Working Capital Commercial Real Estate

Ryan Webster and Warren Dresner are Co-founders of Equity Yield Group. Equity Yield Group is a real estate investment firm specializing in institutional grade, A/B class multifamily assets in great markets, sourced, qualified, and managed by an experienced team. In this episode we talked about: Ryan`s and Warren`s  Bio & Background Real Estate Investment Real Estate Classes Definition of Equity Yield Group The Process of Evolution as an Investor Deal Specifics: from Negotiating to Financing Raising Capital Communicating with Investors Strategy Philosophy on Pre-Deal and Ongoing Communication Reporting Aspects Key Metrics of Pre-Deal Stage Deal Structuring Disposition in Real Estate Underwriting Asset and Local Management Geography of Deals How to Build a Team Investment Philosophy Mentorship, Resources and Lessons Learned Useful links: http://www.justicemap.org https://equityyieldgroup.com Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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, you're listening to working capital the real estate podcast. My name's Jesse for galley and with me today are Ryan Webster and Warren Dresner. They are co-founders of equity yield group equity yield group is a real estate investment firm specializing in institutional grade a and B class multi-family assets in great markets, sourced, qualified and managed by their experience team, guys.   How's it going?   Warren (45s): Great. How are you Jesse?   Jesse (47s): I'm doing fantastic. We've got a bright and sunny day in Toronto. So the snow's gone and hopefully this continues for listeners you're joining us. I think we talked just before the show Miami and it was Iowa Right on. So for listeners that don't have a bit of a background of what you guys do. Maybe we could kind of take it back to the beginning. You know, we want to talk about how you founded this company and get into some of the great deals that you've you've done so far.   But before we do that, maybe you could just provide a little bit of

Kevin Erdmann is the author of "Shut Out: How a Housing Shortage Caused the Great Recession and Crippled Our Economy" and "Building from the Ground Up: Reclaiming the American Housing Boom". His work has appeared in the Wall Street Journal, Barron's, the National Review, USA Today, and Politico, and it has been featured on C-SPAN. Some of his papers and articles published with the support of the Mercatus Center at George Mason University can be found at https://www.mercatus.org/scholars/kevin-erdmann . He tweets as @KAErdmann. In this episode we talked about:  • Kevin`s Bio & Background  • Great Financial Crisis and America’s Housing Boom  • Post Crisis Period in Real Estate  • View on Housing Bubble  • Unlocking Affordable Housing Policy  • “What are Landlords good for?”  • Real Estate Trends 2022 Useful links: https://twitter.com/kaerdmann https://www.idiosyncraticwhisk.com/2022/03/16-part-series-on-housing-affordability.html https://www.mercatus.org/scholars/kevin-erdmann Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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 Jessica galley, and you're listening to working capital the real estate podcast. My guest today is Kevin Erdmann. Kevin is a former small businessman and a researcher in hosing monetary policy and financial markets.   In 2015, Kevin began to reconsider a range of evidence contradicting commonly held beliefs about the pre 2007 American housing boom, his first book shutout along with several extensions to his research, which were published with the support of the Mercatus center at George Mason university, where he continued to develop a revolutionary new approach to the practical rules of housing debt and money in recent American trends. I caught the attention or he caught my attention recently reading an article and the article was entitled.   What are landlords good for? And I thought that was an interesting question. So here we are today, Kevin, how you doing?   Kevin (1m 11s): Great. It's great. Thanks for having me.   Jesse (1m 13s): Yeah. Well thank you for coming on. We were talking a little bit before the show, a little bit about your background and kind of that first article that I saw. And I was like, well, you know what? It sounds like something that the listeners would get, get a lot of good information, especially since we kind of tackle real estate from the investor's perspective, but also an economic perspective. So thanks again, I guess, you know, we always start with a little bit of a, a history lesson on our guests are a little bit of a background, so maybe you could kick us off and talk a little bit about, you know, your past roles and how you kind of came into the world, the world of real estate and economics.   Kevin (1m 53s): I, yeah, it really is all sort of an accident. I was a, as you mentioned, I was a small business owner and back around 2010, 2011, I went back to school

Johnny Wolff is the CEO and Founder of HomeRoom Coliving – one of the fastest-growing coliving companies in the United States. After starting his career as a financial analyst in Silicon Valley, he relocated to Austin, Texas to pursue real estate investing full-time. His love for real estate investing and living with roommates motivated him to start HomeRoom in 2017, after an unusually terrible Craigslist roommate experience. In 2020, HomeRoom boasted 99% on-time rent payments, full occupancy, and zero evictions In this episode we talked about:  • Johny`s Bio & Background  • Co-Living Definition  • Investment Journey Process  • Regulatory Challenges  • Performance over Pandemic   • Platforms Overview  • Real Estate Trends  • Running business from Inception   • Business Development Outlook  • Criteria for Choosing Potentially Successful Real Estate Objects  • Tenant's  Base  • Mentorship, Resources and Lessons Learned Useful links: https://johnnywolff.com https://colivfund.com

In this discussion, Rosa Lupo, a seasoned real estate lawyer at Gowling WLG, shares insights from her two-decade career. She highlights the top challenges faced by landlords and tenants, including lease agreements and maintenance responsibilities. Rosa dives into the complexities of subleasing versus assignments and the implications of recent market trends on negotiations. Additionally, she emphasizes the importance of diversity in real estate and offers valuable advice for newcomers entering the commercial space.

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team and has over 30 years or market research experience. Altus Group is a leading provider of Software, Data Solutions and Independent Advisory Services to the Global commercial Real Estate Industry. In this episode we talked about: Raymond`s First Steps in Commercial Real Estate Industry Overview of 2021 year from Raymond`s Perspective The Retail World of 2021 The Future of Office Real Estate Inducement Sublease Market Asset Classes Interest Rates and Inflation Outlook Mentorship, Resources and Lessons Learned Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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, welcome to working capital the real estate podcast. I'm Jesse for galley. And my special guest today is Raymond Wong. Raymond is the vice president of data operations for the Altice group.   For those that aren't aware, Altis group is a company that provides software, data solutions and independent advisory services to the global commercial real estate industry. We use them quite a bit and have been for as long as I've been in the industry. So without further ado, Ray, how's it going?   Raymond (51s): Great. Thanks Jesse. I thank you for having me   Jesse (55s): Well, I appreciate you coming on. I think this is definitely a year where people are getting a little bit more into the actual data, looking at deals, I think with a bit more granularity, perhaps in other times as a function of just being, you know, having less product, but a lot of dollars chasing that product. So maybe for the, for the listeners that aren't familiar with, you, you could give us a little background about how you kind of got started in, in the crazy industry of CRE.   Raymond (1m 23s): Yeah. I started in commercial brokerage as a sales trainee, and I just sorta got consumed with in research and sort of got consumed with market trends and analysis. So basically I just sort of ran the research group and then moved over to the consulting side. And then that allowed me to work with a number of various institutions and, and investors and understanding how, how data can be useful to them and then rationalizing some of the decisions and as well as how critical data is especially the right type of data with respect to interpretation and analysis.   So basically I spent my last 33 years in research.   Jesse (2m 12s): So have you seen, or I guess I should put it this way. What do you think has been one of the biggest changes from the way we look at data and study data in our industry from, you know, when you got started to, to what we do today,   Raymond (2m 29s): There's a lot more value attached to it today, compared to when I started, it was sort of the emphasis, again, going back 33 years, it was more of a gut feel that the data was there and it gave you a sort of indicator, but it was a little bit more sort of wild west. And now we people pay and attach a value to the information, but more is all about interpretation of the trends.   Because as, as you know, whe

Lauren Cohen is a returning guest, an International lawyer, realtor and cross-border expert. Also a bestselling author and global speaker. She launched her podcast “Investing Across Borders in late 2020”. Lauren believes in overcoming obstacles and navigating global expansion for business owners and Real Estate investors offering access to unique passive income options   In this episode we talked about:   Lauren`s Background in Real Estate Space Canadian Investment in the US Navigating Investment Decisions with Clients Passive and Active Real Estate Investment Visa and Green Card Status The Best Time for Engagement with clients Deal Structuring  Investors Influx in the US     Useful links: Previous episode with Lauren: https://workingcapitalpodcast.com/real-estate-investing-across-borders-with-lauren-cohenep50/ https://asklaurenesq.com https://www.investingacrossborders.net http://investingacrossborders1.gmail.com a 10-step guide for Canadians investing in the US- not seeking immigration: https://laurenesq.thrivecart.com/10-steps-to-successful-us-rei Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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, my name is Jesper galley. We have a returning guest on the podcast today. Lauren Cohen, Lauren, how you doing today? Good. How are you Jesse? I'm doing fantastic.   Lauren is an international lawyer, realtor and cross-border expert originally from Toronto. And now in south Florida. Lauren is also a best selling author and sought after speaker and she launched her podcast investing across borders in late 20, 20 Lauren and her turnkey team believe in overcoming obstacles and navigating global expansion for business owners and real estate investors while offering access to unique, passive income options, everything we like here, Lauren, how you doing today?   Lauren (59s): I'm doing really well. How are you   Jesse (1m 0s): Doing? I'm doing fantastic. So we talked a little bit before the show. You are a returning guest and you are now in Florida. Is that a, is that where you're a recording from?   Lauren (1m 11s): I am in Florida in my home in Boca Raton. Yes, I am   Jesse (1m 15s): Beautiful. How's the weather there   Lauren (1m 17s): Different than their,   Jesse (1m 19s): What do you mean? We have a balmy three degrees today,   Lauren (1m 23s): Probably more like 83 south a Fahrenheit Celsius. That would be really hot. We'll maybe what about 25 or so?   Jesse (1m 31s): Hmm. Yeah, that makes sens

Allan Perez is a co-founder & Chief Executive Officer of CanFirst Capital Management, a private real estate equity firm. CanFirst invests on behalf of institutional and private high net worth investors and has raised in excess of $800 million of equity capital since its inception. Allan’s real estate career encompasses 40 years of senior executive positions with real estate organizations including The Prudential Insurance Company of America, Canderel Ltd., Dundee Realty Corporation and V&A Properties. His responsibilities included acquisition and disposition, development, marketing, leasing, e-commerce and asset management. In this episode we talked about: Allan`s First Steps in Real Estate Space Investing in Real Estate from scratch The Process of a Company Creation Asset Class Identification Deals` Structure and Scaling Fund Modelling Real Estate Market Changes Overview Macroeconomic Forecast Actual Industrial Trends Segments of Real Estate which are worth Attention Mentorship, Resources and Lessons Learned Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name's Jesper 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, my name's Jesse for galley and you're listening to working capital the real estate podcast. Our special guest today is Alan Perez. Alan Perez is a co-founder and chief executive officer of canned first capital management.   A private real estate equity firm can first invest on behalf of institutional private high net worth investors and has raised an excess of 800 million of equity capital since its inception Alan's real estate career encompasses over 40 years of senior executive positions with real estate organizations, such as Prudential insurance company of America, candor, REL Dundee Realty, corporation, VNA properties, and others, his responsibilities included acquisition, disposition, development, marketing, leasing e-commerce and asset management.   And probably most importantly for me, Alan was my sessional professor as one of my courses in my MBA. I believe it was real estate finance, Alan, how you doing?   Allan (1m 15s): Great, Jesse. Thanks for having me here.   Jesse (1m 18s): Yeah, it's been great. You know, one thing I have, I'll always remember from that class and I assume, you know, sometimes memories, you know, you over time, you can't remember if the, if they were actually true, but I've still told enough people that were when you first got started. I remember you saying it was basically a handshake agreement at a Tim Horton's when you're buying your first industrial site. I don't know if that's accurate if I got the right guy.   Allan (1m 44s): Yeah, yeah, no, it was, I mean, it was, it was roughly a 20 odd years ago when we launched the company, both my partner and I at the time were just starting out in this new incarnation and, you know, working out of our living rooms in our bedrooms and getting offices set up and got a call from a broker that we had done a lot of business with and said, you know, there's this little building out by the airport. Not sure it's for you guys, but do you want to come have a look at it?   So we went out on a, on a rainy midweek aftern

Chris Prefontaine is a 3-time best-selling author of Real Estate on Your Terms, The New Rules of Real Estate Investing, and Moneeka Sawyer's Real Estate Investing for Women. He is also the Founder and CEO of SmartRealEstateCoach.com and host of The Smart Real Estate Coach Podcast In this episode we talked about: Chris` Background Changes in Lead Generation Vendor Take Back Mortgages Chris` Involvement in Deals Geography and Real Estate Motivation for Writing a book Interest Rates and General Economy Outlook Regulatory Environment Challenges Coaching. Advice for the Younger Generation Chris` Plans for the Future Useful links: https://smartrealestatecoach.com Transcriptions: Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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, my name is Jesper galleon. You're listening to working capital the real estate podcast. Our returning guests today is Chris Prefontaine. Chris is a three-time bestselling author of real estate on your terms, the new rules of real estate investing and Monica Sawyer is real estate investing for women.   He is also the founder and CEO of smart real estate coach.com and host of the smart real estate coach podcast. Chris, welcome back.   Chris (47s): Thanks Jesse. I'm going to be back and thanks for having me   Jesse (49s): Back. Yeah, it's my pleasure. So a lot's changed since the last time we spoke. How, how are things in Rhode Island?   Chris (56s): Yeah, lots change would be an understatement for everybody, right? You and I were talking off here. It's been crazy. I knock on wood. I'll say the craziness helps us because we're looking to solve problems. Right? It's every person I come across in every show is like, oh, why is it affecting you? And I almost feel bad sometimes because we're doing really well. We've increased that business because of it because more people need a guide. That's the short answer.   Jesse (1m 21s): Yeah. Have, have you changed or pivoted anything specifically because of just given the last year and what's changed either regulatorily from a government standpoint or just, just in the business.   Chris (1m 34s): Good question. So not from a regulation standpoint, because again, knock on wood. Nobody's screwed that up for us. There's always a

In this episode we talked about:    • Richard’s view on Government Policies  • Covid Mandates  • Effects on businesses Part 1: https://workingcapitalpodcast.com/mandates-lockdowns-and-the-law-with-richard-epstein-part-1-ep89/   Transcription: Jesse (0s): Well, welcome to part two of our two part series with Richard Epstein. We talked a little bit about the pandemic and its global impact last week. We're going to continue that conversation today for those that don't know, Richard is a legal scholar. He's been practicing law for 40 years, was a professor at New York university and is also part of the Hoover Institute. So without further ado part two, what I'm curious about is we've had a number of different policies. You're at the state that you're in right now in California and New York state is probably most similar to a lot of the policies that we've had Canada wide now to the, the Supreme court.     First of all, it's interesting to see Clarence Thomas actually talking now and asking questions. I feel like he's, he's there to fill the, fill the Scalia void, but on these policies of mandates, this is what I'm curious about. I have people like we all do family members that are on opposite sides of this that maybe experts may not be experts. But what we're talking about is from a constitutional point of view, I guess, in the states and in Canada, we're facing a number of different policies most recently in Quebec, not surprisingly Quebec, their premier Francois legal, just basically put forth.   I'm thinking that they're going to try to put this into law to actually tax the unvaccinated as a, as a group. There's a number of legal scholars in Canada that think that that is a impingement on our charter freedoms, so that I'm sure is going to be played out over the next few months. But from a libertarian perspective perspective, a classical liberal perspective, the, the very aspect of somebody saying you can't do something or you have to do something. Maybe you could talk a little bit of, of how that is, is happening in the states and maybe extrapolate that to, to what we're seeing in.   Richard (1m 56s): Yeah, this was when I mentioned that the ups at the opening of the show that we got ourselves into mind, all that is not forbiddenness required. And so there's nobody in the middle. The reason why this is a terrible situation is that knowledge essentially equates in two different ways, this sort of background knowledge about the overall distribution of certain kinds of cases. And then there's private knowledge that you have about where does it fit into that particular distribution. So for example, if you know that you're at St my age and there's a very high risk of getting COVID, if you've got co-morbidities and you know, you don't have any coat, that is, was what bothers you is scout, which is not a comorbidities for these purposes.   Then what you do is you tamp down. If you're in other direction, you tamp up. So the theory is that in all of these cases, you have this two tier situations, generalize information is provided by collective authorities. That specific information is gathered by patients or in consult with their doctors. The moment you start putting these kinds of mandates on what you're saying is a certain kind of information matter. And it turns out it matters enorm

Richard Epstein is our returning guest. Richard is an American legal scholar known for his writings on torts, contracts, property rights, law and economics, classical liberalism, and libertarianism. He is the Laurence A. Tisch Professor of Law and director of the Classical Liberal Institute at New York University, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution In this episode we talked about: Richard’s View on Lockdown Moratoriums on Evictions Policy Responses to Covid Pandemic Check here the previous show with Richard: https://workingcapitalpodcast.com/the-impact-of-rent-control-and-eviction-moratoriums-with-richard-epsteinep52/ Transcriptions: Speaker 1 (0s): Low everybody. Okay. So this week, and next we're going to do something a little bit different and we're having on returning guests, Richard a Epstein. If you saw his old episode, we talked quite a bit of boat, eviction, moratoriums, and a bit of a history of rent control. And I thought this week, and next we would talk a little bit more about the actual pandemic and COVID-19 in general, talk a little bit about its impact vaccine mandates and kind of the political landscape in Canada and the U S so I thought Richard would be a perfect guest for that. He's practiced law for over 40 years. He's a legal scholar, and I believe still working with the Hoover Institute and New York university. So without further ado, check this episode out. And I should just note, if you liked this episode, feel free to go to working capital podcast.com. You can also download our financial model at that address. Okay. Check it out. All right, ladies and gentlemen, my name's Jess for galleon, you're listening to working capital. We have a returning guest on the show. Richard Epstein. Richard is an American legal scholar known for his works on contracts, property rights, law, and economics towards classical liberalism and more. He is the Lawrence eight-ish professor of law and director of the classical liberal Institute at NYU and Peter and Kirsten Bedford senior fellow at the Hoover Institute. Richard. Good to have you back. How are you doing, Speaker 2 (1m 27s): Thank you. I'm in given the set of the circumstances in the larger world. Speaker 1 (1m 31s): Yeah, it is a, a lot has happened since we last spoke. We currently in, in the city of Toronto are back in a modified lockdown, which fingers crossed is going to be something that opens up on the 26th. I think today we had teachers going back to school, but then it was a snow day. So can't get more Canadian than that. Speaker 2 (1m 50s): Well, snow is no surprise. Look, the, the good news is, and this is a result largely and natural forces is one of the rules about viruses is what goes up, must come down. And it turns out the Alma chronic virus now seems to be on its downward slope a little bit earlier than some people expected. My view about this, is that the way in which we have handled the entire COVID situation? It means we're not talking about pandemics that in cleanly, we're talking about cyclical arrangements or endemics, and it's just going to be very difficult to predict aid the length of the cycle, be this intensity of the cycle and three, the severity of the disease that comes with the intensity of the cycle. And so, I mean, if we are going to continue to have a kind of a lockdown mode mentality as the first alternative, it's likely we will be continuing to face this with COVID for the indefinite future. I mean, the notion that people had when they postponed their admissions to college or to law school in 2020, we'll be out of this by 2021, nobody postpones today because they think they're going to