Blue Collar Yields

Building and creating is a passion for Rich Lauletta, dating back to childhood, using scrap wood from his dad’s building sites to construct skateboard ramps.  He leaped from ramps to real estate following the concept of ‘working to learn, not to earn’ in a book called “Rich Dad Poor Dad” by Robert Kiyosaki.  Rich chose his first job after college at Wachovia Bank to gain the banking experience that would be most beneficial for his career path.  He tested the waters of entrepreneurship by co-creating the Philly Apartment Company, providing renters with a cost-free way to find apartments and owners with services to market their properties.  Rich shares his perspectives on private lenders, the BRRR strategy, portfolio lenders, accuracy in rehab budgets, post-renovation rents, and property management software.  Rich continues to innovate, investing in other asset classes such as co-working spaces and partnering with a team to develop an app called Rentbucks.

Have you ever sat through an incredibly uncomfortable long-distance flight, squirming around in the seat, searching for some way to get comfortable?  This experience was the inspiration for Brittany Cribbs’ invention, the Cloud 9 Easy Go Seat Cushion, recently featured in a Forbes article “Holiday Gift Guide 2019: The Best Gifts To Make Coach Feel Like First Class”.  Brittany searched the internet but found no solutions on the market, matching her concept of a cushion that would provide portable upper body support to enhance the flying experience.   A need was discovered, and an inventor was born!  Brittany describes her journey to entrepreneurship from the birth of the idea through distribution of her product and the steps along the way.  She touches on using the internet as an invaluable research tool, engaging an attorney to patent-protect intellectual property, state-side vs. international manufacturers, Amazon as a marketing asset, leveraging social media, using Crowdfunding to raise money, and avoiding inventors’ rookie mistakes.

If you would like to hear some helpful hints for college students, recent graduates, and professionals who are looking to transition into a career in commercial real estate, this episode’s for you!   Leticia Palillero is an analyst for the acquisitions team at CAPREIT, a leading multifamily real estate company.  Leticia describes the responsibilities of professionals working in acquisitions, including understanding valuation processes, screening and touring potential investments, using database tools to aid in valuation, applying key metrics in market research and value add strategies, working LIHTC deals, communicating with brokers and drafting letters of intent.  Additionally, Leticia has worked with dispositions, including the preparation of waterfall models.  She offers insights on the challenges for women seeking a career in this historically male-dominated field.  A ‘never give up’ mindset is one that separates the successful from the rest, willingness to go the extra mile until that door in commercial real estate opens for you.

Meet Mike Regina, whose partnership with his brother Ryan in their company Big Sky Enterprises has been successful in taking the meaning of entrepreneurship to a whole new level!  Mike discusses his roots in the construction industry, crediting their Dad for instilling in them the life lessons and work ethic that form the basis of their success.  He traces the impressive evolution of their company as they expanded their goals to become the full solution for their clients through general contracting, design, build, and financial procurement.   They further differentiated Big Sky Enterprises by becoming a resource in Global Post Auditing Solutions, where payment errors and duplicate payments are identified, and recovered funds are split on a gain share percentage. Mike shares his take on adding value for their clients and weathering the challenges they have experienced during their amazing journey, and he also offers his inspirational take on life and business through motivational speaking.

Today we talk with Rob Ransom, an attorney at Archer Law, who practices in the areas of land use, planning, zoning, real estate acquisitions, permitting, compliance, and affordable housing development.   Rob shares the story of his entrée into the business, as well as his deep appreciation for those who gave him his start through an internship opportunity, and he pays it forward by mentoring with Big Brothers Big Sisters of America.  Rob’s background includes working for a Washington D.C. based firm that specialized in mixed-use and mixed-income commercial development.  He saw an opportunity to bring his work experience back home to his roots in Camden and be a part of a city transformation that encourages growth and development while also supporting the interests of the people who live in those communities.  Rob touches on the relative merits of the LIHTC program, rent control, and opportunity zones in addressing the affordable housing crisis.

CamaPlan’s Ryan Fischer joins us on this episode of Blue Collar Yields. CamaPlan is a self-directed IRA provider that allows its clients the opportunity to diversify their retirement accounts through alternative investments. While traditional retirement accounts are limited to stocks/bonds, self-directed IRAs can invest in commercial real estate, private placements, private lending, tax liens, and more. Ryan discusses a variety of investments that CamaPlan clients hold, including some unusual investments like llamas and coffee beans. He covers the tax advantages of investing within your IRA and some of the potential pitfalls that lead to what the IRS considers prohibited transactions. Ryan explains what a back-door Roth IRA is, and how high-income earners can still contribute and invest with a Roth.   

Joe Scorese, a local real estate veteran, dives into how he got started in the business and how you can get started with no money. Joe goes over the market, the direction he thinks it’s moving, what deals are getting approved by lenders, and why these deals are attractive to capital partners. He talks about hard and private money lenders, what questions to ask private lenders, and how to make sure they perform at the closing table. He also goes over how much money is on the sideline, how hard and private money lending has changed, and how he’s focusing on different markets and asset classes. Joe discusses what separates him from other lenders, and the various ways he’s able to assist his clients outside of his capacity as a lender. One of the foundations of Joe’s success has been networking – he describes throwing networking events as a “slight addiction.”

Brian McGroarty is the Vice President of Business Development for CoreTitle. Brian goes over what a title company does in a commercial closing and all the players involved in getting a deal to the finish line. He talks about some of the title industry’s more archaic processes and how the title industry could be impacted by blockchain technology. Brian discusses what title insurance is and some horror stories about picking the wrong title company. Fraud is an unfortunate part of the title industry, and Brian gives good advice on how to spot a “fake” title company that can take your money and vanish. He even tells us a story about a 4-hour closing when an unhelpful representative for a title company showed up in board shorts, flip-flops, and a Hawaiian shirt. He plugs a couple of books that have influenced him and talks about how everyone has the capability to be a networking “all-star,” and what they have to do to achieve that.

JerseyMan’s Ken Dunek talks about life after pro football in this week's episode of Blue Collar Yields. He provides insight into the struggles he faced when he retired from football and how, in a matter of weeks, he went from signing autographs to having doors slammed in his face. Ken talks about starting a magazine amid the Great Recession, and how a party that was initially planned for advertisers of the magazine spawned a networking group called The Legacy Club and how it has grown to over 300 members. JerseyMan and the Legacy Club are run by the entire Dunek family from his wife, Terri, to his four daughters and how all of them play a vital role in the business. Dunek discusses what to look for if you’re starting a business and how he knew that the magazine was going to be a success.

Joe Scorese, a local real estate veteran, dives into how he got started in the business and how you can get started with no money. Joe goes over the market, the direction he thinks it’s moving, what deals are getting approved by lenders, and why these deals are attractive to capital partners. He talks about hard and private money lenders, what questions to ask private lenders, and how to make sure they perform at the closing table. He also goes over how much money is on the sideline, how hard and private money lending has changed, and how he’s focusing on different markets and asset classes. Joe discusses what separates him from other lenders, and the various ways he’s able to assist his clients outside of his capacity as a lender. One of the foundations of Joe’s success has been networking – he describes throwing networking events as a “slight addiction.”