Real Angle: Building Success in Commercial Real Estate

In this conversation, Ian Formigle, Chief Investment Officer at CrowdStreet, discusses the role of CrowdStreet as an online platform for individuals to invest in commercial real estate projects. He explains how CrowdStreet acts as a broker-dealer and offers investment opportunities in various asset classes and geographies. Ian also highlights the growth of the investment advisor side of CrowdStreet and the different preferences of investors.   He shares the factors that contributed to CrowdStreet's success in the online platform market and the importance of avoiding platform risk. Ian discusses the types of real estate investments that attract investors, such as multifamily properties, and the challenges of investing in niche product types. He also explains the process of finding and vetting sponsors for the platform and the criteria used for screening. Finally, Ian discusses the short-term goals of CrowdStreet, including recovering and growing in 2024.   Takeaways CrowdStreet is an online platform for individuals to invest in commercial real estate projects across the country. CrowdStreet acts as a broker-dealer and offers investment opportunities in various asset classes and geographies. Investors on CrowdStreet can choose between investing individually or through funds managed by CrowdStreet Advisors. Multifamily properties are a popular investment choice on the platform due to their approachability and potential for cash flow. CrowdStreet screens and vets sponsors to ensure they meet the platform's criteria and maintain a long-term relationship based on trust. Chapters 00:00 Introduction and Overview 00:43 What does CrowdStreet do? 01:38 CrowdStreet's Role as a Broker-Dealer 03:00 Growth in Investment Advisor Side 04:07 Surviving and Thriving in the Online Platform Market 05:23 Factors Contributing to CrowdStreet's Success 06:11 Differentiating CrowdStreet's Marketplace 07:02 Avoiding Platform Risk 08:27 Creating a Scalable Investor Experience 09:46 Transitioning from Active to Passive Real Estate Investing 11:58 Understanding Crowdfunding and Regulation 506 14:13 Differentiating CrowdStreet from True Crowdfunding 15:38 Investor Interest in Multifamily Real Estate 17:15 Product Types that Attract Investors 19:22 Product Types that Lack Investor Interest 21:19 Avoiding Niche and Risky Product Types 23:21 Finding and Vetting Sponsors 26:23 Recovering and Growing in 2024 31:10 Short-Term Goals for CrowdStreet --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

Chris Pawlik, co-founder of EPR Squared, explains the concept of energy producing retail realty and how the company offers a sale leaseback of energy rights to property owners. By developing energy rights behind the meter, property owners can decrease operating expenses and increase net operating income. The agreements typically last around seven years, and EPR Squared provides a percentage rent to the property owner based on the revenue generated from the power. The company targets projects with a minimum size of 30,000 to 50,000 square feet, but is also developing an energy rights portal to accommodate smaller projects.   Takeaways EPR Squared offers a sale leaseback of energy rights to property owners, allowing them to decrease operating expenses and increase net operating income. The agreements typically last around seven years, and property owners receive a percentage rent based on the revenue generated from the power. EPR Squared targets projects with a minimum size of 30,000 to 50,000 square feet, but is developing an energy rights portal to accommodate smaller projects. The real estate market conditions, such as interest rates and leasing activity, can impact the adoption of EPR Squared's services. Chapters   00:00 Introduction and Company Overview 00:49 Explanation of EPR Squared 04:02 Sale Leaseback of Energy Rights 05:54 Revenue Sharing Agreement 08:25 Duration of Agreements 09:57 Impact of Real Estate Market on EPR Squared 14:54 Market Potential and Location 17:03 Comparison to Other Financing Options 20:56 Longevity of Solar Equipment 21:08 Customer Acquisition 23:29 Surprises in the Business 28:52 Impact of Real Estate Market on EPR Squared 32:48 Minimum Size for EPR Squared Projects 34:42 Energy Rights Portal --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

SummaryIn this conversation, Jason Mandel, CEO of the Mandel Family Office, discusses the basics of family offices and the services they provide. He explains the difference between single family offices and multi-family offices, highlighting the benefits of the latter. Mandel emphasizes the importance of holistic financial advice and the role of a family office in helping families avoid controversy and disintegration. He also discusses philanthropic ambitions, legacy planning, and tax minimization strategies. Additionally, Mandel shares insights on utilizing insurance solutions for wealth management, investment funds and strategies, and concerns and challenges faced by clients. He concludes by discussing client acquisition and referrals. Takeaways Family offices provide holistic financial advice and services to wealthy individuals and families. Multi-family offices offer a range of services and allow clients to share expenses, reducing costs. Family offices can help families avoid controversy and disintegration by providing unbiased advice and structuring solutions. Insurance solutions can be utilized for wealth management, tax minimization, and legacy planning. Investment funds and strategies can be tailored to meet the unique needs and goals of clients. Client acquisition for family offices often comes through referrals from lawyers and accountants. Chapters 00:00 Introduction and Background 01:01 Starting a Family Office 02:39 Single Family Office vs. Multi-Family Office 03:35 Benefits of a Multi-Family Office 06:06 The Importance of Holistic Financial Advice 08:36 Avoiding Controversy and Family Disintegration 09:35 Philanthropic Ambitions and Legacy Planning 11:00 Utilizing Insurance Solutions for Wealth Management 13:05 Tax Minimization Strategies 14:45 Utilizing Life Insurance for Tax-Free Growth 19:36 Investment Funds and Strategies 21:33 Asset-Backed Lending and Tax-Free Retirement Plans 29:46 Concerns and Challenges for Clients --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

Chad Blevens from Repower Holdings discusses their unique approach to financing energy improvement projects in commercial real estate. Repower Holdings aims to provide capital for energy improvement projects that are part of larger real estate deals, offering an equity position in the overall asset. This approach aligns the interests of the energy improvement provider and the real estate investor, driving trust and collaboration. The strategy is applicable to various asset classes and regions, with a focus on high energy use intensity and regions with higher energy costs. Repower Holdings plans to start deploying capital in Q1 and expects to have a balanced portfolio across asset classes and regions. Takeaways Repower Holdings provides capital for energy improvement projects in commercial real estate, offering an equity position in the overall asset. Their unique approach aligns the interests of the energy improvement provider and the real estate investor, driving trust and collaboration. The strategy is applicable to various asset classes and regions, with a focus on high energy use intensity and regions with higher energy costs. Repower Holdings plans to start deploying capital in Q1 and expects to have a balanced portfolio across asset classes and regions. Chapters 00:00 Introduction and Overview 00:57 Repower Holdings' Concept and Objectives 03:23 Equity Position in Real Estate Deals 07:10 Repower Holdings' Differentiation 09:32 Partnership with Correlate Energy 10:29 Expanding Financing Options 11:57 Equity Financing vs. PPA Financing 13:23 Focus on Ground-Up Development and Value-Add Projects 16:00 Case Study: Energy Retrofit of a 1970s Vintage Apartment Complex 20:51 Importance of Energy Efficiency in Real Estate 22:16 Energy Efficiency Challenges and Low-Hanging Fruit 24:35 Alignment of Interests and Trust 26:32 Fundraising and Deployment Timeline 28:20 Target Market and Product Types 30:11 Balanced Portfolio Approach 34:04 Long-Term Viability of the Strategy  --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this conversation, Josh Kahr speaks with John Allen, founder and president of Streamline Development Group. They discuss John's unconventional route into real estate development and the focus of Streamline Development on urban infill projects in San Diego. They also explore the high demand for rental properties in San Diego, the presence of national players in the market, and the challenges of finding development sites. John shares insights into the legislative edge that Streamline Development has in shaping upcoming regulations and their plans for future growth and expansion, including a focus on middle-income housing. They also discuss how sometimes historic preservation can be used as a barrier to development, and how their perspective as a local player differs from the national development firms. 00:00 Introduction and Background 03:03 Starting Streamline Development 07:09 Scaling the Business 09:03 Demand for Rental Properties in San Diego 12:52 Local Developers vs. National Players 15:47 Finding Development Sites 18:36 Using Legislative Edge as an Advantage 22:42 Surprises in Recent Transactions 28:47 Future Growth and Expansion 32:21 Focus on Middle-Income Housing --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, Josh Kahr gets to sit down with the whole team at Montgomery Partners and talk about the lifecycle of the asset - from acquisition to fundraising to asset management. They are a long-term value-add investor in the multifamily space. They focus on the B to C class space in markets such as California, Colorado, and Nevada, and are expanding into Utah, Washington, Idaho, and Oregon. The company has a track record of success and a loyal investor base. They are cautiously optimistic about the market in 2024, but are aware of potential challenges such as a recession and increased supply. Montgomery Partners is open to exploring new opportunities, including joint ventures and alternative investment strategies. They are also considering ancillary revenue opportunities such as solar and EV charging. Chapters 00:00 Introduction and Company Overview 03:02 Investment Strategy and Target Markets 08:06 Market Outlook and Potential Challenges 12:12 Operational Challenges and Property Management 15:15 Recent Deals and Surprises 18:06 Market Conditions and Future Plans 25:15 Solar and Electric Vehicles 29:21 Third-Party Property Management 30:30 Cautious Optimism and Future Investments --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this conversation, Joshua Kahr speaks with David Wolfe, managing partner at Skoloff and Wolfe (https://www.skoloffwolfe.com/), about tax appeals and property tax assessments. They discuss the challenges property owners face with assessments and revaluations, the importance of understanding assessment ratios, and the deadlines for tax appeals. They also explore the process of tax appeals, including negotiations based on the income approach to value. David shares some surprising cases and challenges in the field of tax appeals and discusses the future plans for the firm. Chapters 00:00 Introduction and Background 03:00 Understanding Property Tax Assessment 06:23 Challenges with Assessments and Revaluations 12:12 Deadlines for Tax Appeals 14:05 The Process of Tax Appeals 20:48 Negotiating Assessments Based on Income Approach 22:21 Dealing with COVID-19 Impact on Assessments 26:31 Contingency-Based Pricing Model 29:31 Surprises and Challenges in Tax Appeals 35:23 Future Plans for the Firm --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this conversation, Joshua Kahr speaks with Brian Wilson, Managing Director of Real Estate at Bow River Capital (bowrivercapital.com). They discuss Bow River Capital's investment strategy, regional focus on the "Rodeo Region", and how they find quality operators to partner with. They also explore the current market conditions and the timing of capital deployment. Brian also shares insights on finding and evaluating operators, as well as other interesting investment opportunities in retail and single-tenant net leasing. They conclude by discussing the outlook for 2024 and the importance of considering market fundamentals in investment decisions. Is 2024 the year the equity floodgates finally open? Chapters 00:00 Introduction and Background 01:11 Overview of Bow River Capital 03:18 Investment Strategy and Partnerships 05:45 Regional Focus 07:13 Investment Opportunities in Non-Coastal Cities 08:46 Timing of Capital Deployment 11:36 Market Fundamentals and Supply 13:57 Importance of Partner Selection 16:23 Dual Strategy of Apartments and Industrial 20:13 Market Timing and Fund Deployment 23:49 Finding and Evaluating Operators 25:28 Other Interesting Investments 32:43 Investment Opportunities in Retail and Single-Tenant Net Leasing 35:22 Investment Opportunities in Income Funds and Subordinate Debt 38:06 Outlook for 2024 and Conclusion  --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this conversation, Joshua Kahr speaks with Alex Wilson, COO of Pantera (www.panteratechnology.com), a financial forecasting and investment modeling platform for the real estate industry. They discuss Pantera's services, market focus, and expansion plans. They also explore the challenges and opportunities in the PropTech space, including the siloed nature of the industry and the role of strategic investors. The conversation highlights the need for modern technology in real estate and the importance of simplifying complex processes. They also touch on the health of the real estate market and how that impacts the investment landscape, linked to the relatively slow adoption rate of technology in the industry. Chapters 00:00 Introduction and Company Background 01:23 Pantera's Services and Value Proposition 04:05 Market Focus and Expansion Plans 05:07 Regional Differences in Real Estate Analysis 07:45 Customer Acquisition and Word of Mouth 10:18 Competition and Excel Integration 13:26 Challenges and Siloed Nature of PropTech 16:11 Funding and Strategic Investors 19:56 Future Vision and Product Development 22:58 Impact of Real Estate Market on Pantera 27:20 Surprises and Challenges in Starting the Business 32:31 Adoption of Technology in Real Estate 33:31 Conclusion and Appreciation  --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this conversation, Joshua and Kim discuss energy efficiency tax credits and deductions. They cover the history of these incentives, including the Energy Policy Act of 2005, and focus on two major programs: Section 179D and Section 45L. Section 179D provides a tax deduction for commercial buildings that meet energy efficiency criteria, while Section 45L offers a tax credit for residential units. The conversation explores the eligibility criteria, changes in the tax code, and the impact of these incentives on architects, engineers, and developers. They also touch on the changes brought about by the Inflation Reduction Act, the challenges in qualifying for Energy Star certification, and the future of these tax credits. Additionally, they highlight the involvement of stakeholders in government processes and the complexity of implementing and modifying tax credit rules. Introduction History of Energy Efficiency Tax Credits Section 179D: Tax Deduction for Energy Efficiency Section 45L: Tax Credit for Residential Energy Efficiency Changes after the Inflation Reduction Act Challenges in Qualifying for Energy Star Certification Summary of Available Tax Credits Future of the Tax Credits Involvement in Government and Lobbying Efforts The Complexity of Government Processes Other Tax Credits for Residential Properties Conclusion --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases

In this conversation, Joshua and Kim discuss energy efficiency tax credits and deductions. They cover the history of these incentives, including the Energy Policy Act of 2005, and focus on two major programs: Section 179D and Section 45L. Section 179D provides a tax deduction for commercial buildings that meet energy efficiency criteria, while Section 45L offers a tax credit for residential units. The conversation explores the eligibility criteria, changes in the tax code, and the impact of these incentives on architects, engineers, and developers. They also touch on the changes brought about by the Inflation Reduction Act, the challenges in qualifying for Energy Star certification, and the future of these tax credits. Additionally, they highlight the involvement of stakeholders in government processes and the complexity of implementing and modifying tax credit rules. Introduction History of Energy Efficiency Tax Credits Section 179D: Tax Deduction for Energy Efficiency Section 45L: Tax Credit for Residential Energy Efficiency Changes after the Inflation Reduction Act Challenges in Qualifying for Energy Star Certification Summary of Available Tax Credits Future of the Tax Credits Involvement in Government and Lobbying Efforts The Complexity of Government Processes Other Tax Credits for Residential Properties Conclusion   --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this conversation, Joshua Kahr speaks with Ethan Orley, managing partner at Oliver Hospitality (www.oliverhospitality.com), about his journey in the hospitality business. They discuss the challenges of operational oversight, the current deals and expansion plans of Oliver Hospitality, and the availability of equity and debt in the hotel industry. They also touch on the concept of self-check-in hotels and the future of the industry. Ethan shares insights into the Oliver brand and the types of hotel deals that are most effective for their business. They conclude the conversation by discussing partnership opportunities in the hotel space. Chapters 00:00 Introduction and Background 02:20 Starting the Hospitality Business 04:29 Operational Oversight and Challenges 06:04 Current Deals and Expansion Plans 08:56 Building a Management Company 10:21 Raising Equity and Debt 12:46 The Oliver Brand 16:50 Considerations for Hotel Deals 20:16 Availability of Equity and Debt 23:03 Self-Check-In Hotels 26:27 Becoming a Lender 34:04 Future of Hotels 37:25 Partnership Opportunities 38:01 Closing Remarks   --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, I spoke with Malcolm Frodsham, Director of Real Estate Strategies (www.realestatestrategies.co.uk), an economic forecasting firm that focuses on UK commercial real estate markets. We chatted about a diverse range of topics including how one even gets into this line of work. We talked about what economic forecasting is, and how firms can best use it. We also discussed how international markets have more in common than you'd think, and what sort of signal can be teased out of where there are differences. The future of specific product types including office, retail, and multifamily were also examined, and how specific regulatory pressures can affect forecasts. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, I chatted with Ashleigh Simpson, Head of Structured Development Finance for Grosvenor's North American property business. Amongst other things, they co-invest with residential developers in for sale and for rent ground-up multi-family developments in the United States and Canada. We discussed what co-investment means and what they look for in a development partner. We also discussed the implications of trying to call the market, and what it's like to focus on a product through various market cycles. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

I sat down with Adam Fruitbine, CIO at Maxx Properties (www.maxxproperties.com), in this interview. Maxx Properties is a family office that focuses on owning and managing its multifamily real estate portfolio. To start, we discussed what it means to be a family office, how they think about hold periods, and the role of debt. We also talked about their strategic plan to grow their operations and build an investment management business. This would bring in new investors while still maintaining their core family office operations.    The targeting of new markets to invest in was also examined, and to what extent regulatory pressures enter into their decision-making.  --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, I spoke with Ron Diamond, CEO of Diamond Wealth Strategies. They are a family office with a focus on commercial real estate. They aggregate capital from over 100 single-family offices and deploy this capital as a collective force alongside their own capital. This collective of capital allows them access to deals that they otherwise wouldn't see if they were investing on their own.    We discussed the state of the markets and the recent opportunities that they're looking at. He also shared how the family office landscape is changing, the long-term institutionalization of family offices, and the unique advantages that family offices have over private equity firms. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, I spoke with Amol Sarva, co-founder of Aikito (https://www.aikito.co/), a platform simplifying commercial renovations. As a serial entrepreneur, he co-founded startups including Virgin Mobile USA, Peek, Halo Neuroscience, Knotel, LifeX Ventures, and CornerUp. His extensive experience in entrepreneurship, advocacy for open access in wireless spectrum policy, and commitment to sustainability make him a sought-after expert.  We discussed his new venture, Aikito, and how they're enabling businesses to roll out new locations on budget, in shorter time frames, and with higher quality results. We also discussed how sustainability issues have moved to the forefront of concerns for clients when considering how they're building these new locations. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, I spoke with Jonathan Feifer, CEO of Parkstone Management. They are a real estate development company that has built multifamily projects in New York City and New Jersey. They are now expanding to Reno, Nevada. Amongst other things, we discuss the state of the debt and equity markets and the challenges of development in other regions. We also discuss how to grow a development pipeline during a slow market. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

In this interview, I sat down with Kevin McCarthy, CEO of Southmark Capital. Southmark Capital purchases distressed debt and also offers short-term bridge financing. His firm was formed over 20 years ago when he worked with the principals of two family offices to deploy their capital in a specialized platform to purchase distressed debt as a way to obtain low basis cost land that could be developed. As opposed to many buyers of distressed debt, they have a focus on ground-up development. We discussed the state of the debt markets, the growth of non-bank lending, and what opportunities he sees coming down the road over the next 12-24 months. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases  

Deryle Bourgeois and Shaun Bourgeois are the owners of NOLA Hard Money (https://nolahardmoney.com/) , a high-yield lender that services primarily the Louisiana market. We discussed some of the misconceptions about what "hard money" lending is and what place it serves in the capital markets landscape. We also talked about what a hard money lender looks for, what kinds of investments are not a good fit for them, and what differentiates a successful lender over the long term from those that dip in and out of the market. We also took the time to talk about how they fund their loans, and where related businesses that provide servicing and title insurance fit into all of this. --- This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry. Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/ Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases