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As a property manager, how much do you know about tax liens and tax deeds? How much do your investors know?  In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with Brian Seidensticker, Founder of Tax Sale Resources and Mountain North Capital, to discuss how property managers can help their investors buy more properties using tax lien strategies. You'll Learn [01:40] From Aerospace Engineering to Buying Tax Liens [06:46] How Property Managers Can Benefit  [16:06] How to Learn The Ins and Outs of Tax Lien Investing [23:29] The Biggest Questions and Pitfalls Quotables "Property managers, the savviest ones, they're building up their own portfolios, not just helping everybody else." "Property managers… what gets them access to more deals is just being connected to more investors." "This might crack open a new idea for them, another growth channel that they could leverage as a resource for their investors." Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript Jason Hull (00:00) This might crack open a new idea for them, another growth channel that they could leverage as a resource for their investors. All right, I'm Jason Hull, the CEO and founder of DoorGrow, the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. For over a decade and a half, we have brought innovative strategies and optimization to the property management industry. At DoorGrow, we have spoken to thousands of property management business owners, improving pricing, increasing profits, simplifying operations. We run the world's leading property management mastermind to help them grow. DoorGrow, we believe good property managers can change the world and that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. We are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market. and help the best property management entrepreneurs win. Now, let's get into the show. So my guest today is Brian Seidensticker, founder of Mount North Capital and Tax Sale Resources, one of the nation's top platforms tracking over 8,000 tax sales and over 1.5 million distressed properties each year. Brian is a leading expert in tax lien and deed investing and shares how property managers can turn overlooked tax delinquent properties into major portfolio growth opportunities. Brian, welcome to the show. Thanks Jason, thanks for having me. Excited to be here. Cool. So before we get into the topic at hand, let's rewind and tell everybody how did you get into entrepreneurism and how did you get into these businesses that you now have? Brian Seidensticker (01:37) Thanks Jason, thanks for having me. Excited to be here. Yeah, well, I think it's an interesting story, although I'm slightly biased because I did not grow up with aspirations of being in this space or doing what I do today, although I love what I do now. I think the probably the first sign of, maybe the standard corporate.   Jason Hull (01:55) I think it's an interesting story. sign of hey maybe the standard corporate Brian Seidensticker (02:14) atmosphere isn't necessarily for me came when I was ⁓ still in school. Got my first internship in the aerospace industry, which is where I spent the first 10 years of my career ⁓ at Honeywell, of all places, in design engineering and ⁓ thought it was exactly what I wanted to do, but I didn't know much about, you know, engineering and what was actually involved. ⁓ Jason Hull (02:14) atmosphere isn't necessary for me came when I was still in school got my first internship in the aerospace industry which is where I spent first 10 years of my career at Honeywell of all places and design engineering and thought it was exactly what I wanted to do but I didn't know much about you know engineering and what was actually all Brian Seidensticker (02:40) And that is the first time that I kind of realized, okay, maybe maybe this is not what I had in mind. was, you know, it's odd, you know, ironically enough, not a whole lot different than what I do today. I stared at a computer all day and that is not what I had envisioned for engineering. was assuming it was going to be much more hands on and touching things. And that was probably the first time where I called it my earliest twenties crisis, where I was like, Oh, you know, I'm three, four years into this. Is this what I want to do for the rest of my life? Jason Hull (02:40) And that is the first time that I kind of realized, okay, maybe this is not what I had in mind. was, ironically enough, not a whole lot different than what I do today. I stared at a computer all day and that is not what I had envisioned for engineering. was assuming to be much more hands-on and touching things. That was probably the first time where I call it my earliest 20s crisis, where I was like, whoa, I'm three, four years into this. Is this what I want to do for the rest of my life?   Brian Seidensticker (03:10) and ultimately decided, well, I'm this far along. Starting over was more terrifying. so, you know, go ahead and finish it out. I was I was lucky in the fact that ⁓ within a year out of school, I did land what I consider a dream job and did love what I did for for quite a while. ⁓ I was basically what they call systems engineer for missile defense programs, working on Jason Hull (03:10) And ultimately decided, well, I'm this far along. Starting over was more terrifying. And so, you know, go ahead and finish it out. I was, I was lucky in the fact that within a year out of school, I did land what I consider a dream job and did love what I did for quite a while. I was basically what we call systems engineer for Missed Defense Programs, working on, you Brian Seidensticker (03:39) you know,   programs that essentially mimic ⁓ weapons of other countries. And then our systems would also practice shooting them down, which all sounds really, really cool. Right. And it was cool. ⁓ But my my second realization came later when I kind of well, I went on vacation for six weeks and I had a lot of anxiety about being gone that long of how much I would be behind. And when I got back, I realized, you know, how   Jason Hull (03:40) programs that essentially mimic weapons of other countries and then our systems would also practice shooting them down, which all sounds really, cool. Right. was cool. But my second realization came later when I kind of, well, I went on vacation for six weeks and I had a lot of anxiety about being gone that long and how much I would be behind and when I got back I realized how   Brian Seidensticker (04:08) little I was behind.   Jason Hull (04:08) little I was behind.   Brian Seidensticker (04:10) was basically stepped right back into it like I'd never been gone. And that was a realization for me that, you know, I'm spending a lot of my time on a hamster wheel unknowingly. And then eventually came to the conclusion that I've got two years of banging my head against the wall with government contracts, right? Anybody has dealt with that red tape associated with that for what equated to about two minutes of really cool. that those those just didn't equate for me as being worth it.   Jason Hull (04:10) and Yeah. ⁓   Brian Seidensticker (04:37) Right. And that's not to say, you know, I   loved what I did at certain cases that company I worked for was fantastic. It just wasn't necessarily for me. And that was where I kind of realized, OK, I got to find something else. Now, I wish I could say the next day I gave my notice, dropped the mic and left. That's certainly not how real life works. ⁓ But I did start getting into, well, originally fix and flip houses.   Jason Hull (04:49) and and   Brian Seidensticker (05:01) And this is in 06, 07 timeframe and ended up upside down in one of those. were flipping properties in Montana. And I guess most people know what happened in 07, 08. Luckily, it wasn't a detrimental thing and I didn't have too many houses, but was upside down. And so I've got a notice of a potential taxing on that property. Now, the odd thing is that   Jason Hull (05:06) and ended up upside down in one of those. were flipping properties in Montana and I guess most people know what happened in 07, 08. Luckily it wasn't a detrimental thing and I didn't have too many houses but it was upside down and so I got a notice of a potential taxing on that property. Now the odd thing is   that because the way that Montana statutes are at the time,   Brian Seidensticker (05:30) because the way that Montana statutes are at the time where   every potential investor had to send you a certified letter, I didn't just get one notice from the county. Probably would have never thought twice about it, but I got 20, 30, 40 of these certified letters all saying roughly the same thing. And that's really what triggered me to go, what is this all about? guess I'm a curious person by nature and started researching this whole tax lien certificate.   Jason Hull (05:34) where every potential investor had to send you a certified letter. I didn't just get one notice from the county. I would have never thought twice about it. But I got 20, 30, 40 of these certified letters all saying roughly the same thing. And that's really what triggered me to go, what is this all about? Because I'm a curious person by nature. I started researching this whole tax lien certificate   enigma at the time. And lo and behold, was a whole industry.   Brian Seidensticker (05:59) enigma at the time. And lo and behold, it was it was a whole industry. There's   legitimate large businesses and banks that are are doing this. And that's what really steered me in the direction of shifting from a fixed flip to buying tax liens. And that was really the introduction to the space that we do a lot in today. So I guess a little bit on the journey of how I eventually became an entrepreneur ⁓ and how I was introduced to this space. ⁓   Jason Hull (06:04) legitimate large businesses and banks that are doing this. And that's what really steered me in the direction of shifting from a pay-per-fit to buying tax leaps. And that was really the introduction to this space that we do a lot in today. So was, I guess, a little bit on the journey of how I eventually became an entrepreneur and how I was introduced to this space.   Brian Seidensticker (06:28) I guess there's a whole line between today and then, but that's kind of the origin story anyway, Jason.   Jason Hull (06:28) I guess there's a whole lot in between today and then, but that's kind of the origin story.   Got it, yeah, interesting background. So from aerospace, doing engineering, to real estate fix and flips, and now you're in software and technology and doing some other cool stuff. So tell us a little bit about how can this benefit property managers? Let's get into this idea. Yeah, so.   Brian Seidensticker (06:57) Yeah. So   I think when it comes to property managers specifically, whether they're working with investors, to acquire on behalf of the investor and then they're operating that property or they're maybe managing that portfolio themselves. I really what tax sales have two different avenues, there's tax liens and then there's tax deeds. The tax deeds are what are sold at the end of a ⁓ foreclosure process for the   Jason Hull (07:16) Deeds are what are sold at the end of a proposal process for   the liens that never end up getting repaid. They go through a proposal process very similar to the mortgage proposal closure, although a lot longer timeline. And most of those are in areas where property managers or let's say a segment of property managers, you can get great. ⁓   Brian Seidensticker (07:23) liens that never end up getting repaid. go through a foreclosure process very similar to a mortgage foreclosure, although a lot longer timeline. ⁓ And most of those are in areas where property managers or I'd say a segment of property managers, ⁓ you can get great, ⁓ the great   Jason Hull (07:43) great rental options, especially if you're in the avenue of fixing rent. We work with several folks that buy properties, fix them up   Brian Seidensticker (07:43) rental options, especially if you're in the avenue of fixing rent. We work with several folks that buy properties, ⁓ fix them up and   with intent to rent them. And so if you're looking for an avenue of acquiring properties, right, and it may shift here in the next couple of years, we'll see what comes to reality. ⁓ But it's been an avenue of acquiring properties for the past 10 years where I think most people found it to be   Jason Hull (07:53) with intent to rent them. And so if you're looking for an avenue of acquiring properties, it may shift here in the next couple of years, and we'll see what comes to reality. But it's been an avenue of acquiring properties for the past 10 years where I think most people found it to be pretty...   Brian Seidensticker (08:12) pretty hard to find any sort of consistent ⁓ deals at a smaller scale of acquiring to build that portfolio over time. That's really probably the biggest impact too.   Jason Hull (08:12) pretty hard to find any sort of deals at a smaller scale requiring to build that footloid over time. That's really probably the biggest impact   to those folks. Now on the flip side, as a data point, one of the quickest ways of getting in trouble, right, is if properties that are owned outright, and we see this all the time, that are owned outright, you don't have that, you know, tacking of...   Brian Seidensticker (08:23) to those folks. Now, on the flip side, as a data point, I think one of the quickest ways of getting ⁓ in trouble, is if properties that are owned outright, and we see this all the time, that are owned outright, you don't have that ⁓ escrow   Jason Hull (08:41) best grow account that's making sure those taxes get paid and that people aren't paying those on their own behalf and they can end up in a tax outproposure unknowingly. Now, most people catch on, but we have   Brian Seidensticker (08:41) account that's making sure those taxes get paid. And if people aren't paying those on their own behalf, then they can end up in a tax out foreclosure unknowingly. Now, most people catch them, but we have seen   Jason Hull (08:51) seen properties that make it all the way through and at the end of the day, end up essentially losing a property due to these unpaid taxes and ignoring notices over a couple years. It seems like impossible, but it happens, right? And so it's making sure that property managers and just investors in general understand.   Brian Seidensticker (08:51) properties that make it all the way through. at the end of the day, end up essentially losing a property due to these unpaid taxes and ignoring notices over a couple of years, which seems like impossible, but it happens. And so it's making sure that property managers and just investors in general understand, hey,   Jason Hull (09:09) Hey, gotta keep monitoring, keep paying those property taxes even after the escrow is done and you have the property paid   Brian Seidensticker (09:09) you got to keep monitoring and keep paying those property taxes even after the escrow is done and you have the property paid off.   Jason Hull (09:15) off. Yeah, a lot of people get confused during the sale process and think, oh, it's all taken care of. Yeah, well for so many of us it is, right? If you have a mortgage on your house, it's all taken care of, right? It's when that mortgage is paid off, it's a happy day, but now you've got a few more things you've got to monitor you've never had to worry before. Yeah, got it. So,   Brian Seidensticker (09:22) Yeah, well for so many of us it is, right? If you have a mortgage on your house, it's all taken care of, right? It's when that mortgage gets paid off, it's a happy day, but now you've got a few more things you've got to monitor you've never had to worry before.   Jason Hull (09:37) Yeah, property managers, the savviest ones, they're building up their own portfolios, not just helping everybody else. And so they're investors too. And so this could be a nice channel or avenue for them to find some additional deals or properties. So what do they need to know in order to get started with working with tax liens or tax deeds and finding property? Well, I think the biggest thing to understand is really how the sales are.   Brian Seidensticker (10:02) Well, I think the biggest thing to understand is really how the sales occur   in your area. Every state has a slightly different process, slightly different statutes, ⁓ and even within that state, counties can interpret those statutes slightly differently. And so the number one thing that I always recommend is be smart and as in talk to an attorney that is familiar with the sale process in your specific area. ⁓ It's an   Jason Hull (10:08) state has a slightly different process, slightly different statutes, ⁓ and even within that state counties can interpret those statutes slightly differently. And so the number one thing that I always recommend is be smart and as in talk to an attorney that is familiar with the sale process in your specific area. ⁓   It's an unregulated space, meaning you don't have to have a license. There's nothing you have to do to participate.   Brian Seidensticker (10:30) unregulated space, meaning you don't have to have a license. There's nothing you have to do to participate. If you have got   Jason Hull (10:37) you've got capital, can go jump on one of the auction platforms and start buying. But that's also a quick way of maybe getting into a property you shouldn't have. you had spoken to an attorney that knows what they're doing, they might have advised you on submitting those pit holes to a lawyer. So that would be mine and one recommendation is start there. Now, if you're not quite ready,   Brian Seidensticker (10:37) capital, you can go jump on one of the auction platforms and start buying. But that's also a quick way of maybe getting into a property you shouldn't have. And if you had spoken to an attorney that knows what they're doing, they might have advised you on many of those pit holes to avoid. And so that would be my number one recommendation ⁓ is start there. Now, if you're not quite ready,   I think the next best thing, in my opinion, is we do, I do interview ⁓   Jason Hull (11:00) think the next best thing in my opinion is we do, I do interview.   Brian Seidensticker (11:03) attorneys in different states. And so if you don't want to pay the attorney fees to figure some of that out, ⁓ it's free on our site. You don't have to pay anything. Just go to our website and there's a resources section you can filter down by the state that you're interested in. And if I've interviewed an attorney and asked a lot of those questions, it can be a free hour or two of that attorney's time ⁓ answering those basic questions for anybody that wants to start there.   Jason Hull (11:04) attorneys in different states and so if you don't want to pay the attorney fees to figure some of that out it's free on our site you don't have to pay anything just go to our website resources section you can filter down by the state that you're interested in and if I've interviewed an attorney and asked a lot of those questions it can be a free hour or two of that attorney's time answering those basic questions for anybody that wants to start there   Brian Seidensticker (11:28) It's a less expensive starting point.   Jason Hull (11:29) it's a less expensive starting point   Okay great, what's the website address? We'll plug it right now. taxsaleresources.com awesome. Let me do a quick word from our sponsor and then we'll get back into this. So many of you tell me that maintenance is   Brian Seidensticker (11:34) This is taxsaleresources.com   Jason Hull (11:51) Probably the least enjoyable part of being a property manager and definitely the most time consuming. But what if you could cut that workload up to 85 %? That's exactly what Vendoroo has achieved. They've leveraged cutting edge AI tech to handle nearly all your maintenance tasks from initiating work orders and troubleshooting to coordinating with vendors and reporting. This AI doesn't just automate. It becomes your ideal employee, learning your preferences and executing tasks flawlessly.   never needing a day off and never quitting. This frees you up to focus on the critical tasks that really move the needle for your business, whether that's refining operations, expanding your portfolio, or even just taking a well-deserved break. Over half the room at DoorGrow live last year at our conference signed up with Vendoroo right there and then a year later, they're not just satisfied, they're raving about how Vendoroo has transformed their business. So don't let maintenance drag you down.   step up your property management game with Vendoroo. Visit vendoroo.ai slash DoorGrow today and make this your last maintenance hire you'll ever need. Okay, so let's get back into tax liens and tax deeds. Now, how could property managers start to educate their clients on this so that they can get more properties in their portfolio?   Brian Seidensticker (13:10) So, one, I guess a quick note, just listening to that note from Vendoroo. ⁓ This is the first I've heard of it and it sounds fantastic. So it's definitely one I'm gonna check out after this. That's cool. So, sorry, I was thinking about that. How does Tax Sale Resources help these folks?   Jason Hull (13:10) So, well, I'm gonna use a quick note just listening to that note from Ben-Dur-Roo.   Hahaha   So, sorry, I was thinking about.   Yeah, property managers, they're one of their primary goals. What gets them access to more deals is just being connected to more investors. They want to get more clients and they want their existing clients that they love that want to get into more property, help them find more property more quickly. So how can property managers start to educate their clients, these investors on   tax liens and tax deeds, what would be a good way for them to start being self-educated enough that they could go and educate them about this so they can create more business?   Brian Seidensticker (14:02) Yeah,   I mentioned our website with resources section, but there's I host a podcast as well called Tax Sale Insiders where I'm interviewing industry professionals, interviewing attorneys, interviewing folks that are real and legitimate in the space. And I started that podcast because there wasn't a whole lot of real and legitimate information out there. ⁓ Now, truth be told, it's it's   Jason Hull (14:07) to the podcast.   folks that are real, legitimate space. And I started that podcast because there wasn't a whole lot of ⁓ real and legitimate information out there. ⁓ Now, truth be told, it's it   Brian Seidensticker (14:29) can be pretty, ⁓ what does my wife say? ⁓ If you want any assistance in going to bed at night, it's probably a good podcast to listen right before bed because I'm interviewing attorneys, right? it's,   Jason Hull (14:29) can be pretty. What does my wife say? If you want any assistance in going to bed at night is probably a good podcast to listen right before bed because I'm interviewing attorneys, right? They're not super thrilling.   Brian Seidensticker (14:45) are not, you know, small episodes of very high level of information. gets pretty deep, right? But for anyone that is legitimately wanting to get in the space, it is outstanding. ⁓   Jason Hull (14:45) These are not small episodes of very high level information. gets pretty deep, right? Yeah. But it's legitimately wanting to get in space is outstanding. Got it. It sounds   like a good step maybe to check out the podcast, if there are, you know, check out your website, see if there's any attorneys that maybe you've connected with in a particular market. But regardless, they need to find a local attorney and maybe a good   strategy for some of my clients listening and others would be to go find that local attorney and maybe do a little event with them. Bring your investors to the table. It could be a Zoom event, a virtual event, but bring this attorney. Be the interviewer. Make it a little bit more interesting. You'll have to be the interesting one, it sounds like. And interview them and ask the attorney to help you put together something that would be mutually beneficial for you, the attorney.   and for the potential mutual client that you could share. sounds like a good strategy to start getting into some of these deals.   Brian Seidensticker (15:48) Absolutely, there's, you know, while tech sales occur nationwide, right, and they there might be slightly different processes, but it's something that I'd say everybody could look into. It's not isolated to one market or another. can be a tool utilized, right, for anybody in the space.   Jason Hull (16:06) So explain your services, your sites, how can, besides just doing research, how else can these facilitate what they're trying to accomplish here? So really what Tax Sale Resources is today is it answers all the basic questions that there weren't any answers to when we first got into space, right? was over a decade and a half ago. But at the time, and I say simple answers, things like...   Brian Seidensticker (16:19) So really what Tax Sale Resources is today is it answers all the basic questions that there weren't any answers to when we first got in this space, right? This is over a decade and a half ago. But at the time, and I say simple answers, things like when   are these auctions taking place? Where are they taking place? What are the properties associated with these auctions, right? And what are the information associated with those properties? Because typically, definitely at the time and still today, what's   Jason Hull (16:34) When are these auctions taking place? Where are they taking place? What are the properties associated with these auctions? And what are the information associated with those properties? typically, definitely at the time and still today,   Brian Seidensticker (16:46) but published as a list of partial numbers. So that doesn't tell you a whole lot. Partial numbers and tax amounts do. And so what we've done is compiled that all into, I haven't gotten trouble for this yet, it's a Zillow style platform where it's all loaded with all of that information. And so   Jason Hull (16:46) what's published is a list of parcel numbers. that doesn't tell you a whole lot. Parcel numbers and tax amounts do. And so what we've done is compiled that all into, I haven't got trouble for this yet, it's a Zillow-style platform where it's all loaded with all of that information.   Brian Seidensticker (17:01) if you're after a specific asset type, which I think property managers could certainly in their area say, hey, I want to target these parts of town. I want to target these types of properties with   Jason Hull (17:02) If you're after a specific asset type, which I property managers could certainly in their area say, hey, I want to target these parts of town. I want to target these types of properties   with certain square footage and number of beds and baths. You can settle that criteria up and the system will tell you here's what's going up for sale in given moment in time. And those types, it seems simple, That's a massive task coming from somebody that it all together and have a great team.   Brian Seidensticker (17:11) you know, certain square footage and number of beds and baths, right? You can set all that criteria up and the system will tell you here's what's going up for sale, right? At any given moment in time. ⁓ and those types, it seems simple, right? And that, that's a massive task, right? Coming from somebody that put, well, ⁓ put it all together, right? And have a great team monitoring   Jason Hull (17:31) monitoring that, but it's 8,000 plus auction a year, know, are millions of properties. And so it's a massive task.   Brian Seidensticker (17:31) that. ⁓ but it's 8,000 plus auctions a year. It's, know, millions of properties. And so it's a massive task. So   Jason Hull (17:39) So we simplify that, right? And that's essentially think of tax and resources as once you kind of know what you're doing in this space, right? So go do your research, to attorney, right? You've got your model, right? What you're looking for, you're looking to target. Then the platform can be all of the information for you to be successful from there. We like to call it all of the tools for knowing   Brian Seidensticker (17:39) We simplify that, right? And that's essentially think of tax resources as once you kind of know what you're doing in the space, right? So go do your research, talk to attorney, right? And you've got your model, right? What you're looking for, what you're looking to target. Then the platform can be all of the information for you to be successful from there. We like to call it all of the tools for knowing not   your knowledgeable space or knowledgeable investors in the space to actually be successful. And that's really what tax resources, the platform is now.   Jason Hull (18:01) not in nodule space, not investors in the space to actually be successful. And that's really what tax resources the platform is.   Now, that kind of dovetails into typically, right, this is one of the issues that some investors may come and get up against is a very cash intensive acquisition strategy because you have to typically have cashier checks, right, capital on hand, they have the auction, you don't have...   Brian Seidensticker (18:09) that kind of dovetails into typically, right, this is one of the issues that ⁓ some investors may come up against is a very cash intensive acquisition strategy because you have to typically have ⁓ cashier's checks, right, capital on hand, day of the auction. You don't have 30   days to go close. Now there's some states where you can put a deposit down, but in general, most of the country works under a   Jason Hull (18:29) ⁓   Brian Seidensticker (18:36) as is sale right then and there. I've actually even participated in auctions where they pause the auction and they won't continue until the person that won it comes down and provides their cash to purchase that asset. ⁓ Most folks, right, you don't have millions of dollars laying around. And that's really where Mountain Earth Capital, which is the other side of the house, came   Jason Hull (18:47) Wow.   Brian Seidensticker (18:57) about, which is working with local investors in helping provide the capital and   Jason Hull (18:58) came about, which is working with local investors and helping provide the capital   Brian Seidensticker (19:03) in acquiring those properties. ⁓ Now, I'll stop short in saying that we're all lender. We're not a lender. This is not a lending scenario, but we can be a capital partner for folks that want to use this as an acquisition strategy and have a model that is already successful or have a great ⁓ model in mind and want to pursue it because we can be the capital that   Jason Hull (19:03) and acquiring those properties. Now, I'll stop short and say we're lender. We're not a lender. This is not a lending scenario, but we can be a capital partner for folks that want to use this as an acquisition strategy and have a model that are either A, already successful, or have a great ⁓ model in mind and want to pursue it. Because we can be the capital that   Brian Seidensticker (19:26) on the day of action and buying those assets.   Jason Hull (19:27) on the day of action and buying those assets   Brian Seidensticker (19:30) in kind of a bridge type scenario where you have an end goal in mind. And so that's what Mountain North Capital is, is the access to the other major problem, right? The harder problem. We solved the easy questions and problems back in 2010 and then in 2020 we solved the second half, which is the capital aspect for folks that want to participate in this acquisition strategy.   Jason Hull (19:30) in kind of a bridge type scenario where you have an end goal in mind. And so that's what Bound Worth Capital is, is the access to the other major problem, right? The harder problem. We solved the easy questions and problems back in 2010 and then in 2020 we solved the second half, which is the capital aspect for folks that want to participate in this acquisition strategy.   Got it. Do some get involved with lenders trying to do these deals or hard money lenders or? Yeah, I think there's probably three avenues of, let's say four.   Brian Seidensticker (19:57) I think there's probably three avenues of, I'd say four avenues   of capital, And if I were to rank them in the least cost, if you have cash on hand, great, right? That doesn't cost anything. If you can get a line of credit out on some other asset or assets, right? Then that's a least cost effective or cost.   Jason Hull (20:07) Right, cash is king.   Brian Seidensticker (20:21) least costly ⁓ avenue, hard money lenders are another one, right? Where, if you've got credit available and have those hard money lenders that you can utilize, that might be one that is available. ⁓ I would caution though that not caution, but not all hard money lenders are aware and comfortable with tax sales. So that's something you got to work through with them. And then most folks don't have access to those or you have access to those until you kind of max all those out, right? And then   Jason Hull (20:22) least costly avenue.   one that is available.   Okay interesting so   Brian Seidensticker (20:47) You know, our, our source of capital is a very different source of capital allows folks to continue buying when typically folks have to stop buying and run out of other sources.   Jason Hull (21:01) Yeah, so they've got to find the cash, they've got to find the funds to be able to do these deals and they move quick, like real time sometimes at these auctions. How do these auctions differ from the foreclosure auctions and some of these sort of deals?   Brian Seidensticker (21:10) Yes.   I'd say they're similar for, so for most folks or folks that are familiar with mortgage foreclosures, a lot of time, this procedures are very similar. ⁓ now the biggest difference is the type of title that you get at these auctions. And this is why banks don't typically touch these types of assets. Cause you're essentially buying a quick claim deed. Now that quick claim deed comes with headaches, right? You have to potentially do some quiet title, which is probably the most common thing that you got to deal with. ⁓ and you.   Jason Hull (21:17) I'd say they're similar. So for most folks, there are folks that are familiar with mortgage foreclosures, a lot of times, these procedures are very similar. Now the biggest difference is the type of title that you get at these auctions. And this is why banks don't typically touch these types of assets, because you're essentially buying a quick claim deed. Now like quick claim deed comes with headaches, right? You have to potentially do some quiet title, which is probably the most common thing that you got to deal with. And   you...   Brian Seidensticker (21:45) may   or may not most of the time you don't have to deal with any other liens on the property. Right. And so those are things that most people don't understand. That's also a reason why a lot of hard money lenders don't really like the space and also a reason why banks won't touch it. Right. They don't want to go through the effort of learning all of those things at the scale that we're talking. Right. Because there, you know, there's probably four to five billion dollars of real estate sold like this annually, which   Jason Hull (21:46) may or may not most of the time we don't have to deal with any of the liens on the property. Right. And so those are things that most people don't understand. That's also a reason why lot of hard money lenders don't really like this space. also a reason why banks won't touch it. They don't want to go through the effort of learning all of those things at the scale that we're talking. Right. There's probably four or five billion dollars of real estate sold like this annually.   Yeah. There's plenty for most of the folks listening but for banks that's small drop.   Brian Seidensticker (22:10) is plenty, right? For most of the folks listening, but for banks, that's a small drop in the bucket compared   Jason Hull (22:15) budget compared to traditional real estate. And so that's one thing to keep in mind is the the actual ad there, the logistics of ⁓ registering for the sale, participating in the auction, right? That's all very similar, right? Underwrite properties, that's no different. The biggest difference is when it comes to underwriting the title, right? You have to keep that in mind. That's also one of the things that Mountain Rock Capital   Brian Seidensticker (22:15) to traditional real estate. And so that's one thing to keep in mind is the logistics of ⁓ registering for the sale, participating in the auction, right? That's all very similar, right? You underwrite properties, that's no different. The biggest difference is when it comes to underwriting the title, right? You have to keep that in mind. And that's also one of the things at Mountain Earth Capital.   provides is we understand that it can kind of people   Jason Hull (22:39) provides is we understand that it can kind of help.   Brian Seidensticker (22:42) avoid pitfalls because we're interested in making sure that they're successful also. ⁓ That's the biggest difference is just the additional underwriting involved on that.   Jason Hull (22:42) people avoid pitfalls because we're interested in making sure that they're successful also. That's the biggest difference is just the additional underwriting involved   on that one. Got it. So maybe it would be a good first place to start would be to leverage the expertise of Mount North Capitol, go through one of these processes before you start trying to wing it on your own, perhaps. Yes, mean, I guess without completely tuning our own horn.   Brian Seidensticker (23:06) Yes, I I guess without completely tooting our own horn,   I would recommend that obviously I'm biased, but for folks that are somewhat new to the space, but at least understand real estate, understand how to manage that real estate, which ⁓ majority of listeners fall into that bucket and just want to utilize this, then Mountain Health Capital can be the perfect partner to work with in that regard.   Jason Hull (23:14) that are somewhat new to this space, but at least understand real estate, understand how to manage that real estate, which majority of listeners fall into that bucket and just want to utilize this, then Mount of Capital can be the perfect partner to work with   in that regard. Got it. What are some of the big questions that people have when they start getting involved in this that they should be aware of?   Brian Seidensticker (23:36) well, we've, we've covered some of them already, but it's like, what are, what are the other, I'll say unknown unknowns, right? Of like, what, what should I be aware of that I haven't asked about, right? And we've touched, you know, the hate, you know, making sure that you speak with attorney, right? Making sure that you're actually underwriting every property. And I don't worry about this as much for, for tax deed buyers because they're used to underwriting properties. There's a, on the taxing side, there's, there's kind of a   Jason Hull (23:37) Well, we've covered some of them already, but it's like...   say unknown unknowns, right? Like what should I be aware   Brian Seidensticker (24:05) a myth out there that there's value in every tax lien sold. And that's not the case because there's tax lien sold on worthless pieces of property. So underwrite your property just like you would normally, ⁓ make sure that you understand the title aspect, ⁓ you know, of, of the property that you're acquiring and what other I would call garbage are you going to have to deal with? ⁓ and then, you know, just making sure that you have a valid and good exit ramp.   Jason Hull (24:06) myth out there that there's value in every tax lien sold and that's not the case because there's tax liens sold on worthless pieces of property. So underwrite your property just like you would normally. Make sure that you understand the title aspect of the property that you're acquiring and what other item called garbage you're going to have to deal with. And then just making sure that you have a valid and good exit   Brian Seidensticker (24:31) Right. Especially if we're going to partner with folks, want, we're not   Jason Hull (24:31) ramp. Especially if we're going to partner with folks, we want...   Brian Seidensticker (24:34) interested in the long-term hold strategy. We want to be that, Hey, let's buy the property. Let's get it stabilized. Let's make sure the title issues are squared away. Then go get normal financing, right. At a lot better rate, get us out of the way. And then you can hold it, you know, for the term of however long you want to own that rental property. Right. And we've worked with several folks that are using that strategy of working with us in that, in that short period of time. And that's like.   Jason Hull (24:34) We're not interested in long-term hold strategy. We want to be that, hey, let's buy the property. Let's get it stabilized. Let's make sure the pilot issues are squared away. Then go get normal financing at a lot better rate. Get us out of the way. And then you can hold it for the term of however long you want to own that rental property. We work with several folks that are using that strategy of working with us in that short period of time.   Brian Seidensticker (25:00) If you execute that playbook, you can be very successful.   Jason Hull (25:01) If you execute that playbook, you can be very successful.   Does that cover then most of the major potential pitfalls that people fall into when you see them getting started with this? Yes, I think if you do it the right way, you do your research, right, and you don't just blindly go start buying items, then you'll be successful. Where people typically get burned is they look at Zillow for pictures. Well, these properties are distressed, right? These are more distressed than mortgage proposals. You definitely need to grab a private.   Brian Seidensticker (25:10) Yes, I think if you do it the right way, you do your research, right? And you don't just blindly go start buying items, then you'll be successful. Where people typically get burned is they look at Zillow for pictures. Well, these properties are distressed, right? These are more distressed than mortgage foreclosures. You definitely need to try to the property because   Zillow might be 10 years old and shows a nice property there. Well, in the last three years, you know, when it   Jason Hull (25:32) because they might be 10 years old and shows a nice property there. Well, in the last three years, know,   Brian Seidensticker (25:37) first went delinquent through the foreclosure process, they could have had a fire in the back and it's a tear down. These are all things that maybe normal real estate investors don't think about, but that is the type of assets that you might encounter in this space. So it's just doing your research like you should, or any real estate investor should.   Jason Hull (25:37) it first went delinquent, right, through the portfolio process, they could have had a fire in the back and it's a tear down. These are all things that maybe normal real estate investors don't think about, right? That is the type of assets that you might encounter in this space. So it's just doing your research like you should, right? Or any real estate investor should. Do these always have to be done in person? Is there a way to do this?   any of these remotely or is that just dependent on some markets?   Brian Seidensticker (26:03) So the auction platforms in attendance typically can be done remotely. that's   part of working with Mountain Earth Capital is some of the many of the auctions we still get great deals are live. But that's part of the services we provide is actually having bidders that attend the auctions. And so if you're in California, for example, and you want to participate in auctions in Texas, typically you wouldn't be able to do that. But through our program, you would. ⁓   Jason Hull (26:13) Many of the oxygen-re-stemming great deals are...   So if you're in California, for example, and you want to participate in auctions in Texas, typically you wouldn't be able to do that, but through our program you would. Interesting.   Brian Seidensticker (26:30) On other hand, are almost every tax deduction in Florida is online these days. And so if you wanted to go it alone and participate in these auctions remotely, about 70 % of the country is online ⁓ post COVID.   Jason Hull (26:31) And there are almost every tax deduction in Florida is online these days. And so if you wanted to go it alone and participate in these auctions remotely, about 70 % of the country is online ⁓ post-COVID.   Got it. Yeah. They just doing this on zoom or Google meter.   Brian Seidensticker (26:51) Yeah, well, they know they, you they have platforms,   auction platforms that the counties have contracted with and utilized for the sale of property. So instead of raising your paddle, you're clicking a button. mean, the auction is executed the same, but allows it, you will anybody to participate in them at this point?   Jason Hull (26:55) that the counties have contracted with. Interesting. Lies to the sale of property. So instead of raising your paddle, you're clicking a button. Yeah. But a lot of that really needs to be put in.   Yeah, got it. Okay, well that's really cool. So, well let's get your info. How can people reach you and reach both of these entities that you've got and.   And then any parting words that you have for those that are wanting to get involved in this?   Brian Seidensticker (27:28) Yes, I think the easiest well as far as the two websites for folks that   want to check it out, right? Taxsaleresources.com mentioned that earlier on the Mountain North Capital side is mountainnorthcapital.com You can check that out. If you want to get in touch with me, go to TaxsaleResources.com and there's a   There's a phone number on there, call the phone number. There's actually a real person on the other end answering it. It's not an AI agent. We haven't made that leap. I still believe that having real people on the other end is important and just tell them, yeah, I heard Brian's caught me a podcast on Jason's or took me and Brian on Jason's podcast. I'd like to talk to more about, you know, XYZ and they'll get you in touch with.   Jason Hull (27:55) I still believe that having real people on the other end is important. Just tell them, I heard Brian's podcast on Jason's, or take me and Brian on Jason's podcast. I'd like to...   Perfect, awesome. Cool. Well, Brian, appreciate you coming on the show. This is very interesting. think a lot of my clients, This might crack open a new idea for them, another growth channel that they could leverage as a resource for their investors. And so I appreciate it. Thanks so much. All right. So those of you listening, if you've ever felt stuck or stagnant and you want to take your property management business to the next level, reach out to us at doorgrow.com also.   Brian Seidensticker (28:25) Thanks for having me, Jason.   Jason Hull (28:36) Join our free Facebook community just for property management business owners at doorgrootclub.com. And if you would like to get the best ideas in property management, join our newsletter at doorgrow.com/subscribe And if you found this even a little bit helpful, don't forget to subscribe and leave us a review on whichever platform you saw or heard this on. We'd really appreciate it. And until next time, remember the slowest path to growth is to do it alone. So let's grow together. Bye everyone.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TELL SOMEONE ABOUT THE MORNING MINDSET - Your personal recommendation can make an eternal difference in the lives of the people you know! STEP ONE: Go to http://YourMorningMindset.com  STEP TWO: Share that page with someone you know! ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 3:7 - Likewise, husbands, live with your wives in an understanding way, showing honor to the woman as the weaker vessel, since they are heirs with you of the grace of life, so that your prayers may not be hindered. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Get a copy of the MM Companion Journal: https://MorningMindsetMedia.com/journal ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 3:5–6 - For this is how the holy women who hoped in God used to adorn themselves, by submitting to their own husbands, [6] as Sarah obeyed Abraham, calling him lord. And you are her children, if you do good and do not fear anything that is frightening. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Join the MMM Prayer Team: https://MorningMindsetMedia.com/PrayerTeam ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 3:3–4 - Do not let your adorning be external—the braiding of hair and the putting on of gold jewelry, or the clothing you wear—[4] but let your adorning be the hidden person of the heart with the imperishable beauty of a gentle @and quiet spirit, which in God’s sight is very precious. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ BECOME A MONTHLY PARTNER: (not tax-deductible) You can find out how to become a monthly partner including how to receive your "thank you" gift - our bonus podcast called "Digging Deeper." God t: https://mm-gfk-partners.supercast.com/ ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 3:1–2 - Likewise, wives, be subject to your own husbands, so that even if some do not obey the word, they may be won without a word by the conduct of their wives, [2] when they see your respectful and pure conduct. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ~~~~~~~~~~~~~~ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CONTACT: Carey@careygreen.com  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Listen to our other podcasts: https://MorningMindsetMedia.com ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 2:24 - He himself bore ou r sins in his body on the tree, that we might die to sin and live to righteousness. By his wounds you have been healed. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

Discover what world-class due diligence really looks like in multifamily syndications. In this episode, Paula Sabrsula and Adriana Barrero—capital raisers, multifamily ambassadors, and soon-to-be fund managers—share how they've built their reputations on meticulous underwriting and sponsor vetting. From analyzing crime data and walking properties themselves to hiring third-party underwriters and running background checks on operators, they reveal the comprehensive process that protects their investors' capital. With real stories of market pivots, lessons from capital calls, and the non-negotiable importance of communication, this conversation delivers invaluable insights for investors and entrepreneurs serious about safeguarding their wealth.5 Key TakeawaysDue Diligence Begins with Crime Data – Their first filter is always crime rates, which immediately disqualifies the majority of deals they review HCP Video Podcast Transcript - ….Communication Is Non-Negotiable – The best operators maintain consistent, transparent communication—even during losses—which builds long-term trust with investors HCP Video Podcast Transcript - ….Thorough Vetting of Deal Sponsors – Beyond the deal itself, they run background checks, consult investor networks, and look for consistency in how sponsors present information HCP Video Podcast Transcript - ….Third-Party Verification Matters – They double their underwriting by hiring external firms to validate assumptions, adding another layer of protection for investors HCP Video Podcast Transcript - ….Investor Capital Is Personal – Paula and Adriana measure every deal by the standard of whether they would invest their own family's money, ensuring alignment with investors' best interests About Tim MaiTim Mai is a real estate investor, fund manager, mentor, and founder of HERO Mastermind for REI coaches.He has helped many real estate investors and coaches become millionaires. Tim continues to help busy professionals earn income and build wealth through passive investing.He is also a creative marketer and promoter with incredible knowledge and experience, which he freely shares. He has lifted himself from the aftermath of war, achieving technical expertise in computers, followed by investment success in real estate, management skills, and a lofty position among real estate educators and internet marketers.Tim is an industry leader who has acquired and exited well over $50 million worth of real estate and is currently an investor in over 2700 units of multifamily apartments.Connect with TimWebsite: Capital Raising PartyFacebook: Tim Mai | Capital Raising Nation Instagram: @timmaicomTwitter: @timmaiLinkedIn: Tim MaiYouTube: Tim Mai

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ BECOME A MONTHLY PARTNER: (not tax-deductible) You can find out how to become a monthly partner including how to receive your "thank you" gift - our bonus podcast called "Digging Deeper." God t: https://mm-gfk-partners.supercast.com/ ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:14–16 - [14] As obedient children, do not be conformed to the passions of your former ignorance, [15] but as he who called you is holy, you also be holy in all your conduct, [16] since it is written, “You shall be holy, for I am holy.” (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ~~~~~~~~~~~~~~ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CONTACT: Carey@careygreen.com  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Listen to our other podcasts: https://MorningMindsetMedia.com ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:13 - [13] Therefore, preparing your minds for action, and being sober-minded, set your hope fully on the grace that will be brought to you at the revelation of Jesus Christ. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ ⇒Check out all of Carey's books - for adults and kids, fiction and non-fiction : https://CareyGreen.com/books ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:10–12 - [10] Concerning this salvation, the prophets who prophesied about the grace that was to be yours searched and inquired carefully, [11] inquiring what person or time the Spirit of Christ in them was indicating when he predicted the sufferings of Christ and the subsequent glories. [12] It was revealed to them that they were serving not themselves but you, in the things that have now been announced to you through those who preached the good news to you by the Holy Spirit sent from heaven, things into which angels long to look. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:10–12 - [10] Concerning this salvation, the prophets who prophesied about the grace that was to be yours searched and inquired carefully, [11] inquiring what person or time the Spirit of Christ in them was indicating when he predicted the sufferings of Christ and the subsequent glories. [12] It was revealed to them that they were serving not themselves but you, in the things that have now been announced to you through those who preached the good news to you by the Holy Spirit sent from heaven, things into which angels long to look. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TELL SOMEONE ABOUT THE MORNING MINDSET - Your personal recommendation can make an eternal difference in the lives of the people you know! STEP ONE: Go to http://YourMorningMindset.com  STEP TWO: Share that page with someone you know! ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:8–9 - [8] Though you have not seen him, you love him. Though you do not now see him, you believe in him and rejoice with joy that is inexpressible and filled with glory, [9] obtaining the outcome of your faith, the salvation of your souls. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TODAY'S DAILY SPONSOR: This episode sponsored by Morning Mindset listener Olyvia, In loving memory of her grandmother Ruby Johnson who always reminded her to keep God first.   You can sponsor a daily episode of the Morning Mindset too, by going to https://MorningMindsetMedia.com/DailySponsor ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3–7 - [3] Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, [4] to an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you, [5] who by God’s power are being guarded through faith for a salvation ready to be revealed in the last time. [6] In this you rejoice, though now for a little while, if necessary, you have been grieved by various trials, [7] so that the tested genuineness of your faith—more precious than gold that perishes though it is tested by fire—may be found to result in praise and glory and honor at the revelation of Jesus Christ. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TODAY'S DAILY SPONSOR: This episode sponsored by Morning Mindset listener Olyvia, In loving memory of her grandmother Ruby Johnson who always reminded her to keep God first.   You can sponsor a daily episode of the Morning Mindset too, by going to https://MorningMindsetMedia.com/DailySponsor ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3–7 - [3] Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, [4] to an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you, [5] who by God’s power are being guarded through faith for a salvation ready to be revealed in the last time. [6] In this you rejoice, though now for a little while, if necessary, you have been grieved by various trials, [7] so that the tested genuineness of your faith—more precious than gold that perishes though it is tested by fire—may be found to result in praise and glory and honor at the revelation of Jesus Christ. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.

j To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Get a copy of the MM Companion Journal: https://MorningMindsetMedia.com/journal ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3-5  - Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, [4] to an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you, [5] who by God’s power are being guarded through faith for a salvation ready to be revealed in the last time. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3 - Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, [4] to an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you, (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Listen to our other podcasts: https://MorningMindsetMedia.com ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3 - Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ ⇒Check out all of Carey's books - for adults and kids, fiction and non-fiction : https://CareyGreen.com/books ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3 - Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, (ESV) John 3:3–8 - Jesus answered him, “Truly, truly, I say to you, unless one is born again he cannot see the kingdom of God.” [4] Nicodemus said to him, “How can a man be born when he is old? Can he enter a second time into his mother’s womb and be born?” [5] Jesus answered, “Truly, truly, I say to you, unless one is born of water and the Spirit, he cannot enter the kingdom of God. [6] That which is born of the flesh is flesh, and that which is born of the Spirit is spirit. [7] Do not marvel that I said to you, ‘You must be born again.’ [8] The wind blows where it wishes, and you hear its sound, but you do not know where it comes from or where it goes. So it is with everyone who is born of the Spirit.” (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TODAY'S DAILY SPONSOR: The cost of today’s episode is financially supported by David, from Ohio, who listens every morning.   You can sponsor a daily episode of the Morning Mindset too, by going to https://MorningMindsetMedia.com/DailySponsor ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3 - Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:3 - Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead, (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TELL SOMEONE ABOUT THE MORNING MINDSET - Your personal recommendation can make an eternal difference in the lives of the people you know! STEP ONE: Go to http://YourMorningMindset.com  STEP TWO: Share that page with someone you know! ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Get a copy of the MM Companion Journal: https://MorningMindsetMedia.com/journal ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - [1] Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

Institutional CRE investing: A market run by allocation math – and uncertainty My podcast/YouTube guest today is Greg MacKinnon, Director of Research at the Pension Real Estate Association (PREA). PREA represents the institutional real estate community - think pension funds, sovereign wealth funds, endowments, and other fiduciaries managing hundreds of billions on behalf of millions of beneficiaries. These are the investors who typically allocate to real estate as part of their overall investment portfolios and who set the tone for how capital flows through the entire real estate market.   Greg explains how while institutional real estate remains a roughly 10% sleeve in diversified institutional portfolios, the number matters less than the mechanics behind it. When equities rally and private values fall, the real estate slice shrinks—creating a theoretical bid to “rebalance” back to target. In practice, that bid has been clogged by a fund-recycling problem: closed-end vehicles haven't been returning capital as quickly because exits have slowed, which leaves investors waiting for distributions before recommitting. Until that dam breaks more broadly, new capital formation into private real estate remains inconsistent across strategies and managers.   Office: price discovery by compulsion Institutional portfolios built in a world where office was a core holding are still working through the repricing. Unlevered office values are down on the order of ~40% from pre-COVID peaks nationally; with leverage, many positions are effectively wiped out, explaining why owners resist selling and why trades are scarce. That stasis is ending as lenders tire of “extend and pretend,” loan maturities arrive, and forced decisions accelerate. The practical question for CIOs isn't simply “hold or sell” but how fast to harvest, return, and re-underwrite risk elsewhere. Expect more office volume but much of it distress-driven rather than conviction buying.   The rate cut mirage: CRE runs on growth and the 10-year Market chatter obsesses over the next Fed move. Institutional capital takes a broader view. The cost of capital that matters for underwriting – term debt, cap-rate anchoring, discount rates – is tethered more to the 10-year Treasury than the overnight Fed funds rate. A policy cut can coexist with a higher 10-year if inflation risk re-prices, blunting any “cuts are bullish” narrative. More importantly: CRE performance tracks the real economy's breadth and durability. Historically, rising interest rates often coincide with strong growth and healthy real estate. Falling rates tend to arrive with deceleration, which is why “cuts” are not automatically good news for NOI or values. Underwrite your forward cash flows, not the headline.   Policy risk is now an underwriting line item Global capital has long treated the U.S. as the default safe harbor. That advantage compresses when macro policy feels unpredictable – tariffs one week, reversals the next, and public debate over central-bank independence. Some non-U.S. allocators have simply chosen not to live with the noise premium, shifting incremental dollars to Europe. Domestic institutions aren't exiting the U.S., but the signal is clear: political-economy volatility now shows up as a higher hurdle rate, more conditional investment committee approvals, and a stronger preference for managers who can navigate policy in both research and structuring.   Where the money is actually going Facing actuarial return targets and a cloudy macro, institutions are tilting toward “where alpha lives now”: Digital and specialized industrial: data centers; cold storage; and industrial outdoor storage (IOS) – think secured yards for heavy equipment – where supply is constrained and tenant demand is need-based. Housing adjacencies: single-family rental, manufactured housing, student housing, and seniors housing, plus targeted affordable strategies that can layer policy incentives with operating expertise. Selective core logistics and resilient multifamily: still investable but crowded; institutions need an edge in submarket selection, cost basis, or operations to meet return hurdles. Themes in common: operational complexity that deters industry tourists, local expertise that differentiates underwriting, and cash flows less correlated to the office cycle.   The portfolio is changing: from “real estate” to “real assets” Many large investors are reorganizing how they bucket risk. Instead of a hard 10% “real estate” sleeve, they're adopting either a broader real assets mandate (real estate + infrastructure + sometimes commodities) or a private markets sleeve (real estate + private credit + private equity). The goal is flexibility: tilt to where relative value is best without tripping governance wires each time. This structural shift makes it easier for a head of Real Assets to move dollars from, say, mid-risk equity in apartments to long-duration infrastructure when spreads and growth argue for it, and to rotate back when underwriting improves. It's a quiet change with large implications for which managers get funded and when.   “Institutional quality” is a culture, not a class of building Too many sponsors use “institutional quality” as shorthand for a gleaming asset. Institutions define quality as process: governance, repeatability, controls, reporting cadence, and audit-ready data, plus the discipline to say “no” when the numbers don't clear the bar. That's why a best-in-class niche specialist (e.g., Southwest self-storage or cold-chain) can attract blue-chip LPs without owning a single skyline trophy. Conversely, a sponsor with a glossy deck but ad-hoc reporting will struggle to cross the institutional threshold even in “prime” locations.   What to do now (operators and allocators) Own the 10-year, not the headline. Build your assumptions around the 10-year Treasury and the yield curve, not the Fed's short-term rate projections. Stress cash flows under slower growth. Lean into complex operations. Data centers, IOS, cold storage, seniors housing, where capability barriers protect yield. Be distribution-aware. If you're raising from institutions, understand their recycling constraints; design pacing and structures that fit their liquidity reality. Institutionalize the back office. Reporting, controls, and data pipelines are capital-raising assets. Treat them as such. Bottom line: allocations still want to be filled, but the bar is higher and the path is narrower. Those who combine operating edge with institutional process will take disproportionate share when the dam finally breaks.   n.b. Greg and I take a detailed look at what ‘institutional' real estate really means; how it's defined, structured, and operates. It's worth tuning in so you can separate fact from fiction the next time you see the term in a pitch deck.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Join the MMM Prayer Team: https://MorningMindsetMedia.com/PrayerTeam ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - [1] Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ BECOME A MONTHLY PARTNER: (not tax-deductible) You can find out how to become a monthly partner including how to receive your "thank you" gift - our bonus podcast called "Digging Deeper." God t: https://mm-gfk-partners.supercast.com/ ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - [1] Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ~~~~~~~~~~~~~~ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CONTACT: Carey@careygreen.com  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Listen to our other podcasts: https://MorningMindsetMedia.com ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - [1] Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ ⇒Check out all of Carey's books - for adults and kids, fiction and non-fiction : https://CareyGreen.com/books ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - [1] Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TELL SOMEONE ABOUT THE MORNING MINDSET - Your personal recommendation can make an eternal difference in the lives of the people you know! STEP ONE: Go to http://YourMorningMindset.com  STEP TWO: Share that page with someone you know! ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: 1 Peter 1:1–2 - [1] Peter, an apostle of Jesus Christ, To those who are elect exiles of the Dispersion in Pontus, Galatia, Cappadocia, Asia, and Bithynia, [2] according to the foreknowledge of God the Father, in the sanctification of the Spirit, for obedience to Jesus Christ and for sprinkling with his blood: May grace and peace be multiplied to you. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource) ➖➖➖➖➖➖➖➖➖➖ A brief video covering this issue (that I think is very good) can be found here: https://www.youtube.com/watch?v=B9RsHnb7huk - My description follows… The words found in the gospel of Mark 16:9-20 are likely NOT included in the original document that the gospel writer (Mark) recorded. How do we know this? We know because we are able to compare the existing copies of Mark’s gospel to one another - and when we do, we find that the very earliest copies (the oldest ones) do not contain these words. It’s also clear from notations in the copies that DO contain it, that the scribes who copied them knew there was some kind of dispute or “problem” related to the inclusion of verses 9-20. So how did these verses get into our Bibles? We don’t know for sure, but the best guess of scholars who think the passage is not original to Mark’s writing believe that a well-meaning scribe (a person who copied scripture by hand), felt that Mark’s ending was too abrupt, so he did something to “fix” the problem, as he saw it. While we don’t truly know WHO added this ending, or WHY they added it, we know at the very least that since at least the 2nd century, scribes have struggled with whether or not to include this section in the Gospel of Mark. To support this theory is the clear evidence that in the text of those earliest copies, the style or “era” of Greek script used to record verses 9-20 is very different than the Greek used in the rest of the Gospel. It’s pretty clear that a different scribe, at some point, wrote that section. For this reason, many researchers of ancient documents do NOT feel that these verses should be included in the gospel of Mark. Most modern study bibles will have a note that indicates the problematic nature of this section for modern readers.   ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.    

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TODAY'S DAILY SPONSOR: Leigh W. Young is a Bible teacher and author of three books on joy and the abundant life. She is hosting her Blessed Not Stressed Women's Weekend on November 14-16 in beautiful Western North Carolina. Find out more at leighwyoung.com (please spell it out)   You can sponsor a daily episode of the Morning Mindset too, by going to https://MorningMindsetMedia.com/DailySponsor ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 16:5–8 - [5] And entering the tomb, they saw a young man sitting on the right side, dressed in a white robe, and they were alarmed. [6] And he said to them, “Do not be alarmed. You seek Jesus of Nazareth, who was crucified. He has risen; he is not here. See the place where they laid him. [7] But go, tell his disciples and Peter that he is going before you to Galilee. There you will see him, just as he told you.” [8] And they went out and fled from the tomb, for trembling and astonishment had seized them, and they said nothing to anyone, for they were afraid. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Get a copy of the MM Companion Journal: https://MorningMindsetMedia.com/journal ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 15:47-16:3 - Mary Magdalene and Mary the mother of Joses saw where he was laid.  [1] When the Sabbath was past, Mary Magdalene, Mary the mother of James, and Salome bought spices, so that they might go and anoint him. [2] And very early on the first day of the week, when the sun had risen, they went to the tomb. [3] And they were saying to one another, “Who will roll away the stone for us from the entrance of the tomb?” (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Join the MMM Prayer Team: https://MorningMindsetMedia.com/PrayerTeam ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 15:42–46 - [42] And when evening had come, since it was the day of Preparation, that is, the day before the Sabbath, [43] Joseph of Arimathea, a respected member of the council, who was also himself looking for the kingdom of God, took courage and went to Pilate and asked for the body of Jesus. [44] Pilate was surprised to hear that he should have already died. And summoning the centurion, he asked him whether he was already dead. [45] And when he learned from the centurion that he was dead, he granted the corpse to Joseph. [46] And Joseph bought a linen shroud, and taking him down, wrapped him in the linen shroud and laid him in a tomb that had been cut out of the rock. And he rolled a stone against the entrance of the tomb. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ BECOME A MONTHLY PARTNER: (not tax-deductible) You can find out how to become a monthly partner including how to receive your "thank you" gift - our bonus podcast called "Digging Deeper." God t: https://mm-gfk-partners.supercast.com/ ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 15:40–41 - [40] There were also women looking on from a distance, among whom were Mary Magdalene, and Mary the mother of James the younger and of Joses, and Salome. [41] When he was in Galilee, they followed him and ministered to him, and there were also many other women who came up with him to Jerusalem. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ~~~~~~~~~~~~~~ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CONTACT: Carey@careygreen.com  ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TODAY'S DAILY SPONSOR: Morning Mindset listener Link Forester and his new book, “The Side Road.: Finding Joy and Purpose through the Twists and Turns of Life” You can find his book at https://MorningMindsetMedia.com/sideroad   You can sponsor a daily episode of the Morning Mindset too, by going to https://MorningMindsetMedia.com/DailySponsor ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 15:37–39 -  [37] And Jesus uttered a loud cry and breathed his last. [38] And the curtain of the temple was torn in two, from top to bottom. [39] And when the centurion, who stood facing him, saw that in this way he breathed his last, he said, “Truly this man was the Son of God!” (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

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To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ Listen to our other podcasts: https://MorningMindsetMedia.com ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 15:33–36 - [36] And someone ran and filled a sponge with sour wine, put it on a reed and gave it to him to drink, saying, “Wait, let us see whether Elijah will come to take him down.” [33] And when the sixth hour had come, there was darkness over the whole land until the ninth hour. [34] And at the ninth hour Jesus cried with a loud voice, “Eloi, Eloi, lema sabachthani?” which means, “My God, my God, why have you forsaken me?” [35] And some of the bystanders hearing it said, “Behold, he is calling Elijah.” (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

To become a follower of Jesus, visit: https://MorningMindsetMedia.com/MeetJesus  (NOT a Morning Mindset resource)   ⇒ TODAY'S DAILY SPONSOR: Morning Mindset listener Jim who is sponsoring in honor of all those business owners who operate their business according to Christian values.   You can sponsor a daily episode of the Morning Mindset too, by going to https://MorningMindsetMedia.com/DailySponsor ➖➖➖➖➖➖➖➖➖➖ TODAY'S SCRIPTURE: Mark 15:29–32 - [29] And those who passed by derided him, wagging their heads and saying, “Aha! You who would destroy the temple and rebuild it in three days, [30] save yourself, and come down from the cross!” [31] So also the chief priests with the scribes mocked him to one another, saying, “He saved others; he cannot save himself. [32] Let the Christ, the King of Israel, come down now from the cross that we may see and believe.” Those who were crucified with him also reviled him. (ESV) ➖➖➖➖➖➖➖➖➖➖ FINANCIALLY SUPPORT THE MORNING MINDSET: (not tax-deductible) -- Become a monthly partner: https://mm-gfk-partners.supercast.com/ -- Underwrite one daily episode: https://MorningMindsetMedia.com/daily-sponsor/ -- Give one-time: https://give.cornerstone.cc/careygreen -- Venmo: @CareyNGreen ➖➖➖➖➖➖➖➖➖➖ FOREIGN LANGUAGE VERSIONS OF THIS PODCAST: Subscribe to the SPANISH version: https://MorningMindsetMedia.com/Spanish Subscribe to the HINDI version: https://MorningMindsetMedia.com/Hindi Subscribe to the CHINESE version: https://MorningMindsetMedia.com/Chinese ➖➖➖➖➖➖➖➖➖➖ CONTACT: Carey@careygreen.com  ➖➖➖➖➖➖➖➖➖➖ THEME MUSIC: “King’s Trailer” – Creative Commons 0 | Provided by https://freepd.com/   ***All NON-ENGLISH versions of the Morning Mindset are translated using A.I. Dubbing and Translation tools from DubFormer.ai ***All NON-ENGLISH text content (descriptions and titles) are translated using the A.I. functionality of Google Translate.  

The Signal Beneath the Noise Serious operators obsess over the next print, but my podcast/YouTube guest this week, Bankrate senior economic analyst, Mark Hamrick, argues the industry is missing the structural signals that actually set the cost of capital and shape demand.   Start with this premise: Data credibility is a macro variable.   When the quality of national jobs and inflation statistics is questioned, it is not just an esoteric Beltway quarrel; it becomes a pricing input for Treasuries and, by extension, mortgages, construction loans and exit cap rates.   As Hamrick puts it, the path to good decisions for households, enterprises and policymakers ‘is lined by high quality economic data, most of which is generated by the federal government.' Hamrick's concern is not theoretical. He links the chain plainly: if markets doubt the numbers guiding the Federal Reserve's dual mandate, you can ‘envision a scenario where there's less demand for our Treasury debt,' forcing higher yields to clear supply – an economy‑wide tax that lifts borrowing costs from mortgages to autos and narrows the Fed's room to maneuver.   What Happens If Trust Erodes? The near‑term catalyst for this anxiety is unusual: the Labor Department's head statistician was fired after unfavorable revisions, and an underqualified nominee has floated ideas as extreme as not publishing the data at all. Hamrick's advice for investors and executives is simple: pay attention. This may not break the system tomorrow, but it introduces risk premia where none previously existed.   Through a real estate lens, the translation is straightforward.   Underwriting already contends with volatile inputs on rents, expenses and exit liquidity; add a credibility discount on macro data and your discount rate moves against you. Prudent sponsors should stress‑test deals for a modest upward shock in base rates – an echo of Hamrick's ‘economy‑wide tax' – and consider how thinner debt markets would propagate through construction starts and refis.   Housing's Lock‑In: Inventory, Not Prices, Is the Release Valve The ‘lock‑in effect' remains the defining feature of U.S. housing. Owners sitting on sub‑3% mortgages are rationally immobile, starving resale inventory and suppressing household formation mobility, a dynamic Hamrick equates with today's ‘no hire, no fire' labor market: stable but sluggish churn. Builders fill some of the gap, but affordability remains constrained by national price firmness and still‑elevated mortgage rates relative to the pandemic trough.   What happens if mortgage rates dip to 6.25% or even 5.5%? Don't expect a binary ‘unlock.' Hamrick argues for incremental improvement rather than a light switch: lower rates would expand qualification and appetite gradually, and, crucially, free inventory. He is less worried that cheaper financing simply bids up prices; the supply response from would‑be sellers is the more powerful margin effect.   For operators underwriting for‑sale housing (build to rent or single-family home developments), the tactical read is to focus on markets where latent move‑up sellers dominate and where new‑home concessions currently set the comp stack. He also reminds us of the persistent, national‑level truth: prices have been unusually firm for years; in the U.S., homeownership is still the primary path to wealth – advantage owners, disadvantage non‑owners.   Wealth Transfer: Inequality In, Inequality Out The widely cited $84 trillion Boomer‑to‑GenX/Millennial wealth transfer via inheritance won't repair the middle class. It will mainly perpetuate asset inequality: assets beget assets, and the recipients most likely to inherit are already nearer the ‘have' column. That implies continuing bifurcation in housing demand (prime school districts, high‑amenity suburbs) alongside a renter cohort optimizing for cash‑flow goals rather than equity growth. For CRE, that supports a barbell: high‑income suburban nodes + durable rental demand where incomes grow but deposits lag.   Renting Without Shame and the Budget Reality Check Hamrick is refreshingly direct: there is no shame in renting as, perhaps, there used to be. For many households, renting is a rational bridge to other financial goals; build emergency savings, avoid surprise home maintenance expenses, and keep debt service from getting ‘too far out over your skis.'   For CRE owners, this fortifies the case for professionally managed rental product with transparent total‑cost‑of‑living and flexible lease options. For lenders, it argues for cautious debt-to-income ratios and expense reserves in first‑time buyer programs.   Tariffs, Inflation, and the New Dashboard Hamrick closes with a monitoring list to stay on top of dominant economic trends: labor market strength (monthly employment; weekly jobless claims), the inflation complex (Consumer Price Index (CPI), Producer Price Index (PPI), and Personal Consumption Expenditures index (PCE)), and the full housing tape (mortgage rates, existing/new sales, builder confidence, starts) plus, of course, one political‑economy input now impossible to ignore: tariffs, with the effective rate at the highest level since the Great Depression.   For CRE, tariffs are not an abstract: they seep into materials costs, fit‑out budgets, and the headline inflation path that steers the Fed. Sponsors should build tariff scenarios into Guaranteed Maximum Price (GMP) contingencies and model procurement alternates.   Actionable Takeaways for CRE Professionals Price a credibility premium: Run sensitivities for higher Treasury yields if data trust wobbles; Pay attention to how easily the government can sell its debt and the extra yield investors demand on longer bonds. Both shape interest rates, which then filter into real estate cap rates. Underwrite inventory elasticity, not sticker shock: As rates ease, model inventory release ahead of price spikes; focus on submarkets with pent‑up sellers. Lean into renting's rationality: Product that aligns with household cash‑flow priorities will capture durable demand while affordability resets. Track tariffs as a construction line‑item and macro tailwind to inflation: Feed this into budgets and hold periods. My conversation with Mark really brought home how connected real estate is to the bigger capital markets picture. If you want a sense of where cap rates are heading, keep an eye on the bond market – because that's where the story starts.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

Tyler Deveraux breaks down the key difference between underwriting like an analyst and thinking like an owner... so you can spot real opportunity and make decisions that build long-term wealth.We want your feedback! Take our survey to help us better your listening experience.Check out the Multifamily Mindset store for great tools like the Think Bigger Journal and MFM merchandise.Follow us on Instagram:►Tyler Deveraux (@tyler_deveraux), CEO of Multifamily Mindset & Managing Partner of Axxis Capital►Cyndi Maguire (@cyndigap), Real Estate Investor & Consultant at the Multifamily Mindset►Zach Rucker (@zachrucker), Underwriting Mentor at the Multifamily Mindset

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AI and its impact is looked at with curiosity, desire, concern, and a bit of fear, but with insurance its presence is often seen with affecting distribution and customer experience. However, is enough focus happening on use within the underwriting chair? Jeff Sutton, Senior VP Sales and Marketing for Markel shares what he sees and how Markel is finding advantages with underwriting and for their partners.In this episode:How AI is helping with sales and experience by starting with risk submissionsWhy empowering the experience of relationships should be an end goalWhat AI tools are being used across underwritingWhen and how AI will affect the distribution experienceDeclared Interests- some fun stories about JeffWhat kinds of AI are being used and where to find themJeff reveals how using AI to modernize and innovate underwriting processes is leading to better relationships and how other insurance entities can move forward and do the same.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Think you know how to underwrite? Think again. In Episode 253, I'm breaking down the real fundamentals of multifamily underwriting—what actually matters, what most people miss, and how to stop being emotional and start being objective. You'll learn: The key metrics that matter most (and why) How to build a realistic pro forma (not just a fairy tale) Why most deals don't pencil—and how to spot the ones that do How I underwrite deals using my own proprietary model Whether you're still fumbling with napkin math or already analyzing deals weekly, this episode will sharpen your underwriting game—fast.

This episode is a masterclass in turning pain into purpose.Diana and Josh, two married architects, were forced to reimagine their future after losing both their fathers in 2021.What began as a journey to escape the W-2 grind became Terra Palm Springs, the city's first true wellness boutique hotel.They reveal how they: • Pivoted from flips and BRRRRs into commercial real estate • Used their design and construction edge to underwrite with vision • Created immersive guest experiences that transcend hospitality • Built three synergistic businesses to scale with intention • Took bold action while honoring their deepest personal “why”This story will move you, inspire you, and give you a real blueprint for building a brand, and a life that matters.What You'll Learn: • How to spot your unfair advantage (and actually use it) • The key to underwriting without inflating projections • What makes a boutique hotel truly stand out • How to transition from short-term rentals to hotel ownership • Why generosity is the secret weapon in hospitality00:00 - Action drives clarity 00:35 - Process-proven growth 01:36 - Power couple feature 02:20 - Life-changing loss 05:55 - Strategic shift to scale 07:26 - Expert system builders 09:50 - Value-add obsession 10:56 - Underwrite with confidence 14:30 - Unapologetic branding 16:42 - First-of-its-kind wellness hotel 21:00 - Team-powered execution 25:40 - The real estate awakening 28:00 - Finding purpose through pain 31:30 - Create your unfair advantage 36:00 - Future-built freedom 43:00 - Hospitality secret: give generously Guest Bio:Diana and Josh Dobken have 15+ years of experience in the architecture and construction industries. They strategically invest in value-add opportunities where they can use their design expertise to maximize their return on investment. Additionally, Diana and Josh co-host 35+ MTRs and STRs across multiple states for other real estate investors, bringing their hospitality standards and design sensibility to each property we manage.Beyond property investment, Diana and Josh also manage comprehensive operations teams for hotels, with them overseeing director of operations roles and guest experience management. This hands-on operational experience gives them invaluable insights into how design decisions impact day-to-day functionality and guest satisfaction.Their most current project involves the Architectural and Interior design of Terra Palm Springs, the first wellness Boutique Hotel in Palm Springs featured in Vogue, Forbes, Hotels Above Par, and selected as part of Travel and Leisure It List of 2025' 100 Best New Hotels in the World.Guest Link:http://www.instagram.com/d.i.fiGet FREE Access to our Community and Weekly Trainings:https://group.strsecrets.com

This episode is a masterclass in turning pain into purpose.Diana and Josh, two married architects, were forced to reimagine their future after losing both their fathers in 2021.What began as a journey to escape the W-2 grind became Terra Palm Springs, the city's first true wellness boutique hotel.They reveal how they: • Pivoted from flips and BRRRRs into commercial real estate • Used their design and construction edge to underwrite with vision • Created immersive guest experiences that transcend hospitality • Built three synergistic businesses to scale with intention • Took bold action while honoring their deepest personal “why”This story will move you, inspire you, and give you a real blueprint for building a brand, and a life that matters.What You'll Learn: • How to spot your unfair advantage (and actually use it) • The key to underwriting without inflating projections • What makes a boutique hotel truly stand out • How to transition from short-term rentals to hotel ownership • Why generosity is the secret weapon in hospitality00:00 - Action drives clarity 00:35 - Process-proven growth 01:36 - Power couple feature 02:20 - Life-changing loss 05:55 - Strategic shift to scale 07:26 - Expert system builders 09:50 - Value-add obsession 10:56 - Underwrite with confidence 14:30 - Unapologetic branding 16:42 - First-of-its-kind wellness hotel 21:00 - Team-powered execution 25:40 - The real estate awakening 28:00 - Finding purpose through pain 31:30 - Create your unfair advantage 36:00 - Future-built freedom 43:00 - Hospitality secret: give generously Guest Bio:Diana and Josh Dobken have 15+ years of experience in the architecture and construction industries. They strategically invest in value-add opportunities where they can use their design expertise to maximize their return on investment. Additionally, Diana and Josh co-host 35+ MTRs and STRs across multiple states for other real estate investors, bringing their hospitality standards and design sensibility to each property we manage.Beyond property investment, Diana and Josh also manage comprehensive operations teams for hotels, with them overseeing director of operations roles and guest experience management. This hands-on operational experience gives them invaluable insights into how design decisions impact day-to-day functionality and guest satisfaction.Their most current project involves the Architectural and Interior design of Terra Palm Springs, the first wellness Boutique Hotel in Palm Springs featured in Vogue, Forbes, Hotels Above Par, and selected as part of Travel and Leisure It List of 2025' 100 Best New Hotels in the World.Guest Link:http://www.instagram.com/d.i.fiGet FREE Access to our Community and Weekly Trainings:https://group.strsecrets.com

Yesterday, Jamie Dimon's JPMorgan and Brian Moynihan's Bank of America raised $4.4 billion for a Pentagon-designated “Chinese military company operating in the United States.” Most Americans might be astonished that there are any such companies – let alone that Wall Street is so indifferent to the national security implications that it is massively enriching one. The company in question is called CATL. It's the world's largest electric battery manufacturer and reportedly is putting them in Chinese submarines, increasing their lethality – meaning the death of Americans in the event of a shooting war. Messrs. Dimon and Moynihan are, thereby, not only aiding and abetting a “foreign adversary.” They have violated President Trump's vitally needed “America First Investment Policy” and created a precedent for doing so via Hong Kong that threatens to make a mockery of his commonsensical effort to end such underwriting of our enemy.  This is Frank Gaffney.

Confidence comes from numbers—not vibes. Underwrite like your future depends on it.   In this power-packed episode of The Abundance Mindset, Vinney Chopra shares the true foundation of confidence when dealing with multimillion-dollar deals: underwriting.   Gualter Amarelo presses Vinney on how he developed the emotional strength to close 42 out of 42 real estate deals. The answer? Mastering the numbers and removing emotion from decision-making.  

The Pulse of the Debt Markets — with Orest Mandzy, CRE Direct Capital market confidence is cautiously returning, but undercurrents of risk remain. In my wide-ranging conversation with Orest Mandzy, Managing Editor of Commercial Real Estate Direct, we discuss what recent CMBS issuance tells us about liquidity, why delinquency headlines may be misleading, and how sponsors can position themselves amid policy shocks and structural market shifts.   Liquidity Is Back — But Driven by Giants CMBS issuance jumped 110% in Q1 2025, totaling nearly $37 billion. While that headline suggests a resurgence of confidence, Orest clarifies that most of that growth comes from SASB (Single Asset, Single Borrower) deals – large trophy assets being financed and securitized by institutional players. These are not indicative of broad-based confidence in middle-market real estate.   To gauge true liquidity, he says, focus on conduit deals – pools of smaller $10M–$25M loans originated by banks and institutional lenders and repackaged into +/- $1B bond offerings. Robust conduit activity reflects a healthier market for everyday sponsors.   “If you've got solid conduit issuance,” says Orest, “that tells you there's liquidity in the market – not just for trophy deals.”   Rising Delinquencies: Real or a Red Herring? Recent headlines warned that CMBS delinquency rates exceeded 7%, the highest since 2021. But Orest has looked deeper into the data and sees it is far from being systemic. A handful of large, troubled multifamily loans, such as the $1.5B Park Merced in San Francisco and a floating-rate New York portfolio, together make up nearly 60% of those delinquencies. The common thread? These loans were made pre-COVID or in 2021 with floating-rate debt and now can't refinance in today's rate environment. But they're outliers, not bellwethers. Fannie and Freddie multifamily delinquencies remain under 1%, and even in CMBS, the average LTVs have been conservative.   “Multifamily looks worse than it is. Strip out the outliers and the market's still performing.”   CLOs, Banks, and the Competitive Landscape CMBS is just one lane in the broader lending freeway. Orest distinguishes it from CLOs, which are floating-rate, short-term loans used by debt funds for leverage, and from agencies like Fannie and Freddie, which underwrite more conservatively.   In 2024: Agencies originated ~$60B each CMBS did ~$40B CLOs only ~$8B – down sharply from peak years Debt funds relying on CLOs are now facing stiff competition from banks, which are back in the market after a cautious 2023. With banks accounting for 40% of CRE loan volume annually, this shift matters.   For sponsors, it means a broader set of options but also a new underwriting reality. Orest notes that while leverage is available, it's on tighter terms: LTVs in the low 60s and debt service coverage ratios near 2.0x are now standard for institutional-quality debt.   The Tariff Shock and Bond Market Jitters One of the most important takeaways: macro events like tariffs are now exerting real-time pressure on the capital stack.   In early April, CMBS bond spreads spiked from 80bps to 108bps over Treasuries as the market braced for a new round of tariffs. That spread spike pushed borrowing costs up and froze CMBS issuance for nearly 10 days – a signal of how fragile the system remains to policy volatility.  Although bond spreads have since tightened, Orest warns that risk repricing is now a function of policy headlines, not just economic fundamentals.   “Uncertainty is risk. And when investors sense more of it, they demand more yield. That makes loans more expensive and deal volume drops.”   Positive Leverage or No Leverage: Sponsor Guidance Asked what CRE sponsors and investors should be doing in the next 3–12 months, Orest's answer is clear: Seek positive leverage from Day One – don't rely on NOI lifts growth to bail you out. Consider no leverage at all if you're sitting on cash and don't want to risk default. Underwrite conservatively and turn over every rock. The deal you don't do may save you. “If you buy with positive leverage, great. If not, maybe don't borrow at all.”   Special Servicing > Delinquencies For investors and borrowers watching for cracks in the market, Orest recommends a lesser-known but more reliable signal: the special servicing rate in CMBS. Loans enter special servicing before they go delinquent, usually triggered by pending lease expirations, tenant loss, or anticipated refinance trouble. This metric has been rising and, unlike delinquencies, tends to stay elevated longer. Sponsors should watch this closely.   Local Policy Risk: The Property Tax Squeeze Orest flags an emerging risk with local governments under fiscal stress. Cities like San Francisco, where office values have cratered, still rely on CRE for a large share of tax revenue. If values fall but municipalities resist cutting spending, expect tax rates to rise, eroding asset value further.   “Where do cities go when they need money? To the deep pockets. And that's commercial real estate.”   Industrial and Insurance: Still in the Crosshairs While multifamily has absorbed most of the press, Orest highlights risk building in other sectors: Industrial may face headwinds from tariffs disrupting trade flows and warehouse demand. Insurance costs, especially in hurricane-prone areas, continue to rise, sometimes outpacing rent growth. In one example, he cited an apartment property in Tampa where gross revenue rose 50% in five years, but expenses outpaced it, limiting refinance options.   Geopolitics, De-Dollarization, and Exorbitant Privilege One of my concerns is about broader macro risks – de-dollarization, loss of U.S. financial credibility, and capital flight from Treasuries. Orest acknowledged these as tail risks but noted they're not front of mind for most market participants… yet.   Still, if foreign buyers ever pull back on U.S. Treasuries, that could cause a spike in long-term rates, forcing CRE valuations down and capital costs up. It's not imminent, but it's worth tracking.   “If China and Japan stop buying Treasuries, we've got a real problem. All bets are off.”   Final Thought The key insight from this episode: the market is functioning but only just. Liquidity is back, but it's conditional. Optimism exists, but it's fragile. And sponsors must walk a tightrope between opportunity and overextension.   Orest's advice? Borrow smart. Underwrite for today's risks – not yesterday's assumptions. And remember: your best defense in uncertain times is positive leverage and deep diligence.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

40% of limited partners in the last two years experienced capital calls, distressed assets—or worse… This has left many LPs a bit lost in terms of their confidence in their due diligence process…  But one physician-turned-real estate investor thinks that's about to change. Today I sat with Dr. Sam Giardano, a practicing gastroenterologist who built an AI-based underwriting tool to evaluate syndications. Now? He's turned it into an AI-powered platform that can vet deals in seconds—and it just exploded from 1,500 to over 4,000 users. In today's episode, he breaks down… How his tool uses AI to extract 120+ risk metrics from offering memorandums Why sponsors are uploading deals directly to his new LP marketplace The #1 red flag he looks for in multifamily deals in 2025 How better underwriting transparency might finally bring LPs off the sidelines Plus, he shares the surprising market insight he's most bullish on heading into 2026... If you're an LP who's still gun-shy from 2022, this tool (and this episode) could change the game for you. Tune in to the episode now. Take Control, Hunter Thompson Hunter Thompson Resources mentioned in the episode: Dr. Sam Giardano Website Interested in learning how to take your capital raising game to the next level? Meet us at Capital Raiser's Edge. Learn more here: https://raisingcapital.com/cre

An Australia-based energy expert says the government here should be underwriting major power generation projects to help drive investment in the sector and mitigate energy shortages.

Peek behind the curtain of institutional-grade multifamily development as we break down the detailed underwriting of a 65-unit luxury project in Wash Park.