On this episode of Zen and the Art of Real Estate Investing, Jonathan Greene is joined by longtime Milwaukee investor and lender Scott Lurie. Scott is the founder and owner of F Street Investments and The Hard Money Co., with deep experience in flipping, multifamily, industrial, private equity, and property management. Together, they explore what it really takes to build durable real estate and lending businesses across multiple cycles, from early "We Buy Ugly Houses" days to large multifamily conversions and a nine-figure lending platform.

Scott and Jonathan dig into why "local always wins" in real estate, how national wholesalers have damaged the reputation of the industry, and the way relationship-driven business still compounds over decades. Scott explains the economics behind converting older Residence Inn hotels into multifamily, how he thinks about replacement cost and basis, and why tax-incremental financing has been key to new development in southeastern Wisconsin. They also unpack the coming pain in overlevered Class A multifamily, the role banks will play, and how disciplined operators can navigate the next 18 months.

Listeners will come away with a clearer picture of what to look for in both operators and lenders, how to think about downside protection, and why character and work ethic are still the real edge in real estate. Scott's stories from buying hundreds of units at the bottom of the Great Financial Crisis and bootstrapping his lending company offer a grounded blueprint for building something that lasts—without chasing Lamborghinis or social media fame.

In this episode, you will hear:

• How Scott went from a zero-experience franchisee with "We Buy Ugly Houses" in 2003 to a seasoned operator with a nationwide portfolio

• Why he believes local investors still have a huge edge over virtual buyers and national wholesalers—and how those wholesaler models created reputational damage

• The business case for converting older Residence Inn hotels into apartments, and why understanding replacement cost and basis matters more than buzzwords

• Scott's view on overlevered Class A multifamily, rising interest rates, and the equity erosion he expects to see over the next 18 months

• How The Hard Money Co. underwrites borrowers (closing only 7–9% of applications) and the behaviors that separate consistently successful flippers from those who end up in foreclosure

• Lessons from scaling to hundreds of units and a nine-figure lending platform while keeping investors first and building a track record of on-time payments

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Supporting Resources

Connect with Scott

Website: fstreet.com

Youtube: https://www.youtube.com/@fstreet414

Facebook: https://www.facebook.com/fstreetinvest/

Instagram: https://www.instagram.com/fstreet_invest/

Website: thehardmoneyco.com

Connect with Jonathan:

Website - www.streamlined.properties

YouTube - www.youtube.com/c/JonathanGreeneRE/videos

Instagram - www.instagram.com/trustgreene

Instagram - www.instagram.com/streamlinedproperties

Zillow - www.zillow.com/profile/streamlinen​j

Bigger Pockets - www.biggerpockets.com/users/jonathangreene

Facebook - www.facebook.com/streamlinedproperties

Email - [email protected]

This episode was produced by Outlier Audio.