doing and obviously don't understand it in a comprehensive way, but it's like getting something like this off the ground. You got to find that multifamily building that that was just built that's empty. Then you got to find that model. How are we going to set up the pop up hotel? And we got to find all the services, all the people to plug in. I mean, that's a lot of things to get all moving in a common direction and get it working out of the gate to where the first one works.   Sam Wilson (00:15:59) - Then you can go out and do it like you've done across the country. I mean, that just sounds like a monumental undertaking.   Jason Fudin (00:16:05) - Yes. Yes. I mean, that's the business. You know, certain innovations are kind of like blue ocean, like AI or something else where basically, you know, human technology has never, you know, cross that chasm. And so it's a very different kind of innovation. You know, like you fundamentally change the way something works, like when the world went from like pulleys for lifting weights to hydraulics, you know, like it was just a pure technological change. In our case, the reason I called it a tech enabled operation is that's exactly what it is, is we're solving thousands of little problems in a cohesive way so that the outcome leads to higher profitability, effective, you know, customers, a customer product. Our Net Promoter score is close to the Ritz-Carlton, even though we're at that much lower. So, yeah, we had to solve a million problems and we have another 10 million to solve, but that's what makes the operating company valuable.   Jason Fudin (00:16:58) - It was just a small little like jump leap, whatever. No one would pay us the money. They pay us on a contracted multi-year basis to increase the value of the real estate.   Sam Wilson (00:17:09) - Right, Right. Yeah. No, I like that. Yeah. There are thousands of problems to solve. Do you feel like what you guys are doing? I mean, feel like it's you're on the you're on the front end of this kind of model? I mean, do you see other operators beginning to copy your, your kind of.   Jason Fudin (00:17:27) - Yeah, we've seen people do pieces of it. So to your point, every piece that we do is complicated. So we've seen people run furnished apartments like a hotel where they sign leases and have to deal with the management contracts and the structure. We've seen people run apartments this 30 day plus corporate housing. We've seen people buy the stuff and bring another operators. We've seen we've seen every version of we've seen folks in the hotel space just try to use technology to make them more efficient operators.   Jason Fudin (00:17:51) - So we've seen like all of the pieces of our business, I would say that no one effectively like we does. We do bring it all together and to bring it all together is where the real value is created. It's the flexibility, you know, building in the optionality into the real estate. But yeah, we've seen a lot of people touch around the edges and then there's a number of buyers and developers that pursue just the real estate strategy and they bring us in as their partner. We either power their stuff or we operate their stuff or whatever. Um, the company today is on a trajectory to be worth a couple billion dollars over the next few years as kind of a niche player. So if you think about, again, private student housing, that's a small market relative to real estate United States, but there's multibillion dollar players in that space. And like if our view of the world is wrong and what we're doing is niche, we become a couple of billion dollar company, we create a few billion dollars of creation of value in real estate and.   Jason Fudin (00:18:44) - Pondered. We go. My belief, my strong belief is that the blending of real estate and the higher utilization of real estate will become the norm for new projects because it's more valuable, right? And that will be reflected in land pricing. And as soon as land trades at a price that reflects a higher and better use. Developers won't have a choice but to build versions of our model as a physical asset, right? And when that happens, we're not a couple of billion dollar company. We're competing with the biggest hotel companies in the world, the biggest public companies in the world. And we're powering a new generation of real estate assets and corporate markets.   Sam Wilson (00:19:19) - I love it. No, I absolutely love it. This is this is an episode I'm probably going to kind of mentally catalog or putting my my, my brain bank and say, okay, you know what? We're going to we're going to go back to this 1 in 7 years like a what do they call those? One of those things we did as kids, whether you'd like.   Jason Fudin (00:19:34) - Right time the time capsule. Yeah. There you go.   Sam Wilson (00:19:36) - The time capsule, You know. You know, first grade. I want to be a firefighter someday. Like, okay, open this in 20 years. So I'm going to come back in about seven years and say, okay, where did Jason and his company go and how his real estate really shifted? Because you're absolutely right. Like the highest and best use with what you guys are doing is transformative in the way that these buildings are operated and owned. And I think this is this is really, really cool. I got one final question for you here, Jason, before we sign off. And it really comes down to bringing good people on your team, what would you say? Because I know you mentioned this there. You said, hey, you know, we've brought on some of the brightest and best that we could. How did you attract them to what you were doing and make it an attractive place for them to come come to work.   Jason Fudin (00:20:23) - I think actions speak louder than words. And so if you see the way me and my partner run the business, we run it in the way that we'd want to be treated as employees. We've built a culture of transparency, of hard truths and a, you know, the best answer wins, not the most senior person. And I think that that attracts a players and they bring in their other friends and people they've worked with. And it's kind of contagious in that way. I think also structurally we've made ourselves accessible to a bigger pool of talent. So we on the corporate side are remote first, and that means that we have team members in some 30 states. That means that anyone in America that has access to high speed Internet can work on the corporate team. In fact, that means anywhere, anyone, anywhere in the world technically could if we structure their contract correctly. Right. Um, and that's been, that's been huge on the non property side is there's a lot of overlooked, highly talented people, whether they're new moms or otherwise, want to live in places that don't lend themselves to a corporate office.   Jason Fudin (00:21:23) - So we've, we've, you know, dipped into that largely. And then on property, you can move up within our within an organization so much more quickly than you can like pick a big apartment operator hotel where it's like, well you do two years at the front desk and you do like, ___ that, man. Like if you're doing exceptional work and you're having an impact, we're going to give you more and more. And so for our property team members, they're able to move up quickly and get that responsibility. Everyone gets stuck in the company from our cleaners through the executives, and we built the company where hopefully we all went together.   Sam Wilson (00:21:53) - That's awesome. That's awesome. Jason, thank you for taking the time to come on the show today. This has been awesome. Learned so much from you and love the model you guys are bringing to the market. If our listeners want to get in touch with you or learn more about you and your firm, what is the best way to do that?   Jason Fudin (00:22:07) - Yeah, just shoot me a note on LinkedIn.   Jason Fudin (00:22:08) - I do a pretty okay job of checking it. I'll get back to you. And then we always have positions open, so please apply for them. You can mention you heard me on this podcast and come stay with us as a guest.   Sam Wilson (00:22:19) - Sounds great. Jason, thank you so much for coming on the show today. Certainly appreciate it.   Jason Fudin (00:22:23) - Thanks, Sam. Thanks for having me.   Sam Wilson (00:22:25) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.  

J Darrin Gross I'd like to ask you Fernando Angelucci, what is the BIGGEST RISK?   Fernando Angelucci   So I would answer that with actually there being three things that we look at in our business. So the first being compressed cap rates, the second being oversaturation of given markets, and the third being reconnaissance competition are basically competitors, they have unlimited capital. So let's let's dissect each one of those press cap rates, has been an issue in the storage space for the last 10 to 15 years. That's partially because of just the easy money policies that we've been in for last 10 years, and that capital needing a home that has yield, but then also the fact that self storage used to be kind of this ugly asset. And if you weren't getting a 15% cap rate, day one, you know, what were you doing, then all of a sudden fortune and Money Magazine start talking about it as an attractive alternative asset, and that cause this floodgate of institutional capital come in compressing all the cap rates. So because of that, it creates a very competitive acquisition environment. And it also creates an environment in which middlemen can strip a lot of upside, aka brokers, right. So one of the ways that we decided to mitigate that was to shift our business from retail, aka buying on market to off market acquisition strategies, where we're the only one at the table. And then to switch from acquiring stabilized assets to only buying value add or building self storage, where we can force a ton of appreciation. So that was one of the ways that we were able to mitigate the compressed cap rate environment. Now, recently, with interest rates, increasing at such a high velocity, we've had this mismatch between sellers and buyers, or sellers still think their facilities are worth what they were in 2021. And buyers looking ahead and and saying, hey, well, you know, my debt service coverage ratios are not gonna allow me to Buy at your price. So one of the ways that we've gotten around this is by saying, basically getting creative. If you want the price from March 2021, I want you to carry the financing at rates and terms similar to what was available to me in March 2021. So that's one of the ways that we get around the compressed cap rates. A lot of people don't realize that the price is only half of the equation, the financing around. That asset is also a huge component that basically no one ever looks at, I'm willing to buy your property at twice the going rate if you give me a 0% 30 year loan, because then I'm still paying the same amount I would have if I bought it at the going market rate with the going market capital or financing structures. So that's how we overcome compressed cap rates. The second piece is the problem of oversaturation. Because of this rush of institutional capital, you see these land grabs occurring where larger operators are trying to basically stick a flag in a market. The other piece of this is that you're seeing a lot of investors switch asset classes because of the construction costs, you know, storage produces roughly the same rent per square foot that multifamily gets. However, to build a Class A multifamily facility you're at 400 $450 a foot were to build a Class A self storage facility that gets similar rents. You're at 100 In 20, to 150 bucks per foot. So you have this, this transfer of capital and investing pressure coming from different asset classes. And that's causing a drop year over year and in the sort of supply index numbers. So the one way to mitigate this is the importance of underwriting and getting third party feasibility studies to make sure that you're not wearing rose colored glasses, and to truly deep dive into hyper specific markets where you're looking at all of the competition and a five mile radius and seeing if this area is saturated, versus the five mile plot down the road. And then the last piece, of course, is is the REIT competition, they have basically unlimited capital that is needed deployed, they've raised a lot of equity, a very cheap cost, they've raised a lot of debt that is long term at very cheap costs. And typically, they have a longer investment timeline than some of the smaller counterparts, you know, when they're investing in 30 year horizons, I'm usually investing on five to 10 year horizons. So that means that they can usually stick it out and drop flags in a market that right now doesn't make sense. And they're willing to lose money on because when the population moves in, they can take and be the first ones to take advantage of that. So there's a few ways to get around this, you know, the first is to avoid, you know, downtown primary markets, you know, don't build in downtown Miami. And as opposed to doing that, go to secondary or tertiary markets, or go to the, you know, the suburbs, or the exurbs of some of these primary markets, or even some of the rural areas around these primary markets like we are. So that's one piece. And then the second piece of the competition is if you can't beat them, join them. So that's one of the strategies that we employ, in which these REITs they do not have the bandwidth, nor do they want to waste the manpower on negotiating one deal. But if you do all that legwork, and you bring them a 20 property portfolio, now it makes sense for them to use all that manpower to underwrite and see the feasibility of that. So there's the, this, this aggregation that is occurring right now in our industry that's causing a lot of opportunity for those that are willing to play along bet that feeding chain, if you will.  

EP311 - Video Commerce with Qurate's Brian Beitler Brian Beitler is the Founder and General Manager of Live Shop Ventures, a video commerce initiative within the Qurate Retail Group, which is the parent company of HSN and QVC. Brian has also served as the CMO of Qurate Retail Group, in addition to many other interesting marketing roles in the retail world. We met Brian at Etail Boston and arranged this interview. We cover video commerce, differences in adoption between Western and Eastern Markets. The role of livestreaming, and the benefits of being a "commerce platform with video" vs. "a video platform with commerce." We also explore the origin on Live ShopVentures, it's first video marketplace on a mobile app, Sune, and the benefits on incubating a start-up within an established company. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 311 of the Jason & Scot show was recorded on Thursday, August 31th. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:23] Welcome to the Jason and Scot show this is episode 311 being recorded on Thursday August 31st 2023 I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scot Wingo. Scot: [0:39] Hey Jason and welcome back Jason and Scot show listeners Jason as you know one of the most common questions we get from our huge listing audience is about live streaming with e-commerce is it a big deal why is it seem to be growing faster in the East versus the west and how important is it to live live streaming so we thought we'd get a expert on the show as a guest that could help unpack that for us all and you better than someone who's LED marketing for numerous historic Brands and served as the CMO for the mother of all video shopping sites QVC / HSN and so that's exactly who we found, we're excited to welcome to the show Brian beitler he is the founder of mobile V Commerce app called soon and the general manager of live shop venters both part of the Keurig group. And I'm not sure Jason but that's a lot of words in the title but I think it's maybe half of the words in your title but welcome to the show Brian we're excited to have you. Brian: [1:36] Grateful to be here and I'll work on trying to lengthen the title so I can keep up with Jason. Jason: [1:41] Set your set your goals higher Brian. Brian: [1:43] Thank you for having me. Jason: [1:48] Brian we are thrilled to have you and as our listeners will quickly figure out and we are eager to jump into all this video Commerce stuff but before we do we always like to give the listeners a little bit of perspective about our guests background and where they're coming from and in your case it's a super impressive retail / consumer background so can you can you give us the version that your mom would share with her friends in the elevator. Brian: [2:15] Happy to do so so I'll back up a decade or two but I started well where I consider I started my career was at Mattel that huge toy conglomerate in fact they're very popular right now coming off of a I think a major hit movie. It's doing very well. Yes I think so has the rest of the world at this point but I started my career there and fell in love with the toy industry and thought that's where I would really spend. My entire career when I left Mattel. In the early 2000s I at the time was leading the core part of the Hot Wheels brand a dream job as a father and a former young boy. [2:56] But I thought I would give myself a taste of retail in the toy industry so I actually left metallic thought I would spend a couple of years on the retail side working with it. A brand I knew we all knew and loved at some point in our childhood called Toys R Us and truthfully I the reason I'm here today is I fell in love with retail there, and what was different for me about retail versus consumer packaged Goods was just the speed of retail it felt like it moved at light speed compared to kind of course EPG brand management, and you know I often tell the story you know working in those days to change you know the package on a five car pack took a couple of years to get it to Market and. I joined Toys R Us and we had this idea to launch a birthday club and. At the time I went to the CEO of the company John I learned and it was how quickly could you get it in Market could you do it in a couple of months. And that and I was often running and in love with retail and so spent a couple of years there and then just continued to be given these remarkable opportunities to work with, really amazing Brands and helping them reshape their narratives with their consumers or and or finding new Pathways new emerging ways, I could grow I was you know there at Bath and Body Works when we launched e-commerce we redesigned the site as a marketing site decided oh we might be able to sell something. Through here and that's been my journey so from from Bath and Body Works to Kohl's department store. [4:24] Then my hand in the bridal industry and private Equity with David's Bridal and then women's apparel and you know fast forward. A few few years and here I am at curate Retail Group. Working in what I think is an exciting future for digital Commerce. [4:42] All of those roles you know usually leading the marketing you know the marketing or e-commerce function for those various Brands and learning a lot making a lot of mistakes a lot of mistakes I'm getting a few things right every now and then, and you know kind of Landing in a pretty exciting place here at grea where we think we're going to do something you know again interesting a new in the digital space. Jason: [5:04] Yeah and a couple of fun facts brand you've LED marketing for for a bunch of those Brands you just mentioned and while you were doing that I was nominally helpful in building a bunch of the the backend e-commerce functionality for those same Brands and so I think without knowing it you've hated me your entire life for all the the features you wanted and didn't get or the the the pace of evolution so I just wanted to apologize publicly for all of that. Brian: [5:34] I appreciate that. Jason: [5:35] But one of the things I particularly love about your career is is I have this theory that, you know though all of retailers has been profoundly disrupted by digital but not all at the same time and so there were there are industries that are disrupted a long time ago and there's you know if you're a grocer or a car dealer you're probably getting disrupted you know right now and I feel like you serendipitously or maybe intentionally have have been in a bunch of Industries. Right at the peak of their disruption so your Toys R Us when when shopping online became a thing and then urine Beauty when that became a thing and then you are you are in the the the heat of the the apparel Wars online and now you're you're squarely in the v Commerce space and it's you know one of the things we talked about the most on the show so whether you did that on purpose or not congratulations on on surfing that digital disruption wave. Brian: [6:32] No I appreciate that I think much much of it was serendipitous I would say that the pieces that probably weren't was my desire to always work for, brands that were leaders in their respective category or industry and as I look back and reflect that's probably one of the things that has been the most rewarding and probably given me the best. Growth is being able to work with you know brands that were at the Forefront Mattel at the time was the leader in in toy manufacturing still still are. Toys R Us at the time was the leader in toy retail Bath & Body Works was the largest kind of. Bath & Body brand at the time Cole's was it was a chaser of you know kind of the discount Department space and ran past JCPenney's and Sears and its competitors and so that for me has been exciting because you know I think being with those who build powerful platforms, let you learn from the best and you know here I said today with curate retailgeek which owns QVC and HSN. You know the largest livestream platform on the globe by far the industry, leader having changed the landscape of how you could use television to shop you know some 35 years ago and continued it for nearly four decades now so that part of trying to work with brands that, I felt were really leaders in their space because I thought it would be a great place for me to learn has certainly been intentional and then this digital Crossroad just happened to kind of line up and almost all of those places at the time I was there. Jason: [7:56] That is awesome and today I sort of perceive you you are on the Leading Edge of the curate retailgeek Roop with your current responsibilities and I definitely want to talk about those but if I have the story right before you took on your current role you also had broader marketing responsibilities for the core QVC HSN Brands is that. Brian: [8:19] I did I did that's that's right I joined you know curate retailgeek rupe. And 20/20 is the chief marketing officer for QVC and HSN are two largest video Commerce businesses, at the time and you know fast forward we obviously are in the midst of those businesses are in their own form of transformation and disruption right for. In some ways you know you talk about a Crossroads, ask for businesses you know having come through retail when e-commerce was exploding and and Retail foot traffic was being affected as people. Spent more time online and less time in stores if you look at where accurate retailgeek Roop you know is today right streaming has remade the way we View television and so we've had to remake our business, there as well primary our audience used to be almost entirely on. [9:07] You know on cable or we reach over 100 million households in the US we used to reach all of those almost on cable and over the last several years is as people have migrated from cable to streaming services we've migrated our business we still reach 100 million households, but today we reach many of those through streaming services because they don't have cable subscriptions any longer and so, you know joining another business who was in the midst of transformation again was was somewhat serendipitous I was excited about the future video and video Commerce had use that, extensively at kind of my two preceding roles and so part of the excitement of joining curate was joining someone who is at The Cutting Edge of this but to your point that's been migrating, and then as we look at the future we said Gee what places do we really own, from an e-commerce perspective and we own the 10 foot screen the screen that you see in front of you from a living room perspective. [9:58] We do really well on the laptop you know the desktop for for e-commerce shopping like most traditional e-commerce retailers but as we thought about the small screen that wasn't a place where we had really built, for the future yet we thought were really well positioned we could certainly see what was happening in in Asia and the explosion of Live And mobile driven Commerce. And realize that that was going to happen here in the west as well. And felt like we were in a position to innovate around that but we needed to put some real Focus around that so you know about a year ago I stepped out of my role as Chief marketing officer of QVC nhsn, to build live shop Ventures and ultimately to launch the soon platform that we're going to talk about today. Jason: [10:42] Amazing and and I for sure I'm going to get into that but I did think you could help us clear up a few just basic questions about the industry first a I now have some some Envy because your TV is 10 feet at home I'm kind of jealous but the. You you call that V Commerce and I'm just curious like I hear all these different phrases all the time I hear people kind of talk about live streaming when they they don't necessarily mean live and video like is there a preferred label that you guys like to kind of describe this, this industry. Brian: [11:18] For sure we love the V e-commerce label in fact we think V Commerce will be the new e-commerce and what we mean by that largely is that, more and more consumers shopping experiences will be driven by video in fact if you look at today's youngest consumer right gen Z or the Next Generation Rising almost all of their Discovery happens in a video experience. If you think about it and it could come from one of the well-known video players right who's in this space Instagram which has become largely video Tick-Tock who obviously has led the way there YouTube. All of these places if I think about and I have so fun fact I have six kids, the youngest is squarely gen Z 12 years old the oldest is Millennial 29 years old and I watched their journey and most of their Discovery right the new trip they're going to take. The next meal they're going to make the next product they're going to buy the next television show they're going to watch is all coming through their video feed. Yet in the e-commerce space we're still largely dependent upon static images and or in the physical space on boxes and shelf talkers and that's just not the way that the rising generation discovers. Anything new. Scot: [12:34] Yep ingredient it's interesting you have a built-in test bed is that was that part of your strategy. Brian: [12:40] I think that that if. Scot: [12:42] We need more kids I need to get another generation. Brian: [12:44] If you went back in math my career I did a pretty good job landing at the right Brands and price basis for my for my kids ages the only one they might say I got wrong was the bridal industry I was a bit premature on the bridal industry, but but you know as I look back so we do we talk a lot about be Commerce and that for us means live it also means pre-recorded, right it can mean you know things that are that are behind the scenes it's anything that really leverages video to help tell the product and Brand Story to a consumer in a way that helps them make better decisions and get to yes faster. That's where we see the Innovation going that's where we see all brands needing to play we think it will look different in the west than it looks in the east. And that's because different consumers and different markets and different level of kind of retail development but we think it'll be globally relevant over the course of the next you know five to ten years. Scot: [13:37] Brickell as the entrepreneur host on the program Jason's a big company guy he's a you can tell by his title. He's corporate drone and he doesn't know who he works for half the time over there there's like he's like I think I have a boss but I don't know I don't know who approves my expense report Seymour, that's how big is a company and you know one of my favorite books is the innovators dilemma where and I'm sure you're familiar with it where you know most companies like tear you they were super Innovative and really did a ton in the category and you know a lot of them don't make it it's interesting to me that you're now working for a company that you know obviously. Is working to not get caught in that in most companies don't kind of sounds like and I may be reading too much in this you you either put your hand up and said I want to do this or they said we need someone to incubate this and you volunteered I'd love to hear the story of how your kind of like starting this company inside of a bigger company that that's interact to excuse you know the extent you can share our what you want to do that that's always interesting to hear because a lot of a lot of big companies don't do that. Brian: [14:39] No I appreciate that you know we feel, you know we I feel honored to kind of be in an organization and part of a company that's trying to lead that way Forbes just named, secure it retail one of the you know the country's top three hundred Innovative companies right so we're recognized for having thought about this space and we've innovated over the course of the last, 35 plus years if you were to look at what QVC nhsn looked like 30 years ago they look very different than what you see today both in the way that we reach interact with customers and so you know the story here you know I'll keep it relatively 34 for time sake but we were looking at you know the future of curate and looking for where we think, you know girls could come from I was obviously looking at that in my core role as Chief marketing officer I let our you know our insights and analytics team and we were looking at the consumer and we're looking at the businesses and the ages of and cohorts of consumers where we did really well and where we felt like, there was opportunity for us and one of those that was clear was we had an opportunity with the younger consumer and unlike many many brands that will often make the decision to go how do we stretch our brand younger it's one of the hardest things to do our view was to say. [15:49] We have a core customer we love our QVC and HSN customers 50-plus their affluent they have disposable income they love to engage with us and Us in this way as we think there is, potential for growth with still the 50-plus customer we have plenty of, consumers who can discover our experience who aren't you a shopping there and we think can fall in love with it but we did recognize hey there's a there's a rising generation that's that's embedded and videos embedded in the way that they operate, why aren't we doing anything there so I did raise my hand and talked a lot about you know that consumer and about the power of video and our expertise and, you know that with. David Robinson who was a new CEO Who had who had joined us in you know late 21 had a knife or for growth and an eye for the digital landscape and. You know started he started to think about where our future would would would lead and he knocked on my door. [16:45] Early and 22 and and we started to talk about what the future could be and how we might do that and decided he decided to establish the e-commerce Ventures is a new unit inside the organization and I join that team to help, you know lead a component of our Innovative future and so it does take having. A CEO that's got a mind for Innovation and you know the ability to say we're going to make the investment necessary to do that so. You know this isn't one of those I feel you know grateful for the fact that I get to work in this call it an intrapreneur setting. We're not chasing you no seed series a series B series C where we're going as a company we believe that we need to invest in the future and this is one of the ways that we can do that. Scot: [17:29] Yeah that's neat that you still sounds like you get the flavor of kind of a start-up within a big company but you can use infinite resources you guys have. Brian: [17:37] Yeah and that we think gives us an advantage and that that's true I we operate we don't have an operation in New York I soon is based in New York right are. QVC is based in West Chester Pennsylvania HSN is based in st. Petersburg Florida. Right so you know we set this up in a new location so that we could operate as an independent and entrepreneurial company but knowing that you know. Just an hour train ride away I've got hands and resources and folks that can kind of help us get through some of the tougher things of getting something off the ground. Scot: [18:09] Yeah exactly now do you have a pretty wide aperture what you could do so you could you say hey we want to just try something real fast on Tick-Tock or is your mandate it kind of needs to run through one of the mother ships or tap into. Brian: [18:24] No not at all. Scot: [18:25] The mothership or something. Brian: [18:26] No we have a very a very wide mandate most of the team comes from Industries outside of kind of are. Our CORE family fact most of the town I've hired has not been former or current QVC or HSN employees they have been, you know team and talent here based in New York City most of them which is where we found the talent pool that, looking forward to kind of build this future and we have a pretty wide aperture to test and try and that's we say we've been up for for several months now we're still we largely consider this the beta version because we are, finding the things that we think will be the best fit for the market and create the best experience for both consumers for Brands and ultimately for creators because we do the reason we refer to this as a platform is, we don't see this as just a one-dimensional or two-dimensional relationship you know brand to Consumer retailer to consumer, but we're also trying to build a place where creators can build a livelihood as well where Brands can create their own content to connect with consumers and where we've built kind of a new way for consumers, the kind of interact and discover new brands. Jason: [19:32] That is awesome and so it sounds like the soon mobile app is kind of the first public release from live shot Ventures am I thinking about that right. Brian: [19:42] Yeah it's the soonest kind of our first public facing you know component of the platform we have components that are that will face Brands and that will face creators to help round out this ecosystem that we think. We'll create a new way for you know these different constituencies to meet one another in a pretty exciting and interesting. Interesting way and they'll be more to share I'm not going to share a ton about those back-end Solutions at this point but there will be more to share in the future as we as we continue to round out the experience, we think it takes to really make this kind of new be Commerce mobile experience. Jason: [20:22] Awesome so maybe you can help it like paint us a picture like what is the unique value prop of soon like is it live is if e-commerce like is there a particular category focuses on or what's the. Brian: [20:35] Yeah to know it's appreciate you asking so look at the core of what we're trying to do is take the the style of video that is loved by a young consumer set column you know. Gen Z too early young Millennials we can't digitally native consumers what we mean by that that's a buzzword everybody said but we simply mean people that seem to have been born with an iPhone implanted in their hand, or some sort of device and if you go back up to 2007 when the iPhone and these devices launched we're looking at people to kind of get there. Hit their teens or younger in that view I look at you know the way that they navigate and that's kind of our core audience because they've grown up with this fat. Device being their primary form of discovering the world so that's our Target so our goal was to build. [21:23] An experience that would make sense to that to that audience so would be short would be fast could would be personalized. I would include the kinds of voices that they're used to hearing from that they trust and that they find credible. Would give Brands a place that are searching to find a pathway that are working so hard to build there. Their products but are can get caught in the jungle that are the very very large marketplaces would give these younger Brands these Innovative brands of place to meet the consumer and to be discovered and to be seen and to have their whole story told. You know it's one thing to just become a product listing on a. On a massive platform like Amazon or Walmart it's another to be able to have someone who understands the consumer tell your brand story so the value prop is to really build what we think is this entertaining. [22:13] Joyful serendipitous shopping moments where you can just discover Brands when you're when you're on the go we think. In some ways part of what. So wonderful about the e-commerce experience is also what's so difficult about the shopping experience and what I mean by that is e-commerce made it easier than ever to buy something. It also made it very difficult to just go shopping and if you think about the experience we used to love as teenagers by the way that gen Z teenager still allowed which is the notion of wandering a physical location a mall or a Target or pick your brand or. You know any of those physical experiences where you can just wander and things just inspire you and you you may have gone into by something you may have had an idea in mind you may have not had an idea in mind. But it was fun and it was a Pastime and it was, enjoyable just to go shopping digital Works differently digital is great if you know I need I need luggage for my trip to Europe I'm getting a backpack I'm going to take a three months and traveling through Europe. [23:18] You can go to the internet and I'll help you find the best backpack in the most array of choices at the price but if you just. Want to sit back and shop and so our goal was to build a platform where the Serendipity of shopping could come up again you could just thumb if you're standing in line at the. At the Starbucks or if you're standing in line at the store you're standing on the platform in the subway station, or you're sitting in class and you're done listening to the professor and you just want to see what might be in your feed that's relevant to you this could be as fun as opening Tick-Tock or opening Instagram. This would be opening shopping for the joy of. Jason: [23:52] I love that there's a this entrepreneur Julie rain Wainwright who founded real real and I don't know if she actually said this but she's always attributed with his quote the internet solve buying but broke shopping it's I. Brian: [24:06] It's a great quote I've heard I've heard that quote I'm not sure if it's hers or not either but I fully subscribe to and that's and that's the reality and so this is a way to bring it back in a way that we think is relevant to you know this. Young emerging audience who's up who's about to have a lot of spending power. Jason: [24:26] Yeah now I'm curious you've talked about this as a platform and it sounds like it's what I would think of as a sort of two-sided market place that you both have to you know recruit and keep happy a bunch of world-class creators that are creating content and you've got to recruit and keep happy in audience that consumes that content and buys stuff that shows up in the content and my am I thinking about it right in terms of it being a two-sided marketing challenge. Brian: [24:54] Yeah I think I think we've called three-sided because we think he have to keep the consumer happy you have to keep the brands and their Founders happy and then you have to, you know create something unique and special for creators who may or may not work directly for the brand that they're going to create content for, and so our thought process is thinking about all three of those audiences as we build and it's why you know we don't see this as a, you know as a Sprint but is building something that we think will be lasting because we're trying to build something that's going to be relevant and meaningful to all three of those participants in the platform. Will you operate as a marketplace right so we're not buying retail we're not buying inventory in the traditional sense right we're building the destination we're working to drive consumers to the destination we're working to source and find great creative talent that we think can build the right kind of content and then we're looking, and reaching out into the. You know into the Reit into the brand landscape to find Brands and products that we think would do well with this with this audience and so we got all three of those things kind of. You know working at once if that's not easy but sometimes the most rewarding things are difficult. Scot: [26:04] Yeah absolutely the marketplaces are hard because you're kind of building to businesses at once you get kind of the consumer and thus the demand and the supply side it can be. But once the network effects it going it's a great business but sometimes it's hard to kind of kick start them do you feel like you guys are at kind of like that product Market fit or you're still kind of. Experimenting and figuring out or like. Brian: [26:25] Yeah we think you know what we're excited about today is the engagement from the number of brands that have come on our platform has gone much faster than we expected. The consumer You Know download and engagement we're in that that nice stair-step each month each week of downloads, increasing on the platform so we feel that we're moving very strongly towards that you know that market fit place but that's why we say we're in beta right well when we're, one more there will declare that were there and we'll change the even the way that we go to market even more aggressively but we're excited about the early signs both the excitement from creators excitement from from Brands who come on board, and again the excitement from the early consumers who have engaged with us the early adopters and starting to experience the platform and so all of those things right now are very positive and. Giving us a lot of optimism as we think about the future. Scot: [27:25] There's wear it sometimes, great to be in a big organization when you're ready you can say hey we need a little distribution and suddenly you know you can you can turn that funnel on you got to be going to make sure you're ready for it and it sounds like you probably haven't you know you should definitely get out of beta for you do that but then even you know even you know how do you do the shoots the right way and you know, inside the work there's tons of just knowledge around streaming and video quality and I'm sure there's some interesting craters that overlap that would be fun to tap into it even brands that you know I'm sure if you were looking for a brand it's much easier being part of the larger or more brands are going to take your call versus you know Joe's startup LLC. Brian: [28:11] Yeah yeah I would say one of our I think that's well that's well well said one of our advantages right is the reality that for you know, for decades we've been helping small Brands become household names become very large businesses because we understand the power of live we understand the power of video and using it to help. [28:30] You know a Founder commercialize their their story and help it reach and reach an audience and so. For sure that is valuable as we talked to Brands who go hey this isn't you know this isn't just somebody out of there, out of the corner of their garage going hey we've got an idea for the future of video shopping this is you know the the leader in video and live shopping who said hey we're going to build a new platform a new experience for a new audience and, we're going to bring our expertise to video shopping to that to that platform and we're going to help you learn how to do it as a brand we're going to help you learn how to do it as a Creator both of those things have been very important, add helping us you know get to yes as we don't get a lot of NOS as we have conversations with Brands right now we get a lot of people excited, even in this early Journey even recognizing that we're in the beta phase because they believe in the business where you know we're over 300 Brands already interested in on the platform, at this stage and you know we're early on we launched in March. And so it's not been hard to get people excited about the potential here and I think part of that is because they can look to the parent of who's building this, and who's making the investment. Scot: [29:46] Yeah very cool would you say so that made me I'm a huge shark tank junkie and I always love when Laurie's on there because she always has that trump card of like, I can probably get you on HSN and everyone's like who so she could tend to get a good deal so then it made me think are you dealing with Challenger Brands kind of like you know things we people maybe haven't heard of or is this kind of like you know Kate Spade or whoever I don't want to go into details but like more long-term brands that are just kind of looking for a fresh new channel is there. Resonating. Brian: [30:22] Yeah so we have a lot of what we call emerging Brands and we can define those in a couple of ways right so there you know I'm an emerging, might have been around for 10 years or 15 years but they're just very tightly, geographically located maybe they just had a couple of stores and a little direct consumer website but they weren't really propagating their brand through there, back in the emerging and we have several brands that look like that we also have Brands there. Relatively young this could be year 1 year 2 year 3 right and they started as a direct consumer brand and they're looking for other points of distribution and other places to be able to tell their story. [30:58] But we've not preclude ourselves from from other brands that are better known and more, National in nature because again at the end of the day you know where our Focus has been, I'm in the early days is and it's because this is this is an area that works really well and video right or proper products that are problem solution oriented products and, Kelly's are great Brands who innovate and develop some new products that solve a consumer problem those do really well in video right now and if you think about, all the you know Tik Tok made me buy it friends you know so many of those products are built around the idea of hey we've got a new solution, a problem that you have or we've got a new take on solving a problem that has been solved a bunch of other ways but never quite solved this way those are the kinds of products and brands that do really well and we find those both in this emerging space and we also find. You'll also find it in some more established brands. But the focus has really been can we bring consumers content that's interesting to watch because what the product does for a consumer is. Have itself useful and highly valuable and that's if you spend some time on the app you'll see a lot of products, better focused in that in that regard and so you know we've not been exclusionary and by any stretch of the imagination but we do have a lot of young and fun emerging brands with some amazing Founders and some amazing founder stories behind them on plan. Jason: [32:23] That is awesome and Brian a fun fact about Scott like most people watch CNBC for Shark Tank and then they accidentally stay on for for Jim Cramer Scott's the one guy that watches CNBC for Jim Cramer and then accidentally. Brian: [32:37] Technics days I'm free. Scot: [32:38] I watched a shark fresh shark tanks on ABC come on. Jason: [32:41] Yeah. Fair enough Earth but inside not I keep telling Scott Scott keep saying hey we need to get on On Cue be on Shark Tank to get into QVC and I keep telling him that curate retailgeek has great merchants and if you have awesome product you can get in regardless of what whether you know a shark or not. Brian: [33:00] And that you know what that's so true Jason that in the reality is is that again if you have a great product curate wants to hear from you and that's and that's the truth and you know we understand what works well for our audience and we understand what works really well. For the video platform and if you bring it you can find your way there I will tell you we get a lot of submissions and for obvious reasons. But yeah you absolutely could find your way there without getting on Shark Tank although a little bit of notoriety never hurts. Jason: [33:30] Know for sure so I'm curious about a tactical element of soon it seems like you made a conscious decision to natively be a nap and and on the one hand. Like man you look at all the data and mobile apps are where it's at like that the overwhelming majority of all minutes spent on mobile devices are an app's you know the top apps have the best engagement and all this stuff but the flip side is, it's a brutally competitive space and it's like really hard to get people to download the app and then it's really hard to get them to to reuse it like I'm curious did you guys. Like debate about a mobile web experience versus an app and and decide that that's where you needed to be or how is that played out for you. Brian: [34:15] Yeah so we absolutely did they say it was probably one of the one of the bigger conversations right as we thought about our future and our Direction working with my team and and. Our partners to think about hey what's the best way to go forward and build a new shopping you know destination and we certainly researched all the hurdles. As well but we saw all the things that you highlighted in the beginning right the notion that, more time is spent on apps particularly from from the target audience we were going after the engagement is much higher the commitment once you have it as much stronger all of those elements that. This is going to be a heavier lift but it's going to be the right lift for us and. And we have to be committed we know it's going to take time but this is going to be the right lift because inside that app also it just gives you the flexibility to do and create some experiential things that just aren't as as. [35:12] They're just not as intuitive or as functional as they are in a mobile web app. Right so you know I'll give you I'll give you one of the features that we love that's just really hard to do in mobile web but amazing an app so you know part of our vision was to be able to create this window, shopping experience again right to bring the joy back to shopping we're literally as you thumb through things consider each one of those swipes the window, write as if you were walking down your favorite shopping destination and you know there's an amazing product with an amazing Storyteller so instead of being on a mannequin in a fixed window it's by a voice that, you know has some credibility and authority and as they tell you about that but what if you want to see more from that brand well you just swipe left. And you're into that brand store. Or what if you want to love what if you love this soon said what if you love this Creator we call them soon satyrs that's telling you the product and you want to do you want to see more will you just you know tap the screen and up comes all the video content that that person is created, doing that in a mobile app mobile apps just don't have the same kind of tactical functionality that you can build inside of an app I'll be realized, part of this if we were going to build a new experience we needed. [36:22] The flexibility in the capabilities to be able to use everything the mobile device gives to you you know ultimately we don't have haptics in our experience yet we will you know they're all those things that are that are native to the app experience that you know. Is opened up an iPhone and ultimately Android which are not on yet but will be in the future. That we wanted to be able to have access to to give it the richest experience even knowing we'd have some hurdles and getting apps downloaded keeping them on the device and getting people back to him. Jason: [36:52] I got it that totally makes sense another one that comes up a lot in a specially you mentioned it seems like adoptions a little earlier in China so I watched the Chinese Behavior a lot to sort of see a bit it predicts how things will evolve here and it's interesting there are amazing social platforms that had huge engagement that are all pivoting to become shopping platforms right so that's by dance that's we and then there are amazing Commerce platforms like Ali Baba and Team all that are kind of pivoting to become engagement platforms and so that's why you know ding dong live and Ali Baba live and all of these these things like I'm kind of curious do you have a position like in the long run what wins right being a a platform that has a lot of video engagement and adding Commerce to it which in the u.s. I guess that could be. Tick tock on Instagram or is it a platform that really is good at Commerce and adds adds the video engagement and so you know maybe that's that's obviously but Amazon or Walmart and then I assume like The Perfect combo of both of those is of course you guys. Brian: [38:00] Yeah so I'm not trying to sidestep but here's what I'll say, video wins video ends and I'll come back to it and here's a here's why I say that so do I think you know Tick-Tock and Instagram and all those who are building you know shopping experiences into their platform, have an opportunity to win and do conversate for sure do in fact I'll give you an example I often share. With you know Brands and others as I'm eating and it's a very simple question for both you Jason and Scott have you ever bought anything while you were in an airport. From a retailer awesome have you ever gone to the airport have you ever gone to the airport to go shopping. [38:36] Right so the reality is that airports have a purpose right which is they help you get from one place to another and it's a very valuable part of your life experience. But what airports learned is have had a lot of people in my space I'll bet if I put some stores in here for you those people will buy something that is for sure going to be true with these social platforms they have a lot of people in their space. [38:59] If they create opportunities for people to buy people will buy but the purpose for opening Tik-Tok is not to go shopping, and people are finding Pathways there because that's like that's a place where I'm at and I'm learning their shopping there so now I can do this so I know if I'm Atlanta I like Ferragamo I know in the Atlanta airport there's a Ferragamo so I can find my way there. As a as a consumer and make it a point to go there when I'm in airports where I know the brands that I like are at, but that's very different than then going to your favorite neighborhood street or going to your favorite you know mall to go to go shopping and so we think those places exist on the other side you have right you have what's happened in the physical space that's taking place in the digital space right so malls have tried to figure out hey shopping isn't enough to get people here I need restaurants and entertain I need other things that are engaging, and team on everybody else is going to go down that pathway as well and go hey, if I want to keep people here I need I need things that are engaging because consumers are expecting more well-rounded experiences from all the places that they go and so our viewers to say listen if you know let's just build something, that recognizes that that's what the consumer needs and wants and create a place we're going shopping and being engaged and being entertained is, in and of itself the point the experience and we believe there will be space for that for an experience like that but I think I think Commerce is going to happen. [40:25] In all of these spaces if you bring video to them I think it's going to happen on on you know brand own websites as they bring video that's the that's the core of it, and again if you step back and go well gee how much space is there you know retail such a fixed base well that's what we all said. You know 20 years ago when e-commerce showed up like e-commerce can't grow the retail space there's a fixed space it's going to be you know give some take some. At the end of the day retail is just larger as as the platforms and places, have continued to evolve and to explode if you think about the difference between where we are and you know where Asia is and where we see the Western markets I think part of this is understanding that I think Asia is unique in that there. Retail ecosystem you know take China it's just very different. From Mars when you consider the scale their population and how much of that is urbanized versus still you know in more agrarian spaces and so it's not exactly the bear to make the comparison between. [41:25] Those two spaces and you know they have different tastes and different preferences and so I think for us in the u.s. I think part of the difficulty has been we've been trying to apply. A formula from Asia to Western markets versus saying hey what's the formula that's right for Western markets and video. And let's let's take stock of understanding what the Retail Landscape looks like here what the consumer behavior and preference for shopping looks like here and then how do you build something that's around that I think brands are starting to figure that out I think we're, you know we're just at the corner we're probably today where e-commerce was in 2001-2002, right so we're on the verge of exploding but if you remember back in those days there were a lot of brands that we're saying yeah we're not going to need any Commerce site. And and then five years later everybody in the country headed e-commerce site. Scot: [42:17] Yeah that first of all you should have qualified your question I'm pretty sure Jason is gone to airports just to go to the Starbucks. That much of a Starbucks not or are you just like is muscle memory for him he's like I want to Starbucks he just ends up at O'Hare and he's like oh oh I don't have a flight but man this this latte is delicious. The so I started a company Channel advisor andqvc was an early customer of ours and I got to go on that behind the scenes tour where you can watch the production room and it blew my mind as an e-commerce person because it was like this pure intersection of data meet Stevie because you know the talent on are would have a may be mic'd up, and the producers say when you talked about you know how the vest feels they watch this I think it was like orders per second some velocity. And they would tell him to talk more about that and if a product didn't make a certain velocity there like next so it's really so I'm kind of thinking you know can you guys because you're you've got both sides of the marketplace are you giving your creators some really interesting kind of youqvc any HSN informed data on on you know. How how to make a better video and sell more product and that kind of thing or you may be too early in your journey but it seems like you guys Doug be like right in your strike zone. Brian: [43:40] No that's the you know that's part of the secret sauce that's why we're so excited about this space it's taking that learning and absolutely the analytics right that we're putting in place and ultimately the. That algorithms that will drive right the personalization feed and the coaching that's given not just to creators but then ultimately to Brands is all built around enabling their ability to be as effective as possible at producing a video and what works depending on the category so. That's core to what we are doing at Stone is using data to drive decisions around content to drive decisions around. The speeds that ultimately will be will be you know shared with consumers right to create as much likelihood or much potential for success as possible and you know you you hit on the head Scott right part of this and part of what's made. You know curate successful for so long is that what seems very soft. Is very data-intensive and using data to make those decisions and we see that as being one of our core attributes in our core advantages is a boat as we build. Jason: [44:51] That certainly makes sense Brian I'm sad because I know we're running up on time and I have one more topic I want to make sure I get in which is this whole debate of video versus live video and I know you do you think about QVC and there's a lot of scarcity built-in which makes the the live model make a lot of sense and in China a lot of it has scarcity of deals and things in the u.s. I hear a lot of people calling things live that aren't even live and so I'm just curious like what you know do you think it needs to be live or is it a place for both like what how do you guys feel think about the live versus store and play video Commerce. Brian: [45:32] Yeah so we use both at soon so we think live live has a role in the sense of creating excitement creating a bit of scarcity also creating the the Serendipity the moment and the authenticity and organic and credibility of the content most of the content. In our mind is shot or created live meaning we're not trying to do a bunch of takes and a bunch of edits of the work in fact I tell people all the time I said it's part of the magic of one of the longest running show Saturday Night Live it's one of my favorite shows maybe maybe part of your audience loves that show as well as right it's taped in front of a live studio audience and part of what makes that show so engaging. Right is that reality and the fact that there's room for errors or groom for mistakes you know you may see one or two but it just feels so, in the moment we think that matters a lot in the experience but today. I don't know I don't know the facts but I suspect a lot of SNL is watched after the fact. [46:29] But the fact that it was shot in front of a live studio audience is what makes it so engaging so what we think about video we talk about it live here we often mean look what we want this to feel is live like meaning it should feel like you're having a fantastic conversation sometimes it will actually be live. But the vast majority of the content is going to be consumed post life because let's be honest gen Z doesn't really meet anybody for an appointment anymore from a from a watch perspective right they watch things on their own time when it makes sense for them, and it fits into their their life that doesn't take away from the fact that if the offer is big enough, for the products right right they'll show up in force for a live moment and so we believe that you need both in order to. [47:15] To create something that's compelling but for us you know largely what we think matters is creating content that is done by people who really know how to speak, can do it in one take right because you know they're good at what they what they do and can bring that level of Candor to the. To the content and that's that's what we think really will resonate candidly with people of all ages we don't think this is that's just specific to young people that's specific to everybody, we love candidness, we love I think you open the podcast here saying Hey listen if you make a mistake or two we're not going to stop and rerecord and all those things right and you're going to listen part of what makes this so natural is when it's. Captured in the moment we think that's true for video Commerce as well. Jason: [48:00] That I love that that that's a perfect way to sort of describe that the approach it makes perfect sense to me side note the reason we do that on the podcast is because Scott makes so many mistakes that we couldn't possibly go back and fix them all. Scot: [48:15] Hey I think Brian was saying we're influent we're popular influencers that's how I. Jason: [48:19] I feel like he's like as an l and the Jason and Scot show are the two. The two top top tier entertainment vehicles I think that's very fair but Brian I'm super sad to report that we've used up our allotted time this has been a great conversation and we sure appreciate you taking time to talk with us. Brian: [48:39] I appreciate you having me on the show thank you so much guys. Scot: [48:42] Brian if folks want to learn more about your online thoughts or you are you an influencer yourself do you publish somewhere or you just want to encourage them to check out that. Brian: [48:54] No you so you can absolutely follow me on LinkedIn for sure I do Post. On occasion I'm not an avid poster right now because my head has been down here but please do that and then again I would encourage you to download soon if you have an iPhone you can visit us at soon dot live too. Hear more about this if you're a brand and you want to be a part of it part of what we're doing here please go to soon dot live you can fill out a form and and someone from our our merchandising team will reach back out to you for fairly quickly and get you connected but. Yeah thank you again for the time. Jason: [49:30] Brian we will put all those links in the show notes for anyone that wants to follow up with soon and until next time happy Commercing!

This week Ivy Slater, host of Her Success Story, chats with her guest, Maurissa Bell. The two talk about the private equity market, and how Clairvest builds strategically significant businesses and helps them to scale. In this episode, we discuss: What drove her into the Mergers & Acquisitions space What Clairvest does to build strategically significant businesses, and how they support them in their growth How her journey brought her into a private equity company How her affinity for problem solving has expanded her knowledge base and assisted her in structuring businesses to help them scale Why does partnering with private equity companies get such a bad wrap How many jobs Clairvest has created, and the proven profitability that they offer to  businesses Why there is such benefit for businesses in having financial partners What the golden resource is, and the importance of consistently expanding it Why a business should “date” its investors Maurissa joined Clairvest in 2022 and is involved in all areas of the investment process. Prior to joining, Maurissa was an executive at George Weston Limited, Canada's largest food and drug retailer, REIT and provider of financial services. Maurissa also held various roles in investment and corporate banking where she assisted companies achieving their growth objectives through mergers and acquisitions, as well as debt and equity financing. Maurissa is a Chartered Accountant (CPA, CA) and holds a Bachelor of Management and Organizational Studies, with a specialization in Finance from the University of Western Ontario. Website: https://www.clairvest.com/ Linkedin: https://www.linkedin.com/in/maurissa-bell-cpa-ca-1a706214 Instagram: www.instagram.com/mlbell

David Welch, Detroit Bureau Chief for Bloomberg News, and Jordan Fabian, White House reporter for Bloomberg News, discuss the latest on the UAW potential strike and its political and economic implications. Richard Portes, professor at London Business School, joins to break down the ECB decision, outlook for next week's BOE decision and Euro economy, and can dig into bank health after the bank collapses from earlier this year. Christine Mastandrea, COO at Whitestone REIT (NYSE: WSR), joins to discuss her REIT, interest rate hikes, and outlook for the sector. Andrew Silverman, Government Analyst – Tax Policy with Bloomberg Intelligence, discusses his coverage of the Arm Holdings IPO and how regulation is affecting the IPO market. Bloomberg Intelligence lead semiconductor analyst Kunjan Sobhani also joins. Brian Egger, Senior Gaming and Lodging Analyst with Bloomberg Intelligence, and Jody Lurie, Credit Analyst with BI, discuss the hackings of MGM Resorts and Caesar's. Arm Holdings CEO joins Bloomberg TV's Caroline Hyde to discuss the company's IPO. Hosted by Paul Sweeney and Matt Miller.See omnystudio.com/listener for privacy information.

Watch the video here. Chris Pedersen and Daryl Bahls join Paul to answer questions from investors of all ages.  1:  I hold a REIT fund in my tax deferred account but have found other funds include REITS.  Am I overweighted in REITS and what should I do about it? 2:  Are all total market index funds created equal?  Should there be meaningful differences in returns? Chris compares the returns of 4 total market funds using Portfolio Visualizer. 3.  I am a 79 year old retiree who wants to use your 2 Funds for Life strategy.  How do you recommend I put my portfolio together?  4.  How would I establish an expected rate of return for the U.S. 4 Fund Portfolio?  5. I'm a young investor with a Worldwide All Value Portfolio.  As I age should I start to transition to a lower risk equity portfolio?  6.  The Avantis funds use a quality factor to produce better returns.  Why don't all small cap value funds use the quality factor in their selection of companies?  7.  How have real returns of equity asset classes compared to theoretical returns?  8.  I want to carefully build my portfolio to work within my risk limits. My challenge is to decide what period of time represents the kind of losses I'm willing to accept.  If I use the information starting in 1928 or in 1970 the loss exposure is very different.  Which period should an investor use to match their asset allocation to their risk tolerance?  9. Chris, Daryl and Paul discuss the long term implications of the risk and return of a 60% equity and 40% bonds using a  combination of equal percentages of the S&P 500 and small cap value. During the presentation Daryl and Chris reference a new 1928-2022 Fine Tuning Table for an equity portfolio of 50/50 S&P 500 and Small Cap Value.  Daryl introduces a new table that compares the returns from 1928-1969 with 1970-2023 

Watch the video here. Chris Pedersen and Daryl Bahls join Paul to answer questions from investors of all ages. 1:  I hold a REIT fund in my tax deferred account but have found other funds include REITS.  Am I overweighted in REITS and what should I do about it? 2:  Are all total market index […] The post Expected future returns, difference in total market returns, lessons from 1928 to 2023 risk and return and more first appeared on Paul Merriman. The post Expected future returns, difference in total market returns, lessons from 1928 to 2023 risk and return and more appeared first on Paul Merriman.

2-time Stanley Cup champion, entrepreneur, healer, husband, and proud father Daniel Carcillo joins Whiz and gives a strategic ‘howgozit' of the healing space. Whiz changes Daniel's callsign from “Carbomb” to “Commodore” because of the healing fleet he commands, with all his ships navigating towards the same star. From running a REIT dedicated to providing safe and comfortable locations to heal, to his new startup My Crew Doses, Commodore Carcillo is putting the ladder down to save and change lives of all seeking healing or just to be a better person. He also debriefs the current legislative battlefield, with California following Oregon and Colorado. It's never a dull moment when Whiz & Carcillo get together. Check out https://mycrewdoses.com/

El inversor y divulgador Jorge Sieiro vuelve al canal de Value School para explicarnos con todo detalle cómo invertir en el mercado inmobiliario a través de los REIT. Descubriremos cómo funcionan, sus ventajas e inconvenientes frente a otras inversiones inmobiliarias, y nos dará consejos clave para valorar un REIT. Además, nos enseñará a incorporar los REIT de manera diversificada en una cartera de inversión.     Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram, LinkedIn y en nuestro canal de YouTube. (Música: "Corporate Innovative" by Scott Holmes). http://www.scottholmesmusic.com 

We're delighted to host the founders of Next Point Socimi, Ofer Lior and Nir Goldberg, on the Deal Makers. Next Point invests in Spain's real estate market with outstanding returns. In this episode, Nir and Ofer discuss the opportunities it presents and its appeal to U.S.-based investors. They also share their unique business model and investment strategy, and talk about the roadmap of growing from small-scale flipping to running complex investment vehicles on a large scale. 

What are you doing with your money? Bryan Kuderna is a financial advisor and author at Kuderna Financial Team whose main goal is to help people make financial decisions for their lives. In this episode, we talk about the financial market, the best tips to retire the right way, and why young people should do a personality assessment before investing their money.

This show covers lessons from retirees, publicly traded REIT's, Rules-Based investing, and ETF's vs. Mutual Funds.

Welcome to Part III of our recession planning series. Toby Mathis, Esq. and Stefan Whitwell, Founder and Chief Investment Officer of Whitwell & Co., LLC, are back to discuss the facts, statistics, and future trends they see happening in the crumbling commercial real estate market.  There are great investment deals out there, but you need to look at facts and numbers. Don't fall for the bargain investment “story.” Enlist the assistance of a pro to make sure you don't get in over your head. Highlights/Topics: Commercial real estate – current stats and trends Interest rates are doubling Commercial building has slowed or stopped- increasing demand, but over 10 years Is the residential market next? REIT and risks Looking at numbers, not the story: history, past cycles and performance Invest with an advisor's assistance, and don't get greedy! Resources: Whitwell Advisors https://whitwelladvisors.com/team/stefan-whitwell/ Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=recession-planning-part-3-3 Toby Mathis on YouTube https://www.youtube.com/c/tobymathisesq Anderson Advisors https://andersonadvisors.com/  

In this episode, we are delighted to welcome "Mr. REIT" Brad Thomas, the most widely followed author on Seeking Alpha and the author of the upcoming book "REITs for Dummies," which is available for pre-order at this link: https://www.amazon.com/REITs-Dummies-Business-Personal-Finance/dp/1394185359 Our discussion kicks off with a review of the week's top news, with a particular focus on Realty Income's investment in Bellagio. Brad provides his insights on why this could prove to be a lucrative deal for the monthly dividend company. Following the news segment and a lively round of rapid-fire questions, we delve into various topics, including: Brad's journey into the world of real estate. Evolution in Brad's investment approach. Valuable advice for beginners in the field. Identifying red flags in companies. Brad's perspective on current industry trends, sectors to favor, and sectors to approach with caution. We hope you enjoy the show as much as we did. Do you want to learn more about Brad? Follow him on SeekingAlpha: https://seekingalpha.com/author/brad-thomas Follow him on Twitter: https://twitter.com/rbradthomas Buy his book The Intelligent REIT Investor: https://www.amazon.com/Intelligent-REIT-Investor-Guide-Investment/dp/111975030X Pre-order his book, REITs for Dummies: https://www.amazon.com/REITs-Dummies-Business-Personal-Finance/dp/1394185359 Interested in more? Join the conversation on the Dividend Talk Facebook Group: Dividend Talk group (facebook.com)

Nicole Funari, Nareit vice president for research, was a guest on the latest episode of the Nareit REIT Report.Funari discussed Nareit's new project that initially involves tracking quarterly investment holdings for the 28 largest actively managed real estate investment funds that focus on REITs from 2010 to the first quarter of 2023.While performance returns offer a broad market perspective on what investors think about REITs, by narrowing the focus to active managers, or “people whose income and livelihoods depends on how well they can read the market for commercial real estate, we really get to capitalize on their unique insights and their expertise in this area,” Funari said.

“Iroquois Valley has built a portfolio of more than 110 farmland investments, impacting over 30,000 acres across 20 states. More than extractive investment, this Farmland REIT seeks to the broken food system and begin the healing process for the next generation of farmers and responsible investors. Farmer Reginaldo Haslett-Marroquin shares how vital Iroquois Valley has…

Johnny and Derek discuss the challenges with trying to earn income off of creating YouTube videos. Johnny has estabilshed a large chanell and been able to turn that into a full-time income while Derek is still struggling to grow his channel and monetize. Johnny discusses his strategy, shooting style, schedule and how much he makes per video in this episode. Learn how you can potentially earn a lot of money by becoming a content creator on YouTube! Discussed:  Johnny's YouTube Channel "JohnnyFD" Derek's Car YouTube Channel "Petrolectric" Derek's YouTube Channel "15:01" Where we are: Johnny FD – Kyiv, Ukraine/ IG @johnnyfdj Sam Marks – Bangkok, Thailand / IG @sammarks12 Derek – Los Angeles / IG @DerekRadio Sponsor: Masterworks Skip the waitlist and join the tens of thousands of investors who have purchased shares of fine art now at Masterworks.art/ILAB ILAB Patreon Join the Invest Like a Boss Patreon now and get tons of bonus content, including additional episodes, full quarterly updates including account screenshots and more for as low as $5/month at Patreon.com/InvestLikeaBoss Like these investments? Try them with these special ILAB links: Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK)*Johnny and Sam use all of the above services personally. Time Stamp: 04:40 - How Johnny Started YouTube 09:35 - How the YouTube Algorithm Works 26:50 - Effect of Having a Big Channel Feature You 33:00 - How Much Johnny Earns Per Video 48:10 - Answering Patreon Questions If you enjoyed this episode, do us a favor and share it! If you haven't already, please take a minute to leave us a 5-star review on Apple Podcasts and Spotify.

Today's guest is Phil Bak, CEO of Armada ETFs, which provides investors broad access to the real estate asset class.   In today's episode, Phil gives a masterclass on real estate investing. He covers the residential real estate space, the problem investors have come across this year with private REIT strategies, and why he has a solution to their problem. Then he shares how he's using AI and machine learning to the REIT space through his long-only hedge fund.  (0:39) - Sponsor: Future Proof (1:14) - Intro (2:00) - Welcome Phil to the show (2:25) - Navigating the realms of entrepreneurship and investing (5:39) - REIT overview (13:30) - Narratives drive flows, flows drive performance (15:47) - Challenges for Private REITs (30:57) - Creating PRVT ETF to replicate private REIT strategies with lower fees and liquidity (34:18) - Exploring the HAUS ETF (36:12) - Applying AI & machine learning to REITs (43:08) - Phil's most memorable investment (48:11) - Changing market dynamics due to shifting Fed actions and evolving REIT landscape (51:37) - Lessons from investing in baseball cards (54:37) - What investment belief Phil holds that most of his professional peers do not ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Future Proof, The World's Largest Wealth Festival, is coming back to Huntington Beach on September 10-13th! Over 3,000 finance professionals and every relevant company in fintech, asset management and wealth management will be there. It's the one event that every wealth management professional must attend! Sponsor: The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  

Today's show is with guest Henry Lorber, distressed real estate debt expert and one of the only people you will likely come across whose experience goes back so far he remembers the REIT downturn of the 1970's! I contacted Henry because he was quoted as saying that ‘Crowdfunding for real estate is a disaster waiting to happen' in a recent Real Deal article (see link at the bottom of the page) and, rising to the bait, I figured such a statement could not go unchallenged. Apart from our discussion on that topic (Henry's approach comes from his classic institutional perspective) I discovered that he has deep experience in commercial real estate banking and finance going back even before my time (the early middle ages). What you'll learn today is in what ways ‘crowdfunding', as a term used to describe ‘general solicitation' or online syndication in general, can lead to misinterpretation of this industry. Plus you'll also hear insights firsthand from someone who has lived through more real estate downturns than anyone else you likely know. ** In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in. You'll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype. You'll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn. Subscribe to our YouTube channel here. 

Taylor sits down with veteran self-storage investor John Manes to discuss how the current rise in interest rates has impacted the self-storage industry. John shares his story of growing up and how he used his resources to build wealth through self-storage investments. He talks about different strategies for maximizing returns for investors, such as buying existing facilities, adding value to them through renovations, and then selling them to REITs. They also discuss what a REIT looks for when they buy a property, how investors should have realistic expectations in terms of returns, and recommend changing an exit from five years to ten years if necessary.    Tune in as we explore the self-storage industry and get insights into how you can make money in it, too!   [00:00 - 08:55] Opening Segment Introducing John to the show Investor demand for self-storage has grown considerably in recent years John advises to attach oneself to a solid operator, not just going out and doing Wall Street deals Developers underestimate construction costs, expenses, lease-up time; stealing demand leads to a longer lease up time frame   [08:56 - 16:50] How to Make Money in Self Storage Storage is a three to five-mile radius investment Buy existing facilities and add value to them Repositioning facilities for REITs involves new office remodeling, new gates, new cameras, new lights, new HVAC units, and new paint Self-storage has historically had a two percent foreclosure rate Distress in self-storage space is not expected due to the mediocrity of operations   [16:51 - 21:55] The Best Way to Learn is to Teach Something Put yourself in the right room and shut up and listen Take notes of where your resources are in that room Utilize those resources and add value   [21:56 - 28:33] Closing Segment  Best investment: a $250 jacket, which opened more conversations than he could ever imagine. Worst investment: an 11.97% return on investment when they were projecting 21s or 22s The most important lesson learned: being open with your investors and your banks Quotes:   "If I'm the smartest person in the room, then I'm in the wrong room. Put yourself in the right room, and then shut up and listen. Take notes of where your resources are in that room. And then, utilize those resources." - John Manes   "Many developers out there have this pie-in-the-sky type of thing. We do some third-party management, so we coach people. And what I've found is that they underestimate their construction costs. They underestimate their expenses. They overestimate their lease up time." - John Manes Connect with John! Website: www.PinnacleStorageProperties.com  Email: john@johnmanes.com  Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/   Track your rental property's finances with Stessa. Go to www.escapingwallstreet.com.   Join our Passive Investor Club to access passive commercial real estate investment opportunities.   LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.     

This is ReConversations, a special interview with Steven Greathouse, SVP and Chief Investment Officer of CTO Realty Growth, live from ICSC ReCon 2023.ReConversations is an exclusive mini-series of The Crexi Podcast, an insider's look at all things commercial real estate, powered by NNN Pro Group.The Crexi team visited ICSC ReCon LIVE in Las Vegas from the floor of the convention center at the NNN Pro Group's booth. The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Yannis Papadakis sits with Steven to cover wide-ranging topics, including:Introductions and early career movesThe origins of CTO Realty Growth and what it's become todayKey mentors and important lessons learned that shaped Steven's careerCurrent investment principles and prioritizing great real estateThe impact of macroeconomic trends on investment activityBlending new tech tools with tried-and-true CRE strategiesRapid-fire questions and sign-offsAnd much more!A special shout out and thanks to our friends at the NNN Pro Group, the market leading net lease investment sales and advisory team who is making this podcast series possible. NNN Pro Group has completed over $30 billion in net lease sales and is one of the largest sale-leaseback advisors in the country. To learn more about their team and services, you can visit their website.If you enjoyed this episode, please subscribe to our newsletter to receive the very next one delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out our blog, Crexi Insights.Ready to find your next CRE property? Visit Crexi and immediately start browsing hundreds of thousands of available commercial property. Follow Crexi: WebsiteInstagram ​ Facebook​ TwitterLinkedinYoutubeAbout Steven Greathouse:Steven Greathouse joined CTO Realty Growth in January 2012 and is responsible for the acquisition and disposition of income-producing properties, as well as other investment opportunities for the company. He most recently was the Director of Finance at N3 Real Estate, a single-tenant triple net property developer. Prior to N3, he was a Senior Associate at Morgan Stanley and Crescent Real Estate Equities where he was involved in mezzanine loan investments. He earned his undergraduate degree and Masters in Business Administration from Texas Christian University.

Today's guest is Tom Dunkel.   Having spent his early career as an accomplished corporate finance leader with over $1.2B of middle-market M&A and financing transaction experience, and possessing a proven track record as a trusted decision-making partner to C-level executives, Tom turned his entrepreneurial energy and enthusiasm toward building a self-storage investment business.   Show Summary:    Tom shares his journey from corporate America to entrepreneurship, discussing his experiences in self-storage, short-term rentals, and distressed mortgage debt. He emphasizes the importance of utilizing technology and marketing strategies in the self-storage industry, and shares insights on market dynamics and competition.  -------------------------------------------------------------- Intro [00:00:00] Tom Dunkel's background and journey [00:01:27] Reasons for pivoting businesses [00:04:24] The importance of KPIs for mom and pop operators [00:11:13] The advantages of raising rates in self-storage [00:12:08] Factors influencing being a price leader or follower [00:13:11] Closing [00:22:36] -------------------------------------------------------------- Connect with Tom:  Facebook: https://www.facebook.com/tom.dunkel.1  https://www.facebook.com/belrosestoragegroup Linkedin: https://www.linkedin.com/in/tomdunkel/ https://www.linkedin.com/company/belrose-storage-group/ Web: https://belrosestoragegroup.com/   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Tom Dunkel (00:00:00) - Over the past 40 years, the US economy has been bouncing around like a really wicked roller coaster. Right? Good times, bad times, everything in between. But storage, it's like. It's like that lazy river. Sam, when you got your little cocktail, you're floating around at your resort on your little inner tube there. I mean, it's just gently meandered between about 80 and 90% for that same time period, 40 years. So we really like that, that steady predictability and the increasing demand, and that's high cash flowing business. So we're really enjoying it. Welcome to the How to scale.   Sam Wilson (00:00:33) - Commercial real estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Tom Dunkel is a former aerospace M&A guy. He's got 17 years as a full time real estate investor. If you don't know, Tom actually came back on the show September 18th of 2022, which if I'm not mistaken, that was episode number 658. If you want to go back and hear a little bit more of Tom's story, you can go back there again.   Sam Wilson (00:01:04) - Check that eight. Check that out on September 18th of 2022, Episode 658. Otherwise, Tom, welcome to the show. There are three questions that I always ask every guest who comes on. I know you got this question last time, but maybe you'll answer it differently this time. And if our listeners haven't heard that, they want to hear it again anyway. So where did you start? Where are you now and how did you get there? In 90s or less?   Tom Dunkel (00:01:27) - Got it. Thanks, Sam. It's great to be with you and the listeners once again. Great show. Yeah. So as you mentioned, I started out in corporate America after business school was I was kind of the number crunching, you know, Excel spreadsheet nerd. I was putting together the projections and the pro formas for our aerospace acquisitions, doing the valuations, doing the the, the market work to see like, who are the competitors out there, What were they doing, You know, how could we position ourselves and all those kinds of things.   Tom Dunkel (00:01:59) - So I got to work with some amazing people Harvard MBAs, Wharton MBAs, Naval Academy graduates, Chicago MBAs, retired Air Force colonels, and even some astronauts. And if you catch up with me after the show, if you visit with me on my website, I'll be happy to share with you the two astronauts that I've actually had lunch with. But yeah, so from there, Sam went into a couple other jobs corporate wise, and I just knew all along that, you know, scraping and clawing up that corporate ladder just, just just wasn't for me. I knew there would be a better way. So 2006, I got my opportunity when I was fired for my corporate job. Finally gave me the kick in the pants that I needed to go out and do my own thing. So of course, 2006 was a rough time to get started in real estate. But, you know, I went in full bore and got my butt whooped pretty good those next few years. But, you know, learned a lot, got some battle scars and but persisted.   Tom Dunkel (00:03:01) - And now here, 17 years later, I've built multiple seven and one eight figure business and now we're in the self storage space, which is a ton of fun. And I'm sure we'll get more into the details there later. But in the 90s, that's the story.   Sam Wilson (00:03:19) - That's the summary. I love it. I love it. Have you always done just self storage or do you have other real estate holdings as well?   Tom Dunkel (00:03:28) - Yeah. So right now self storage is our primary business, but we do through the years, of course, being entrepreneurs, we try out different things. So we also do have a short term rental portfolio in the there's a, there's a mountain in Lake Region here north of Philadelphia called the Poconos. And so we picked up some Airbnb rentals up there, which were really hot during Covid. And then we also have a distressed mortgage debt business. And that was the business that I started after getting my butt whooped in the residential world in 2009, I started buying notes and then 2010 and etcetera.   Tom Dunkel (00:04:05) - And that business has done real well for us over the years.   Sam Wilson (00:04:08) - Considering the various businesses that you're involved in. What were some of the hallmark or hallmarks, rather, of why you pivoted from one to the next? And was there any expense in not staying with just one?   Tom Dunkel (00:04:24) - Yeah, that's a great question, Sam. So distressed mortgage debt has been great. I mean, we've generated over $53 million of revenue in that business and we're not a big company. So that's that's done real well for us. Problem is, it's extremely unpredictable and it's not like we can go up to Big Bank USA, knock on the door and say, hey, sell us some loans. So we were strictly at their behest, you know, their whim as to what loans they were going to sell, how many and when. And so for like an MBA guy like me, you know, taught how to put business plans together and KPIs and whatnot, I mean, it just became impossible to really predict the future in any way, shape or form for distressed debt.   Tom Dunkel (00:05:04) - So even though that business is still rolling today, it's strictly, you know, when when a deal comes up, we kind of shift and we jump at it. We have a team that's able to do that and then we got to shift back. But so along the way, we had been looking for an asset class where there was some predictability. You know, there was some staleness there was, you know, a way to put a plan together and put a team together and really, you know, build a business. So we actually started out looking at private lending, hard money lending, and we really liked that business. And we still do a little bit of it sort of on the side. But but we were just not able to get the traction to get that business up and running. And one of the big reasons is its super duper competitive. So that's a big takeaway I would give the folks out there is, you know, be careful about what asset class you choose because if it's super competitive, you know, you're going to have a hard time making hay.   Tom Dunkel (00:06:02) - So when that business didn't work out the first time, we thought, Hey, let's try this again. We did this so good the first time. So we failed at that business twice. And we start we got involved with the title company and because again, we thought that was going to be a lot of a lot of small transactions and predictable, but again, couldn't find really the right relationships and team to put to bear there. And then about 2017, 2018, we started hearing more and more about self storage. We were like, Hmm, okay, this is checking a lot of boxes, very fragmented industry. So it's, you know, there's a lot of moms and pops. The big names that you've heard of out there, they only control about 30% of the market, the public storage, extra space, cube, smart, etcetera, those big guys. So the vast majority of the market is just small ones, two mom and pop owners, which was very attractive. The second thing we found super attractive was just the adopt, the adaptability, the market penetration of self storage.   Tom Dunkel (00:07:03) - A few years back, only about 8% of households in the US, we're using storage. Fast forward to today, it's going on 11% and increasing and I know maybe 3% doesn't sound like a lot, Sam, but when you consider there's 120 million households in the country, every 1% move is 1.2 million new self storage customers. And they're just not building them fast enough. So we've got increasing demand, you know, supply increasing not as much, which means there's going to be upward pressure on rates, which is awesome. And then I guess the last thing I would throw out there is just that over over time, over the past 40 years, you know, the US economy has been bouncing around like a really wicked roller coaster, right? Good times, bad times, everything in between. But storage, it's like it's like that lazy river. Sam, when you got your little cocktail, you're floating around at your resort on your little inner tube there. I mean, it's just gently meandered between about 80 and 90% for that same time period, 40 years.   Tom Dunkel (00:08:06) - So we really like that, that steady predictability and the increasing demand, and that's high cash flowing business. So we're really enjoying it.   Sam Wilson (00:08:15) - No, I think that's all of those are excellent, excellent reasons to get involved. I'm I'm shocked that 30% only 30% of the self storage market is controlled by big names. That's a shocking statistic to me. The big one, I would not have guessed that today that that's still. But that's still the case. Which obviously I guess it is. I would think that that though having those big industry names behind it, like those those consolidating entities, is probably a good thing, just in the sense that it brings market awareness. It brings. I mean, it has to improve resale value of your guys facilities if you decide to resell it all, if that's even part of your strategy. Is that not a fair, fair analysis?   Tom Dunkel (00:09:07) - Yeah. So so the rights are it's kind of a double edged sword with them. So if they are in a market where we are, they I mean, they have a lot of sway, right? They've got big marketing budgets.   Tom Dunkel (00:09:19) - You know, it's usually a big shiny building right on the corner in the middle of town, you know, that kind of thing. So when they come into town, especially if they're building a new facility, what they will do is they'll really drive down the rates in the entire market just to get their facility filled up. And then they'll kind of boil the frog slowly and up, up, up the rates. And so, you know, in that situation, we have to follow them, unfortunately. So that's part of our analysis. When we are looking at acquiring a facility, we're looking to see who are the competitors. Is it, you know, is it Joe's self-storage or is it, you know, public storage? And do we So we need to be cognizant of the fact that there are there is a REIT or our REIT's in the market. And so that's just going to just make us think a little bit more about how we're going to address that. But yeah, the the thing though is if they are already established in the market, they're going to be pushing rates.   Tom Dunkel (00:10:16) - So that's the other edge of the sword is, you know, we can then ride that wave as well by. Either, you know, doing maybe a small discount off of what they're doing or if all the facilities in the in the market are full, which does happen, then we know we can really kind of push that demand curve and push those rates and just kind of see where that equilibrium is and and really be more aggressive about bumping up our rates. Yeah.   Sam Wilson (00:10:45) - That's interesting. I would have I mean, it makes sense, obviously what you said, but I would have guessed the other way around would be that your mom and pop owners would be the ones that are keeping prices artificially low because, well, you know, we've all we just had our prices here and we don't want to upset our customers. So we're going to keep it here. It's like.   Tom Dunkel (00:11:05) - No, you're spot on. That's 100% correct. Sorry if I got off on a off the rails there, but no, no, you're 100% correct.   Tom Dunkel (00:11:13) - And that's one of the things we look for when we're acquiring a facility is a mom and pop, you know, their big KPI. And we're talking about KPIs, key performance indicators before we hit record. And that's their like only KPIs seems like is are all my units full, right? That's what the mom and pop operator does. The last thing they want to do is have to have to have a fancy website or implement technology or a marketing program or, you know, God forbid, throw out some Google ads, you know, something like that. It's just not how they run their business. Right. They're just looking for that mailbox money and they know their rates are low. They know that their delinquencies are high, but they just don't want to upset the apple cart because they know they know all their customers a lot of the time. Right.   Sam Wilson (00:12:02) - That makes that makes a lot of sense. But, I mean, that's where the that's where the meat on the bone lies, right? It's like, okay.   Tom Dunkel (00:12:07) - 100%.   Sam Wilson (00:12:08) - 100%. I'm thinking about a which we're we're long in the laundry business. And I was thinking about a store we just bought and we literally raised rates 53%.   Tom Dunkel (00:12:19) - Oh, yeah, right.   Sam Wilson (00:12:21) - Because it's who knows how long it's been since they've raised rates. I mean, of course that's right. It's all the little sophisticated. I'm not going to call it sophisticated little things that you can do that drive a business in a meaningful way that you just mentioned. Like. Yeah. Oh, hello. Google ads. Okay. Pay per click campaigns. Okay, we're marketing. Okay. We have a phone line.   Tom Dunkel (00:12:40) - Right?   Sam Wilson (00:12:42) - I mean, how many of these facilities you're buying where you're like, you guys don't have a site and a phone number that there's a.   Tom Dunkel (00:12:47) - Person and we're actively surveying the market to see like who's charging what and how busy are they, Right?   Sam Wilson (00:12:54) - Yeah. And those are those are where your competitive edges lie. What's your thought? Maybe you answered this, but I'm going to ask it again anyway just to see if there's more more to this than not.   Sam Wilson (00:13:05) - What's your thought on being a price leader or a price follower?   Tom Dunkel (00:13:11) - Yeah, good question. You know, and I hate to I hate to say this, but it's going to depend on the market. So, for example, we acquired a facility in Mount Airy, North Carolina, a couple of years ago. And the entire market in our analysis, we discovered that the entire market was full. And so we knew when we acquired our facility there, Granite City Storage, we knew that if there's a customer in that market that wants a storage unit, they're going to have to pay more because if we bump up the rates even on our existing customers, where are they going to go? So we we were able to successfully play that game in that market and we increased our rates about 21% in the in the first few months. And then we were just able to bump it up kind of incrementally from there. But yeah, I mean, that's that's a big factor is what's going on at the other stores.   Tom Dunkel (00:14:06) - But like we talked about a minute ago, you know, if there's a big new development going in and there's a REIT coming in, you know, we're going to be more of a price follower in that situation. Oh, and what I meant to add on to for my first example in North Carolina, all the other competitors in that market, they followed us after they saw that we were bumping up our rates. They all, you know, bump, bump, bump, bump, bump up their rates. Right. And then, you know, we I don't remember getting like a holiday card or like a commission check that year from those guys, but we should have for sure. But yeah, on the other side with the with the big rates coming in or big developments coming in you know you're going to end up most times being a price follower in that situation.   Sam Wilson (00:14:55) - Right Yeah it's it's a it's a temporary race to the bottom.   Tom Dunkel (00:15:00) - That's right. But but honestly, which is why I'm sorry to interrupt, but which is why like, you know, people look at these really hot markets, you know, like down in Florida and, you know, millions and millions of people moving there, or at least hundreds and hundreds of thousands.   Tom Dunkel (00:15:16) - But we don't like to see that the market being too hot because we know that's going to attract the REIT's. You know, so we're looking for that Goldilocks situation where it's growing but enough to increase demand but not enough to increase, to increase or attract a lot of competition.   Sam Wilson (00:15:35) - What's one of the things that you have done from a management perspective and you're based in Wayne, Pennsylvania, so. That's right. And you're buying things in Mount Airy, North Carolina. That's more that's more than a five minute drive from your house.   Tom Dunkel (00:15:50) - That's right.   Sam Wilson (00:15:51) - So how how have you established systems and got the in and established the right people to manage these at scale from a distance?   Tom Dunkel (00:16:02) - Yeah, I mean, that's really, you know, the magic, you know, the secret sauce, although it's not very secret. I mean, you hit the nail on the head. It's. It's getting the right team together, right with the right systems. And of course, we're leveraging technology to the max. So those moms and pops that we buy from, a lot of times they don't even have a website.   Tom Dunkel (00:16:24) - And if they do, it's stale information. You know, it's rates from a few years ago and the phone numbers wrong, you know, all those kinds of things. So we implement what we call a hybrid management strategy. So each of our facilities has a human that is assigned to it. But because we leverage technology, the phone number that is at the facility, you know, if they call our facility in Douglasville, Georgia, it's going to ring on the cell phone of the human manager. But they might be out in Missouri. And so but because of technology, they're able to answer the phone. Hi, it's Douglasville Self Storage. And then, you know, nine times out of ten, they can handle whatever the customer inquiry is just right there on their smartphone. Right. And in the event that the manager is busy or maybe they are not able to pick up the phone, if the customer is at the facility, they're going to they're going to see one of these they're going to see a QR code.   Tom Dunkel (00:17:28) - And if anyone out there wants to have a little fun, you can scan this on your phone and you can run a unit from us at our Baltimore facility. But the the customer can just go up, scan that QR code, it'll take them to the website, They can fill out all their personal information load in their credit card for autopay, which is awesome. And then just sign the contract with their finger. And then once they submit all that, they get a gate code texted to them while they're right there standing outside the gate punching the gate. Code gate opens up. They go inside, they find their unit, empty out their stuff, lock it up, and they're on their way without having to interact with the human at all. So so we love doing that and it allows us to really drive down our operating expenses at our facilities, which is everyone out there, I'm sure knows because you've got a smart audience that drives up net operating income, which drives up the value of the facility, which is the whole purpose of our value add strategies that we implement.   Sam Wilson (00:18:32) - And it improves the customer experience. I mean, that's the last thing is, yes, it drives up in why. But Tom, if you gave me the option to rent from you where I can do it from my phone, plug in my information and be done in five minutes versus walking inside hand it being handed, you know, 42 pieces of paper and filling out all information.   Tom Dunkel (00:18:51) - That's right. That's right. And and you got that generational difference, too, right? I mean, you know, millennials are our biggest generation right now in the US. And that's you know, they were all born with a smartphone in their hands. Pretty much. Right. Right.   Sam Wilson (00:19:05) - For better and probably for worse. That's right. Yes. That's that's very, very true. Tom, we've got a few minutes here left, and I wanted to highlight a couple of things and just get your thoughts on them. This is, again, you know, the fact that we talked about this in the beginning. You came on September 18th or the show published September 18th of last year.   Sam Wilson (00:19:25) - Some things have changed. It's some things have changed in the financing side of things. On the sales side of things. Yeah. Tell me, how are you guys navigating the current lending environment? How has that affected deal flow? How has it affected pricing fast? Three questions and money as opposed to ask one at a time. So it's up to you now.   Tom Dunkel (00:19:45) - Sure. Yeah. I mean, things have certainly been dynamic the past nine months since we spoke last. And, you know, rates are interest rates are up, you know, 4 or 5%. I mean, which is huge, right? I mean, we were doing deals that, you know, three and three quarters or 4% debt back then. But, you know, now it's a different ballgame. And, you know, we've been able to adapt. Of course, none of this was really a surprise. I mean, we all saw, you know, all the money that had been printed and, you know, that inflation was coming and that was going to push up rates.   Tom Dunkel (00:20:17) - And so we, you know, having been around, you know, the deals and projections and all that for for many, many years, jeez, you know, Wow. Going on 30. Wow. Anyway, I'm not that old. So we knew this was coming, right, Sam So we were we were already adjusting our models, adjusting our exit Capri assumptions and our future rate assumptions and all those kinds of things. And and so we've, we've been very disciplined and about the facilities that we purchased. And for that reason, we've, we haven't purchased a whole heck of a lot. I mean, we're we just closed on our 13th facility. We've got our 14th coming up here soon. But our acquisition pace definitely slowed down because. A lot of sellers were looking back a year saying, Oh, I want that value, you know, from back then. And we're saying, Well, sorry, that's off the table now because our cost of capital is up and we have return targets that we need to hit for our investors.   Tom Dunkel (00:21:15) - So that's definitely slowed us down. But I guess the good news about that is because of the run up in pricing the last few years, there's a lot of owners out there sitting on a lot of equity and that has allowed us to to take advantage of seller financing. So we have we did a seller financing deal in the fall and we have two seller financing deals lined up here that are that will be closing here in the next month or two. And the beautiful thing about that is, well, it's really a win win, right? Because the seller, they're not getting a big tax hit right up front because if they took the whole purchase price, net purchase price and in cash, they'd have to pay a big chunk of taxes on that. So seller financing allows them to kind of push push out their tax liability there. And then for us, there's no big onerous underwriting process that you have to go through with an institutional lender. There's typically no personal guarantees, which again, on smaller deals from a credit union or a small local bank, there's going to be looking for personal guarantees, and the terms are typically pretty great.   Tom Dunkel (00:22:25) - So we're seeing interest only payments, which of course means lower lower payments, higher cash flow left over for our investors. So. So we love to see that.   Sam Wilson (00:22:36) - Absolutely. Tom, this has been enlightening. Thank you for taking the time to come on the show today and share your thoughts. You're kind of updated thoughts here with us on the market, how you guys are handling it, what you guys are doing there in the self storage space. It's a pleasure, of course, to have you come on a second time. You're an absolute wealth of knowledge. I do appreciate it. If our listeners want to get in touch with you and learn more about you, what is the best way to do that?   Tom Dunkel (00:22:59) - Sure, Sam. It's been great. Love the questions. Great energy. Love it. So, yeah. I'm Tom Dunkel. I'm the chief investment officer here at Belrose Storage Group. You can find us at Belrose Storage Group. We also have a Facebook page. If you want to search Belrose storage group on there, you can find my past podcast interviews and other articles and value add that we put out there for our investor community.   Tom Dunkel (00:23:25) - So yeah, I'd love to love to hear from you and I'd love to schedule a call. You can do that from our website as well. But yeah, we, we're active, we're out there doing self storage deals and we're, we're doing syndications with accredited investors. So I'd love to have you come join us.   Sam Wilson (00:23:38) - Fantastic. Belrose Storage group. We'll make sure we include that there in the show notes. Tom, thank you again for your time today. Do appreciate it.   Tom Dunkel (00:23:46) - Thank you, Sam.   Sam Wilson (00:23:47) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is, you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.  

Scott White is the CEO of Invesk, a publicly traded real estate investment firm focused on medical and senior housing properties, and they currently own over 100 healthcare properties throughout the United States and Canada. Prior to his current position, Scott was the Executive Vice President of HealthLease Properties, a publicly traded REIT. Senior VP of Brookfield Asset Management, and the head of deal management at Citigroup's Alternatives Distribution Group. Today's show is a little different from our other interviews since we are going to talk about Scott's book “The Life Is Too Short Guy: Strategies to Make Every Day the Best Day Ever.” Learn More About Scott Here:  Website - https://www.lifeistooshortguy.com/ Connect with the Global Investors Show, Charles Carillo and Harborside Partners: ◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/  

In this dividend highlight from episode #117 of the KCREatingwealth Podcast, Dan jumps into successfully navigating several of the facets of managing capital expenditures in large multifamily! This was an AWESOME snippet that Dan shared after YEARS of institutional experience doing this for a REIT! Be sure to check out the rest of episode #117 to learn more! Check him out here! Instagram: @realvalue.dan Facebook: @Real Value Ventures Linkedin: @Real Value Ventures, LLC Youtube: @RealValueDan Company links: https://www.realvalueventures.com/ https://www.bpcmag.com/case-studies/dan-milinazzo-real-value-ventures/ ***Please visit our website to learn more about us and the power of syndications! *** https://kcreatingwealth.com ***Join our “KCREatingwealth Together” Facebook group to collaborate with tons of likeminded investors from all over and help each other change our lives for generations!*** https://tinyurl.com/ycerv4ra Follow me on social! Instagram: @Kyle.kcreatingwealth, @KCREatingwealth Facebook: @Kyle Curtin Linkedin: Kyle Curtin Biggerpockets: Kyle Curtin What equipment do I use? Blue Yeti USB Microphone: https://tinyurl.com/5n966aty Music: Straight Through by Groove Bakery | https://groovebakery.com Music promoted by https://www.free-stock-music.com Attribution-NoDerivatives 4.0 International (CC BY-ND 4.0) https://creativecommons.org/licenses/by-nd/4.0/ DISCLAIMER: I or any guests being interviewed on “The KCREatingwealth Podcast” are not responsible for any investment decisions that you make or capital losses incurred. We are not licensed tax professionals or any form of wealth advisors unless particular guest happens to be as such, and all investment decisions should not be made without receiving advice from a licensed professional.

Keppel Pacific Oak US REIT (KORE) is an office REIT listed on the Singapore Exchange, with a portfolio of 13 assets in major cities such as Austin, Atlanta, Denver, Houston, Sacramento, Seattle, and Orlando. So what's the growth prospects of US office buildings and business premises? We speak with CEO & CIO David Snyder on whether US based REITs still offer attractive dividend yields, and whether their plans for the future warrants us to consider this stock.

My guests today are Richard Liddle and Gareth Abbot. Richard Liddle is the CEO of Bowmoor Capital. He was selected for the Barclays Military Fund Management Scheme to fast track a career into fund management, but decided first to pursue his entrepreneurial interests, including co-founding a company specializing in providing homes for people with support needs and raising over £500 million for a REIT. Richard is also a former military officer with 21 years of experience serving in both the Royal Navy and Royal Air Force as a helicopter and fast jet pilot. Gareth Abbot is the Investment Manager of Bowmoor Capital. He is a mathematician by profession and passion and is a Fellow of the Institute of Mathematics and its Applications (FIMA). Gareth has a trading, research and investment management career built over 20 years. Gareth designed and developed the Global Alpha strategy from 2003 to 2006 and continues to run the strategy and is responsible for its ongoing research and development. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Origin story and AHA moments Empirical foundation Trend following Significance of trading only 21 markets Primary, secondary, and minor trends in their approach Benefits of tracking different calendar periods Connection between math and trading Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Watch this on YouTube! Thank you for participating and submitting your companies. Here we bring up the charts on your stocks. We talk uranium, platinum, palladium, gold, and a REIT. Companies discussed are Goviex, Global Atomic (recent coup in Niger poses some interesting risk), Uranium Energy Corp, Denison Mines, Energy Fuels, Azincourt Energy, Baseload Energy, Platinum Group Metals, Sibanye Stillwater, Trillion Energy, Radisson Mining, Greatland Gold, and Medical Properties Trust. Silver Symposium in Las Vegas Rule Symposium Livestream Connect with us! Twitter Facebook Instagram Linkedin Water Filter System I use for Perfect Water Precious Metals Steve Style: https://www.stevebartonmoney.com/contact-2 Website: https://www.stevebartonmoney.com/ Email: stevebartonmoney@gmail.com DISCLAIMER: I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience and your experience may be different. These videos are for educational and motivational purposes only. Investing of any kind involves risk. Do your own diligence. Every investment and bet comes with the risk that your capital could go to zero. WHAT I DO: Spread out your investments. Don't put it all on one thing. For every bet that you make, you should devote one hour of study per month to that investment. Keep the number of bets to what you can feasibly study. AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, the show may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinion. We recommend them because they are helpful and useful, not because we are looking for the small commission.

Nareit Senior Vice President for Research Ed Pierzak joined the latest episode of the REIT Report podcast to talk about some of the key findings from Nareit's 2023 mid-year report.Pierzak noted that two main factors are at play today—the divergence in public and private real estate valuations, and challenges in the capital markets, particularly around refinancing.The public-private valuation gap really reached its peak in the latter half of 2022, Pierzak said. Progress has been made since then, albeit slowly, he noted. However, whenever such valuation dislocations occur, “they can present opportunities for REIT investors…historically, when we've seen these major public and private valuation divergences, we see that REIT total returns have tended to bounce and even surge.”

Today's guest is Kenny Rose.    Kenny is a franchise expert with extensive experience working with hundreds of franchise brands across various industries. With a background in financial services and wealth management, he helps individuals invest in and optimize franchise ownership.    Show summary:  In the episode, Kenny Rose, founder of FranShares, discusses the concept of investing in franchises and how his platform connects investors with franchisees seeking capital. He explains why investors are looking for alternative avenues to diversify their portfolios and earn passive income. Kenny shares his background in financial services and how he transitioned into the franchise world. He talks about the challenges he faced in getting FranShares off the ground and the success they have achieved so far. Kenny also explains how FranShares functions, attracting investors through education and reaching out to platforms where people learn about investment opportunities.    -------------------------------------------------------------- Intro [00:00:00] The birth of FranShares [00:01:52] Overcoming challenges and finding investors [00:04:11] Connecting investors and franchisees [00:07:09] The franchising model and long-term investments [00:10:23] The concept of investing in individual locations [00:12:41] The regulatory framework for FranShares [00:13:34] FranShares [00:19:45] Contact Information [00:20:01] Closing [00:20:21] -------------------------------------------------------------- Connect with Kenny:  Linkedin: https://www.linkedin.com/in/kennyrose/  Twitter: https://twitter.com/kennymrose  Instagram: https://www.instagram.com/franshares/ Web: https://franshares.com/ Investing guide: https://20991829.fs1.hubspotusercontent-na1.net/hubfs/20991829/Franchise%20Investing%20Guide.pdf   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Kenny Rose (00:00:00) - And so then you have the same thing for investors where they are looking for investments that can diversify their portfolio. They're not correlated to the stock market. They're looking to earn passive income. And really like the main way you do this in the past is real estate. But, you know, I'm sure everyone's fighting over deals right now and you get a lot of institutional capital that's competing. And so you got to look for other avenues of where you get those passive income streams. And so that's where investors have really been flocking to because they just see it as like, Oh, that makes sense and it fits my needs. Welcome to the How to Scale Commercial Real Estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big.   Sam Wilson (00:00:44) - Kenny Rose has a background in financial services and wealth management, and he currently helps individuals invest in and optimize franchise ownership. Kenny, welcome to the show.   Kenny Rose (00:00:54) - Thanks for having me, Sam. Great to be here.   Kenny Rose (00:00:56) - Absolutely.   Sam Wilson (00:00:57) - The pleasure's mine. Kenny There are three questions I ask every guest who comes on the show in 90s or less. Can you tell me where did you start? Where are you now and how did you get there?   Kenny Rose (00:01:05) - Perfect. So got my career started off in financial services over at Merrill Lynch. Found my way into the franchise world on the brokerage side, so I'd help people like a realtor, an investment advisor, find the right franchise to own and coach them through the research process. And we transitioned that into realizing most people don't have 6 or 7 figures laying around to invest or they don't have the time or the skill set. So we created Fran shares the first platform to let anyone invest in franchise ownership as part of their portfolio. And where we now, we had the largest launch for an alternative investing platform with over 18 million in investment subscriptions and got you can see here over 40,000 people on our waitlist for the next couple offerings coming up and really excited for making this the next big asset class one that should have existed a while ago.   Kenny Rose (00:01:52) - My opinion.   Sam Wilson (00:01:53) - Wow. Okay. I've got a million questions, you know, not the least of which is how do you have which we'll get to this. I'll probably save this for later, but I just want to make sure I highlight this. You have 40,000 people on a waitlist. That's every investors kind of like mean dream. That's. That's in a good dream. Not a nightmare dream. That's a good dream.   Kenny Rose (00:02:12) - Yeah. Yeah.   Sam Wilson (00:02:13) - So we'll get to that. But, you know, I think I think the, um, like you said, turning this into, it's like, it's like what we've done in real estate all these years, right? We've done it with, you know, you sell these online platforms where you can buy a share of whatever it is office buildings, real estate, land, you know, industrial. ET cetera. But nobody's done it in the franchise space. When did you know you were on to something? When you kind of. When you were telling me about that.   Sam Wilson (00:02:39) - When did you know you had an idea that you thought, man, this can really have legs?   Kenny Rose (00:02:42) - Yeah, exactly. And so funny enough, you mentioned the real estate ones. It's where I originally got the idea from. I actually been sitting on this one for 7 or 8 years. Back in 2014, Fundrise was the very first one to like be big in the fractional investing space for real estate. And they were raising a series A and I caught the news and I started diving into the business model. I'm like, How does this work? How is it possible? And all these things. And the more I dove in, the more I was like, This solves everything I've been looking for in franchises. So kind of reverse engineered it and applied it with my knowledge in the franchise industry to, you know, I used to call it a REIT for franchises, but realized outside of real estate investors, it was the financial advisor and talk. And I realized most people don't know who to REIT is.   Kenny Rose (00:03:26) - So I had to kind of pluck that word out of my mouth.   Sam Wilson (00:03:29) - Right? Right. Absolutely. So you had you you had the idea for 7 or 8 years. When was the right time to do it?   Kenny Rose (00:03:35) - Uh, pandemic hit. Okay. I was because I built myself a pretty good brokerage and wanted to become really an expert in the franchise world. So I started off just writing answers on Quora and reaching out to journalists. Got featured in Forbes, ABC Business Insider reached over 300 million people. So I kind of like had franchise on the back shelf for a bit. Then the pandemic hit and I read pretty early on people were gambling on the stock market because sports were not. And I was like, Oh, investing doesn't make sense anymore. Like, now's the time. And so I literally shut down the other business and started getting franchises together.   Sam Wilson (00:04:09) - Was that hard to do?   Kenny Rose (00:04:11) - Oh, extremely. I mean, no one's ever done this in the franchise space. And honestly, I call it the F word of business ownership.   Kenny Rose (00:04:18) - So, you know, when I was originally putting this together, well, first things first, I had to pitch a big law firm on doing all the legal work for me and basically said like, Hey, we're going to get funded and we'll pay you back. And they were top three biggest law firm in the country. They said, We believe you. There you go. And then I reached out to 400 venture capital groups and trying to get funding, I think had three conversations out of it. And it was like interesting talk later. So I was like, you know what? I'll I'll I'll go straight to my market and prove my point. So I went and found angel investors and raised like 600,003 or 4 weeks and then went back to all the VCs. And when you've got money in hand, they're always on board. And so, yeah, it took a lot of like education to get them, like to understand why franchising and again, get that F-word out of their head. But no, it's been a great ride.   Sam Wilson (00:05:12) - Oh, my gosh. That's I mean, that's a lot of perseverance. Just just hear that if you're listening to this 400 groups you contacted, 400 groups, had three conversations and zero investors. Yeah, right. That's brutal.   Kenny Rose (00:05:27) - It didn't feel great.   Sam Wilson (00:05:30) - I mean, was there ever like when you made your 100th call, was there ever just like, huh, like we're zero for 100? Or was it just like, shoot me? And the next call might be it?   Kenny Rose (00:05:39) - Oh, no, it was never an option. My mind it was. This just makes sense. And like, you know, I was talking to a type of investor we follow in the middle ground of things where like your classic investor's going to like, understand it but not have access to it and your venture investor is going to be like, well, this isn't like of, you know, your typical software as a service 100 x or bus like most of them are just like, it's just makes sense. Like it's just a sensible business.   Kenny Rose (00:06:04) - And I'm like, Thank you. Would you write a check for it? Right. Yeah.   Sam Wilson (00:06:08) - I still need your money, by the way. Yeah. So? So I mean, we could spend, I think, the rest of this show really talking about your mindset, your commitment, and really how you figured you having what it takes and knowing what you have. It takes and persevering. I think that's part of your story that don't I just don't want to overlook because you've done most people would give up, myself included, probably by the least, if not the hundred, the second hundred, the 200 column. I'd be like, okay, 200 calls and nobody wants this. I got to change my strategy. But you knew you were on to something. You went and you did it. Let's talk about the business itself, because I know this is what you kind of came on the show, was to talk about not just the opportunity, but how it actually functions. So you have multiple needs in this.   Sam Wilson (00:06:53) - Obviously, you need investors to buy shares of franchises, but then you also need to have franchise owners, franchisees, franchisees that need funding. Yep. So tying all of those together I think would be an interesting part of what you do. How does all that work?   Kenny Rose (00:07:09) - Yeah, so really, like at the end of the day, we're a marketplace. We're connecting investors, looking for investments to franchisees seeking capital. Yeah, you know, franchisees. It's very tough to raise capital later on, like when you're going for your very first franchise or your first three, you do all at once. You get an SBA backbone. And then basically when you're like, Hey, I've built this foundation, I want to scale to 5 or 10 bank looks at you like you bought a house and they're like, Oh, we still have debt on these other properties. You know, like you got to pay that, you know, your debt ratio is too high. But like when you look at them as a franchisee, you're like, you did the hardest part.   Kenny Rose (00:07:47) - Like you scaled franchises, like you've got that foundation now to go do more. And so like the bank process is long, it's complicated, it's expensive. And then typically this is where you see like private equity hopping in. But private equity doesn't like to move unless they can invest at least 30 million bucks, but usually like 50 million plus. And so you leave out 99.5% of the market probably that are good franchisees looking to expand and just don't have access to capital. And so then you have the same thing for investors where they are looking for investments that can diversify their portfolio. They're not correlated to the stock market. They're looking to earn passive income. And really like the main way you do this in the past is real estate. But, you know, I'm sure everyone's fighting over deals right now and you get a lot of institutional capital that's competing. And so you got to look for other avenues of where you get those passive income streams. And so that's where investors have really been flocking to because they just see it as like, Oh, that makes sense.   Kenny Rose (00:08:45) - And it fits my needs, right?   Sam Wilson (00:08:47) - How do you find the franchisees? Yeah, how do you vet them before they go on the platform?   Kenny Rose (00:08:54) - Yeah. So it was really interesting like getting this started versus what we do in the future because getting started, because my background was in the brokerage space, people would ask me all the time like, Hey, do you have a resale available? And I'd say, like, honestly, if it hits my desk, you probably don't want it. All right. Oh, why? Like, well, if you own a successful franchise when as soon as you want to sell it, you will have a friend, a family member, another franchisee. Someone's going to want to buy that. A lot of people passed on it before it hits the open market, including the franchise owners. Usually going to say like, Hey, x franchisee in the area, would you like to buy this store, too? And so, you know, because of that, I knew no good deals would come straight into us.   Kenny Rose (00:09:33) - You have to be known for it in the space. So we went and built our own portfolio to start like new locations, partnering with some existing franchisees as well as like installing our own management. And then when it came to, you know, what happens after now we've had over 200 million in deal flow come our way because they hear about us more. You know, again, I knew this was a need in the market. So it's a small world in franchising. So we've gotten everything from like your solo operator, three, five locations all the way to your ones that have hundreds. I think the largest we have is like 600 locations under their belt.   Sam Wilson (00:10:08) - So you've got somebody that has 600 locations and still has or still sees not that they don't wouldn't see value in it, but they are at a place even yet at 600 locations where they say, look, friend shares make sense for them in their scaling model.   Kenny Rose (00:10:23) - Yeah, because the thing is they're still typically looking at private equity for those type of investments or they've worked with a lot of family offices.   Kenny Rose (00:10:30) - And you know, a lot of those operators that are thinking more long term, we make more sense to them because we like to be long term investors. It's not really the private equity 3 to 5 years in flip model. It's no, we're going to partner with you and be with you long term because we have a trading platform. So investors will be able to, you know, liquidate in and out if they need to. We don't suggest it because, again, franchising is a long term investment. You're not going to make as much. But the other thing, too, is that like some of them already caught on to some of this long term appeal for our model is that it's not just the ability to bring capital to franchises, but it's to bring that like network effect to it. You know, like you're in Memphis when we have franchises that are out there, we're going to prioritize investors in Memphis, because if there's somewhere in your area that you own a piece of, that's where you can get your oil changed or go work out or go eat, you're going to go there.   Kenny Rose (00:11:20) - Instead, know if we open a Bojangles there, you're never going to KFC instead because you invested in that Bojangles and you're going to tell all of your friends to go there too. So it's kind of like the Reddit versus Wall Street effect, but on the local level.   Sam Wilson (00:11:32) - I love that. I love that. Yeah, you're absolutely right. You're absolutely right. I will go to the places that I have investments in. Yeah. Much more frequently than I would otherwise. That's a that's a good point. Love that. I love that. How does how does the mechanics of it work? Okay, so you invest. Do I invest in a particular store? Am I investing in just the fund as a whole? What is that? What does that look like?   Kenny Rose (00:11:57) - So again, there's the difference between short term and long term. You know, short term, I know that most people don't have any exposure to franchise ownership. So we like to do diversified portfolios, diversified ideally by industry and by brand, by geography.   Kenny Rose (00:12:10) - So it's kind of like a mutual fund of franchises. You know, in the future we'll be doing brand specific ones so you can invest in like, Hey, we're going to do all these F45 fitness and I'd like to fund a bunch of those ones and be diversified. And then eventually you'll have things like industry verticals, the Health and Wellness Fund, and eventually I want it to be you can invest in the individual locations like my dream when I know we've done it is you're going to walk into a Jimmy John's and scan a QR code and be able to buy a piece of it.   Sam Wilson (00:12:41) - That's cool. That would be. That would be awesome. And and what a what a great way. I mean, this we're seeing this actually happened. Oh, gosh. Had somebody come on the show here maybe two months ago and we're seeing it happen in the apartment space. Yeah, the family space where it's like the tenants are then offered an opportunity to buy a share of the apartment complex that they live in.   Sam Wilson (00:13:01) - Yep. And it's and, and even if it comes out of rent every month but it's, I forget what the name of the platform is, I have to go back to my own podcast and review the, the, the guest that came on. But it's pretty cool. Yeah. I mean, how neat would that be to be checking in at Jimmy John's and be like, okay, yeah, love the gargantuan. So you know I'll spend 12 bucks on a gargantuan and oh hey can buy a share this for whatever 100 bucks. Sure why not It's.   Kenny Rose (00:13:24) - It's making your own money back. It's like the cash back but ownership style, right?   Sam Wilson (00:13:28) - Oh, that's cool. What regulation does this go under? Is this under crowdfunding? Is this like what? How does this work? Yeah.   Kenny Rose (00:13:34) - So regulation, crowdfunding, we also do regulation A plus. So it depends on what type of investors we're working with, whether we're doing accredited only accredited, non accredited and a few other things. But yeah, it all falls under the Jobs Act, which is Jumpstart Our Businesses Act, which includes the regulation, crowdfunding and a few others.   Sam Wilson (00:13:53) - Got it. Okay, cool. So let's see what we've covered so far. You've told me a little bit about how the fund functions, about how we can buy shares inside of I guess I call it the fun. Am I using the wrong word there?   Kenny Rose (00:14:04) - Yeah, technically, portfolio portfolio.   Sam Wilson (00:14:06) - Okay. How the portfolio functions because you guys and let's let's go back to this then. I'm sorry. This is a pretty fun conversation for me, so I'm probably jumping all over the place. But you said you went out initially and launched your own stores because then you wanted to to bring those into the portfolio for them people to buy shares of. What was that process like? How many did you launch? How long did that take? What were the weapons that you launched?   Kenny Rose (00:14:29) - So still in the process of it. But, you know, it was funny originally, like we were working with a like a restaurant management company for one part of it that was in the food side. And it turned out there's this huge demand from franchisees already to do exactly what I was talking about.   Kenny Rose (00:14:45) - And so you've got people who are operators that have done so well in their own franchise endeavors on the management side before, and then basically pooled all their money together, went all in on a location, amazing operators. But then you get stuck in this like, well, now I've got the foundation, like, how do I go get the money for the rest? And so there was a line of franchisees looking to partner with us on that brand. And then, you know, outside of that, we did one in the in the waste management space because it's just a ton of white space for it. And, you know, I knew the model really well. They'd expanded faster than any franchise I'd ever seen. And also I knew how it was managed and that it's typically a very low employee headcount. And, you know, a lot of franchisees, they don't really invest in the proper management. It's like, Oh, who can I get for the smaller amount? We prefer to invest in foundation.   Kenny Rose (00:15:34) - You know, it's like for franchise itself, I don't find the cheapest employees, I find the best. And so we did the same thing for like putting management teams in place where they are overly qualified, if anything, and can just build out a really great team. And then we could start rolling up more and more locations in the future.   Sam Wilson (00:15:49) - That's cool, man. I love it. You've got your hands in active business. You've got your hands in the franchising side of business. Now you've got your hands in owning fractional shares of franchises, which is really, really cool. But yet you've also had to build an entire platform that attracts 40,000 people to it that wanted to get on a wait list. That's a job in and of itself. How did you.   Kenny Rose (00:16:15) - Have a great team? You know, we all work really hard together on the where we're delivering our message, how we deliver it. And honestly, we like to go to where people are learning, you know, even just like here, people are learning about different opportunities.   Kenny Rose (00:16:27) - I'm never like a hard sell type person. It's like, Hey, if you're looking to get educated, get educated. And so think just that education first approach instead of sales approach really gets people interested. They're like, Oh, I've heard about franchising my whole life, but I actually don't know anything about how to own one. I've never heard about this way to do it. So yeah, go like. Podcasts, newsletters. We again, we're looking for where people are getting educated. And yeah, again, the markets really said that they like it and hence they've been signing up and coming along, which has been again dream come true. And I'm excited. I'm gonna have to get a bigger counter over here.   Sam Wilson (00:17:04) - Absolutely, man. Absolutely. That's really, really cool. I love that go to where people are getting educated. And I think one of the things I've said this for gosh, probably most of my business career, I see tremendous value. This is just a commentary free commentary. You can you can delete it if you want, but in franchising it makes so much sense.   Sam Wilson (00:17:24) - I've built several companies ground up and the amount of effort that goes into just that early startup of just getting all the way through procedures, manuals, processes, what we buy, where we buy it, who our suppliers are, when do they deliver, how we pay, what I mean, it's just like it just the list, the start up, the startup cognitive bandwidth is required to do. That is.   Kenny Rose (00:17:47) - Hard. Yeah. And you can't be good at all things. A lot of people. Hey, I've got a great business idea. That's part of it. Now you got to go build a business around it. And that's what I love about franchising is it helps you skip that first 5 or 10 years of figuring it out.   Sam Wilson (00:18:02) - Figuring it out. And not only not only that, but it also you skip that 5 or 10 years of just making some really stupid mistakes.   Kenny Rose (00:18:10) - Yeah.   Sam Wilson (00:18:11) - I mean, think that's the cool thing about franchising is it allows you to you have a scalable model already at your fingertips.   Sam Wilson (00:18:18) - Yeah. Because for most of us it's like, okay, well we're going to try to build this and then we got to build it such that we can replicate it.   Kenny Rose (00:18:25) - Yeah. And honestly, it's funny because if you can get your mind passed the F word, like you can build huge businesses here. Like if you look up the Flynn Restaurant group think they do 4 billion in sales annually and it's like bunch of Applebee's and some other brands in there and it's like you can scale it huge. You just need to follow the process. And I mean, it's not easy by any means, obviously, but there's a lot of opportunity there. People just overlook it.   Sam Wilson (00:18:50) - They do. They do. Yeah. And it's not it's yeah, it's not an f word in my book. I think it's, I think it's a really, really cool thing and I've never. I've never bought into a franchise particular, but but it's certainly something I've always looked at and admired and said, Man, that's that makes a heck of a lot of sense.   Sam Wilson (00:19:06) - So love really what you're doing in the space, when you look at this and you look at the platform you built. Are there other. Industries that you look at that you say, Hey, I can white label what we've done. Maybe it's your own in-house white label and kind of scale this into other things outside of franchising so you don't have to tell me, but I'm just wondering where the where the entrepreneur's mind wanders.   Kenny Rose (00:19:28) - You know, there are so many verticals within franchising that I'm not in a rush to go anywhere else. There's a lot of parts of this industry we can transform, and frankly, it's an industry that touches every other category you could imagine. So don't need to go anywhere else. I'm happy here.   Sam Wilson (00:19:45) - That's awesome. Kenny, I certainly appreciate it. Thank you for taking the time to come on the show today and talk about friend shares. As you well know, probably already you've built something really, really cool. Looking forward to see seeing where this goes. If our listeners want to get in touch with you or learn more about Fran shares, what is the best way to do that?   Kenny Rose (00:20:01) - You can check out our website at Franchisors or add me on LinkedIn.   Kenny Rose (00:20:05) - I'm always a big networker. They're easy to find me.   Sam Wilson (00:20:08) - Fantastic. And that's Fran shares Fran shares and that's Fran shares. Is that right? Yep. Perfect Fran shares. Com make sure we include that there in the show notes. Kenny thank you again for coming on today. I do appreciate.   Kenny Rose (00:20:19) - It. Thanks so much for having me Sam.   Sam Wilson (00:20:21) - Hey thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.  

Midway through the year and time for another quarterly update! Johnny is in Ukraine and Sam is in Thailand for this one. The guys cover experiences living with monks, neighbor disputes, the best places in Thailand and answer your Patreon questions.  In the Patreon only section, they cover what they invested in this quarter and where they are keeping their cash to earn some interest to capitalize on current high rates. That section is only available to Invest Like a Boss Patreon members and can be instantly accessed along with hundreds of other member only posts for just $5/month at Patreon.com/InvestLikeaBoss. Discussed:  ILAB 268: Russians Driving Up Real Estate in Bali & Thailand ILAB 227: Travel for (Alomst) Free with Points Hacking Where we are: Johnny FD – Kyiv, Ukraine/ IG @johnnyfdj Sam Marks – Bangkok, Thailand / IG @sammarks12 Derek – Los Angeles / IG @DerekRadio Sponsor: ILAB Patreon Join the Invest Like a Boss Patreon now and get tons of bonus content, including additional episodes, full quarterly updates including account screenshots and more for as low as $5/month at Patreon.com/InvestLikeaBoss Like these investments? Try them with these special ILAB links: Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK)*Johnny and Sam use all of the above services personally. Time Stamp: 04:40 - Sam's Monk Experience 13:25 - Thailand Life 22:00 - Sam's bad Neighbor If you enjoyed this episode, do us a favor and share it! If you haven't already, please take a minute to leave us a 5-star review on Apple Podcasts and Spotify.

Hot Spotting Real Estate Podcast – Ep. #35 – Alexis VolenToday on the Hot Spotting Real Estate Podcast we will be chatting with Alexis Volen Alexis Volen is COO of CIRE Equity.Topics DiscussedAlexis gives us some background on CIRE Equity and how she got her start in commercial real estate.  Alexis tells the listeners the difference between a syndication and a REIT. Alexis gives us details about CIRE Equity's purchase requirements. Alexis talks about CREW (Commercial Real Estate Women) and her role as a member of the San Diego Chapter."Alessandra Wants to Know" segment of the show.How to contact our guests:Alexis Volen - avolen@cireequity.comLinkedIn - https://www.linkedin.com/in/alexis-volenwww.cireequity.comPlease take the time to leave a review and subscribe to our Podcast! Thank you for Listening.

For the first time ever, Uber reported an operating profit. Staying in the green is a different story.  (00:21) Ricky Mulvey and Bill Mann discuss: - Uber's long-term vision. - If the ride hailing app deserves a victory lap. - A mortgage REIT paying investors a 14% dividend. - Overstock's “brilliant” rebrand to Bed, Bath, and Beyond. Plus, (15:15) Robert Brokamp and Megan Brinsfield discuss common tax myths for digital nomads. Stocks discussed: UBER, LYFT, ARI, OSTK Click here for the latest Stock Advisor Roundtable episode!   Host: Ricky Mulvey Guests: Bill Mann, Robert Brokamp, Megan Brinsfield Engineers: Dan Boyd, Rick Engdahl, Tim Sparks Disclosure: Motley Fool Wealth Management (“MFWM”) is an SEC registered investment adviser. MFWM, an affiliate of The Motley Fool LLC (“TMF”) is a separate legal entity, and all financial planning and discretionary asset management services for our clients are made independently by the financial planners and asset managers at MFWM. No TMF analysts are involved in the investment decision making or daily operations of MFWM. MFWM does not attempt to track any TMF services. Megan Brinsfield is the Director of Financial Planning at MFWM. The comments and ideas presented by the speaker in this podcast are solely those of the speaker and do not necessarily represent those of MFWM or any of its affiliates. This discussion is for informational purposes only and should not be construed as investment or financial planning advice or recommendations. Certain statements may be deemed forward-looking, however there is not guarantee of any outcome. Past performance does not guarantee future results. MFWM encourages you to seek personalized advice from qualified professionals, including (without limitation) tax professionals, regarding all personal finance issues. While we can counsel on tax efficiency and general tax considerations, MFWM does not (and is not permitted to) provide tax or legal advice. This discussion should not be relied upon as personalized financial planning or tax advice.

This is ReConversations, a special interview with Laith Hermiz, Co-founder and CEO of Ironside Realty, live from ICSC ReCon 2023.ReConversations is an exclusive mini-series of The Crexi Podcast, an insider's look at all things commercial real estate, powered by NNN Pro Group – the market leading investment sales and advisory team.The Crexi team visited ICSC ReCon LIVE in Las Vegas from the floor of the convention center at the NNN Pro Group's booth. The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Yannis Papadakis sits with Laith to cover wide-ranging topics, including:Introductions and early lessons learnedTaking ownership of projects and establishing relationships with mentorsFinding the opportunities in disruptionThe diverse fundamentals in different retail sectors, and safety in that diversityHarnessing AI and technological advancements for a competitive edgeChallenges facing the CRE industryRapid fire questions and sign-offsA special shout out and thanks to our friends at the NNN Pro Group, the market leading net lease investment sales and advisory team who is making this podcast series possible. NNN Pro Group has completed over $30 billion in net lease sales and is one of the largest sale-leaseback advisors in the country. To learn more about their team and services, you can visit their website.If you enjoyed this episode, please subscribe to our newsletter to receive the very next one delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out our blog, Crexi Insights.Ready to find your next CRE property? Visit Crexi and immediately start browsing hundreds of thousands of available commercial property.Follow Crexi: WebsiteInstagram ​ Facebook​ TwitterLinkedinYoutube

The end of the pandemic and relatively low retail availability have rewritten the “Malls Are Dead” narrative. So asserts Tom O'Hern, CEO of Macerich, a REIT with 47 million sq. ft. of regional town centers. He joins Spencer Levy to discuss how the best malls are succeeding by reimagining their tenant mix and offering shoppers new experiences.

In this podcast episode, Keith Weinhold and Kirk Chisholm discuss the differences between real estate and stock investing. Kirk Chisholm is the Principal of Innovative Advisory Group. He provides his perspective as a wealth manager, emphasizing the control and lower risk offered by alternative assets like real estate.  Learn the difference between risk and volatility. We discuss risk-adjusted returns, liquidity, and the importance of understanding and managing risk. The conversation also covers cash flow, dividends, big tech stocks, and private mortgages. Interest rates and inflation—we discuss their future. Kirk believes rates will stay at this higher rate for a long time. Timestamps: The Paradigm Shift in Interest Rates and Inflation [00:00:01] Discussion on the new paradigm of interest rates and inflation and how it affects real estate and stock investors. The Impact of Front Porches on Society [00:01:35] Exploration of the impact of the disappearance of front porches on neighborhoods and communities. The Definition and Management of Risk in Investments [00:05:50] Explanation of how risk is defined and managed in different types of investments, including stocks, real estate, and alternative assets. The difference between volatility and risk [00:10:21] Explanation of the temporary price movements (volatility) and permanent impairment of capital (risk) in different investment assets. The illiquidity of real estate and non-traded REITs [00:13:11] Discussion on the illiquidity of real estate compared to publicly traded markets and the example of non-traded REITs during the 2008 financial crisis. Importance of cash flow and dividends in stock investments [00:15:26] Exploration of the two camps in stock investing: cash flow-driven investors and appreciation-driven investors, and the significance of dividends and cash flow in stock investments. Dividend Stocks and Value Stocks [00:20:17] Explanation of the difference between growth stocks and value stocks, with a focus on dividend-paying stocks. Private Mortgages and Cash Flow [00:21:12] Discussion on the benefits of investing in private mortgages and how it provides a passive income stream. Default Rates on Hard Money Loans [00:25:48] Exploration of the default rates on hard money loans and the industry's approach to mitigating risks for both borrowers and lenders. The new paradigm of interest rates and inflation [00:31:32] Kirk Chisholm discusses the shift in the economic paradigm from low interest rates and inflation to higher rates and a shrinking economy. The impact of higher rates on mortgages and real estate [00:35:39] Kirk explains how higher interest rates affect mortgage payments and housing affordability, leading to a decline in house prices. The consequences of higher rates on corporate America [00:37:48] Kirk discusses how higher rates can impact corporations, particularly those with short-term debt, potentially leading to bankruptcies and market clean-up. Higher rates and recession correlation [00:39:55] Discussion on the correlation between recessions and lowering of interest rates, and why it may not happen in the future due to high inflation. Fed's focus on stable prices [00:42:48] The Federal Reserve's prioritization of stable prices over high employment, within their dual mandate. Interest rates and the economy [00:44:10] The potential impact of higher interest rates on the economy, with a discussion on when the next recession may occur. Resources mentioned: Show Notes: www.GetRichEducation.com/460 Innovative Advisory Group: www.InnovativeWealth.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Find cash-flowing Jacksonville property at: www.JWBrealestate.com/GRE Invest with Freedom Family Investments. You get paid first: Text ‘FAMILY' to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Complete episode transcript:   Keith Weinhold (00:00:01) - Welcome to. I'm your host, Keith White. As a real estate investor, you are highly cognizant of your cash flows to stock investors. Even think about that and how we've now entered a completely new paradigm of interest rates and inflation and how to respond today on Get Rich Education with real estate capital Jacksonville. Real estate has outperformed the stock market by 44% over the last 20 years. It's proven to be a more stable asset, especially during recessions. Their vertically integrated strategy has led to 79% more home price appreciation compared to the average Jacksonville investor since 2013. GPB is ready to help your money make money and to make it easy for everyday investors. Get started at GWB Real estate. Agree that's GWB Real estate. Agree.   Speaker 2 (00:00:59) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get rich education.   Keith Weinhold (00:01:22) - What category? From Bogota, Colombia, to Wichita, Kansas, and across 188 nations worldwide. You are back in that abundantly minded place where financially free beats debt free.   Keith Weinhold (00:01:35) - And by now you might have already won the inflation Triple Crown. I'm your host, Keith Wild. Hey, Noah, is this a real estate problem? Philip Gulley, the author of Porch Talk. He said, I believe all that is wrong with the world can be attributed to the shortage of front porches and the talks we had on them. Somewhere around 1950, builders left off the front porch to save money, and we've had nothing but problems ever since. That's just the sort of thing that I think about now as you and I are enjoying the dog days of summer, as I trust that you are, you know, neighborhoods, property, it all used to be more wide open. The Pennsylvania house that I grew up in and that my parents still live in, it has a real front porch. And no one I mean, nobody has fences around their yard either. It is a real lemonade sipping chat with the neighbors vibe there that, well, seems to be more and more of a remnant of yesteryear.   Keith Weinhold (00:02:44) - I mean, gosh, from what I can see, there are more and more gated communities. Uh, people tend to get more concerned about security and that often means that they trade away freedom. Hey, well, our guest on the show today, he hits differently. And you're going to feel that because he's the principal of a firm that helps investors with stocks, bonds and mutual funds, as well as real estate investing. And it's not just REITs, real estate investment trusts, but more than that. And, you know, whenever he and I talk, we tend to get each other thinking in different ways, in shape, each other's opinions somewhat, as you'll probably see again today. He and I disagree on some things and we agree on others. I'm going to ask him about whether or not stock investors even care about cash flow. We'll be sure to get his insights on the direction of interest rates and inflation and more. Well, I'd like to welcome in our guest today he runs innovative wealth.com he's the principle and a wealth manager there at innovative advisory group.   Keith Weinhold (00:03:54) - They're based in Massachusetts but they advise well beyond any state borders. Hey it's been a few years. It's great to have you back. Kirk Chisholm Thanks for inviting me back. Keith. I was a little worried there didn't appear well in your show, but thanks for having me back. Yeah, well, it's been absolutely too long, and I really appreciate your perspective because they're with what you do. You're principal of a company that helps people invest in a big, wide palette of things, from stocks to private mortgages and some things with real estate and elsewhere. So you have this really broad view. So tell us what percentage of your business is is stocks, bonds and their derivative products like ETFs and mutual funds versus everything else? It's interesting because my industry is primarily focused on stocks, bonds and mutual funds. It always has been, probably always will be, in large part because they're easy to sell, They're publicly available information and everyone is can simply just click a button and get it done. So my industry tends to work towards lazy solutions or simple solutions.   Keith Weinhold (00:05:00) - Nothing wrong with that. You just have to know with what you're getting. It's funny, when we started our firm in 2008, we were doing a lot of private mortgages and we talked to the regulators at the time and they said, Oh, well, what percentage of your accounts in alternatives? Because we told them we did alternatives like what percentage of your accounts? And we said, Yeah, somewhere like 40 to 50%. You know, it probably ranges between 40 and 60. You could hear a pin drop in that room. I did pick the lady's mouth off the floor like she couldn't believe that. How quote unquote, risky that is. And she said the first question, she's like, are you serious? Isn't that really risky? And I started laughing and I said, risky? You mean like Worldcom, Enron, AIG, Tyco, You know, like Lehman Brothers, Bear Stearns? They just kept going on and on. She's like, all right, I get the point. And we had to define the concept of risk.   Keith Weinhold (00:05:50) - This is the part that your audience will appreciate, right? If you're investing in a company, it's been screened by the SEC. It's passed certain muster. It's SEC doesn't endorse it, but it's passed certain muster. You say, all right, I feel comfortable that this company's met the minimum criteria. That's not always the case. Right. Companies go bankrupt all the time. And we actually have a spike in bankruptcies most recently because of the economy. But if you look at piece of real estate, I can go walk up and touch it. I can go to the Registry of Deeds and see that I own it. I can talk to the maintenance guy or the property manager and see what's going on and have influence on it. I would say if you know what you're doing, there's a lot less risk. And I would say if you own a piece of gold, what's your risk? I could lose it. Somebody could steal it. The government confiscates it. That's pretty much it, right? It's not going to zero.   Keith Weinhold (00:06:37) - It's not going to the moon. It's just a rock. The way you define risk is really something that a lot of people don't spend time with is managing that risk. So a lot of what we've done is we've looked at it from a different perspective. What is the best investment given the criteria that we have, the markets we're in and the risk available? You know, what is going to do the best considering the risk as an example, Bitcoin or Ethereum or any sort of cryptocurrency, the risk is it could go to zero, right? It's not going to go below zero risk as you lose all your money or you might make 10 or 20 times your money, right? That is also possible. Both scenarios are probably on the extreme ends of probable, but either way, like you have to account for both scenarios and say is it worth it going to zero for me to make X amount of return? If the answer is yes, then it makes sense. If the answer is no, then don't invest in it or invest in a lot less of it.   Keith Weinhold (00:07:31) - So that's kind of how we look at risk and that's why we look across the board for alternative assets. We're very agnostic about the assets because it really just comes down to, is it a good investment or not? That's really the criteria we look at. Risk is what goes beyond the edge of your understanding. Think that's what applies to that conversation that you had that you brought up there earlier. Right. It's largely about one's risk adjusted return. You talk about with real estate how you have more control over an investment because you can get in there and understand it and change the operations of it in order to drive a return. And then stocks have this very efficient market where it's quick and easy to get in and out and things are more liquid. This very efficient market with real estate, there really isn't any app you can go on and be like, Oh, okay, well my duplex was up 3/10 of 1% this past week. That doesn't happen. That's part of the inherent inefficiencies with direct ownership of real estate, of course.   Keith Weinhold (00:08:32) - I would argue the point of efficient markets, the stock market is is not efficient, despite what the academics will tell you. It is more liquid. I would argue that real estate is illiquid, which is good and bad, right? If you need to sell, it's bad. If you're looking to buy and you don't need to buy, it could be really good. Stock market is very different in that it's claimed to be efficiently priced with all the known information at the given time. And the price is the price. And what I would argue is that's an interesting philosophical standpoint, but it's inaccurate, right? Because if all the information was known, then we wouldn't have volatility. But we do have volatility and the stock market is a forward pricing discount mechanism, right? So you look out six months and say, what's the market going to do? That's where the stock pric