Deal Flow

Data centers are the hottest asset in real estate right now. David Perlstein has spent the last four years in that world, and he knows both the upside and what can go wrong.

In this episode of Deal Flow, Michael Pouliot sits down with David Perlstein, who has spent 20 years as a principal investor across real assets. He's done real estate equity and debt, and private equity in healthcare and tech. Today he advises family offices on how to allocate capital and control risk.

🎧 What you'll hear in this episode:

- The one lesson that has held up across 20 years and every asset class
- What to ask a new capital or operating partner before you commit
- Why power and politics are the big risks in data centers, and what makes the demand so different
- How family offices think after a big liquidity event, and how that changes from one generation to the next
- David's best advice for anyone who wants to partner with a family office

And much more!

Timestamps:

00:00 Introduction and Guest Background

00:51 David's Path Across Real Assets

01:57 The One Lesson: Partner With the Right People

03:20 The Questions to Ask Before You Partner

05:01 When It Makes Sense to Take On a New Partner

08:01 How Family Offices Think About Downside Protection

09:21 Illiquid Assets Are Illiquid

12:15 Capital Calls and Funding Gaps

13:26 Why Everyone Is Talking About Data Centers

13:50 The Biggest Risks: Power and Politics

15:41 What Makes Data Center Demand Different

17:27 What Happens to Data Centers in 10 Years?

19:38 Railroads, Bubbles and the Worst-Case Scenario

23:53 The Most Attractive Part of the Capital Stack

25:37 Where Family Offices Fund Data Centers From

27:36 The Family Office Mindset After a Liquidity Event

30:31 Should You Even Start a Family Office?

33:35 What a Full Family Office Really Costs

36:12 Passing the Family Office to the Next Generation

38:34 David's Best Advice for Working With Family Offices

40:42 Closing Thoughts

🔗 Connect with David Perlstein:
https://www.linkedin.com/in/david-perlstein-4042944

🎙️ About Deal Flow
Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing.

Business inquiries: [email protected]
LinkedIn: Michael Pouliot

Rates are up, capital is scarce and most sub-institutional multifamily investors are still recovering. Gary Jonas says that's exactly why this is one of the best buying opportunities since 2008.

In this episode of Deal Flow, Michael Pouliot sits down with Gary Jonas, CEO of The HOW Group in Philadelphia. Gary built a vertically integrated firm with brokerage, mortgage, construction, and property management in-house, growing it to 1,500 units by buying one property at a time.

🎧 In this episode, you’ll learn:

• How a mortgage business revealed where real wealth is actually created

• The plan to buy 1 property a year for 10 years, and why discipline beats the math

• How $500K in credit lines on 10 rentals launched The HOW Group in 2008

• Why Philadelphia (driven by ed & med) offers steady growth and real cash flow

• How buying below replacement cost creates a generational opportunity

• Where deals come from: 80% brokers vs. 20% other developers

• The swaption strategy Gary uses to protect investors from interest rate risk• Why property management is the value engine ($1 in cost savings = $16 in building value)

• Meet "Howard," The HOW Group's AI scheduling employee• Gary’s strategy to double down on Philadelphia and hit 5,000 units

⏱️ Timestamps:

[00:00] - Introduction and Guest Background

00:36 - From Mortgage Business to Real Estate

01:57 - The First House: Gary's Entry Into Real Estate

[03:32] - How 10 Rental Properties Became His Launchpad

04:20 - The 2008 Crisis Changed Everything

05:59 - Building Brokerage, Construction & Property Management In-House

07:25 - The Power of Buying One Property at a Time

11:19 - Why Philadelphia Became a Real Estate Opportunity

14:57 - Is This a Generational Buying Opportunity?

16:48 - Where the Best Real Estate Deals Actually Come From

20:22 - How Gary Protects His Investors From Losing Money

20:54 - The Interest Rate Strategy Most Investors Don't Know About

21:37 - Managing Construction Risk When Costs Explode

24:39 - The Property Management Advantage

27:07 - Inside the "Operational Wizard" Strategy

29:19 - Why Property Management Isn't About Profit

32:48 - The Deal Gary Says Could Be His Best in 10 Years

34:48 - Raising Millions Deal by Deal

35:32 - What Happens When Real Estate Deals Underperform

37:23 - How Gary Is Using AI in Real Estate

39:42 - Why Gary Wants to Double Down on Philadelphia

41:41 - How to Connect With Gary Jonas

🎙️ About Deal Flow:

Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing.

💡 Topics We Cover:- Private equity real estate & housing deals- Capital raising & allocation- LP/GP dynamics & investor relations- Market trends, due diligence & operations

📲 Stay Connected:

• Business Inquiries: [email protected]

• Connect with Michael on LinkedIn: https://www.linkedin.com/in/michael-pouliot

🔗 Connect with Gary Jonas:

Linkedin: https://www.linkedin.com/in/gary-jonas/Email: [email protected]
Follow or subscribe to Deal Flow on Spotify so you never miss an episode!

AI ISN'T COMING FOR YOUR JOB — BUT IT IS CHANGING HOW YOU WORK. The businesses winning with AI aren't the ones automating everything overnight; they're the ones treating AI like a new hire: giving it clear tasks, guardrails, and room to earn trust.

In this episode of Deal Flow, Michael Pouliot sits down with John Hetherington, founder of We Deliver Your Vision, a Calgary-based AI and technology strategy practice, to unpack how business leaders — especially in real estate and private equity — can adopt AI the right way, avoid costly mistakes, and prepare their teams for what's coming next.

🎧 What you'll hear in this episode:

• Why "just go do AI" is the wrong mandate — and what to ask instead
• The one question that reveals where AI should be applied first
• Why picking one workflow step beats automating everything at once
• The "office, house, and coffee shop" framework for AI data security
• Why junior employees using AI as a crutch creates hidden risk
• How to prompt AI like a skeptic to get better, more reliable output
• Why token costs are quietly becoming a bigger problem than time savings
• The real difference between AI and agents — explained through travel booking
• Why AI should be treated like a new hire, not a finished expert
• What separates AI pilots that succeed from the ones that quietly die

⏱️ Timestamps:

[00:00] Intro and guest welcome

[00:38] John's background — Calgary, AI strategy, and lessons from dog agility training

[02:53] The real first step before adopting AI: defining the goal

[05:04] Applying AI to deal sourcing, due diligence, and acquisitions

[08:02] Why you should automate one workflow step, not the whole pipeline

[10:56] The danger of junior employees using AI without understanding the work

[11:36] How to prompt AI like a skeptic to improve output quality

[13:25] The office, house, and coffee shop framework for AI security

[18:38] How to get IT, risk, and leadership on board with AI adoption

[22:11] Why time saved isn't the best way to measure AI's value

[23:59] The hidden cost problem — tokens, models, and runaway spend

[29:15] Getting started with AI when your data is messy or still on paper

[32:53] Addressing fears around AI and job security

[37:21] What agents are and how they differ from standard AI tools

[40:55] Treating AI like a new hire — guardrails, trust, and materiality limits

[43:34] How fast AI capability is actually moving

[48:07] John's golden nugget — staying curious in the age of AI

[49:09] How to connect with John Hetherington

🎙️ About Deal Flow

Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing.

💡 Topics We Cover:

• Private equity real estate & housing deals
• Capital raising & allocation
• LP/GP dynamics & investor relations
• Market trends, due diligence & operations

Stay Connected

Business inquiries: [email protected]

LinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/

🎧 Subscribe for Weekly Insights: https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1

#RealEstate #MultifamilyInvesting #Underwriting #RealEstateInvestors

💸 Agency sponsors are not just competing on deals anymore. They are competing on institutionalization. This episode breaks down why the boring stuff- asset management, reporting, and capital strategy- is what actually separates emerging sponsors from institutional-grade multifamily platforms.

In this episode, Michael Pouliot sits down with Thomas Greer, founder of Deal Frame Advisory, to unpack how the platforms that scale are not the ones with the best individual assets. They are the ones with repeatable systems across the entire portfolio.

What You'll Hear in This Episode

• Why decisions matter more than deals as you scale
• The mindset shift from optimizing assets to optimizing portfolios
• Where property management ends and asset management begins
• Why every renovation dollar needs to be tracked unit by unit
• The fire vs. brush clearing framework for risk management
• Why capital allocates to clarity, not just returns
• The biggest investor communication mistake emerging sponsors make
• How to relinquish control without losing your standards
• Where the multifamily market is headed through 2026 and beyond

⏱️ Timestamps

[00:00] Intro and guest welcome[00:53] Thomas's 15 year career arc. Pacific Northwest, Singapore, and building Deal Frame[02:19] What's usually broken when Thomas parachutes into a platform[03:54] Asset level thinking vs. portfolio level thinking[07:19] The people and roles needed to institutionalize a growing business[10:21] Property management vs. asset management. Where the line is[14:12] Capital decision authority and delineating accountability[15:56] Tracking capital budgets unit by unit to protect ROI[18:21] Reporting, escalation, and exception management[21:15] The fire and brush clearing metaphor for proactive asset management[25:28] Moving from deal by deal to institutional capital allocation[28:03] Why capital allocates to clarity and confidence[31:16] How to message capital calls and raises after a rough cycle[35:34] Common failure modes as platforms try to scale[42:18] Market outlook. Rates, concessions, and where multifamily is headed[48:23] Rapid fire questions. Most overrated metric, best career advice[50:07] How to connect with Thomas and Deal Frame Advisory. About Deal Flow: Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing. Topics We Cover: Private equity real estate, capital raising and allocation, LP and GP dynamics, investor relations, market trends, due diligence, and operations.

🔗 Connect with Thomas LinkedIn: https://www.linkedin.com/in/thomaslgreer/

📧 Stay Connected

Business inquiries: [email protected]

LinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/

#RealEstate #MultifamilyInvesting #AssetManagement #RealEstateInvestors

AI isn't coming for CRE deal teams — it's already here. But the firms winning aren't the ones replacing analysts; they're the ones who know how to use AI as a force multiplier across the entire acquisition workflow. In this episode of Deal Flow, Michael Pouliot sits down with David Fields, founder of Acquios, an AI-powered acquisition operating system built for commercial real estate deal teams, to unpack how AI is transforming underwriting, due diligence, and deal pipeline management — and what it means for the next generation of real estate professionals.

🎧 What you'll hear in this episode:

• How Acquios turns OMs into investment-ready models in minutes
• Why the ACWA score is replacing the first-pass analyst review
• The 100+ step underwriting process running under the hood
• How AI callers are verifying rent comps live with leasing agents
• Why every deal you look at becomes a data asset for your firm
• The risk of junior analysts trusting AI outputs they don't understand
• Why citations and traceability are non-negotiable in AI-powered underwriting
• How due diligence checklists are now auto-generated and risk-flagged by AI
• The deterministic vs. non-deterministic agent trade-off in real estate workflows
• Why AI in CRE is simultaneously overhyped and underhyped

⏱️ Timestamps:

[00:00] Intro and guest welcome[00:47] David's background — Disney M&A, Pixar, and real estate private equity[03:00] Why David left investing to found Acquios[04:30] How Acquios was born out of winning a large logistics RFP[07:00] The core product — deal pipeline, AI extraction, and underwriting[10:00] The ACWA score — how deals get rated and filtered[13:00] Data integrations — CoStar, rent comps, and AI-powered verification[16:00] AI callers verifying rent comps live with leasing agents[17:00] The knowledge base — why every deal you look at becomes an asset[18:30] What happens to junior analysts when AI does the grunt work[23:00] The risk of trusting AI outputs you don't understand[28:00] Why citations and traceability are non-negotiable[30:00] Consistency and reliability — the hardest problem in AI workflows[32:00] The connective tissue between acquisitions and asset management[35:00] What's coming next — agents, data compounding, and the future of AI in CRE[38:40] Overhyped vs. underhyped — AI and data centers in real estate#realestateindustry #MultifamilyInvesting #Underwriting #RealEstateInvestors #AIinRealEstate #CommercialRealEstate #PropTech#RealEstate #MultifamilyInvesting #Underwriting #RealEstateInvestors🎙️ About Deal FlowGet behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing.

💡 Topics We Cover:

• Private equity real estate & housing deals
• Capital raising & allocation
• LP/GP dynamics & investor relations
• Market trends, due diligence & operations

Stay Connected:

Business inquiries: [email protected]

LinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/

🎧 Subscribe for Weekly Insights: https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1

The math says private placements outperform. The tax advantages are real. The returns are better. So why do 95% of accredited investors never make the move?

In this episode of Deal Flow, Michael Pouliot sits down with Dr. Allen Lomax, a capital raiser who operates between LPs and GPs, to unpack why high-income earners stay stuck in public markets and what it actually takes to break free.

What you'll hear in this episode:

• Why only 5% of 13 million accredited investors ever move into private placements
• The 3-step framework Dr. Lomax uses: Wake Up, Redefine, Thrive
• How he lost everything in 2008 and rebuilt through syndications
• What separates strong operators from weak ones in today's tighter deal environment
• Why operators are reviewing 100 to 300 deals per month to find just one worth pursuing
• The deal-level non-negotiables: 18% IRR targets, 2x equity multiples, and the three location metrics that matter
• Why LP deployment is down 70% from peak and what that means for smart allocators
• The two factors that finally convert hesitant LPs: tax advantages and superior returns
• How a 2M capital base can realistically lead to financial freedom in 5 years
• 150 years of data across 16 economies: why hard assets win through every crisis

No fluff. Just a practitioner who has been on both sides of the table sharing what he has learned the hard way.

Subscribe to the Deal Flow Podcast for weekly conversations with operators, sponsors, LPs, and capital allocators in the private equity real estate space.

Timestamps:

00:00 Intro and guest welcome00:31 The story of Finn: what a retired show horse reveals about how we invest03:00 The 3-step framework: Wake Up, Redefine, Thrive04:10 Losing everything in 2008 and rebuilding through syndications06:42 Sitting between LPs and GPs: a unique vantage point08:04 How operator due diligence has evolved10:28 Deal-level non-negotiables: IRR, equity multiple, location13:30 Why the best deals never hit the open market15:27 Fewer deals, higher bar and better operators rising16:16 Why LP deployment is down 70% from peak18:00 Why only 5% of accredited investors cross into private placements20:16 Public equities have overperformed: what contrarian allocators are doing now22:12 What finally converts hesitant LPs25:14 AI, income durability, and why high earners are rethinking their future28:40 The 5-year and 10-year paths to financial freedom29:32 The real cost of 40 years in a 401k31:07 Where the opportunity is through the rest of the 2020s33:00 The dollar, the petrodollar, and hard asset resilience36:27 Golden nugget for mid-career high-income earners

#DealFlowPodcast #PrivatePlacements #RealEstateInvesting #MultifamilyInvesting #LPInvesting #PrivateEquityRealEstate #AccreditedInvestor #RealEstateInvestors #PassiveIncome #MichaelPouliot

🎧 Michael Pouliot is back with the quarterly panel: Cody Littlewood, Doug Wilson, and Hans Box.

This episode covers what operators, sponsors, and capital allocators are actually seeing on the ground as markets swing and macro uncertainty builds.

Topics covered include LP sentiment and why capital is staying on the sidelines, the supply and demand math that still favors multifamily buyers, what workforce housing tenants are prioritizing in 2026, the renewal rate story and what it means for effective rent growth, Austin's surprising rent-to-income ranking, the AI adoption debate in real estate operations, and Hans's case for why AI will create more jobs than it destroys.

No fluff. Just four people who run capital, operations, and deals sharing what they are actually experiencing.

📩 Subscribe to stay ahead of the middle market housing conversation.

________________________

⏱️ Timestamps:00:00 Intro and panel welcome00:55 Q1 recap: markets, rates, and the "skirmish"04:24 Cody on ground-level operations and tenant sentiment10:08 Hans on LP sentiment and capital hesitancy13:22 Private credit rotation and multifamily tailwinds27:19 LP liquidity crunch and acquisition opportunity29:35 Tenant behavior: what renters want right now32:44 Mobile home parks, self storage, and Austin's rent story40:33 Renewal rates and the cost of moving49:45 AI and workforce housing: who is most at risk?52:49 How to actually implement AI in your business55:45 The jobs question: destruction or transformation?1:03:09 Hans's final word: radiology, new jobs, and the long view

________________________

#DealFlowPodcast #CREI

With nearly $1 trillion in commercial real estate debt maturing this year, the "extend and pretend" era is officially over. In this episode of Deal Flow, we break down the massive 2026 maturity wall, the surge in multifamily distress, and why banks are finally starting to take write-downs.Join Michael Pouliot, Hans Box, Doug Wilson, and Cody Littlewood as they analyze the latest market shifts from President Trump’s Executive Order on institutional SFR investors to the reality of office-to-residential conversions. We also discuss why the 2021-2022 vintage syndications are blowing up and where the real buying opportunities lie for disciplined investors this year.If you are a passive investor (LP) or an operator navigating this volatility, this episode provides the signal you need amidst the noise. In this episode, we cover:00:00 – Intro & The "Senior Citizen" Discount15:39 – Welcome to Deal Flow: The 2026 Landscape17:54 – Trump’s EO Banning Institutional SFR Investors: Political Theater?25:25 – The Fed’s Final Year Under Powell: Rate Cuts & MBS Buying32:00 – Fannie & Freddie (GSE) Caps Increasing: Bullish for Multifamily?36:50 – The Reality of Office-to-Residential Conversions (Why it’s Hard)41:50 – 2026 Market Outlook: "Decaf Stagflation" & Labor Markets43:55 – The $930 Billion Maturity Wall: Is "Extend and Pretend" Over?51:00 – Why 2021-2022 Vintage Syndications Are Failing (GVA, Tides, etc.)59:16 – Where is the Buying Opportunity in 2026? (Distressed Assets)01:03:00 – Public REITs vs. Private Real Estate Returns01:11:36 – Operations Update: Insurance Costs Dropping & Labor Shortages01:18:28 – AI & Robots in Multifamily: Hype vs. RealityConnect with the Panel:Box Wilson (Hans & Doug): https://boxwilson.com/Carbon Real Estate Investments (Cody): https://www.investwithcarbon.com/Michael Pouliot: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/ #MultifamilyInvesting #Underwriting #RealEstateInvestors #realestate —Stay ConnectedBusiness inquiries: [email protected]: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/

If you’ve been watching the headlines about inflation, interest rates, and "market crashes" and wondering what it all means for your portfolio, this is the conversation you need to hear. We brought together heavy hitters Hans Box, Doug Wilson, and Cody Littlewood to cut through the noise and look at the hard data.We aren't just talking about standard interest rates here.We’re diving into the stuff most people miss, like how "Owner Equivalent Rent" is secretly distorting inflation numbers and why the "value-add" strategy is actually safer than buying turnkey right now. Plus, the guys debate whether we are sitting on a "generational opportunity" to buy while everyone else is scared.Whether you're an active operator or a passive investor trying to protect your capital, this conversation is packed with the kind of "on the ground" insights you won't find on the news.👇 What we cover in this episode:0:00 - Intro: Meet the Deal Flow Panel (Hans, Doug, Cody)03:58 - The "Deal from Hell": Lessons from a massive turnaround 10:03 - Population Decline: Is immigration slowing down demand? 14:27 - On the Ground: What tenants are actually willing to pay for 21:25 - The Inflation Lie: How "Owner Equivalent Rent" distorts the data 31:56 - Why this is a "Generational Opportunity" to buy 41:44 - 2026 Market Outlook: When will rent growth return? 54:43 - Vetting Sponsors: The #1 thing you must check before investing 01:01:04 - Rapid Fire: The best markets to invest in for the next 5 years #MultifamilyInvesting #Underwriting #RealEstateInvestors🎙️ About Deal FlowGet behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing.💡 Topics We Cover:- Private equity real estate & housing deals- Capital raising & allocation- LP/GP dynamics & investor relations- Market trends, due diligence & operations—Stay ConnectedBusiness inquiries: [email protected]: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/🎧 Subscribe for Weekly Insights:https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1

Is the era of 'Survive 'til '25' officially over?If you’re an operator or investor sitting on a maturity date in 2026, you’re probably asking: Should I lock in a rate now or wait for the Fed to drop further? In this episode of the Deal Flow Podcast, host Michael Pouliot sits down with Jonah Aelyon and Dale Holzer, Directors at JLL Capital Markets, to pull back the curtain on what’s actually happening in the debt markets right now.What you’ll learn in this episode:✅ The "Debt Thaw" of 2025: Why senior debt is stretching further than anyone predicted.✅ Agency vs. Everything Else: Why Fannie & Freddie are facing massive competition from life companies and banks.✅ The 83% LTC Deal: How Jonah closed a high-leverage bridge loan in a supply-heavy market.✅ California Boomerang: Why the "red tape" markets like San Diego and SF are seeing record-breaking rent growth again.✅ Fraud & Underwriting: How recent industry scandals have changed the "know your client" (KYC) process for every borrower.🔗 Connect with our Guests:Dale Holzer:https://www.linkedin.com/in/daleholzer/Jonah Aelyon:https://www.linkedin.com/in/jonah-aelyon/#RealEstate #MultifamilyInvesting #Underwriting #RealEstateInvestors---------—📩 Subscribe to Carbon’s weekly newsletter for new deal insights, data-driven underwriting strategies, and CREI updates: https://www.investwithcarbon.com/newsletter?utm_source=youtube&utm_medium=video&utm_campaign=carbonrei_newslettersub_leadgenStay ConnectedBusiness inquiries: [email protected]: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/🎧 Subscribe for Weekly Insights:https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1