Today’s podcast is with Irwin Boris, head of acquisitions and investor relations at Heritage Capital Group, a 3rd generation family office with over $750MM in assets under management, whose Number 1 investment priority is Don’t Lose Money! Irwin does not believe in basing investment decisions on the IRR but focuses on underwriting investments to prioritize stable, ongoing cash flow while aiming to at least double equity through appreciation during the lifecycle of any deal. Evidence of the...

My podcast guest today is New York City's top investment sales broker, Bob Knakal, a gentleman and scholar, who has sold 2,276 buildings in the city with value of over $21 billion, the most ever for an individual broker in the city’s history and guess what, as soon as we started talking I knew all I wanted to hear today was Bob’s inspirational story so we barely discuss real estate at all. Instead, you are going to be learning how this charming man built his company, Massey Knakal that he...

Did you know a staggering 70% of real estate General Partners have less than three years of experience? So sayeth my guest, Mauricio Rauld, a securities and real estate attorney, expert in syndications and founder of Premier Law Group, while clarifying what lies beneath that statistic.  Specifically, and equally astonishing, is that Mauricio has seen syndications with dozens of co-general partners as a way of bypassing securities regulations which prohibit results based compensation for...

Today we are continuing our series on the tax benefits of investing in real estate, with a focus on Opportunity Zones with guest Mike McVickar, general counsel at Origin Investments. Mike has encyclopedic knowledge of Opportunity Zone laws, regulations, and benefits. There wasn't a single question that I could put to him that stumped him. Not that I was trying, of course, but, having spoken to a lot of folk about Opportunity Zones already, I have come to realize that this particular topic...

When properly utilized, 1030 exchanges can be an invaluable tool in the savvy real estate investor's arsenal. Joining me today are Amanda Han and Matt MacFarland, husband and wife team at Keystone CPA, who expertly break down the complex web of rules surrounding these tax-deferral strategies. Our conversation begins with the foundational principles of 1031 exchanges, where Amanda and Matt illustrate how this mechanism allows investors to sidestep immediate tax liabilities, fostering...

What is the short-term rental loophole and how can investors benefit? In this, the next in our continuing series on tax benefits for real estate investors, guest Tom Castelli, CPA, partner at Hall CPA, explains the short term rental (STR) loophole and explains in detail how investors can leverage the rule to get advantageous tax treatments. What makes the STR rule so interesting is the ability to use cost segregation studies to get bonus depreciation creating paper losses that can offset...

Today's episode is the next in our series on tax incentives for real estate investors and my guest, Dave Zook of the Real Asset Investor is a true master of the art of minimizing taxes while maximizing passive income streams. His career started investing in multifamily real estate, but he has successfully migrated into other tax efficient asset classes. You're going to hear from Dave his personal experiences of how high-income earners can develop programs for themselves for investing and...

Are you actually maximizing your tax deductions as a real estate investor? In this episode of our series on how the tax code applies to and benefits real estate investing, we investigate the complexities of Real Estate Professional Status (REPS) with Brandon Hall, a leading CPA specializing in real estate. Brandon breaks down the intricate details of REPS, offering a comprehensive explanation of its impact on tax deductions, and how it significantly enhances cash flow by allowing...

In today’s episode you are getting insights into the world of advanced tax strategies and asset protection for real estate investors with Mark Swedberg of Royal Legal Solutions. Mark shares a wealth of insights, drawing from his company’s unique model that he likens to a "fractionalized family office," providing high-level tax and legal strategies not just for the ultra-wealthy but for anyone earning over $150,000. You’ll learn about the underutilized potential of private foundations, a...

My guest today is Aleksey Chernobelskiy who is principal at Centrio Capital Partners. Aleksey helps Limited Partners (passive investors in real estate syndications – aka ‘LP’s’) with existing and future investments, writing tips, and advising or providing educational content to help them navigate the current market, as well as make decisions on how to act and what to look for as they consider investment opportunities going forward. Aleksey is a prolific writer. His background includes having...

Are you maximizing your tax deductions as a real estate investor? In this episode of our series on how the tax Code applies to and benefits real estate investing, we are doing a deep dive into cost segregation with Yonah Weiss, Business Director at Madison SPECS. Yonah provides an in-depth explanation of how engaging in cost segregation studies can increase cash flow by accelerating depreciation deductions resulting in tax ‘losses’ that can be used to offset passive income and capital...

Are you paying too much in taxes each year?   In today’s episode, the first of a series covering (in detail) the tax benefits of real estate investing , my guest, Chris McCormack, CPA, and I discuss how real estate investors are leaving money on the table by not optimizing their tax strategies and what you can do to avoid paying too much tax.   Chris and I review the main tax benefits of investing in real estate, for both sponsors and passive investors, as well as looking at some of...

Digest this stark statistic: a Collateralized Loan (CLO) portfolio with over 300 loans is showing a weighted average debt service coverage ratio of just 0.63. It is basically a disaster and one that my guest today is shorting – heavily. Gabe Bernarde is co-founder of Viceroy Research and has written a report called “Slumlord Millionaires”, that covers a well-known bridge lender who has been doing a lot of lending to multifamily sponsors. The report reveals an entire portfolio of multifamily...

Today’s guest, Jeremy Roll, president of the Roll Investment Group,  is a seasoned multi-cycle real estate and alternative asset investor who is a voracious reader and analyst of market conditions, what's going on in the market, what's going on in the broader macroeconomic world, and in the industries that he invests in. I've known Jeremy for a long time, and what you're going to hear from him today are some insights into just how conservative he is in his investment approach, what he has...

My guest today is Brian Pascus, finance reporter at Commercial Observer. Brian wrote a detailed article comparing CMBS (commercial mortgage backed securities) with collateralized loan obligations (CLO) as ways to finance real estate and so I asked him if he would talk about the differences between these two financial instruments, and what has been the impact on them of interest rate increases and other market forces over the last couple of years. You’re going to learn about the difference...

Today’s guest, Lew Feldman, is a prominent figure in real estate crowdfunding and the founder of Heritage CRETech. Lew shares insights from his time in the world of real estate crowdfunding and his role on major advisory boards, discussing its current state, trends, and future prospects. Lew begins by examining the challenges and adaptations within the real estate crowdfunding industry, especially under the pressure of rising interest rates. He discusses on the performance of leading...

My guest today is David Moret, founder and president of Highline Real Estate Capital. David brings a wealth of experience and a unique perspective especially in the wake of the Federal Reserve's rate hikes. His insights are particularly timely as we weave our way through a market that's shifting from its previous exuberance to a phase marked by strategic caution and adaptation. David discusses the launch of Highline’s Real Estate Fund One, set up as a direct response to the current market...

Today’s guest Ian Ippolito, a seasoned investor known for his conservative investment strategies, discusses his take on the real estate market's first significant recession since the advent of real estate crowdfunding. Ian draws parallels between the initial impact of COVID-19 on multifamily properties and the current challenges facing the office sector. He discusses the office market's decline as a direct result of the remote work revolution leaving a surplus of vacant office space and a...

My guest today is Dan McNamara, co-founder and chief investment officer at Polpo Capital, who famously and very successfully shorted malls in 2020 and who is now training his sights on the office market. Dan shares the story of his mall short and how similar strategies are being applied to the office sector. He also talks about the multifamily market's current state, discussing the challenges and potential investment opportunities that he sees in that asset class. You’ll learn which...

Today’s podcast guest is Nate Trunfio, who is chief revenue officer at Lima One Capital, a bridge lender backed and owned by a REIT, MFA Financial. Nate talks about the kinds of terms Lima One has been and continues to offer borrowers, he describes the trends in bridge lending he's been seeing over the last three years, and he talks about where he sees the market going through the end of 2024. Nate also discusses the degree of distress the multifamily market today, where the distress is...

Today's podcast guest is Brian Underdahl who is Chief Analytics Officer at Nuvo Capital Partners, a family office backed rescue capital shop with a difference. Much of the so called 'rescue' capital you see in the market today is preferred equity. Pref equity typically comes into deals charging mid-teen returns, takes a senior position to existing GP/LPs, takes no share of the upside, and keeps the existing ownership in place, subject to performance hurdles. Nuvo's model is to buy...

My guest today is Alex Nicoll, reporter at Insider, who penned an article earlier this month (September 2023) headlined ‘Real Estate Crowdfunding is a House of Cards.’ How could I resist but to give him a call, as real estate crowdfunding is my lifeblood these days, and ask him more about what he was writing about, what he discovered, and what was the background to the article. Well, the article was focused on the PeerStreet bankruptcy that emerged over the last few weeks and was not an...

What you are going to hear in my conversation with today’s guest, CRE debt expert James Eng of Old Capital Lending in Texas, is going to make you wonder if we aren’t facing the GFC 2.0 – but this time in commercial real estate, especially multifamily, instead of residential real estate in the post 2007 downturn. Having done over $2 billion in lending during 2021 and 2022 combined, you will be shocked by the percentage of those loans projected to fall into default without significant new...

In today's commercial real estate news update with guest Dave Saxe of Calvera partners, we cover these topics and articles: 1. Interest rate lag and the inevitability of more distress to come https://www.globest.com/2023/08/29/maybe-secret-distress-is-behind-cre-market-performance/ https://www.bloomberg.com/news/articles/2023-08-23/landlords-with-1-2-trillion-of-debt-face-rising-default-risks 2. The housing market is frozen ...