Podcasts about Riser

Title: What They Don't Tell You About Raising Capital (Until It's Too Late) with Ben Fraser Summary: In this episode of the Invest Like a Billionaire podcast, host Ben Frasier interviews Seth Bradley, the Chief Legal Officer at TribeVest and an experienced securities attorney. They discuss Seth's transition from a big law background to becoming a passive investor and then an active capital raiser, detailing the steps involved in his journey. Seth shares insights on private placements and syndications, emphasizing the importance of understanding legal documents such as Private Placement Memorandums (PPMs) and operating agreements. The conversation also highlights key trends and shifts in capital raising, particularly the emergence of the fund-to-fund model, which allows passive investors to leverage their networks without taking an active role in deal management. Furthermore, Seth talks about the services provided by TribeVest to simplify the investment process for both passive investors and new fund managers. They touch upon the current state of the alternative investment market, discussing the advantages and opportunities available amid economic challenges. Links to listen and subscribe: https://podcasts.apple.com/us/podcast/155-moving-from-passive-to-active-investor-feat-seth/id1587171662?i=1000652125962 Links to watch and subscribe: https://www.youtube.com/watch?v=oiRq38II33s&t=1047s Bullet Point Highlights: Seth Bradley's Journey: Transitioned from big law to passive investing, and now to active capital raising. Understanding Legal Documents: Importance of critically reviewing PPMs and operating agreements as an investor. Red Flags in Investments: Identifying key terms and clauses in legal documents that can affect investor rights and returns. Fund-to-Fund Model: Insights into how new capital raisers can operate without needing to be actively involved in deals. TribeVest Services: Overview of how TribeVest supports fund managers with a streamlined legal and operational framework. Market Trends: Discussion on the evolution and current opportunities within the alternative investment space. Advice for Investors: Encouragement to dive into the market now to capitalize on upcoming opportunities as conditions stabilize. Transcript: hello future billionaires welcome back to another episode of the invest like a billionaire podcast today's guest is Seth Bradley very fun to talk with him he's friend of mine for several years and he's the chief legal officer at tribe vest which is a really cool company if you haven't heard of them we actually had their CEO and founder on about a year ago but they're kind of doing a really new cool push that I'm going to talk about in a sec but his background he's a big law Securities attorney spent a lot of time in kind of   corporate world transition really to kind of becoming a passive investor invest a lot of syndications so he talks a lot about his journey making that transition kind of going to generate passive income Financial Independence but then he's actually shifted back to becoming an active Capital Riser and he's seen a lot of people make this transition that been investing for a little bit and now want to kind of activate their Network and some of the stuff they're doing at Tri bestest is making this really really easy for   people so it's a really cool interview we kind of hit a lot of his journey from his perspective as a Securities attorney what are some of the big things you got to focus on when you're reviewing legal documents what are the red flags yellow flags Etc and then he kind of shares a little bit about some of the things and the trends going on in the kind of private placement syndication and capital raising worlds that if you haven't heard about some of these ideas you definitely want to tune in and listen because it's pretty cool I'm   seeing the same thing on my side of things so you're going to enjoy this episode he's a very very sharp guy and a lot of great insights that he shared I think you're going to love this episode please enjoy this is the invest like a billionaire podcast where we uncover the alternative investment and strategies that billionaires use to grow wealth the tools and tactics you'll learn from this podcast will make you a better investor and help you build Legacy wealth join us as we dive into the world   of alternative Investments uncover strategies of the ultra wealthy discuss economics and interview successful investors looking for Passive Investments done for you with and funds we help accredited investors that are looking for higher yields and diversification from the stock market as a passive investor we do all the work for you making sure your money is working hard for you in alternative investments in fact our team invests alongside you in every deal so our interests are aligned we focus on macr   driven alternative Investments so your portfolio is best positioned for this economic environment get started and download your free economic report today welcome back to another episode episode of the invest like a billionaire podcast I am your host Ben Frasier and joined by a very exciting guest Seth Bradley I've know Seth for several years he is the managing partner at Ray's law and the chief legal officer at tribe vest and uh Seth and I have done some business over the years and different things he's an   attorney and uh a very experienced Securities attorney and even has his own podcast called the passive income attorney podcast and so he comes with a really unique perspective both being an entrepreneur investor as well as an attorney gives him some really unique insights in this space of kind of private placements alternative Investments and super excited to have on the show so Seth thanks for coming on man Ben appreciate it man we finally got around to to recording this really really appreciate it man yeah it was   kind of fun because we reached out a couple years ago and uh we're we're gonna do something that never worked out and then all of a sudden you're ready to do the podcast tour and Pops back up three years later so hey let's do good I'm I'm gay man so looking forward to doing this now so give a little bit of uh context for your background uh for those who maybe aren't familiar with you and just kind of what you do in kind of the areas of expertise that you focus on as an attorney sure man so I worked in   big law for about seven years um most recently at a top three globally ranked Law Firm um as a real estate started out as a real estate attorney made my way over to Securities um at that point um I started kind of getting that you know mo as most entrepreneurs do that feeling like you want to do something else you don't want to have all these bosses you want to get out there and do your own thing um but you know I'd worked pretty hard to get where I was so I wanted to make sure that I knew what I was getting   myself into um I'd already been working with Real Estate Investors and folks like that as my clients um started talking to them started talking to some of the partners in my in my firm about how they invest what they do um really Lear learned about you know passive investing um and making my way kind of to the equity side and that's really where I my journey began as a passive investor in in syndications so I invested in a number of those um and also invested actively you know I kind of did the the Bigger Pockets uh you   know path where I listened to Bigger Pockets I did a you know house hack I did fix and flips I did buy and hold single families things like that as well as past investing in larger Investments um and at that point I realized hey I've got this network of attorneys and other folks that I can raise capital from so I made my way from passive investor to active investor man so you've done done the the full circle here I love it so started Big Lot and your bio says you Clos billions of dollars in real estate   transactions over the past decade so you've you've seen a lot of deals um I'd be curious because you know a lot of people that maybe newer to real estate investing newer to Alternative investments in general and just the world of private placements they kind naturally think hey the only way I can do it is you know the Bigger Pockets path which is a great path if you want to go and you know do it actively and have a second job so to speak where you go and buy your own real estate and and fix it up or work with contractors to   fix it up but you went straight into syndications which in a lot of ways uh fits better for uh people that are working professionals and you know don't want to necessarily trade time for wealth building already have a great income uh generator through the their job or their business and they want to just redeploy that into syndications so what was kind of the journey for you understanding the world of syndications and really with your background um insecurities law and how did you kind of get comfortable with that and what was   the Journey For You diving head first into syndications early on yeah I mean you really have to have skills uh money or time that those are the three things you can really offer right so it depends on how much of each one of those you have as to what your investment profile should look like and what you should get started in um I was actively wanting to participate in deals from the get-go but I did already have exposure from my real estate uh real estate practice to syndications and and watching other   people raise Capital knowing that those types of Investments are out there so I think I had an advantage there because prior to that I had no idea the only thing I knew was kind of that Bigger Pockets path it's like okay well house hack into a single family or dup or a duplex and then rent the other side out and then Fix and Flip This or wholesale that um I didn't really know about syndications other than through um my my law practice so I think I had that Advantage um get getting that exposure   and being able to transition to that quicker yeah talk a little bit about I mean your podcast is called passive income attorney and your your big goal is passive income and what was really kind of the idea behind that or why was that your primary goal and what does that mean to you yeah I mean the idea behind that was to be passive and I think we kind of as entrepreneurs we go back and forth I think we all want to end up on the completely passive side eventually but sometimes you don't get there as quickly   if you don't go on the active side for a little bit and I think I'm I'm seeing that a lot myself I did that I started investing passively and now I went to the active side as an active syndicator as a fund manager raising capital and participating in deals even on the operational side um because you can accelerate quicker that way if you the more time and effort that you put in the faster you can accelerate now a lot of folks out there especially pive investors listening if their doctors dentist lawyers they don't have time for   that so they need to invest passively that's probably the best use of their time because their highest and best use of their time is in their career being a doctor a dentist a lawyer an engineer where they're making a lot of money in their active income it doesn't really make sense that for them to start a fix flip business or wholesale business or even a syndication business really out of the gate until you figure out what what you want to do it makes more sense to take that active income put it into   passive investment vehicles that don't take any time away from your practice Yeah I love that what' you say there's you you one of three things skills time or money right and so one of those you're going to be trading to generate more passive income or wealth and wherever you're at in the Spectrum and where you're willing to kind of trade for for that invest I love that it's very uh makes a lot of sense so talk a little bit you know I want to get to what you said this in the minute kind of transitioning kind of bluring the line   of going back and forth between passive and active I think this is really interesting I've seen the same Trend but before we get there you know a lot of a lot of our listeners you know that are maybe newer to syndications newer to passive investing they um get a little bit shell shocked when they see a PPM or a set of legal docs to review for a deal and they they don't know what should I be focusing on what should I be looking for what are potential red flags or yellow flags and you know from your perspective and   I'm sure you probably saw a lot of things early on they like okay that's interesting or um you know making that transition you already had a leg up uh given your background but what are some kind of key things that you know maybe even coming into it you already had a leg up but now even 10 years later down the road have learned and things that you said you know hey this is way more important than I thought it was originally from from a pure passive standpoint because I think that's a roadblock for a lot of people yeah yeah   and you know it's intimidating right when you get that first PPM which is going to have exhibits to it and the exhibits are going to be an operating agreement subscription agreement maybe um maybe some marketing materials a business plan things like that you're looking at at least a 100 page document maybe it's 200 pages and if you're not a lawyer and used to looking at 100 page documents that is intimidating you're like what am I supposed to do this is going to take me you know this is like a month's worth reading if I'm actually   going to read this thing and really most past investors don't read it um but you should I mean you should at least start reading them um because it gets it gets easier and easier to read because they're all going to be very similar they're all going to have a similar structure and similar pieces and things to look out for I think one really important thing and you might not be able to do this the first time but you can start um kind of thinking about it but just really matching the PPM to the oper room because the PPM should really   be um kind of a a summary so to speak of the operating agreement because the operating agreement is the meat of what's actually going to be the the terms uh within that LLC within that investment and at the end of the day if something goes wrong or not even goes wrong but if there if there's some sort of um agreement or disagreement that needs to be figured out you're going to look at the operating agreement not necessarily the PPM to figure out uh what the next step is what is the mechanism for fixing this problem so you   know just making sure that the people PM accurately reflects what the operating agreement says is very important and and then taking a step further that the operating agreement and the PPM match what the lead sponsors are telling you let's say in the marketing materials or the webinar like just making sure that there's a clear picture between all the marketing materials the webinar um and the legal documentation is really important and sometimes if it doesn't make sense or there are certain terms   that don't match up you know maybe they're not as meticulous as they should be and you need to look elsewhere that that's a really important thing to look out for um kind of coming back to your question you know when when you're first starting as a passive investor all you're really looking at is the returns right you're comparing kind of your projected returns in this deal to your projected returns in this other deal and you might get a 2% more irr return projected in this one than that one so   you're going to go with this one but at the end of the day those are just projections right those are just projections and those can be manipulated those are based on assumptions from the lead sponsor and those are not the most important things the most important things are the the sponsor and their track record what they've done how they've performed um and you know the market and the deal itself but just those projected returns can be manipulated so that's really you know it's important at the beginning or at   least you think it's important and then later on you become a more um wiy vet in passive investing you'll realize it's not as important as as as some other things like hey are your fees aligned things like that like what are the Voting Rights like how what if something happens and the manager is doing a terrible job how can you possibly get them out like what are those mechanisms um what are the mechanisms for a capital call when things go wrong what what happens those are the those are the more   detailed things and the nuances you need to look at as a past investor rather than just looking at the projected returns that's a lot of lot of good nuggets right there you just listen to that skip back a few minutes and listen to it again because that's really good I think you're so right right if it just it can feel intimidating to look at a 100 page 200 Page document and where do I start but just start at the beginning just start reading it it just got to skim read it skim read it and just the more   you get familiarized with um these different document sets the more they all kind of seem similar over time and you can kind of notice the the things that are common among different deals and then you also kind of notice the things that pop up as oh that's kind of unique or that that's kind of different than what I've seen in other deals and that's maybe outside of the norm um and just kind of getting familiarized with it you're going to pick up a lot on it but I think you hit a few of the sections that I think are really   important that a lot of people kind of glaze over because if you're getting just looking at the here's the irr projection here's where turns are going to be like you said there's uh a lot of assumptions that go into what those numbers are derived from and you know I always come back to my banking background you know risk adjusted returns right because every element of uh every deal you know whatever return you're projecting there's different levels of risk and if you're you know taking a lot more risk in a particular   deal or strategy or structure the same level of return it's it's not Apples to Apples right and so understanding what that is from a deal standpoint but there's also risks uh some of the points you made within the legal structure and so he's saying go straight to the operating agreement as a starting point because that's ultim timately what's going to govern the the deal and the mechanisms for potentially firing the sponsor as a manager or like you said the capital call and the waterfall section understanding how does do   profits flow through the entity and what are the splits between them what are some things that maybe 10 years down the road now invested I don't know how many deals you've invested in passively but you look back you're like oh man you know what I I read that section and you know I kind of knew that maybe was a little outside the norm but I was so excited about the deal didn't really wasn't too concerned about it now looking back like oh man now that was that was a good learning experience because now you know maybe I can't vote   out the manager or you know different things that you would say looking back are more important that maybe you put weight on in the front end and maybe some examples of um you know especially right now I think a lot of a lot of deals that people invested over the past few years you know unfortunately are requiring Capital calls or are kind of headed in a direction that may not be good and um you know maybe it's the fault of the operator maybe it's not but if it is a fault of the operator What mechanisms do you have and what voting   rights do you have as a passive investor and talk a little bit about that because I think that's going to be very relevant especially over the next few years is sure certain older deals are kind of not hitting the projections they thought originally yeah I mean I think I already touched on most of them from a high level but like for instance um voting out the manager like if the manager is doing something um fraudulent or misrepresented what they were doing or you know really just doing a terrible   job is probably not a reason enough to get them out but it could be um if it gets to a certain certain point um but that's really one thing to to look for to see like what the mechanism is like does it take a unanimous Vote or does it take a majority vote or does it take a majority or super majority of each share class each membership class within the LLC so it it and typically they're set up so it's really difficult to get the manager out right because the lead sponsor is going to be the manager and   they're the ones that are going to be making all the decisions and they don't want to lose control so they wanted to make it as hard as possible um and still make it legal um to stay in that seat and not get voted out so you know you will see some pretty onerous um Provisions within the operating agreement to be able to get them out but there should be a reasonable way to do it whether that's a super majority vote perhaps that's that's reasonable so super majority vote um in the event of a misrepresentation fraud you know any   sort of like bad boy act by the the manager or if their bad performance reaches the level of you know negligence or something like that there just needs to be a mechanism to get them out that's that's just one example when you had mentioned Capital calls as well so Capital calls it's like what is the mechanism when the LLC or or the syndication needs additional operating expenses to survive what what is the mechanism to do that like can is the first step to actually do a capital call and is that Capital Call Mandatory   meaning that the investors have to participate um on a proat a basis or that's not typical so if you that's one thing to look out for if it is mandatory that you do and and if you don't then you're basically out or you lose uh you know an unreasonable amount of your Equity if you don't participate then perhaps that's a red flag right like if you don't participate um well I should say the capital call should be optional and if you don't participate that's okay um but you will most likely be watered   down your Equity will get watered down on a prata basis rather than something above a pro basis right so that's an example you're saying of if it's required which is uncommon right that that's that's a red flag potentially um or if you get diluted a higher than the proat mount is another another negative and you're exactly right I mean I think you know part of this is when you're when you're investing passively you're you're giving up control of of operating the deal to the sponsor right is so that that's kind of   the the trade-off is you're hiring experts you're investing with experts that hopefully know what they're doing so that you don't have to be doing the day-to-day stuff and so it can be difficult to replace managers and and uh you know have uh impactful voting rights uh that can change the outcome unless there's fraudulence or negligence but I think it kind of goes to the point too of understanding what these kind of parameters are and what's normal and then also like I think you can pick up a lot of what you're saying and just the   congruence between PPM the operating agreement the the offering memorandum the webinars and um and then really the alignment of Interest right because if ultimately if the sponsor stands to lose alongside the investors if they're not just getting rich just off of fees and you know does they don't have a whole lot of skin in the game then ultimately it might not be you know a great deal but if they have a lot of lot skin in the game and even if it's written in these certain ways it doesn't necessarily mean it's a bad a bad   investment so okay love it get a little bit in the weeds there for for some people and if this is you know um newer to you I I definitely encourage you um to just start this you know opening up the bpms or reading them and you're going to pick up a lot by doing that and then just ask questions right and I think it's a great thing too that if you're reading the PBM and reading operating agreement to ask questions of the sponsor and that's usually pretty indicative of one how well do they know their own documents and to how willing   are they uh to address certain questions that maybe maybe concerns to you right and I think you can actually get a really good sense of um how they and how they respond of of what that interaction is going to be so love that thanks for some of that Insight Seth I'd love to shift a little bit uh you mentioned something earlier I I wanted to come back to is you you kind of you have said before you the future of capital raising is kind of Shifting and evolving and I think a lot of people are realizing and   I've seeing the same thing too right I'm a a coach and you know masterminds for Capital risers and this fun to fund model is becoming very popularized and people that maybe think oh I'm not really a capital Riser or you know that's that's not my you know what I've learned to do went to school to do or whatever or realizing hey actually I've been investing passively for a while I have a pretty great Network because I'm around a lot of accredited investors I've done enough to kind of know a good amount and   I can actually turn this into a business right and so talk a little bit about what the fun to fund model means and maybe someone that's in that boat where what you said is I think I'm gonna go 100% passive but then you know you're also learning a lot along the way and you have a a network that maybe you can activate and also raise capital and get get paid to do it compliantly that's right and and you said it and I'm seeing it time after time where past investors they invest in a number of deals and and   you know folks that are investing in these deals typically have a little bit of money and they probably have friends that have money as well and their their friends start asking them about the deals that they're investing in um and they start thinking hey you know what what can I can I get paid can I have a is there a business here that I can develop that I can build um by bringing in all my friends and family that might also be wealthy might be able to put these These funds together um and invest   in the deal together um you can certainly do that but you start to run into lots of Securities lots of rules and regulations that some people know about and some people don't you'd be surprised uh um that you know you see people out there raising capital in ways that they shouldn't do it um but what's great about the fund of funds model is that you know you're not a what's called a CP so you're not an active partner with the lead sponsor that's kind of the I'll call it the old way and I you know   I've been saying that the CP model is dead just to kind of put it out there that um you know we shouldn't be raising Capital with lead sponsors and then not doing anything else not participating in deal and and having an active role if you're a true cgp you need to have an active role in in the deal and that's kind of what deters um passive investors and doctors and dentists and lawyers and people like that that already have a career they don't want to take an active role right like they don't want to do   the asset management or manage the property manager or talk to tenants or anything like that and that's where the fund of fund solution comes in the fund of fund solution is really creating another syndication or another fund um that invests into the lead sponsor syndication or fund and that's where the name fund of fund comes from now traditionally the issue with that is well it does come with responsibilities for the fund manager they they have to put the deal they have to put their own fund together they have to put their cap   table together open a business banking account form an LLC get a Securities attorney um you know manage their investors manage their distributions do taxes all those sorts of things and so it turns into an active business and on top of that it's expensive because we are creating a second syndication a second fund to invest in that uh lead sponsor Target Fund um so that's the the problem that's always been the solution the fund of fund has always been the right solution but those problems that I   just mentioned are why it hasn't been widely adopted but you're seeing a big shift in the market as we're able to provide a more affordable option and a and a solution to bringing all those different services that a fund manager would normally have to go out and get themselves and putting it into a package yeah that makes a lot of sense and so like we said we're seeing the same thing where people are um they've been investing they they like what they're doing they have their friends and their family asking about the different deals   they're doing and then they have thought well hey I mean that's I can make money doing this and what most people have done historically is cgp model and for those that are unfamiliar with that is basically you raise money directly into the lead sponsor syndication or entity and then you get uh granted certain General partner shares for doing that but and you're the you're the attorney so I'm I'm gonna say at a very high level as I understand it by by doing that you are um uh well you can't raise   money and get paid for it unless you're a registered broker dealer unless you're General partner and uh are continuing to operate the uh the deal the business and have an active role in it but most people that are just raising capital or just want to raise Capital as um you know on the side of what else they're doing that's not a realistic expectation so what what we've seen I'm sure you probably see a lot more than me is these different uh uh folks that are raising capitalist cgps and then you know this   this new SP has about 10 different CPS on the list on the roster here and it's pretty hard to make an argument that they're all actively participated in managing the deal because you just don't need that many people right if it's the same deal and so then you kind of run into compliance risk and you just you don't want to mess with that I mean that's that's just let's leave it there and so the fun of fund model has always been around it's basically you create your own fund and as your own fund manager you're exempt from um uh some of   these uh securities issues to basically raise capital from your investors into your fund then that fund invests into the uh kind of the mothership fund or the the lead sponsors fund and by doing that you um you know it's you're in the in the you're not in the gray area anymore where it can kind of be um maybe not great from a compliance standpoint and the challenge as you mentioned though is it can be expensive maybe it's a little complicated to know how toell up and I'm not really a professional fund manager   how what do I know um but that's that's what you're doing now at triest and we've had Travis Smith on the podcast before so if you haven't listened to that episode um it's probably a year or so ago we'll put the put the link in the show notes because it's a um a great episode talking about tribe vest and what what you guys are doing really trying to from my perspective simplify the access and the kind of backend back office functions of um both for Passive investors and for fund managers to continue to increase   access to more to more deals so talk a little bit about kind of what you guys do at at tribe vest and to kind of help people um you know both from a passive standpoint that's want to direct the investors past investors that don't really want to do it as a business but then also kind of the new fund manager programs that you guys are putting together to help people that want to kind of activate their Network want to you know use this as a way to make money and um do it without having to be an expert in all the the backend side of   things absolutely at at Trio I'm the chief legal officer for tri best I help create the fun to fun product that we have out there right now it makes it simple TurnKey and affordable for anyone to really start a capital raising business um all those things that I mentioned before opening your business bank account um starting your LLC drafting your offering documents um getting your EIN onboarding your investors creating your cap table doing your distributions doing your taxes all those things you normally have to put   together and find different uh platforms and different people like attorneys and CPAs to help you out and put those put the the fund of fund together we do that we put it in a fund of fund we call it a fund of Fund in a box it's really a Lego block that you can use and invest in a deal like with Aspen if Aspen has a fund you can create your own fund you try best bring in your five or 10 uh best friends that want to put in some money you can carve out a piece for yourself so you actually get paid a fee a front   maybe you get paid a fee um during the uh hold period and then perhaps you get a percentage of the equity on the back end so it can be a very lucrative business for someone to get started and because triest makes it so easy to do it meaning put all these different services and things together for you it it really anyone can do it yeah that's so cool and we we've worked with you guys and have seen it in action and you know to say f Fund in a box sounds almost uh trite because it sounds like can you really do   that but it's it's cool because you guys have have solved it and and not only have you solved it but it's also pretty cost- effective right I think one of the big challenges with the fun of fund is generally you can invest if you kind of pull Capital together in a fund you can invest at better terms with a sponsor so you can have a little more margin that you can kind of get paid from and your investors still make the same returns um but if you have a lot of legal costs a lot of ongoing um kind of portal and   back office expenses and tax returns everything else then it gets kind of expensive and eats away at the margins that you know you're hoping to to use to pay yourself so you guys have kind of Crea a really streamlined um kind of off-the-shelf product that can fit majority of of offerings and make it pretty easy right that's right it gets really difficult to make it work that's again the fund of fund like we've talked about it's always been a solution it's just really expensive and really hard to put   it together um especially for someone that that isn't a professional Capital Riser um that just wants to put together $500,000 a million a million5 something like that it it it doesn't even make sense cost wise in the old way of doing it you're going to pay a Securities attorney minimum of like let's say 15,000 maybe 20 maybe $25,000 to put one of these together maybe even more I used to work at a big Law Firm where it cost $75,000 it's crazy the expenses that add up and that's just the legal piece that   doesn't include all the back office administration things that we talked about doesn't include um engaging with a CPA to do your taxes it doesn't include all those things that's just the legal cost by itself and tribe best has made it super inexpensive to be able to do this and to be able to do it time and time again so it works with a $500,000 raise it works with a million dollar raise you don't have to raise $20 million to make it work from an affordability standpoint yeah that makes sense so do   you guys also have like any kind of education or different coursework to help people that are you may want to make the transition of like yeah I think that that sounds like something I could do I my friends are always asking me what what I'm investing in and it wouldn't be that hard to go get five 10 friends to go and invest and create a fund and you know but they just don't they've never done it before they never thought about it till just now so right you guys have I know you're really more given the solution but do you also have   like any kind of education or do you have resources you guys can point people to to learn more about what does it look like to you know what what's what's the process you have to go through to um kind of go from idea to actual uh you know making a fund yeah yeah I'll tell you we don't have any formal legal or sorry formal educational things out there at the moment but we are working on that um but we have made it so simple that we can jump on a zoom call with anyone that that's in is potentially   interested in being a capital raiser and putting together a fund of fun and walk you through a pitch deck and it should be pretty clear what you need to do because we handle basically everything you you put together your investors you put together your terms and how you're going to get paid and then we'll be able to do kind of all that back office all that legal all those things that you don't want to know or don't want to do we handle all it yeah makes sense awesome well kind last question I just   love to get your insights on just the market in general for Alternatives and and private placements and you've obvious been in this space for over a decade and we've been in the space for about 11 years now as as an operator and it just feels I mean it's it's already been the amount of capital that's kind of come into kind of private Equity into real estate into private placements in eneral it's totally shifted the game but it also feels like we're still kind of early Innings right it still feels like   people are just discovering this for the first time and and even the conversation we're having of you know um activating people to raise Capital right in a compliant way that's just an easy way because you guys are creating a system that just reduces friction to continue to increase more Capital to come into the space like do you feel the same thing are you seen I know there's kind of some potential proposed regulation to you know increase the requirements for accreditation and you know there's   always a battle going back and forth on on that but what's kind of your sentiment just at a broader level of just the alternative kind of private placement space in over the next 10 years yeah I mean I'm I'm bullish right like we're we're kind of in a little bit of a lull right now um you'll hear that capital's a little bit harder to come by investors are holding on a little bit tighter um but that's because there's actually deals out there right now I mean said right now is actually a great time to invest right now is a great time   to invest because prices are are depressed a little bit um investors are a little bit reluctant to invest um there are less buyers in the market because a lot of them are getting kind of washed out um but there are some properties coming online through foreclosures through things like that this is where you know when you talk about during good times you're like oh man I cannot wait until there's blood in the streets and I'm going to pounce on it I'm want to pounce on those opportunities that time is right now it   it's not it's not you're you can be waiting on the sideline for years and you're gonna you're gonna miss it it's right now right now is the time to to figure out how to invest how to raise Capital how to do deals how to make them work because right now it's difficult to make them work that's that's the truth of it right now is the time to act and you're going in five years from now for instance you're going to look back to this time and say man I wish I would have got started because we're we're   we're going to be in the upswing again very soon totally no I was just uh I was a one of the guys I follow who's been in real estate for a long time he was talking and reminiscing about he bought uh I think he said three dozen single family homes between uh 2009 and 2011 right and he's held on to them since then and you know looking back he's like the only thing he wishes he did was buy more right because it's but at that point it was you know everything was on sale everyone was like real estate's over and it's it's so hard to   be contrarian I think it's Warren Buffet this said be uh you know fearful when everyone else is greedy and greedy when everyone else is fearful right it it's it's a simple idiom that makes sense but it's really hard to do and right now we're kind of in that that time where investors are reticent there's a lot of pressure on deals right now that's kind of creating a great buy opportunity you know we're seeing I know you're seeing it and uh you know I think I agree with you I think it's a great time to be to   be jumping in right now and uh Seth thanks so much for coming on man what's what's the best way for folks to get a hold of you and learn more about uh your law firm uh raise law and try vest if they want to learn more about what that looks like for sure uh the best place where I keep all my links is Seth Paul bradley.com um you'll have links to try best there links from my uh law firm and social media it's all posted on there okay we'll put that in the show notes and definitely appreciate you coming on   today set it awesome all right Ben appreciate it [Music] [Applause] [Music] man Links from the Show and Guest Info and Links https://www.youtube.com/watch?v=oiRq38II33s&t=1047s https://www.instagram.com/p/C5mNnwsv2fs/  https://aspenfunds.us/private-credit- https://www.investwithaspen.com/free-economic-report https://www.linkedin.com/in/benwfraser/ https://www.linkedin.com/company/aspen-funds/ https://www.instagram.com/aspenfunds/   Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en

Title: What They Don't Tell You About Raising Capital (Until It's Too Late) with Ben Fraser Summary: In this episode of the Invest Like a Billionaire podcast, host Ben Frasier interviews Seth Bradley, the Chief Legal Officer at TribeVest and an experienced securities attorney. They discuss Seth's transition from a big law background to becoming a passive investor and then an active capital raiser, detailing the steps involved in his journey. Seth shares insights on private placements and syndications, emphasizing the importance of understanding legal documents such as Private Placement Memorandums (PPMs) and operating agreements. The conversation also highlights key trends and shifts in capital raising, particularly the emergence of the fund-to-fund model, which allows passive investors to leverage their networks without taking an active role in deal management. Furthermore, Seth talks about the services provided by TribeVest to simplify the investment process for both passive investors and new fund managers. They touch upon the current state of the alternative investment market, discussing the advantages and opportunities available amid economic challenges. Links to listen and subscribe: https://podcasts.apple.com/us/podcast/155-moving-from-passive-to-active-investor-feat-seth/id1587171662?i=1000652125962 Links to watch and subscribe: https://www.youtube.com/watch?v=oiRq38II33s&t=1047s Bullet Point Highlights: Seth Bradley's Journey: Transitioned from big law to passive investing, and now to active capital raising. Understanding Legal Documents: Importance of critically reviewing PPMs and operating agreements as an investor. Red Flags in Investments: Identifying key terms and clauses in legal documents that can affect investor rights and returns. Fund-to-Fund Model: Insights into how new capital raisers can operate without needing to be actively involved in deals. TribeVest Services: Overview of how TribeVest supports fund managers with a streamlined legal and operational framework. Market Trends: Discussion on the evolution and current opportunities within the alternative investment space. Advice for Investors: Encouragement to dive into the market now to capitalize on upcoming opportunities as conditions stabilize. Transcript: hello future billionaires welcome back to another episode of the invest like a billionaire podcast today's guest is Seth Bradley very fun to talk with him he's friend of mine for several years and he's the chief legal officer at tribe vest which is a really cool company if you haven't heard of them we actually had their CEO and founder on about a year ago but they're kind of doing a really new cool push that I'm going to talk about in a sec but his background he's a big law Securities attorney spent a lot of time in kind of   corporate world transition really to kind of becoming a passive investor invest a lot of syndications so he talks a lot about his journey making that transition kind of going to generate passive income Financial Independence but then he's actually shifted back to becoming an active Capital Riser and he's seen a lot of people make this transition that been investing for a little bit and now want to kind of activate their Network and some of the stuff they're doing at Tri bestest is making this really really easy for   people so it's a really cool interview we kind of hit a lot of his journey from his perspective as a Securities attorney what are some of the big things you got to focus on when you're reviewing legal documents what are the red flags yellow flags Etc and then he kind of shares a little bit about some of the things and the trends going on in the kind of private placement syndication and capital raising worlds that if you haven't heard about some of these ideas you definitely want to tune in and listen because it's pretty cool I'm   seeing the same thing on my side of things so you're going to enjoy this episode he's a very very sharp guy and a lot of great insights that he shared I think you're going to love this episode please enjoy this is the invest like a billionaire podcast where we uncover the alternative investment and strategies that billionaires use to grow wealth the tools and tactics you'll learn from this podcast will make you a better investor and help you build Legacy wealth join us as we dive into the world   of alternative Investments uncover strategies of the ultra wealthy discuss economics and interview successful investors looking for Passive Investments done for you with and funds we help accredited investors that are looking for higher yields and diversification from the stock market as a passive investor we do all the work for you making sure your money is working hard for you in alternative investments in fact our team invests alongside you in every deal so our interests are aligned we focus on macr   driven alternative Investments so your portfolio is best positioned for this economic environment get started and download your free economic report today welcome back to another episode episode of the invest like a billionaire podcast I am your host Ben Frasier and joined by a very exciting guest Seth Bradley I've know Seth for several years he is the managing partner at Ray's law and the chief legal officer at tribe vest and uh Seth and I have done some business over the years and different things he's an   attorney and uh a very experienced Securities attorney and even has his own podcast called the passive income attorney podcast and so he comes with a really unique perspective both being an entrepreneur investor as well as an attorney gives him some really unique insights in this space of kind of private placements alternative Investments and super excited to have on the show so Seth thanks for coming on man Ben appreciate it man we finally got around to to recording this really really appreciate it man yeah it was   kind of fun because we reached out a couple years ago and uh we're we're gonna do something that never worked out and then all of a sudden you're ready to do the podcast tour and Pops back up three years later so hey let's do good I'm I'm gay man so looking forward to doing this now so give a little bit of uh context for your background uh for those who maybe aren't familiar with you and just kind of what you do in kind of the areas of expertise that you focus on as an attorney sure man so I worked in   big law for about seven years um most recently at a top three globally ranked Law Firm um as a real estate started out as a real estate attorney made my way over to Securities um at that point um I started kind of getting that you know mo as most entrepreneurs do that feeling like you want to do something else you don't want to have all these bosses you want to get out there and do your own thing um but you know I'd worked pretty hard to get where I was so I wanted to make sure that I knew what I was getting   myself into um I'd already been working with Real Estate Investors and folks like that as my clients um started talking to them started talking to some of the partners in my in my firm about how they invest what they do um really Lear learned about you know passive investing um and making my way kind of to the equity side and that's really where I my journey began as a passive investor in in syndications so I invested in a number of those um and also invested actively you know I kind of did the the Bigger Pockets uh you   know path where I listened to Bigger Pockets I did a you know house hack I did fix and flips I did buy and hold single families things like that as well as past investing in larger Investments um and at that point I realized hey I've got this network of attorneys and other folks that I can raise capital from so I made my way from passive investor to active investor man so you've done done the the full circle here I love it so started Big Lot and your bio says you Clos billions of dollars in real estate   transactions over the past decade so you've you've seen a lot of deals um I'd be curious because you know a lot of people that maybe newer to real estate investing newer to Alternative investments in general and just the world of private placements they kind naturally think hey the only way I can do it is you know the Bigger Pockets path which is a great path if you want to go and you know do it actively and have a second job so to speak where you go and buy your own real estate and and fix it up or work with contractors to   fix it up but you went straight into syndications which in a lot of ways uh fits better for uh people that are working professionals and you know don't want to necessarily trade time for wealth building already have a great income uh generator through the their job or their business and they want to just redeploy that into syndications so what was kind of the journey for you understanding the world of syndications and really with your background um insecurities law and how did you kind of get comfortable with that and what was   the Journey For You diving head first into syndications early on yeah I mean you really have to have skills uh money or time that those are the three things you can really offer right so it depends on how much of each one of those you have as to what your investment profile should look like and what you should get started in um I was actively wanting to participate in deals from the get-go but I did already have exposure from my real estate uh real estate practice to syndications and and watching other   people raise Capital knowing that those types of Investments are out there so I think I had an advantage there because prior to that I had no idea the only thing I knew was kind of that Bigger Pockets path it's like okay well house hack into a single family or dup or a duplex and then rent the other side out and then Fix and Flip This or wholesale that um I didn't really know about syndications other than through um my my law practice so I think I had that Advantage um get getting that exposure   and being able to transition to that quicker yeah talk a little bit about I mean your podcast is called passive income attorney and your your big goal is passive income and what was really kind of the idea behind that or why was that your primary goal and what does that mean to you yeah I mean the idea behind that was to be passive and I think we kind of as entrepreneurs we go back and forth I think we all want to end up on the completely passive side eventually but sometimes you don't get there as quickly   if you don't go on the active side for a little bit and I think I'm I'm seeing that a lot myself I did that I started investing passively and now I went to the active side as an active syndicator as a fund manager raising capital and participating in deals even on the operational side um because you can accelerate quicker that way if you the more time and effort that you put in the faster you can accelerate now a lot of folks out there especially pive investors listening if their doctors dentist lawyers they don't have time for   that so they need to invest passively that's probably the best use of their time because their highest and best use of their time is in their career being a doctor a dentist a lawyer an engineer where they're making a lot of money in their active income it doesn't really make sense that for them to start a fix flip business or wholesale business or even a syndication business really out of the gate until you figure out what what you want to do it makes more sense to take that active income put it into   passive investment vehicles that don't take any time away from your practice Yeah I love that what' you say there's you you one of three things skills time or money right and so one of those you're going to be trading to generate more passive income or wealth and wherever you're at in the Spectrum and where you're willing to kind of trade for for that invest I love that it's very uh makes a lot of sense so talk a little bit you know I want to get to what you said this in the minute kind of transitioning kind of bluring the line   of going back and forth between passive and active I think this is really interesting I've seen the same Trend but before we get there you know a lot of a lot of our listeners you know that are maybe newer to syndications newer to passive investing they um get a little bit shell shocked when they see a PPM or a set of legal docs to review for a deal and they they don't know what should I be focusing on what should I be looking for what are potential red flags or yellow flags and you know from your perspective and   I'm sure you probably saw a lot of things early on they like okay that's interesting or um you know making that transition you already had a leg up uh given your background but what are some kind of key things that you know maybe even coming into it you already had a leg up but now even 10 years later down the road have learned and things that you said you know hey this is way more important than I thought it was originally from from a pure passive standpoint because I think that's a roadblock for a lot of people yeah yeah   and you know it's intimidating right when you get that first PPM which is going to have exhibits to it and the exhibits are going to be an operating agreement subscription agreement maybe um maybe some marketing materials a business plan things like that you're looking at at least a 100 page document maybe it's 200 pages and if you're not a lawyer and used to looking at 100 page documents that is intimidating you're like what am I supposed to do this is going to take me you know this is like a month's worth reading if I'm actually   going to read this thing and really most past investors don't read it um but you should I mean you should at least start reading them um because it gets it gets easier and easier to read because they're all going to be very similar they're all going to have a similar structure and similar pieces and things to look out for I think one really important thing and you might not be able to do this the first time but you can start um kind of thinking about it but just really matching the PPM to the oper room because the PPM should really   be um kind of a a summary so to speak of the operating agreement because the operating agreement is the meat of what's actually going to be the the terms uh within that LLC within that investment and at the end of the day if something goes wrong or not even goes wrong but if there if there's some sort of um agreement or disagreement that needs to be figured out you're going to look at the operating agreement not necessarily the PPM to figure out uh what the next step is what is the mechanism for fixing this problem so you   know just making sure that the people PM accurately reflects what the operating agreement says is very important and and then taking a step further that the operating agreement and the PPM match what the lead sponsors are telling you let's say in the marketing materials or the webinar like just making sure that there's a clear picture between all the marketing materials the webinar um and the legal documentation is really important and sometimes if it doesn't make sense or there are certain terms   that don't match up you know maybe they're not as meticulous as they should be and you need to look elsewhere that that's a really important thing to look out for um kind of coming back to your question you know when when you're first starting as a passive investor all you're really looking at is the returns right you're comparing kind of your projected returns in this deal to your projected returns in this other deal and you might get a 2% more irr return projected in this one than that one so   you're going to go with this one but at the end of the day those are just projections right those are just projections and those can be manipulated those are based on assumptions from the lead sponsor and those are not the most important things the most important things are the the sponsor and their track record what they've done how they've performed um and you know the market and the deal itself but just those projected returns can be manipulated so that's really you know it's important at the beginning or at   least you think it's important and then later on you become a more um wiy vet in passive investing you'll realize it's not as important as as as some other things like hey are your fees aligned things like that like what are the Voting Rights like how what if something happens and the manager is doing a terrible job how can you possibly get them out like what are those mechanisms um what are the mechanisms for a capital call when things go wrong what what happens those are the those are the more   detailed things and the nuances you need to look at as a past investor rather than just looking at the projected returns that's a lot of lot of good nuggets right there you just listen to that skip back a few minutes and listen to it again because that's really good I think you're so right right if it just it can feel intimidating to look at a 100 page 200 Page document and where do I start but just start at the beginning just start reading it it just got to skim read it skim read it and just the more   you get familiarized with um these different document sets the more they all kind of seem similar over time and you can kind of notice the the things that are common among different deals and then you also kind of notice the things that pop up as oh that's kind of unique or that that's kind of different than what I've seen in other deals and that's maybe outside of the norm um and just kind of getting familiarized with it you're going to pick up a lot on it but I think you hit a few of the sections that I think are really   important that a lot of people kind of glaze over because if you're getting just looking at the here's the irr projection here's where turns are going to be like you said there's uh a lot of assumptions that go into what those numbers are derived from and you know I always come back to my banking background you know risk adjusted returns right because every element of uh every deal you know whatever return you're projecting there's different levels of risk and if you're you know taking a lot more risk in a particular   deal or strategy or structure the same level of return it's it's not Apples to Apples right and so understanding what that is from a deal standpoint but there's also risks uh some of the points you made within the legal structure and so he's saying go straight to the operating agreement as a starting point because that's ultim timately what's going to govern the the deal and the mechanisms for potentially firing the sponsor as a manager or like you said the capital call and the waterfall section understanding how does do   profits flow through the entity and what are the splits between them what are some things that maybe 10 years down the road now invested I don't know how many deals you've invested in passively but you look back you're like oh man you know what I I read that section and you know I kind of knew that maybe was a little outside the norm but I was so excited about the deal didn't really wasn't too concerned about it now looking back like oh man now that was that was a good learning experience because now you know maybe I can't vote   out the manager or you know different things that you would say looking back are more important that maybe you put weight on in the front end and maybe some examples of um you know especially right now I think a lot of a lot of deals that people invested over the past few years you know unfortunately are requiring Capital calls or are kind of headed in a direction that may not be good and um you know maybe it's the fault of the operator maybe it's not but if it is a fault of the operator What mechanisms do you have and what voting   rights do you have as a passive investor and talk a little bit about that because I think that's going to be very relevant especially over the next few years is sure certain older deals are kind of not hitting the projections they thought originally yeah I mean I think I already touched on most of them from a high level but like for instance um voting out the manager like if the manager is doing something um fraudulent or misrepresented what they were doing or you know really just doing a terrible   job is probably not a reason enough to get them out but it could be um if it gets to a certain certain point um but that's really one thing to to look for to see like what the mechanism is like does it take a unanimous Vote or does it take a majority vote or does it take a majority or super majority of each share class each membership class within the LLC so it it and typically they're set up so it's really difficult to get the manager out right because the lead sponsor is going to be the manager and   they're the ones that are going to be making all the decisions and they don't want to lose control so they wanted to make it as hard as possible um and still make it legal um to stay in that seat and not get voted out so you know you will see some pretty onerous um Provisions within the operating agreement to be able to get them out but there should be a reasonable way to do it whether that's a super majority vote perhaps that's that's reasonable so super majority vote um in the event of a misrepresentation fraud you know any   sort of like bad boy act by the the manager or if their bad performance reaches the level of you know negligence or something like that there just needs to be a mechanism to get them out that's that's just one example when you had mentioned Capital calls as well so Capital calls it's like what is the mechanism when the LLC or or the syndication needs additional operating expenses to survive what what is the mechanism to do that like can is the first step to actually do a capital call and is that Capital Call Mandatory   meaning that the investors have to participate um on a proat a basis or that's not typical so if you that's one thing to look out for if it is mandatory that you do and and if you don't then you're basically out or you lose uh you know an unreasonable amount of your Equity if you don't participate then perhaps that's a red flag right like if you don't participate um well I should say the capital call should be optional and if you don't participate that's okay um but you will most likely be watered   down your Equity will get watered down on a prata basis rather than something above a pro basis right so that's an example you're saying of if it's required which is uncommon right that that's that's a red flag potentially um or if you get diluted a higher than the proat mount is another another negative and you're exactly right I mean I think you know part of this is when you're when you're investing passively you're you're giving up control of of operating the deal to the sponsor right is so that that's kind of   the the trade-off is you're hiring experts you're investing with experts that hopefully know what they're doing so that you don't have to be doing the day-to-day stuff and so it can be difficult to replace managers and and uh you know have uh impactful voting rights uh that can change the outcome unless there's fraudulence or negligence but I think it kind of goes to the point too of understanding what these kind of parameters are and what's normal and then also like I think you can pick up a lot of what you're saying and just the   congruence between PPM the operating agreement the the offering memorandum the webinars and um and then really the alignment of Interest right because if ultimately if the sponsor stands to lose alongside the investors if they're not just getting rich just off of fees and you know does they don't have a whole lot of skin in the game then ultimately it might not be you know a great deal but if they have a lot of lot skin in the game and even if it's written in these certain ways it doesn't necessarily mean it's a bad a bad   investment so okay love it get a little bit in the weeds there for for some people and if this is you know um newer to you I I definitely encourage you um to just start this you know opening up the bpms or reading them and you're going to pick up a lot by doing that and then just ask questions right and I think it's a great thing too that if you're reading the PBM and reading operating agreement to ask questions of the sponsor and that's usually pretty indicative of one how well do they know their own documents and to how willing   are they uh to address certain questions that maybe maybe concerns to you right and I think you can actually get a really good sense of um how they and how they respond of of what that interaction is going to be so love that thanks for some of that Insight Seth I'd love to shift a little bit uh you mentioned something earlier I I wanted to come back to is you you kind of you have said before you the future of capital raising is kind of Shifting and evolving and I think a lot of people are realizing and   I've seeing the same thing too right I'm a a coach and you know masterminds for Capital risers and this fun to fund model is becoming very popularized and people that maybe think oh I'm not really a capital Riser or you know that's that's not my you know what I've learned to do went to school to do or whatever or realizing hey actually I've been investing passively for a while I have a pretty great Network because I'm around a lot of accredited investors I've done enough to kind of know a good amount and   I can actually turn this into a business right and so talk a little bit about what the fun to fund model means and maybe someone that's in that boat where what you said is I think I'm gonna go 100% passive but then you know you're also learning a lot along the way and you have a a network that maybe you can activate and also raise capital and get get paid to do it compliantly that's right and and you said it and I'm seeing it time after time where past investors they invest in a number of deals and and   you know folks that are investing in these deals typically have a little bit of money and they probably have friends that have money as well and their their friends start asking them about the deals that they're investing in um and they start thinking hey you know what what can I can I get paid can I have a is there a business here that I can develop that I can build um by bringing in all my friends and family that might also be wealthy might be able to put these These funds together um and invest   in the deal together um you can certainly do that but you start to run into lots of Securities lots of rules and regulations that some people know about and some people don't you'd be surprised uh um that you know you see people out there raising capital in ways that they shouldn't do it um but what's great about the fund of funds model is that you know you're not a what's called a CP so you're not an active partner with the lead sponsor that's kind of the I'll call it the old way and I you know   I've been saying that the CP model is dead just to kind of put it out there that um you know we shouldn't be raising Capital with lead sponsors and then not doing anything else not participating in deal and and having an active role if you're a true cgp you need to have an active role in in the deal and that's kind of what deters um passive investors and doctors and dentists and lawyers and people like that that already have a career they don't want to take an active role right like they don't want to do   the asset management or manage the property manager or talk to tenants or anything like that and that's where the fund of fund solution comes in the fund of fund solution is really creating another syndication or another fund um that invests into the lead sponsor syndication or fund and that's where the name fund of fund comes from now traditionally the issue with that is well it does come with responsibilities for the fund manager they they have to put the deal they have to put their own fund together they have to put their cap   table together open a business banking account form an LLC get a Securities attorney um you know manage their investors manage their distributions do taxes all those sorts of things and so it turns into an active business and on top of that it's expensive because we are creating a second syndication a second fund to invest in that uh lead sponsor Target Fund um so that's the the problem that's always been the solution the fund of fund has always been the right solution but those problems that I   just mentioned are why it hasn't been widely adopted but you're seeing a big shift in the market as we're able to provide a more affordable option and a and a solution to bringing all those different services that a fund manager would normally have to go out and get themselves and putting it into a package yeah that makes a lot of sense and so like we said we're seeing the same thing where people are um they've been investing they they like what they're doing they have their friends and their family asking about the different deals   they're doing and then they have thought well hey I mean that's I can make money doing this and what most people have done historically is cgp model and for those that are unfamiliar with that is basically you raise money directly into the lead sponsor syndication or entity and then you get uh granted certain General partner shares for doing that but and you're the you're the attorney so I'm I'm gonna say at a very high level as I understand it by by doing that you are um uh well you can't raise   money and get paid for it unless you're a registered broker dealer unless you're General partner and uh are continuing to operate the uh the deal the business and have an active role in it but most people that are just raising capital or just want to raise Capital as um you know on the side of what else they're doing that's not a realistic expectation so what what we've seen I'm sure you probably see a lot more than me is these different uh uh folks that are raising capitalist cgps and then you know this   this new SP has about 10 different CPS on the list on the roster here and it's pretty hard to make an argument that they're all actively participated in managing the deal because you just don't need that many people right if it's the same deal and so then you kind of run into compliance risk and you just you don't want to mess with that I mean that's that's just let's leave it there and so the fun of fund model has always been around it's basically you create your own fund and as your own fund manager you're exempt from um uh some of   these uh securities issues to basically raise capital from your investors into your fund then that fund invests into the uh kind of the mothership fund or the the lead sponsors fund and by doing that you um you know it's you're in the in the you're not in the gray area anymore where it can kind of be um maybe not great from a compliance standpoint and the challenge as you mentioned though is it can be expensive maybe it's a little complicated to know how toell up and I'm not really a professional fund manager   how what do I know um but that's that's what you're doing now at triest and we've had Travis Smith on the podcast before so if you haven't listened to that episode um it's probably a year or so ago we'll put the put the link in the show notes because it's a um a great episode talking about tribe vest and what what you guys are doing really trying to from my perspective simplify the access and the kind of backend back office functions of um both for Passive investors and for fund managers to continue to increase   access to more to more deals so talk a little bit about kind of what you guys do at at tribe vest and to kind of help people um you know both from a passive standpoint that's want to direct the investors past investors that don't really want to do it as a business but then also kind of the new fund manager programs that you guys are putting together to help people that want to kind of activate their Network want to you know use this as a way to make money and um do it without having to be an expert in all the the backend side of   things absolutely at at Trio I'm the chief legal officer for tri best I help create the fun to fun product that we have out there right now it makes it simple TurnKey and affordable for anyone to really start a capital raising business um all those things that I mentioned before opening your business bank account um starting your LLC drafting your offering documents um getting your EIN onboarding your investors creating your cap table doing your distributions doing your taxes all those things you normally have to put   together and find different uh platforms and different people like attorneys and CPAs to help you out and put those put the the fund of fund together we do that we put it in a fund of fund we call it a fund of Fund in a box it's really a Lego block that you can use and invest in a deal like with Aspen if Aspen has a fund you can create your own fund you try best bring in your five or 10 uh best friends that want to put in some money you can carve out a piece for yourself so you actually get paid a fee a front   maybe you get paid a fee um during the uh hold period and then perhaps you get a percentage of the equity on the back end so it can be a very lucrative business for someone to get started and because triest makes it so easy to do it meaning put all these different services and things together for you it it really anyone can do it yeah that's so cool and we we've worked with you guys and have seen it in action and you know to say f Fund in a box sounds almost uh trite because it sounds like can you really do   that but it's it's cool because you guys have have solved it and and not only have you solved it but it's also pretty cost- effective right I think one of the big challenges with the fun of fund is generally you can invest if you kind of pull Capital together in a fund you can invest at better terms with a sponsor so you can have a little more margin that you can kind of get paid from and your investors still make the same returns um but if you have a lot of legal costs a lot of ongoing um kind of portal and   back office expenses and tax returns everything else then it gets kind of expensive and eats away at the margins that you know you're hoping to to use to pay yourself so you guys have kind of Crea a really streamlined um kind of off-the-shelf product that can fit majority of of offerings and make it pretty easy right that's right it gets really difficult to make it work that's again the fund of fund like we've talked about it's always been a solution it's just really expensive and really hard to put   it together um especially for someone that that isn't a professional Capital Riser um that just wants to put together $500,000 a million a million5 something like that it it it doesn't even make sense cost wise in the old way of doing it you're going to pay a Securities attorney minimum of like let's say 15,000 maybe 20 maybe $25,000 to put one of these together maybe even more I used to work at a big Law Firm where it cost $75,000 it's crazy the expenses that add up and that's just the legal piece that   doesn't include all the back office administration things that we talked about doesn't include um engaging with a CPA to do your taxes it doesn't include all those things that's just the legal cost by itself and tribe best has made it super inexpensive to be able to do this and to be able to do it time and time again so it works with a $500,000 raise it works with a million dollar raise you don't have to raise $20 million to make it work from an affordability standpoint yeah that makes sense so do   you guys also have like any kind of education or different coursework to help people that are you may want to make the transition of like yeah I think that that sounds like something I could do I my friends are always asking me what what I'm investing in and it wouldn't be that hard to go get five 10 friends to go and invest and create a fund and you know but they just don't they've never done it before they never thought about it till just now so right you guys have I know you're really more given the solution but do you also have   like any kind of education or do you have resources you guys can point people to to learn more about what does it look like to you know what what's what's the process you have to go through to um kind of go from idea to actual uh you know making a fund yeah yeah I'll tell you we don't have any formal legal or sorry formal educational things out there at the moment but we are working on that um but we have made it so simple that we can jump on a zoom call with anyone that that's in is potentially   interested in being a capital raiser and putting together a fund of fun and walk you through a pitch deck and it should be pretty clear what you need to do because we handle basically everything you you put together your investors you put together your terms and how you're going to get paid and then we'll be able to do kind of all that back office all that legal all those things that you don't want to know or don't want to do we handle all it yeah makes sense awesome well kind last question I just   love to get your insights on just the market in general for Alternatives and and private placements and you've obvious been in this space for over a decade and we've been in the space for about 11 years now as as an operator and it just feels I mean it's it's already been the amount of capital that's kind of come into kind of private Equity into real estate into private placements in eneral it's totally shifted the game but it also feels like we're still kind of early Innings right it still feels like   people are just discovering this for the first time and and even the conversation we're having of you know um activating people to raise Capital right in a compliant way that's just an easy way because you guys are creating a system that just reduces friction to continue to increase more Capital to come into the space like do you feel the same thing are you seen I know there's kind of some potential proposed regulation to you know increase the requirements for accreditation and you know there's   always a battle going back and forth on on that but what's kind of your sentiment just at a broader level of just the alternative kind of private placement space in over the next 10 years yeah I mean I'm I'm bullish right like we're we're kind of in a little bit of a lull right now um you'll hear that capital's a little bit harder to come by investors are holding on a little bit tighter um but that's because there's actually deals out there right now I mean said right now is actually a great time to invest right now is a great time   to invest because prices are are depressed a little bit um investors are a little bit reluctant to invest um there are less buyers in the market because a lot of them are getting kind of washed out um but there are some properties coming online through foreclosures through things like that this is where you know when you talk about during good times you're like oh man I cannot wait until there's blood in the streets and I'm going to pounce on it I'm want to pounce on those opportunities that time is right now it   it's not it's not you're you can be waiting on the sideline for years and you're gonna you're gonna miss it it's right now right now is the time to to figure out how to invest how to raise Capital how to do deals how to make them work because right now it's difficult to make them work that's that's the truth of it right now is the time to act and you're going in five years from now for instance you're going to look back to this time and say man I wish I would have got started because we're we're   we're going to be in the upswing again very soon totally no I was just uh I was a one of the guys I follow who's been in real estate for a long time he was talking and reminiscing about he bought uh I think he said three dozen single family homes between uh 2009 and 2011 right and he's held on to them since then and you know looking back he's like the only thing he wishes he did was buy more right because it's but at that point it was you know everything was on sale everyone was like real estate's over and it's it's so hard to   be contrarian I think it's Warren Buffet this said be uh you know fearful when everyone else is greedy and greedy when everyone else is fearful right it it's it's a simple idiom that makes sense but it's really hard to do and right now we're kind of in that that time where investors are reticent there's a lot of pressure on deals right now that's kind of creating a great buy opportunity you know we're seeing I know you're seeing it and uh you know I think I agree with you I think it's a great time to be to   be jumping in right now and uh Seth thanks so much for coming on man what's what's the best way for folks to get a hold of you and learn more about uh your law firm uh raise law and try vest if they want to learn more about what that looks like for sure uh the best place where I keep all my links is Seth Paul bradley.com um you'll have links to try best there links from my uh law firm and social media it's all posted on there okay we'll put that in the show notes and definitely appreciate you coming on   today set it awesome all right Ben appreciate it [Music] [Applause] [Music] man Links from the Show and Guest Info and Links https://www.youtube.com/watch?v=oiRq38II33s&t=1047s https://www.instagram.com/p/C5mNnwsv2fs/  https://aspenfunds.us/private-credit- https://www.investwithaspen.com/free-economic-report https://www.linkedin.com/in/benwfraser/ https://www.linkedin.com/company/aspen-funds/ https://www.instagram.com/aspenfunds/   Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en

Be prepared for the 2025 fantasy football season! While names like Brock Bowers, Junno Smith, and Darren Waller dominate the news, they're not the only NFL TE generating buzz. -

Be prepared for the 2025 fantasy football season! While names like Justin Jefferson, Ja'Marr Chase, and Malik Nabers dominate drafts, they're not the only NFL WRs generating winners. - 2025 NFL Wide Receivers: Top Fantasy Football Riser & Fallers Advice!We're breaking down the full WR landscape, identifying who's set to rise and who might fall, from established stars to intriguing sleepers and comeback candidates. Don't draft your NFL Fantasy wide receiver without this crucial advice! Tune in for in-depth analysis, bold predictions, and actionable tips to dominate your drafts.

Weiter geht's mit Teil 2 unserer ADP-Analyse – diesmal schauen wir auf die Teams aus der NFC!Welche Spieler sind bei ihrer aktuellen ADP echte Steals? Und bei wem solltet ihr besser die Finger vom Draft-Button lassen? Wir gehen Team für Team durch und sprechen über unsere Lieblings- und Unlieblingspicks, diskutieren spannende Riser und Faller und werfen wie immer auch einen Blick auf News & Trends aus der Offseason.Dazu gibt's natürlich auch wieder die Frage der Woche – hört rein!Support the showFolgt uns: https://linktr.ee/fantasyfootballcrew Discord Channel: https://discord.gg/pGFArksuSE

Be prepared for the 2025 fantasy football season! While names like Ashton Jeanty, Kyren Williams, and Derrick Henery dominate the headlines, they're not the only NFL running backs generating buzz. - 2025 NFL Running Backs: Top Fantasy Football Riser & Fallers Advice!We're breaking down the full RB landscape, identifying who's set to rise and who might fall, from established stars to intriguing sleepers and comeback candidates. Don't draft your NFL Fantasy RB without this crucial advice! Tune in for in-depth analysis, bold predictions, and actionable tips to dominate your drafts.

Claire energy is infectious and this conversation truly highlighted that for me. Meeting women who feel so deeply passionate about making change and shifting the power dynamics invigorates me. Claire Nelson, MD Netball Super League is an abolsute force of nature. Claire was shaped by early experiences which ultimately led her to become the independent fierce human she is today. A real rollercoaster of a story which is a testament for Claires strength for not giving up and pushing through to use each experience as fuel to propel her forward.I really hope you enjoy this conversation as much as I did. Proudly sponsored by RISER, your AI Career Companion. https://apps.apple.com/gb/app/riser-jobs-video-career-ai/id6476504113

Be prepared for the 2025 fantasy football season! While names like Patrick Mahomes, Josh Allen, and Lamar Jackson dominate the headlines, they're not the only quarterbacks generating buzz. - Top Fantasy Football Quarterbacks: 2025 NFL Riser & Fallers Advice!We're breaking down the full QB landscape, identifying who's set to rise and who might fall – from established stars to intriguing sleepers and comeback candidates. Don't draft your QB without this crucial advice! Tune in for in-depth analysis, bold predictions, and actionable tips to dominate your league.

Tune in to hear Steve talk about Washington State wing Cedric Coward's meteoric rise this 2025 NBA Draft Season and what his NBA potential looks like based off his entire college basketball career.

This podcast is proudly sponsored by RISER, your AI career companion. RISER is for everyone but given the horrific stats across the workforce, they are on a mission to empower every woman to rise higher in her career, one bold conversation at a time. As the world's first video-led career matchmaking app, we're proud to sponsor “In Her Shoes” and champion the stories of women who are breaking boundaries and rewriting the rules at work.This week on In Her Shoes, we're stepping into the world of beauty (and serious people power) with Victoria Foley, Chief People Officer at Beauty Pie. With nearly two decades of experience shaping people-first cultures at some of the UK's most beloved brands, Victoria knows a thing or two about building teams where everyone can thrive.We get real about what it takes to lead a modern workplace, to driving bold conversations about inclusion, wellbeing, and belonging. Victoria shares her journey from agency recruiter to CPO, her lessons learned in the trenches of retail and e-commerce, and how she's helping Beauty Pie's team bring their best selves to work every day.If you've ever wondered what it's really like behind the scenes at a disruptive beauty brand, or you're curious about how to create a workplace where people feel seen, heard, and celebrated this episode's for you.Tune in for honest insights, practical tips, and a healthy dose of inspiration from one of the industry's top people leaders.Follow our journey on IG: @inhershoes_podcastAnd if you're curious about RISER, the AI career companion behind this episode, here's the scoop: RISER is all about helping you take control of your career journey, on your terms. Think of it as your personal career sidekick, matching you with the right opportunities using smart AI, and letting you showcase your skills and personality through quick, video-first profiles. Whether you're prepping for interviews, looking to build your personal brand, or just want to connect with real people (not robots) behind the jobs, RISER's got your back. With curated resources, expert tips, and a community that actually cares, RISER makes your next career move feel a lot less daunting and a lot more you!Want that scroll stopping elevator pitch that will land you the interview? Create your 60 second pitch with our AI career coach for FREE now: https://apps.apple.com/gb/app/riser-jobs-video-career-ai/id6476504113

Break down the top 2025 NFL safeties fantasy football IDP Risers and Fallers with the IDP Advice Podcast! Catch the fellas covering the NFL IDP Fantasy Football landscape for all IDP all summer long. - Hot 2025 Fantasy Football Safeties: NFL Riser & Fallers IDP Advice!We focus on IDP rankings, fantasy football defense strategies, and the most impactful safeties for your team. Don't miss out on these key insights for your fantasy football strategy, featuring players such as Budda Baker and Nick Cross!

In this honest and surprisingly funny episode, I'm joined by Brianna Riser, mom, dental professional, and now VP of Experience at Toothpillow—a brand on a mission to change the game when it comes to pediatric dental health and sleep.We chat about everything from early orthodontic intervention (yes, it matters way more than we think) to how sleep issues and mouth breathing could be impacting your kid's mood, focus, and development. Brianna breaks it all down without the jargon, shares her personal “why” behind the work she's doing, and offers real support for parents navigating the confusing and expensive world of dental care.We also talk about:Why sleep apnea is more common in kids than we realizeHow cultural habits, diet, and access all play into oral healthThe mental load of motherhood and why dental care becomes one more thing on the listToothpillow's mission to educate, empower, and support familiesAnd the very real possibility that my husband and I will have to sell feet pics to afford our kids' future bracesWhether you're a seasoned mom or still Googling “when do baby teeth fall out,” this episode is packed with info, empathy, and reminders that you're not alone in trying to figure it all out.Join Mary everyday for a real look into life with 3 crazy ass kids, surviving, thriving, and whatever the F else you might consider over at www.instagram.com/theverymarylife. Or if you're a Tik Tok fan, find me at https://www.tiktok.com/@theverymarylife. And of course, explore more on Theverymarylife.com

Louisa Green, leads international communications at Canva. From my first interaction with Louisa late last year, I was fascinated with her energy and knew I wanted her to come on to the podcast. Why you might ask? It's not often these days you come across humans that carry equal amounts of kindness, intelligence and a genuine desire to help others. Louisa is one of those people - having had many conversations with Louisa before this podcast, I thought I knew the person sitting in front of me but what I truly loved about this conversation is discovering how Louisa's early context and family experiences paved the way for the person she is today. From a bustling childhood home to helping her sister build her now, very successful business, Louisa stumbled across the power of media and how it could supercharge your business. From Wework to Octopus energy and now leading international comms at Canva - Louisa has a gift for telling stories that lead to brand growth.Really hope you enjoy the is episode as much as we did! Sponsored by RISER, the AI Career Companion App matching talent and opportunity at scale through 60 second videos. In a world where the written word is losing its value (where anything can be written by a simple prompt) your voice is more important that ever. If you are looking to build a career you love, hire a superstar team its time you realised that YOU are the most important component in all of this and its time you were able to tell your story. Download for free and use our RISER AI Coach to help you craft your 60 second videos to land your dream role!

Sometimes in life you meet people and their energy touches you! A conversation with Liv was one of those moments. From Liv's genuine humility to her fierce work ethic she is the living embodiment that you can be kind and strong. Hearing Livs journey was incredibly inspiring as getting into Film has to be one of the hardest industries to crack. From filming Sir Andy Murrays documentary which was only supposed to be a content capture for YouTube and ended up on Amazon Prime to her new film Love and Rage coming premiering this week at SXSW London, Liv's passion for amplifying voices and telling the stories that matter moved me.Hope you enjoy the episode!I know the job market is hard right now, but imagine if I told you, we could put you in front of your dream hiring manager in minutes. Your wouldn't believe me, would you?Well, thats what we're doing at RISER. Using our AI career coach you can create a video pitch in minutes and we will pair you with hirers that will be a great fit! It's why some of the best brands in the world are already using us to discover and find people like you!Come over and check us out Always keen to here feedback, connect with me

Are We Lovers or Prostitutes? The Refiner's Fire & The True Bride of Christ | KIB 485 Kingdom Intelligence Briefing

Steve breaks down the game and 5 year development of Nevada guard Kobe Sanders

Break down the top 2025 NFL Edge Rushers fantasy football IDP Risers and Fallers with the IDP Advice Podcast! Catch the fellas covering the NFL IDP Fantasy Football landscape for Defensive End (DE) and Outside Linebacker (OLB) positions all summer long. - It's the Best Fantasy Football IDP Advice: 2025 Edge Rusher Riser & Fallers of the season!

Hour three of DJ & PK for May 23, 2025: Egor Demin is rising in NBA Draft BYU Honor Code has changed since Brandon Davies' situation DJ's ability to talk is unmatched

Break down the top 2025 NFL Defensive Tackle fantasy football IDP Risers and Fallers with the IDP Advice Podcast! Catch the fellas covering the NFL IDP Fantasy Football landscape for Defensive Tackle (DT) and Defensive End (DE) positions all summer long. - 2025 Fantasy Football IDP Advice: Hot-Topic DT Riser & Faller Reviews!

Vu sur Métaclassique #257 : Exotériser  Dans Métaclassique, David Christoffel veut décloisonner la parole sur la musique classique et en repousser les limites. Fabuler, rajeunir, consoler, orner : chaque semaine, l'émission offre une variation radiophonique autour d'un verbe qui sert de ligne de fuite pour une traversée inédite. D'un numéro à l'autre, l'émission accueille des témoignages de musiciens, des entretiens avec […] Cet article provient de Radio AlterNantes FM

Macstock Conference Coupon Code CES 2025: Brisk It AI-Powered BBQ Grill Twelve South Book Arc and Book Arc Flex Kagi CES 2025: Wireless Power Consortium Ki Standard Twelve South Curve Riser CES 2025: Sign-Speak Sign Language AI Support the Show Security Bits Transcript of NC_2025_04_20 Join the Conversation: allison@podfeet.com podfeet.com/slack Support the Show: Patreon Donation Apple Pay or Credit Card one-time donation PayPal one-time donation Podfeet Podcasts Mugs at Zazzle Podfeet 15-Year Anniversary Shirts Referral Links: Parallels Toolbox - 3 months free for you and me Learn through MacSparky Field Guides - 15% off for you and me Backblaze - One free month for me and you Eufy - $40 for me if you spend $200. Sadly nothing in it for you. PIA VPN - One month added to Paid Accounts for both of us CleanShot X - Earns me $25%, sorry nothing in it for you but my gratitude

The sermon for Easter based on Mark 16:1-8

Mike and Eli go over Mike's Myrtle trip results, question their commitment level over the ball, battle for the first Gauntlet points of the year, discuss recent lessons, and open the mailbag to answer questions.  Want bonus content? Join the Velcro: chasingscratchgolf.com/velcro  Kudos to Shot Pattern: https://shotpattern.app/chasingscratch  Kudos to Titleist & Footjoy MUSIC CREDITS: "Pax" is by Soulish (purchased on PremiumBeat.com) "C Major Prelude" is by Bach "Way Out West" is by Twin Musicom "Air to the Throne" is by Doug Maxwell "Epic Battle Speech" is by Wayne Jones "The Game Changer" is by Evan MacDonald (purchased on PremiumBeat.com) "When We Found the Horizon" is by Late Night Feeler

Cours vidéo de 8 minutes donné par Rav Yigal COHEN SOLAL.

This is Part 2 of my conversation with Adam Riser. He's a rock climber, mountain biker, backcountry skier and 3-gunner. He and his wife quite their jobs and spent 15-months traveling around the country rock climbing. Now, it's back to shooting. Enjoy! https://www.instagram.com/adamriser/  

This is Part 1 of my conversation with Adam Riser. He's a rock climber, mountain biker, backcountry skier and 3-gunner. He and his wife quite their jobs and spent 15-months traveling around the country rock climbing. Enjoy! https://www.instagram.com/adamriser/  

This week we are joined by Rupal Patel, former CIA officer turned successful entrepreneur, she reveals how the covert tactics and strategic thinking she mastered in intelligence work can transform your business approach. Hear Rupals exciting journey which was rooted in community and lifting as you climb, a value instilled by her parents.Drawing from her bestselling book, Patel shares how skills she learnt can be applied directly to entrepreneurship, leadership, and business growth. From cultivating a spy's mindset to building resilient teams, she demonstrates how seemingly disparate worlds share surprising parallels.Listen as Rupal reveals the secrets that transformed her from intelligence operative to business leader, and discover how to apply these same principles to your own professional journey.Sponsored by RISER the worlds first video led career matchmaking apphttps://apps.apple.com/gb/app/riser-app/id6476504113@theriserapp

Get a Backstage Pass by visiting our Patreon page EPISODE #209 TRAVIS MEADOWS This episode with Travis Meadows just might be my favorite interview we've ever captured here on The Troubadour.  Travis has lead one hell of a life as you'll hear in the episode.    SWEETWATER  - Buy your gear using our affiliate link!   He spent 17 years as a preacher and Christian songwriter.  He was well into middle-age before he become known as a hit songwriter with folks like Eric Church, Dierks Bentely, Jake Owen and Wynonna recording his songs.    TRAVIS MEADOWS-SONGS CUT BY OTHER ARTISTS   Over his life he also battled addiction and in the midst of dealing with that and multiple stints in rehab, he started writing the best songs of his life.   He's a true inspiration to all humans, not to mention, aspiring writers who think they have what it takes to write alongside the best songwriters in the world in Nashville.   TRAVIS MEADOWS PATREON PAGE     GET HEALTHY WITH PETE !     Enjoy the episode!

Host Lee Hawkins investigates how a secret nighttime business deal unlocked the gates of a Minnesota suburb for dozens of Black families seeking better housing, schools, and safer neighborhoods. His own family included.TranscriptIntroLEE HAWKINS: This is the house that I grew up in and you know we're standing here on a sidewalk looking over the house but back when I lived here there was no sidewalk, and the house was white everything was white on white. And I mean white, you know, white in the greenest grass.My parents moved my two sisters and me in 1975, when I was just four years old. Maplewood, a suburb of 25,000 people at the time, was more than 90% white.As I rode my bike through the woods and trails. I had questions: How and why did these Black families manage to settle here, surrounded by restrictions designed to keep them out?The answer, began with the couple who lived in the big house behind ours… James and Frances Hughes.You're listening to Unlocking The Gates, Episode 1.My name is Lee Hawkins. I'm a journalist and the author of the book I AM NOBODY'S SLAVE: How Uncovering My Family's History Set Me Free.I investigated 400 years of my Black family's history — how enslavement and Jim Crow apartheid in my father's home state of Alabama, the Great Migration to St. Paul, and our later move to the suburbs shaped us.My producer Kelly and I returned to my childhood neighborhood. When we pulled up to my old house—a colonial-style rambler—we met a middle-aged Black woman. She was visiting her mother who lived in the brick home once owned by our neighbors, Mr. and Mrs. Hutton.LEE HAWKINS: How you doing? It hasn't changed that much. People keep it up pretty well, huh?It feels good to be back because it's been more than 30 years since my parents sold this house and moved. Living here wasn't easy. We had to navigate both the opportunities this neighborhood offered and the ways it tried to make us feel we didn't fully belong.My family moved to Maplewood nearly 30 years after the first Black families arrived. And while we had the N-word and mild incidents for those first families, nearly every step forward was met with resistance. Yet they stayed and thrived. And because of them, so did we.LEE HAWKINS: You know, all up and down this street, there were Black families. Most of them — Mr. Riser, Mr. Davis, Mr. White—all of us can trace our property back to Mr. Hughes at the transaction that Mr. Hughes did.I was friends with all of their kids—or their grandkids. And, at the time, I didn't realize that we, were leading and living, in real-time, one of the biggest paradigm shifts in the American economy and culture. We are the post-civil rights generation—what I call The Integration Generation.Mark Haynes was like a big brother to me, a friend who was Five or six years older. When he was a teenager, he took some bass guitar lessons from my dad and even ended up later playing bass for Janet Jackson when she was produced by Minnesota's own Jimmy Jam and Terry Lewis.Since his family moved to Maplewood several years before mine, I called him to see what he remembered.MARK HAYNES: "It's a pretty tight-knit group of people,"Mark explained how the community came together and socialized, often –MARK HAYNES: "they—every week, I think—they would meet, actually. I was young—maybe five or six.LEE HAWKINS: And what do you remember about it? I asked. What kind of feeling did it give you?MARK HAYNES: It was like family, you know, all of them are like, uh, aunts and uncles to me, cousins. It just felt like they were having a lot of fun. I think there was an investment club too."Herman Lewis was another neighbor, some years older than Mark—an older teenager when I was a kid. But I remember him and his brother, Richard. We all played basketball, and during the off-season, we'd play with my dad and his friends at John Glenn, where I'd eventually attend middle school. Herman talked to me about what it meant to him.HERMAN LEWIS: We had friends of ours and our cousins would come all the way from Saint Paul just to play basketball on a Friday night. It was a way to keep kids off the street, and your dad was very instrumental trying to make sure kids stayed off the street. And on a Friday night, you get in there at five, six o'clock, and you play till 9, 10 o'clock, four hours of basketball. On any kid, all you're going to do is go home, eat whatever was left to eat. And if there's nothing left to eat, you pour yourself a bowl of cereal and you watch TV for about 15 to 25-30, minutes, and you're sleeping there, right in front of the TV, right?LEE HAWKINS: But that was a community within the community,HERMAN LEWIS: Definitely a community within the community. It's so surprising to go from one side of the city to the next, and then all of a sudden there's this abundance of black folks in a predominantly white area.Joe Richburg, another family friend, said he experienced our community within a community as well.LEE HAWKINS: You told me that when you were working for Pillsbury, you worked, you reported to Herman Cain, right? We're already working there, right? Herman Cain, who was once the Republican front runner for President of the United States. He was from who, who was from the south, but lived in Minnesota, right? Because he had been recruited here. I know he was at Pillsbury, and he was at godfathers pizza, mm hmm, before. And he actually sang for a time with the sounds of blackness, which a lot of people would realize, which is a famous group here, known all over the world. But what was interesting is you said that Herman Cain was your boss, yeah, when he came to Minnesota, he asked you a question, yeah. What was that question?Joe Richburg: Well, he asked me again, from the south, he asked me, Joe, where can I live? And I didn't really understand the significance of that question, but clearly he had a sense of belonging in that black people had to be in certain geographic, geographies in the south, and I didn't have that. I didn't realize that was where he was coming from.Before Maplewood, my family lived in St. Paul's Rondo neighborhood—a thriving Black community filled with Black-owned businesses and cultural icons like photojournalist Gordon Parks, playwright August Wilson, and journalist Carl T. Rowan.Like so many other Black communities across the country, Rondo was destroyed to make way for a highway. it was a forced removal.Out of that devastation came Black flight. Unlike white flight, which was driven by fear of integration, Black flight was about seeking better opportunities: better funded schools and neighborhoods, and a chance at higher property values.Everything I've learned about James and Frances Hughes comes from newspaper reports and interviews with members of their family.Mr. Hughes, a chemist and printer at Brown and Bigelow, and Frances, a librarian at Gillette Hospital, decided it was time to leave St. Paul. They doubled down on their intentions when they heard a prominent real estate broker associate Blacks with “the ghetto.” According to Frances Hughes, he told the group;FRANCES HUGHES (ACTOR): “You're living in the ghetto, and you will stay there.”She adds:FRANCES HUGHES (ACTOR): “I've been mad ever since. It was such a bigoted thing to say. We weren't about to stand for that—and in the end, we didn't.”The Hughes began searching for land but quickly realized just how difficult it could be. Most white residents in the Gladstone area, just outside St. Paul, had informal agreements not to sell to Black families. Still, James and Frances kept pushing.They found a white farmer, willing to sell them 10 acres of land for $8,000.And according to an interview with Frances, that purchase wasn't just a milestone for the Hughes family—it set the stage for something remarkable. In 1957, James Hughes began advertising the plots in the Twin Cities Black newspapers and gradually started selling lots from the land to other Black families. The Hughes's never refused to sell to whites—but according to an interview with Frances, economic justice was their goal.FRANCES HUGHES (ACTOR): “Housing for Blacks was extremely limited after the freeway went through and took so many homes. We wanted to sell to Blacks only because they had so few opportunities.”By the 1960s, the neighborhood had grown into a thriving Black suburban community. The residents here were deeply involved in civic life. They attended city council meetings, started Maplewood's first human rights commission, and formed a neighborhood club to support one another.And over time, the area became known for its beautiful homes and meticulously kept lawns, earning both admiration and ridicule—with some calling it “The Golden Ghetto.”Frances said:FRANCES HUGHES (ACTOR): “It was lovely. It was a showplace. Even people who resented our being there in the beginning came over to show off this beautiful area in Maplewood.”And as I pieced the story together, I realized it would be meaningful to connect with some of the elders who would remember those early daysANN-MARIE ROGERS: In the 50s, Mr. Hughes decided he was going to let go of the farming. And it coincided with the with 94 going through the RONDO community and displacing, right, you know, those people. So, at that time, I imagine Mr. Hughes had the surveyors come out and, you know, divided up into, you know, individual living blocks.That is Mrs. Ann-Marie Rogers, the mother of Uzziel and Thomas Rogers, who I spent a lot of time with as a kid. I shared what I'd uncovered in the archives, hoping she could help bring those early experiences to life.ANN-MARIE ROGERS: So, everyone played in our yard, the front yard, the yard light that was where they played softball, baseball, because the yard light was the home plate, and the backyard across the back was where they played football.Throughout this project, we found similar stories of strength, including one from Jeson Johnson, a childhood friend with another Minnesota musical connection. His aunt, Cynthia Johnson, was the lead singer of Lipps Inc., whose hit song “Funkytown” became a defining anthem of its time when many of us were just kids. We were proud of her, but I now know the bigger star was his grandmother.JESON JOHNSON: She was actually one of the first black chemists at 3M. So what she told me is that they had told her that, well, you have to have so much money down by tomorrow for you to get this house. It was really, really fast that she had to have the money. But my grandmother was she was really smart, and her father was really smart, so he had her have savings bonds. So what she told him was, if you have it in writing, then I'll do my best to come up with the money. I don't know if I'll be able to. She was able to show up that day with all her savings bonds and everything, and have the money to get it. And they were so mad, yes, that when she had got the house, they were so mad that, but they nothing that they could do legally because she had it on paper, right, right? And then that kind of started out in generation out there. It was the NAACP that kind of helped further that, just because she was chemist, they got her in the 3M, and all their programs started there.Decades later, as my friends and I played, I had no concept of any of the struggles, sacrifices and steps forward made by the pioneers who came before us. I checked in with my friend, Marcel Duke.LEE HAWKINS: did they tell you that mister Hughes was the guy that started, that started it?MARCEL DUKE: It probably never was conveyed that way, right to us kids, right? I'm sure back then, it was looked as an opportunity, yes, to get out of the city. Mm, hmm, and and where people that look like us live. And obviously that's the backstory of Mister Hughes, yeah, ultimately, we went out there because he made it known in the city, inner city, that we could move out there and be a community out there.Marcel is about four years older, I figured he may have clearer memories of Mr. Hughes than I do.MARCEL DUKE: I used to cut mister Hughes grass. I was like, like the little hustler in the neighborhood. I wanted to cut because I wanted money to go to spend on candy.Mr. Hughes' significance transcends the extra cash he put in the pockets of neighborhood kids. His granddaughter, Carolyn Hughes-Smith, told us more his multigenerational vision for Black American wealth building. But before he became a historical figure, he was just...grandpa.CAROLYN HUGHES-SMITH: the things that I really remember about him. He could whistle like I not whistle, but he could sing like a bird, you know, always just chirping. That's how we know he was around. He was more of a, like a farmer.He didn't talk much with his grandchildren about how he and Frances had unlocked the gates for Blacks. But she was aware of some of the difficulty he faced in completing that transaction that forever changed Maplewood.HUGHES-SMITH: I just heard that they did not, you know, want to sell to the blacks. And they, you know, it was not a place for the blacks to be living. And so, what I heard later, of course, was that my grandpa was able to find someone that actually sold the land to him out there and it, you know, and that's where it all started, reallyThat someone was a white man named Frank Taurek. He and his wife, Marie, owned the farm that Mr. Hughes and Frances had set their sights on. But the purchase was anything but straightforward. They had to make the deal through “night dealing.” Frances explains in a 1970s interview.FRANCES HUGHES (ACTOR): "It was just after the war. There was a tremendous shortage of housing, and a great deal of new development was going on to try to fix that. But, my dear, Negroes couldn't even buy a lot in these developments. They didn't need deed restrictions to turn us away. They just refused to sell."She describes the weekend visit she and her husband made to put in an offer on the land. By Monday morning, a St. Paul real estate company had stepped in, offering the Taurek's $1,000 more to keep Blacks out.FRANCES HUGHES (ACTOR): "But he was a man of his word, which gives you faith in human nature. The average white person has no idea of how precarious life in these United States is for anybody Black at any level. So often it was a matter of happenstance that we got any land here. The farmer could have very easily accepted the $1,000 and told us no, and there would have been nothing we could have done."What led Frank Taurek to defy norms and his neighbors, to sell the land to a Black family?DAVIDA TAUREK: I'm already moved to tears again, just hearing about it, [but and] hearing you talk about the impact of my, you know, my lineage there. It seems so powerful.This perspective comes from his great-granddaughter, Davida Taurek, a California-based psychotherapist. When I tracked her down, she was astonished to hear the long-buried story of how her white great grandparents sold their land to a Black family, unwittingly setting into motion a cascade of economic opportunities for generations to come.DAVIDA TAUREK: When I received your email, it was quite shocking and kind of like my reality did a little kind of sense of, wait, what? Like that somehow I, I could be in this weird way part of this amazing story of making a difference. You know, like you said, that there's generational wealth that's now passed down that just didn't really exist.I've seen plenty of data about what happens to property values in predominantly white neighborhoods when a Black family moves in. The perception of a negative impact has fueled housing discrimination in this country for decades, you may have heard the phrase: “There goes the neighborhood.” It's meant to be a sneer—a condemnation of how one Black family might “open the door” for others to follow. In this case, that's exactly what the Taurek's facilitated.As Carolyn Hughes- Smith sees it, the power of that ripple effect had a direct impact on her life, both as a youngster, but later as well.CAROLYN HUGHES-SMITH: We were just fortunate that my grandfather gave us that land. Otherwise, I don't, I don't know if we would have ever been able to move out thereHer parents faced some tough times –CAROLYN HUGHES-SMITH: making house payments, keeping food in the house, and that type. We were low income then, and my dad struggled, and eventually went back to school, became an electrician. And we, you know, were a little better off, but that happened after we moved out to Maplewood, but we were struggling.But they persevered and made it through –CAROLYN HUGHES-SMITH: after I grow got older and teen and that, I mean, I look back and say, Wow, my grandfather did all of this out hereOn the Taurek side of the transaction, the wow factor is even more striking. As I dug deeper into his story, it wasn't clear that he Frank Taurek was driven by any commitment to civil rights.Davida never met her great grandfather but explains what she knows about him.DAVIDA TAUREK: What I had heard about him was through my aunt that, that they were, you know, pretty sweet, but didn't speak English very well so there wasn't much communication but when they were younger being farmers his son my grandfather Richard ran away I think when he was like 14 years old. his dad was not very a good dad you know on a number of levels. There's a little bit of an interesting thing of like where Frank's dedication to his own integrity or what that kind of path was for him to stay true to this deal and make it happen versus what it meant to be a dad and be present and kind to his boy.Carolyn Hughes-Smith still reflects on the courage of her family—for the ripple effect it had on generational progress.CAROLYN HUGHES-SMITH: Would the struggle be the same? Probably not. But what makes me like I said, What makes me happy is our family was a big part of opening up places to live in the white community.LEE HAWKINS: Next time on Unlocking The GatesCAROLYN HUGHES-SMITH: The one thing that I really, really remember, and it stays in my head, is cross burning. It was a cross burning. And I don't remember exactly was it on my grandfather's property?OUTRO THEME MUSIC/CREDITS.You've been listening to Unlocking the Gates: How the North led Housing Discrimination in America. A special series by APM Studios AND Marketplace APM with research support from the Alicia Patterson Foundation and Mapping Prejudice.Hosted and created by me, Lee Hawkins. Produced by Marcel Malekebu and Senior Producer, Meredith Garretson-Morbey. Our Sound Engineer is Gary O'Keefe.Kelly Silvera is Executive Producer.

Racial covenants along with violence, hostility and coercion played an outsized role in keeping non-white families out of sought after suburbs. Lee learns how these practices became national policy after endorsement by the state's wealthy business owners and powerful politicians.TranscriptPart 2 – Discrimination and the Perpetual FightCold Open:PENNY PETERSEN: He doesn't want to have his name associated with this. I mean, it is a violation of the 14th Amendment. Let's be clear about that. So he does a few here and there throughout Minneapolis, but he doesn't record them. Now, deeds don't become public records until they're recorded and simultaneously, Samuel Thorpe, as in, Thorpe brothers, is president of the National Board of Real EstateFRANCES HUGHES (ACTOR): “Housing for Blacks was extremely limited after the freeway went through and took so many homes. We wanted to sell to Blacks only because they had so few opportunities.”LEE HAWKINS: You know, all up and down this street, there were Black families. Most of them — Mr. Riser, Mr. Davis, Mr. White—all of us could trace our property back to Mr. Hughes at the transaction that Mr. Hughes did.CAROLYN HUGHES-SMITH: What makes me happy is our family was a big part of opening up places to live in the white community.You're listening to Unlocking The Gates, Episode 2.My name is Lee Hawkins. I'm a journalist and the author of the book I AM NOBODY'S SLAVE: How Uncovering My Family's History Set Me Free.I investigated 400 years of my Black family's history — how enslavement and Jim Crow apartheid in my father's home state of Alabama, the Great Migration to St. Paul, and our move to the suburbs shaped us.We now understand how the challenges Black families faced in buying homes between 1930 and 1960 were more than isolated acts of attempted exclusion.My reporting for this series has uncovered evidence of deliberate, systemic obstacles, deeply rooted in a national framework of racial discrimination.It all started with me shining a light on the neighborhood I grew up in – Maplewood.Mrs. Rogers, who still lives there, looks back, and marvels at what she has lived and thrived through.ANN-MARIE ROGERS: My kids went to Catholic school, and every year they would have a festival. I only had the one child at the time. They would have raffle books, and I would say, don't you dare go from door to door. I family, grandma, auntie, we'll buy all the tickets, so you don't have to and of course, what did he do? And door to door, and I get a call from the principal, Sister Gwendolyn, and or was it sister Geraldine at that time? I think it was sister Gwendolyn. And she said, Mrs. Rogers, your son went to a door, and the gentleman called the school to find out if we indeed had black children going to this school, and she said, don't worry. I assured him that your son was a member of our school, but that blew me away.In all my years in Maplewood, I had plenty of similar incidents, but digging deeper showed me that the pioneers endured so much more, as Carolyn Hughes-Smith explains.CAROLYN HUGHES-SMITH: The one thing that I really, really remember, and it stays in my head, is cross burning. It was a cross burning. And I don't remember exactly what's it on my grandfather's property? Well, all of that was his property, but if it was on his actual home site.Mrs. Rogers remembers firsthand –ANN-MARIE ROGERS: I knew the individual who burned the cross.Mark Haynes also remembers –MARK HAYNES: phone calls at night, harassment, crosses burnedIn the archives, I uncovered a May 4, 1962, article from the St. Paul Recorder, a Black newspaper, that recounted the cross-burning incident in Maplewood. A white woman, Mrs. Eugene Donavan, saw a white teen running away from a fire set on the lawn of Ira Rawls, a Black neighbor who lived next door to Mrs. Rogers. After the woman's husband stamped out the fire, she described the Rawls family as “couldn't be nicer people.” Despite the clear evidence of a targeted act, Maplewood Police Chief Richard Schaller dismissed the incident as nothing more than a "teenager's prank."Instead of retreating, these families, my own included, turned their foothold in Maplewood into a foundation—one that not only survived the bigotry but became a catalyst for generational progress and wealth-building.JESON JOHNSON: when you see somebody has a beautiful home, they keep their yard nice, they keep their house really clean. You know that just kind of rubs off on you. And there's just something that, as you see that more often, you know it just, it's something that imprints in your mind, and that's what you want to have, you know, for you and for your for your children and for their children.But stability isn't guaranteed. For many families, losing the pillar of the household—the one who held everything together—meant watching the foundation begin to crack.JESON JOHNSON: if the head of a household leaves, if the grandmother that leaves, that was that kept everybody kind of at bay. When that person leaves, I seen whole families just, just really go downhill. No, nobody's able to kind of get back on your feet, because that was kind of the starting ground, you know, where, if you, if you was a if you couldn't pay your rent, you went back to mama's house and you said to get back on your feet.For Carolyn Hughes-Smith, inheriting property was a bittersweet lesson. Her family's land had been a source of pride and stability— holding onto it proved difficult.CAROLYN HUGHES-SMITH: We ended up having to sell it in the long run, because, you know, nobody else in the family was able to purchase it and keep going with it. And that that that was sad to me, but it also gave me an experience of how important it is to be able to inherit something and to cherish it and be able to share it with others while it's there.Her family's experience illustrates a paradox—how land, even when sold, can still transform lives.CAROLYN HUGHES-SMITH: Us kids, we all inherited from it to do whatever, like my brother sent his daughter to college, I bought some property, you know?But not all families found the same success in holding onto their homes. For Mark Haynes, the challenges of maintaining his father's property became overwhelming, and the sense of loss lingered.MARK HAYNES: it was really needed a lot of repair. We couldn't sell it. It was too much.It wasn't up to code. We couldn't sell it the way it was. Yes, okay, I didn't really want to sell it. She tried to fix it, brought up code, completely renovated it. I had to flip I had to go get a job at Kuhlman company as a CFO, mm hmm, to make enough money. And I did the best I could with that, and lost a lot of money. AndLEE HAWKINS: Oh, gosh, okay. So when you think about that situation, I know that you, you said that you wish you could buy it back.MARK HAYNES: Just, out of principle, it was, I was my father's house. He, he went through a lot to get that and I just said, we should have it back in the family.For Marcel Duke, he saw the value of home ownership and made it a priority for his own life.MARCEL DUKE: I bought my first house when I was 19. I had over 10 homes by time I was 25 or 30, by time I was 30This story isn't just about opportunity—it's about the barriers families had to overcome to claim it. Before Maplewood could become a community where Black families could thrive, it was a place where they weren't even welcome.The racial covenants and real estate discrimination that shaped Minnesota's suburban landscape are stark reminders of how hard-fought this progress truly was.LEE HAWKINS: I read an article about an organization called Mapping Prejudice which identifies clauses that say this house should never be sold to a person of color.So we had this talk. Do you remember?PENNY PETERSEN: I certainly do, it was 2018.Here's co-founder Penny Petersen.PENNY PETERSEN: So I started doing some work, and when you you gave me the name of Mr. Hughes. And I said, Does Mr. Hughes have a first name? It make my job a lot easier, and I don't think you had it at that point. So I thought, okay, I can do this.LEE HAWKINS: I just knew it was the woman Liz who used to babysit me. I just knew it was her grandfather.PENNY PETERSEN: Oh, okay, so, he's got a fascinating life story.He was born in Illinois in. He somehow comes to Minnesota from Illinois at some point. And he's pretty interesting from the beginning.He, apparently, pretty early on, gets into the printing business, and eventually he becomes what's called an ink maker. This is like being a, you know, a chemist, or something like, very serious, very highly educated.In 1946 he and his wife, Francis Brown Hughes and all. There's a little more about that. Bought 10 acres in the Smith and Taylor edition. He tried to buy some land, and the money was returned tohim when they found it. He was black, so Frank and Marie Taurek, who maybe they didn't like their neighbors, maybe, I don't know. It wasn't really clear to me,PENNY PETERSEN: Yeah, yeah. And so maybe they were ready to leave, because they had owned it since 1916 so I think they were ready to retire. So at any rate, they buy the land. They he said we had to do some night dealing, so the neighbors didn't see. And so all of a sudden, James T Hughes and Francis move to Maplewood. It was called, I think in those days, Little Canada, but it's present day Maplewood. So they're sitting with 10 acres of undeveloped land. So they decide we're going to pay it off, and then we'll develop it.Hearing Penny describe Frank Taurek takes me back to the conversation I had with his great granddaughter Davida who never met him and only heard stories that didn't paint him in the most flattering light.DAVIDA TAUREK: It feels like such a heroic act in a way at that time and yet that's not, it seems like that's not who his character was in on some levels, you know.HAWKINS: But people are complicatedThe choices made by Frank and Marie Taurek—choices that set the stage for families like mine—are reflected in how their descendants think about fairness and equity even today. That legacy stands alongside the extraordinary steps taken by James and Frances Hughes. Penny Petersen explains how they brought their vision to life.PENNY PETERSEN: They paid it off in a timely fashion. I think was 5% interest for three years or something like that. He plaits it into 20 lots, and in 1957 he starts selling them off. And he said there were one or two white families who looked at it, but then decided not to. But he he was had very specific ideas that you have to build a house of a certain, you know, quality. There were nice big lots, and the first family started moving in. So that's how you got to live there.But interestingly, after the Hughes bought it in 1946 some a guy called Richard Nelson, who was living in Maplewood, started putting covenants around it.LEE HAWKINS: There were people who were making statements that were basically explicitly excluding Negroes from life liberty and happiness.And these are big brands names in Minnesota. One was a former lieutenant governor, let's just put the name out there.Penny explains how we got here:PENNY PETERSEN: The first covenant in Hennepin County and probably the state of Minnesota, seems to be by Edmund G Walton. He lived in Minneapolis in 1910 he enters a covenant. He doesn't do it. This is great because his diaries are at the Minnesota Historical Society.He was, by the way, born in England. He'd never he may or may not have become an American citizen. He was certainly voting in American presidential elections. He was the son of a silk merchant wholesaler, so he was born into money. He wasn't landed gentry, which kind of chapped him a lot. And he he came to America to kind of live out that life. So he he's casting about for what's my next, you know, gig. And he goes through a couple things, but he finally hits on real estate.And he He's pretty good at it. He's, he's a Wheeler Dealer. And you can see this in his letters to his mom back in England, in the diaries, these little, not so maybe quite legal deals he's pulling off.But by, by the early aughts of the 20th century, he's doing pretty well, but he needs outside capital, and so he starts courting this guy called Henry or HB Scott, who is land agent for the Burlington railroad in Iowa, and he's immensely wealthy. And. No one knows about Henry B Scott in Minneapolis. You know, he's some guy you know.So he gets Scott to basically underwrite this thing called what will be eventually known as Seven Oaks Corporation. But no one knows who he is really what Edmund Walton does so he gets, he gets this in place in 1910 Walton, via Henry Scott, puts the first covenant in.And there's a laundry list of ethnicities that are not allowed. And of course, it's always aimed at black people. I mean that that's that's universal. And then what's happening in the real estate realm is real estate is becoming professionalized.Instead of this, these guys just selling here and there. And there's also happening about this time, you know, race riots and the NAACP is formed in 1909 the Urban League in 1910 and I think Walton is he sees something. I can make these things more valuable by making them White's only space.But he doesn't want to have his name associated with this. I mean, it is a violation of the 14th Amendment. Let's be clear about that. So he does a few here and there throughout Minneapolis, but he doesn't record them. Now, deeds don't become public records until they're recorded and simultaneously, Samuel Thorpe, as in, Thorpe brothers, is president of the National Board of Real Estate, you know, and he's listening to JC Nichols from Kansas City, who said, you know, a few years ago, I couldn't sell a lot with covenants on them, but now I can't sell it without covenants.After that, that real estate convention, there's one in 1910 and Walton is clearly passing this around, that he's he's put covenants in, but no one really talks about it, but they you know, as you look back when the deeds were signed, it's like 1910 1911 1912 the 1912 one when HB, when JC, Nichols said, I can't sell a lot without him.Sam Thorpe immediately picks up on this. He's the outgoing president of the National Board of Real Estate. By June, by August, he has acquired the land that will become Thorpe Brothers Nokomis Terrace. This is the first fully covenanted edition. He doesn't record for a while, but within a few years, they're not only these things are not only recorded, but Walton is advertising in the newspaper about covenants, so it's totally respectable. And then this is where Thomas Frankson comes in. In Ramsey County, he's still in the legislature when he puts his first covenant property together, Frankson Como Park, and in 1913 he's advertising in the newspapers. In fact, he not only advertises in English, he advertises in Swedish to let those Swedish immigrants know maybe they don't read English. So well, you can buy here. This will be safe.Penny says the National Board of Real Estate but she means the National Association of Realtors. Samuel Thorpe was not only the President of this powerful organization, he even coined the term ‘realtor' according to records.I want to take a moment to emphasize that Thomas Frankson is a former lieutenant governor.They were architects of exclusion. By embedding racial covenants into the fabric of land deals, they set a legal precedent that shaped housing markets and defined neighborhoods for decades. As Penny Petersen noted, these practices were professionalized and legitimized within the real estate industry.Michael Corey, Associate Director of Mapping Prejudice explains how these covenants were enforced.MICHAEL COREY: And so in the newspaper, as not only do they put the text of the Covenant, then two lines later, it says, you have my assurance that the above restrictions will be enforced to the fullest extent of the law. And this is a legislator saying this, and so like when he says that people are going to assume he means it.And the way this worked with racial covenants is, theoretically, you could take someone to court if they violated the covenant, and they would lose the house, the house would revert back to the original person who put the covenant in. So the potential penalty was quite high forLEE HAWKINS: Oh, gosh.MICHAEL COREY: And I think, like, in practice, it's not like this is happening all the time. The way covenants work is that, like, no one's gonna mess with that because the consequence is so high.LEE HAWKINS: Is there any record of anybody ever breaking a covenant.MICHAEL COREY: Yeah, there are, like, there are legal cases where people either tried like, and people try a number of different strategies, like as Penny mentioned some of the early ones, they have this, like, laundry list of 19th century racial terms. And so it'll say, like, no Mongolian people, for example, like using this, like, racial science term. And so someone who is Filipino might come in and say, like, I'm not Mongolian, I'm Filipino.So, this professionalizing real estate industry keeps refining the covenants to be more, to stand up in court better. But I think for so many people, it's it's not worth the risk to break the covenant both white and like. For the white person, the stakes are low, right? Your neighbors might not like you. For people of color who are trying to break this color line, the stakes are the highest possible like like, because the flip side of a covenant is always violence.So I'm now clear on how these wealthy and powerful figures in my home state came up with a system to keep anybody who was not white locked out of the housing market.I'm still not clear on how these ideas spread around the country.MICHAEL COREY: these conferences that these real estate leaders, like the like the Thorpe brothers are going to like, this is the, this is the moment when these national Realty boards are being formed. And so all of these people are in these rooms saying, Hey, we've got this innovative technology. It's a racial covenant.And this private practice spreads rapidly after places that are in early. There's some places in the East Coast that are trying this this early too. This becomes the standard, and in fact, it gets written into the National Board of Realty ethics code for years because they're prominent people, they're also, like, going to be some of your elected officials there.And when you get to the era of the New Deal, like these are the people who are on the boards that are like, setting federal policy, and a lot of this stuff gets codified into federal legislation. So what starts as a private practice becomes the official policy of the US government when you get to the creation of the Federal Housing Administration that adopts essentially this, this concept that you should not give preferential treatment on loans to to integrate to neighborhoods that are going to be in harmonious and that same logic gets supercharged, because if we know something about this era, this is the FHA and then, and then the GI bill at the end of World War Two are a huge sea change in the way that housing gets financed and the way that homeownership sort of works.I learned so much from my conversations with Penny and Michael. We covered a lot of ground and at times I found myself overwhelmed by the weight of what I was hearing. What exactly does this mean today? What about the families who didn't secure real estate through night dealings? The families who didn't slip through the cracks of codified racial discrimination? How can we address these disparities now?In the final part of our series, we'll hear from some of the people who benefitted, including relatives of Samuel Thorpe who have become new leaders in an old fight to make home ownership a reality for millions of Americans.MARGARET THORPE-RICHARDS: This could be the conversation. I feel like it's time to say something from my perspective. I have a platform, I have a voice, and I think it needs to be said and discussed and talked about,OUTRO MUSIC THEME/CREDITSYou've been listening to Unlocking the Gates: How the North led Housing Discrimination in America. A special series by APM Studios AND Marketplace APM with research support from the Alicia Patterson Foundation and Mapping Prejudice.Hosted and created by me, Lee Hawkins. Produced by Marcel Malekebu and Senior Producer, Meredith Garretson-Morbey. Our Sound Engineer is Gary O'Keefe.Kelly Silvera is Executive Producer.

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It's time to talk ALL Memphis Tigers on the ‘Tigers Den' Today, in an exclusive interview, we are joined by head coach, Matt Riser, of the Memphis Baseball program.

Pastor Brad Riser speaks out of Ephesians Ch 3. Gods unfailing love.

Watch Episode 126 Trailer here: https://www.instagram.com/p/DDe-F-gR8ba/Michael Janda is an award-winning creative director, author, educator, and the founder of the creative agency Riser. I asked Michael about the ins and outs of growing a successful freelance career or an agency as a creative entrepreneur. He also talked about the impact of a personal brand as a creative and how much it can actually impact your career.Chapters:00:00 Getting Your First Client02:40 Diverse Paths to Freelancing05:33 Crafting Your Message08:32 Niche Experimentation11:40 The Importance of Relationships14:24 Building Trust with Clients17:14 Leveraging Existing Relationships20:15 The Role of Introversion in Freelancing22:59 Finding Your Place in the Industry30:19 Client Engagement and Communication32:07 Navigating Partnerships and Leadership33:46 Balancing Creativity and Business35:43 Decision-Making in Business37:24 Profit vs. Portfolio Projects39:06 Investing in Relationships41:25 The Importance of Face-to-Face Interaction44:15 Building Trust Through Relationships45:11 The Power of Personal Branding53:20 Transitioning to Education and Course Creation59:19 Overcoming Fear and Embracing Implementation01:04:39 The Role of Ambition in Creative Success01:09:53 Transitioning from Freelancer to Business Owner01:15:06 The Impact of COVID on Personal Branding and Content CreationFollow Michael : @morejanda Instagram: https://www.instagram.com/morejanda/LinkedIn: https://www.linkedin.com/in/morejanda/TikTok: https://www.tiktok.com/@mostjandaX: https://x.com/morejandaHomepage: https://michaeljanda.com/Follow me: @SunYiCoHomepage: https://sunyi.coNight Owl Nation: https://sunyi.co/night-owl-nation/Instagram: https://instagram.com/sun.yiTikTok: https://tiktok.com/@_sun.yiTwitter: https://twitter.com/_sun_yiLinkedIn: https://linkedin.com/in/sunyi-nightowls/Facebook: https://facebook.com/sun.yi.nightowlsThreads: https://threads.net/@sun.yi Storytelling Course: https://domestika.org/en/courses/2638-the-art-of-storytelling-for-freelancers-and-creators/sunyi***

SEASON 5 BABY!!!! Join us for the opener with this phenomenal human, Alyssa Jaffer, a passionate storyteller and activist at heart, who's redefining success through truth and authentic connections. Born in the U.S. and a proud UC Berkeley alumna, Alyssa has carved out a dynamic career in communications, currently as a Senior Comms Manager at Deliveroo while freelancing and contributing to prestigious outlets like Forbes, Allbright, and Business Insider. Alyssa opens up about her journey from her American roots to navigating the fast-paced world of global communications. Discover how she balances corporate demands with her activist spirit, embracing the power of storytelling to make meaningful change. Tune in to hear her career highlights, challenges, and the insights that continue to shape her inspiring path. This is an episode you won't want to miss! Wave and connect with Alyssa on RISER. RISER, the world's first video led career matchmaking app. AD

Jeff Brightwell sits down with Baseball Coach Matt Riser and talks about fall camp for the Tigers, the progression of the program, and the new faces you'll see on the diamond this coming spring.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today on the show I'm sitting down with three original singer-songwriters who need little introduction, but we'll give ‘em one anyways. Anthony Frijia, Jules Riser and Rich Presberry Jr. all surf the original and cover world circuits, and as a result have become staples in the Mid-Atlantic music scene. Anthony has a folksy, blues sound, as where Jules Riser is a child of the 90's and Rich, possibly the 80's. They all have developed large followings and have earned their spot in the sun. Tonight, they're coming onto the show to talk about their musical journey and what the songs mean to them. Join me in welcoming Jules Riser, Rich Presberry Jr. and Anthony Frijia to the Mouthful of Graffiti Podcast *LIVE* at Reb Records! Sponsored by the Harford County Cultural Arts Board.

Welcome to a new episode of Get Creative! Today, we're thrilled to have Daniel Riser joining us. Hosted by Keola Keala, this episode delves into the world of real estate investing, focusing on innovative finance strategies and success stories from industry leaders. Daniel shares his journey from being a sideline observer to actively engaging and succeeding in the real estate market using creative financing methods.   Highlights: "I consumed a lot of content but wasn't doing anything. When I started taking action, that's when the real learning happened."   "The community aspect was huge for me; connecting with others who are actively doing what I wanted to do made all the difference."   "You learn ten times more by doing things than you do from just watching videos or reading about it."   "Taking over payments and creatively structuring deals allowed me to step into opportunities without upfront capital."   Timestamps: 00:00 - Introduction to the Episode and Guest Daniel Riser 01:16 - Daniel's Entry into Creative Real Estate Finance 03:27 - The Pivot from Learning to Action in Real Estate 06:40 - Discussing the First Successful Deal and Its Impact 08:24 - Exploring Low Equity Leads and Their Potential 11:17 - Navigating Challenges with Hybrid Deals 16:24 - The Learning Curve: Adjusting to Unexpected Hurdles 20:22 - Daniel's Key Advice for New Real Estate Investors 24:41 - The Importance of Community in Overcoming Obstacles 30:00 - Closing Thoughts and How to Connect with Daniel   ► Join The Subto Community & Learn Creative Finance Directly from Pace:  https://paceapproves.com/subto-gc?utm_source=Apple&utm_medium=video&utm_campaign=getcreativepodcast  ► Want to Become a Private Money Lender? Join Us For The Upcoming LIVE Training this Saturday to Learn How to Lend Money on Real Estate Deals: https://pacejmorby.com/exclusive-training-new?el=yt&htrafficsource=desc&utm_medium=video&utm_source=Apple&utm_campaign=getcreativepodcast&utm_content=    ► Join Our Free Facebook Group to Connect with Pace and his Students: http://paceapproves.com/freefb-yt?utm_source=Apple&utm_medium=video&utm_campaign=getcreativepodcast    ► Become a Top Tier Transaction Coordinator and Make Money Doing The Paperwork For Real Estate Transactions: https://paceapproves.com/tttc-gc?utm_source=Apple&utm_medium=video&utm_campaign=getcreativepodcast    ► Listen To Pace and His Students Share Insider Secrets To Real Estate Investor Success: https://getcreativepodcast.com/    PLUG IN & SUBSCRIBE Instagram: https://www.instagram.com/pacemorby/  TikTok: https://www.tiktok.com/@pacemorby 

2024 Fall Sports + Head Coach Matt Riser joins the show. (EP. 84) by On the Prowl Podcast

Talking, is thirsty work. Luckily, we've been sipping these delicious beverages throughout the season. Safe to say we are Fix8'd. Today, I got to hear from the women behind the brand. Freya, Founder and CEO shares her story for how Fix8 and subsequently FIBE, the probiotic soda came to be.  Freya's story is a testament to notion that you can do anything you put your mind to.  With UK domination across retail already underway, I cant wait to watch the future growth of the brand.  Hope you enjoy Freya's story as I much as I did.  Follow Freya Here  Follow In Her Shoes Here Want to connect with Freya? Match with her on RISER, the worlds first video led career matchmaking app. Think Bumble, for your next boss. RISERs video led technology is matching talent and hirers using our superpower, our voice.  Available to download now. 

In this episode of North American Ag Spotlight, host Chrissy Wozniak interviews Bradlee Consevage and Craig Dick from Phospholutions, a company founded in 2016 with a mission to enhance the efficiency of global phosphorus use. Phosphorus, the second most critical nutrient in crop production, is a finite resource, and managing it responsibly is crucial for future food production and sustainability. Craig, with decades of experience in crop nutrition, and Bradlee, focused on marketing innovations, share how their company is revolutionizing phosphorus management.Key Topics Discussed:The challenges farmers face in managing phosphorus and the global implications of phosphorus depletion.Phospholutions' innovative solutions, like their Riser technology, which increases phosphorus efficiency while reducing costs.Environmental benefits, including reducing phosphorus runoff that contributes to issues like algae blooms in waterways.Long-term benefits for farmers, including potential yield increases and cost savings.How Phospholutions works with traditional retail and distribution channels to make their products accessible.The future of sustainable agriculture and how their technology supports both farmers and environmental goals.Takeaways: Phospholutions is providing farmers with practical, sustainable solutions that don't just save money but also protect the environment by reducing phosphorus waste. Their technology helps farmers increase efficiency, improve yields, and contributes to global phosphorus conservation efforts.Learn More: For more information, visit Phospholutions.com and check out their new grower calculator to explore potential savings for your farm.Subscribe: Don't forget to subscribe to North American Ag Spotlight on your favorite podcast platforms like Rumble, Spotify, Apple Podcasts, and more! If you enjoyed this episode, please share it with others in the agricultural community.#farm #farming #agricultureNorth American Ag is devoted to highlighting the people & companies in agriculture who impact our industry and help feed the world. Subscribe at https://northamericanag.comWant to hear the stories of the ag brands you love and the ag brands you love to hate? Hear them at https://whatcolorisyourtractor.comDon't just thank a farmer, pray for one too!Send us a textThe American Society of Agricultural Consultants will hold its 2024 Annual Conference in Fort Myers, Fla., beginning with a reception on Sunday, November 3. Conference sessions will begin on Monday and continue through Tuesday morning. That afternoon, attendees will be touring local agriculture from approximately noon to 6 p.m.Learn more at https://www.agconsultants.org/2024_annual_conference.phpSubscribe to North American Ag at https://northamericanag.com

Joe DeLeone and Ryan Roberts break down why Kansas State Running Back DJ Giddens is the biggest riser among the running backs in the 2025 NFL Draft

The future is bright if this is what the 2025 graduating class is like! We welcomed Kasidee, Bria, and Rylie from Utah Tech to the episode today to talk about the dental hygiene program life. We wanted to know if there were still the freak outs, the self-doubt, and the anxiety that many of us experienced... and spoilers - this group is confident, well-adjusted, and ready to join the ranks! Give this episode a listen to hear it from their perspective! Reach out to them on social media: Bria- @bria.riser Rylie- @rylie_john Kasidee- @sassykasi7

Jagger May & Jeff Bell take a look at 7 Dynasty Risers & Fallers and discuss whether they're buying or selling these players in dynasty before Week 6. #dynastyfantasyfootball #fantasyfootball #dynastytrades 

We welcomed, Ozlem Tuskan, founder of The Resilient and empowerment coach for women onto the In Her Shoes Podcast this week. From her early career triumphs at MTV and CNN to launching her own coaching practice, Ozlem shares her journey and insights on unlocking personal potential. Learn how she helps women become the best versions of themselves and discover why she believes we all have the power to achieve our goals. Join us for an inspiring conversation about resilience, self-belief, and turning dreams into reality. Ready to unlock your potential? Join our RISERs who are already 'wave'ing and matching with opportunities through our AI video-led app. Think Bumble, for your next boss. RISER, where ambition meets opportunity. AD Follow Ozlem here Follow In Her Shoes Here

This week on the In Her Shoes Podcast, I was joined by the sensational Henrietta Rix, Co-founder and CEO of Rixo. Having been a huge fan of the apparel, I was excited to sit down with Henrietta and understand how the brand came to be and the journey that has led to global presence with a new store recently opened in NYC. Whether you're an aspiring entrepreneur, a fashion enthusiast, or simply love a good success story, this episode is packed with valuable lessons and infectious passion. Henrietta's candid reflections on the highs and lows of her journey will leave you inspired to pursue your own dreams. Tune in to discover how two young women with a suitcase full of vintage treasures transformed the fashion landscape and created a brand that celebrates individuality and empowers women of all ages. This is more than just a fashion story – it's a testament to the power of friendship, perseverance, and staying true to your vision. Thinking about taking your first steps, building your own brand? Pivoting in your career? The one thing that every guest had emphasised the importance of is, their network. Creating and nurturing a support system of people that can guide and unlock opportunties is a crucial pillar to your success. Transform yours now with RISER, the AI career matchmaking app. Our video led experience will allow you to swipe to match and connect with the real humans behind the opportunities. AD Join our RISERs now Follow RIXO here Follow In Her Shoes Here

Matt Riser talks about his first year leading the program, 28 newcomers, and raising expectations. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Matt Worthington is a community leader in Austin, TX. He is the founder of Riser Network, which serves as a networking opportunity for individuals in Austin, TX to meet like-minded entrepreneurs, creators, fitness enthusiats and more.  Matt started these events after he graduated college, coining them, "Austin's Most Successful Under 30". After making a strong first impression on the community, Matt has turned this idea into a business that now hosts hundreds of people each event. His goal at his events is to create a "come as you are" experience. You do not need to be in a suit in tie, have a seven-figure business, or a million followers. Instead, show up with an open mind, ready to have fun and meet kickass people in your city. Outside of Riser, Matt hosts private dinners for the Austin community, retreats and more. Matt's mission this year is to give back to people and spread kindness. He is constantly spreading love around the world through random acts of kindness.  In this episode, we discuss the power of community, impacting others, completing 1,000 pull-ups together, challenging yourself and so much more. 

In this episode, Jon Teater (Whitetail Landscapes) and Perry Battin (Drury Outdoors) discuss planting season, rain, planting corn and beans. Perry discusses a new liquid fertilizer system that is advancing their corn plants. Perry explains the equipment that supports planta recent harvest and how the layout of the property led to success. Perry discusses new products like Reax, Altura, Riser and Biologic products like Mean Green to help plants develop. Perry and Jon discuss Conservation Reserve Program (CRP), fire on the landscape, non-native plants, summer burns. Perry discusses cattle grazing, fencing issues and responsibilities of landowners handling issues with cattle in the Midwest. Perry discusses more about no till drills and what equipment they are using this year. Social Links https://www.instagram.com/perrybattin_druryoutdoors/?hl=en https://www.druryoutdoors.com/ https://www.plantbiologic.com/ https://whitetaillandscapes.com/ https://www.facebook.com/whitetaillandscapes/ https://www.instagram.com/whitetail_landscapes/?hl=en DruryOutdoors - YouTube https://getgrowingwithnutrien.ag/ https://www.agspray.com/ https://www.ph-outdoors.com/g-series-no-till-drill-1 Learn more about your ad choices. Visit megaphone.fm/adchoices