Working Capital Commercial Real Estate

Lauren Cohen is a cross-border lawyer, realtor, best-selling author, international speaker & business immigration strategist with over 25+ years of personal and professional experience, thousands of clients successfully invested in and relocated to the U.S., and tens of millions of dollars in investments secured:  In this episode, we talked about:Lauren’s Bio & BackgroundImmigration InvestmentBest Timing for Real Estate InvestmentGeography of InvestmentTypes of VisaUseful links:https://www.eb5investors.com/https://www.linkedin.com/in/lauren-a-cohen-9b54b11a2/https://www.instagram.com/laurenesq1/Transcriptions:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jesse Fragale and you're listening to Working Capital. The Real Estate Podcast. We have a returning guest on the show today, Lauren Cohen.Lauren is a US immigration lawyer, Lauren a US immigrant from Canada is a serial entrepreneurial realtor, cross-border. Legal strategist. Bestselling author and global keynote speaker. Lauren is the founder of Investing Across Borders, the only concierge full service, investment and immigration advisory company helping clients navigate through the complex journey of cross-border real estate investing business set up and expansion and securing us visas. Lauren, how you doing?Lauren (1m 1s): I'm pretty good. How are you doing? How's the weather? Ah,Jesse (1m 5s): You know what? It's not bad. It's okay. We're not in the, we're not in the negative weather, but it's very, I feel like we've been in London in Toronto for the last month.Lauren (1m 14s): Oh, that much rain, huh? A lot of gray. Huh?Jesse (1m 17s): Rain a lot of gray. It's dreary, but you know what? Can't complain. you know, I'm not, the winter jacket isn't fully out yet, so we're okay. How about you? You're still in Florida?Lauren (1m 28s): Yes, sir. I will not be there in January. Anytime in any January. Anytime soon.Jesse (1m 36s): Fair enough. Yeah, I'm sure it's, it's a lot different right now in terms of the weather there. Yeah. Lauren, it's been, it's been quite a while since we last spoke. We had you on the podcast and we can link to that probably, I'm gonna say two years ago, if not, if not more. During,Lauren (1m 53s): During Covid, was it the last time?Jesse (1m 55s): It was, it was definitely during some sort of lockdown.Lauren (1m 59s): Yeah, at the tail end I think. Yeah. Yeah, it's, well, you know, you have so many lockdowns in Toronto, which were good for me, but not so good for you guys, so, yeah.Jesse (2m 9s): Well it's funny when people say the C word on the podcast, we, we don't know if they're talking like if it's a US individual, I don't know, you know, when it took place. 'cause it was different for us than, than down south. Very,Lauren (2m 21s): Very, very.Jesse (2m 23s): Yeah. So Lauren for, for those that you know, didn't listen to the first podcast and, and you know, just want to know kind of yo

Omar Khan is a Returning Champion - the Founder and Managing Partner at Boardwalk Properties. Omar has advised on $3.7 billion in capital financing and M&A transactions, as well as securing $50+ million in equity from private and institutional capital. He is a graduate from the Rotman School of Business (University of Toronto), and a CFA charter holder with 10+ years of investing experience across real estate and commodities. As the principal of Boardwalk Wealth, Omar is primarily responsible for developing strong relationships with private and institutional investors, brokers, and strategic partners. He has closed on over $450 million of assets across TX, GA, FL, and SD.In this episode, we talked about:•⁠  ⁠Omar’s Bio & Background•⁠  ⁠Canada vs America's Entrepreneurship•⁠  ⁠Initial Steps in Real Estate Investing•⁠  ⁠Asset Classes•⁠  ⁠Agency Debts•⁠  ⁠Forecast for Retail, Industrial, and Multifamily Asset Sectors•⁠  ⁠The Impact of Current Macroeconomic Changes on Omar’s Investment Philosophy•⁠  ⁠2024-2025 Outlook and Opportunities for InvestorsUseful links:https://www.boardwalkwealth.comTranscription:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jesse Fragale. You're listening to Working Capital. The Real Estate Podcast. My Returning guest today is Omar Khan. Omar is the Founder and Managing Partner at Boardwalk.Properties. Omar has advised on 3.7 billion in capital financing and M and a transactions, as well as securing over 75 million equity from private and institutional capital. He's a graduate from the Rotman School of Business at the University of Toronto and a CFA charter holder with 10 plus years experience in investing across real estate and commodities. As, the principal of Boardwalk Wealth Omar is primarily responsible for developing strong relationships with private and institutional investors, brokers and strategic partners, and has closed on over 500 million of assets in Texas, Georgia, Florida, and South Dakota.Omar, welcome back. How's it going? Hey man,Omar (1m 13s): I prefer the term Returning. Champion.Jesse (1m 15s): Yeah, we'll put that in the, in the show notes. Yeah, it, it's been a while man. I think we were just talking before the show. January, 2021. Nothing has happened between then and now.Omar (1m 27s): Yeah, I mean, you're a big hotshot Toronto broker, you know, so nothing's happened. I mean, I know things are exciting for you, but I'm just steady, Eddie.Jesse (1m 35s): I like it. So for those that that did not listen to the first episode, which I think was number 40, if you want to go to working capital podcast.com, I'm sure you can find it or wherever you listen to podcasts. But Omar, what, what has been going on in your world? Maybe you could give the, the listeners a bit of a background as to kind of how you got in the industry and add a little color to the, to the Bio.Omar (1m 59s): Look, my family is a business family. That's not why I got into the industry, but I guess that's why I might have had the bug to have my own business, as you may, I live in the US now. I live in Dallas, but obviously what a school in Canada, Canadian citizen did all of that stuff. Worked at R-B-C-C-I-B-C. Enova is an oil and gas firm and had great set of experiences in Canada. And then I moved to the

Ashley Kehr purchased her first rental property in 2014 and since then has grown her buy-and-hold portfolio to over 30 units. She has experience in residential and commercial properties. She accredits much of her success to the use of partners on several real estate deals and creative financing. Ashley developed a passion for real estate after quitting her staff accountant job to work as a property manager. Within several years, she had created two property management companies, which she ran for over five years. Her speciality was creating systems to work efficiently and remotely within the companies. Ashley Kehr is the co-host of the Real Estate Rookie Podcast. Just a few years removed from being a beginner herself, Ashley is now helping newbies figure out actionable steps to get their first deal. She has a dual degree in finance and public accounting and recently became a licensed insurance agent.In this episode, we talked about:Ashley’s Background and First Steps into Real Estate Journey with Bigger PocketsDecoding Asset Class Shifts Over TimeLong Term vs Short Term RentalsInterest Rates2024-2025 OutlookUseful links:Instagram https://www.instagram.com/wealthfromrentals/?hl=enhttps://www.ashleykehr.com/Transcriptions:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jesse Fragale. You're listening to Working Capital. The Real Estate Podcast. Our returning guest today is Ashley Kerr. Ashley purchased her first rental property in 2014 and has since then grown her portfolio to over 30 units.Ashley is the author of Real Estate Rookie, 90 Days To Your First Investment. So for those that you know, didn't listen to the first conversation, it's been a few years since, since we last chatted, maybe you could give a little bit of a background for the listeners of, you know, how you, how you kind of came into real estate and more specifically what you've been doing the last couple years. 'cause I know you're fairly active online and I know that, you know, you've been affiliated with BiggerPockets for the last few years, so if you could speak to that, that'd be great.Ashley (1m 5s): Yeah, sure. So to get my start, I actually was an accountant. I hated my job and I quit it and I was just gonna be a stay at home mom. My husband, he was a dairy farmer. And so right after I quit as an accountant, I decided to get pregnant, have a baby. And my neighbor growing up, who was a really good family friend, I was best friends with his kids growing up. He said, I have a 40 unit apartment complex I'd love for you to manage. So that was my first kind of insight into real estate.Growing up, I knew the family was very well off that, you know, he had made investments And, he owned a couple businesses that I knew about, but I never knew about the real estate part of it. And so that was my experience as to like what you can actually do. And when I first started working for him, he had me sit in and help him acquire another business. And the way he was able to acquire this business was actually leveraging his multifamily property. He had refinancing it, pulling the equity out And, he used the cash to buy this new business, And.he took me to the closing table. He let me like write out the checks of this huge amount and like right there, like I can still, you know, see the orange shag on the atto

Tyler Cauble is an Investor and Broker in Commercial Real EstateIn this episode, we talked about:Tyler’s Background and First Steps into Real Estate First DealsRetail Real Estate ChallengesBroker - Investor Transition2024-2025 OutlookUseful links:https://www.instagram.com/commercial_in_nashville/Transcriptions:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jesse Galley and you're listening to working capital, the real estate Podcast. My guest today is Tyler Codwell. Tyler is an investor and Broker in commercial real estate from Nashville.Tyler, welcome back.Tyler (35s): Jesse. Honored to be here, man. Thanks for having me on.Jesse (38s): Anytime, man. So, you are a returning guest. It's probably been about a year since you were last on the podcast, but we have been kind of going back and forth, I think biweekly or bimonthly, whatever the correct term is for that on kind of chatting basically commercial real estate from a broker's perspective, Broker and investors perspective. So that's been a lot of fun. So I thought it would be great to have you on and, you know, talk to my audience a little bit about kind of the background of what you do and chat a little bit about where we're at right now in the market cycle and, you know, where you're seeing opportunities.Obviously, you know, there's a bunch of different markets that are telling different stories. You're in Nashville, I'm in Toronto, we, you know, we chat about all the cities in North America and kind of generally speaking, but yeah, I, I thought it'd be great to, to have that conversation. So for, for people that didn't tune into the first podcast, maybe you could give a little bit of a background of kind of how you got into real estate and, and what you currently do now, Ty.Tyler (1m 38s): Yeah, man, it's gonna be a fun conversation. you know, appreciate you coming on the brokers round tables. Those have been a lot of fun. And you know, it's, it's, it's the content that you and I wish that we'd had when we first got started, right? I mean, that's, that's why I'm doing a podcast so much. And I know that's why you do it. It's because, you know, back when we were getting started, nobody was doing this stuff and so it was so frustrating to learn everything. So, so of course appreciate what you're doing and love the podcast. But yeah, man, I got started back in 2013 as the in-house leasing agent for a boutique development firm. Had zero knowledge about commercial real estate.I didn't even know that somebody represented Chipotle and put them in there. Never even thought about somebody owning those buildings. Hmm. So it was quite the learning curve getting started. And, and of course I never realized how lucky I had it until probably three or four years into the business when I, most of my friends had graduated college 'cause I was a dropout. They were graduating college and trying to get into commercial real estate, and some of them were interviewing 50 times and not getting a job. So that's when I kind of realized like, oh man, I kind of, I might have struck gold here, but I focused, you know, solely on our in-house assets, some office retail and industrial, and got those leased up in about two years.Then I started looking into development projects, put my first development deal together, which was 42 town homes and then left and started my own fi

Ian is Chief Investment Officer at CrowdStreet, overseeing its marketplace, an online commercial real estate investment platform that has completed over 650 offerings totalling over $25 billion of commercial real estate. Ian’s Bio & BackgroundInterest Rates PolicyReal Estate PricingPotential Opportunities in Real Estate 2024-2025Useful links:Previous episode https://www.buzzsprout.com/2246698/episodes/13585761 https://www.linkedin.com/in/ianformigle/https://www.crowdstreet.com/Transcription:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. My name's Jesse Ali. You're listening to working capital, the real estate Podcast. My guest today is Ian for Mely, chief Investment Officer at Crowdstreet.CrowdStreet is one of the largest online private equity real estate investing platforms. Ian, how are you doing today?Ian (39s): I'm doing good, Jesse. It's great to be back on the podcast.Jesse (42s): Yeah, it's fantastic to have you back on. I think, you know, you're one of the perfect guys to talk to right now in this current economic and, and real estate environment that we're in right now. So for those that that want to check the original episode, you can go back to that and I think it's, it's probably been close to two years now, maybe a little bit shorter than that, but it seems like time has been going by fairly quickly here, given the last couple years. But for those that don't kind of know Crowdstreet or your background, Ian, maybe you could just give a little bit of a, a backgrounder on, on what you do at Crowdstreet.Ian (1m 19s): Sure, yeah, thanks. From a high level, first just high level on Crowdstreet is, you know, we're an online equity syndication platform credited investors, you know, typically in the US I think there's, we do actually have some Canadians Jesse that invests on the platform, if I recall correctly. But, you know, we're, we're, we're bringing deals to the, to a marketplace that are generally located in the United States. We have syndicated about 4.2 billion in, in, in total aggregate equity since our inception, which dates back to April of 2014.That's been across a lot of deals, I think upwards of 800 deals at this point. I joined Crowdstreet in the summer of 2014 after the platform had gotten live, but essentially got its second deal on the platform. So I guess I've served as the key decision maker on, you know, two through N of deals since then. So been a, been a lot of work over those years. It's been, but it's been interesting to see a lot of deals come and go. Our platform is historically about 50% multifamily, 50% everything else, everything else being essentially we look at deals in the hospitality space, industrial, retail, you know, pretty much all the major food groups, even self-storage.We don't really do land deals. That would be the, probably the one, one area of real estate that we don't tread into. And we've done deals both from an acquisition standpoint and a development standpoint, and our general MO is to, you know, partner with operators and developers across the United States who are looking to gain access to syndication at a greater scale. Bring that into their, you know, the, their form of their capitalization of deal

Andrew Drexler is First National's Assistant Vice President and Team Director in the Commercial Financing division. Andrew has originated more than $4 billion in Commercial Financing. In this episode, we talked about:Andrew’s Bio & BackgroundAbout First NationalAsset Class BreakdownCommercial vs Residential LendingCMHC FeesDebt marketsApartment Sector ConstructionInterest Rates OutlookReal Estate OpportunitiesUseful links:Previous podcast with Andrew: https://podcasts.apple.com/id/podcast/real-estate-financing-development-and-student-housing/id1505750263?i=1000539900581https://www.firstnational.ca/

Jackie Greene is Vice President of Economics. Jackie has been serving ITR Economics’ clients since 2005. Over the years, Jackie has proved to be a critical member of the ITR Economics team. She has elevated her skills and expertise, reaching new heights in advanced forecasting, gaining a deep understanding of the business application of ITR Economics’ trend analysis, and developing a keen awareness of how to incorporate our insights into business strategy best.In this episode, we talked about:Jackie’s Bio & BackgroundPassion of EconomicsCurrent Real Estate EnvironmentInflationInterest Rates PolicyDebt Market OverviewDebt Income MetricsRecessionIndustrial SpaceEmployment IssuesUS Economy OpportunitiesUseful links:https://hubs.la/Q023QSkD0Transcriptions:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. All, right. ladies and gentlemen, you're listening to working capital. My name's Jesse Fragale and my guest today is Vice, president of Economics Jackie Green of ITR. Economics. How are you doing Jackie?Jackie (32s): I'm doing great. Thanks for having me.Jesse (34s): Pleasure to have you here. This is your first time on the podcast. So what we typically like to do with, you know, with new guests on the show is talk a little bit about your background as it relates to real estate and Economics and kind of how you made it through, through the journey to where you're at today.Jackie (52s): Well, let's see. I have been with ITR Economics since 2005, so that means I was here prior to the housing boom and the housing bust, well actually the early part of the housing boom and the bust. So I've seen the whole runup, I've seen all sorts of crazy situations. It's been really fascinating from an econ standpoint. But I also am human and recognize that these are real. People realize everyone's actually skin in the game. This is not a real numbers only game, but I try and look at it from a numbers perspective so that you can make more informed decisions and help you put you and your family and your circle of who matters to you in a better position.So that's the take I always have on is no emotional impact, but just helping you have the information so you can make a better decision.Jesse (1m 37s): Right on. So was was Economics what I mean that was, I assume your path in in school and it's obviously a passion today. How did, what was that like, just kind of how did that roll out? I find that people in this field sometimes come from different, different places. Happy to hear that.Jackie (1m 56s): Well actually, I've officially been working for ITR since 2005, but realistically I've been quasi involved with the company since I was probably about 10 years old. So it's been one of those things that I've always had interest in. I've always been trying to figure out what's going on and really I love this stuff because it helps me see what's coming next. It helps me know the future so I can plan better, be in a better position for me, my family and help the people around me. So once you kind of see that, you get to see the future first, you can't imagine doing anything else. Yeah,Jesse (2m 25s): That makes sense. Okay, so let's dive into a little bit about kind of the current environment. It's topical right no

Cadence Capital works with investors who are dissatisfied with the low returns from savings accounts and bonds and investors who are concerned about the volatility of the stock market.Cadence Capital puts discerning investors’ capital to work for them by investing in exceptional multifamily properties in the best markets nationwide. Demand for multifamily rental units continues to grow and is driven by both the preference of certain demographics as well as unaffordable single-family homeownership options.Cadence Capital is based in Toronto and partners with investors for whom the stability of real estate investment is appealing but the stress of property ownership is not. We give our investors the benefits of real estate investment through syndication, which is a group investment in a multifamily property.

Peter Linneman leads as Founder and CEO of American Land Fund Management, KL Realty, and Linneman Associates. He is the author of Real Estate Finance and Investments: Risks and Opportunities, the quarterly publication, The Linneman Letter, and more than 100 scholarly publications.In this episode, we talked about:Peter’s Book: Real Estate Finance and Investments: Risks and OpportunitiesOffice Real Estate Market OverviewOpportunities in Real EstateUseful links:Previous episode: https://podcasts.apple.com/ca/podcast/state-of-the-market-and-real-estate/id1505750263?i=1000557554818Transcriptions:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. My name's Jesse Fragale. You're listening to working capital. My guest today is Peter Linneman of the c e o and Founder of Linneman. Associates. And Peter is a returning guest.So we had him back on the show not too long ago, but we were talking before. A lot is changing in the commercial and residential Real Estate world that we thought. We, you have you back on Peter and we could chat a little bit about the environment we're in and, and you know, any crystal balling you have for the future. how are you doing today?Peter (49s): I'm doing terrific. How about yourself?Jesse (51s): I'm doing great. Thanks for coming back on the podcast. For those that haven't seen or listened to that first episode, you can check that out online, wherever you listen to the podcast or YouTube. And also for people that don't know, you know, Peter, it's, you're pretty well known in most commercial real estate offices, is kind of writing the, the Bible in Real Estate, and that's the, the finance book Peter, you'll, you'll be able to gimme the full title of it, but it's pretty much the, the Blue Bible that if you're taking some sort of Real Estate or Real Estate Finance course, that that's gonna be, that's gonna be mandatory reading.Peter (1m 28s): Yeah, just it's called Real Estate Finance and Investments Risk and Opportunities. It's been around now for a long time in various editions. I don't even know what edition we're on. Bruce Kirsch has joined me as authoring it, and it's called The Blue Bible. I have nothing to do with that. It's because the book covers have been blue always over the years of slightly different shades. So I didn't know it was even called the Blue Bible until it had been out about five years.And people came up to me and started saying that, and I go, oh, so I guess it's an honor.Jesse (2m 4s): You know what, it's funny, the, the book, at least the way I came to that book is that when I started investing in Real Estate, the, there was kind of a difference between the, the the, you know, what you would get in school in terms of the, the background and types of investment in Real Estate and then what you would get at actual books that are geared towards Real Estate investing. And I found, I found that there wasn't much overlap between the two. And when I found, I think your book, I, I think it was in my M B A that the first time I saw your book in, in first year, and it was a Real Estate Finance and Infrastructure course.It was the first book I saw that was almost speaking the investor's language in terms of Real

Michael is the founder, President and Chief Executive Officer of Allied Properties REIT. Prior to entering the Real Estate business in 1988, he was a partner at the law firm of Aird & Berlis LLP, specializing in corporate and real estate finance. He is also a Director of EQB Inc. and Equitable Bank.In this episode, we talked about:Mike’s Bio & BackgroundMike’s View on the Office Market: Downtown and SuburbianClimate RisksInterest Rates and Monetary PolicyInflationMike’s Advice to Individuals Who Want to Get into Real EstateFuture of Mike EmoryUseful links:https://schulich.yorku.ca/faculty/jim-clayton/Transcriptions:Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Michael, welcome back. Thank you. We're on working capital, the real estate Podcast.I have with me today, Michael Emery, founder and executive chair of Allied REIT. Mike, how you been? I'veMike (37s): Been great. Thanks. It,Jesse (38s): It's been quite a while since we last did this.Mike (40s): It has, and in the intervening couple of years, my grandchildren have grown up. They're now 5, 5, 3, and three and endlessly enjoyable for my wife and I.Jesse (53s): That's great. I feel like my dad's in the same situation right now that, that period in your life. So great. That that is a great time for you. For those that didn't hear our first episode, anybody that wants to check that out on YouTube, Michael Emery, working capital, you just type that in. It should come up. But for those that didn't hear that first episode, quite a bit has changed over the last couple years. If you could bring people up to speed as to, you know, what you do at Allied and a little bit of your background.Mike (1m 20s): Sure. As we probably discussed a couple of years ago, I started life as a lawyer but didn't spend much time practicing law. I was able to get into the industry in 1988, a small company called Allied Canadian, which basically evolved into Allied Properties, REIT, the public entity that we know today. The last two or three years have been very interesting for Allied.They have been challenging in a way. Certainly the pandemic created its own complex of issues which we've worked through very successfully. The current cyclical decline that we're living through has, has created a new but rather normal series of issues. I've been through many cycles, many, much worse than the cycle we appear to be going through now.They are, in many respects, disturbing and disorienting, but they're also curative. They eliminate excesses within any economic system, and I think that's actually what's happening. It's been good for Allied because we've been able to take the change over the last three years and use it as an opportunity to strengthen our operating team. Our business ultimately is not acquisitions, it is not development.Although we do both of those things. Our business is operations and our success or lack of it derives almost entirely from the quality of our operations. And we've bolstered our operating teams dramatically over the past three years. We are, I think, a preferred employer. So we are able to attract the best talent in the industry, and we've done exactly that over the last three years to the point that we were able to implemen