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Distress Signals: Navigating Real Estate Debt Storms
Summary
In this eye-opening episode of The Blueprint Tour, hosts Kenny Shultz and Carter Huddleston sit down with distressed debt expert Shlomo Chopp live at the 2024 CREI Summit in Atlanta. Shlomo breaks down the world of commercial loan restructuring, CMBS complexity, and how he helps property owners navigate financial turbulence before it’s too late. From borrower missteps to bondholder dynamics, Shlomo shares real talk on what causes defaults—and how to get out of the hole. Whether you’re an investor, operator, or curious about the machinery behind commercial real estate finance, this episode delivers clarity, strategy, and a surprising dose of optimism.
Keywords
CREI Summit, distressed debt, CMBS, commercial real estate, loan restructuring, bondholders, real estate investing, property workouts, financial strategy, non-performing loans, opportunity in chaos, risk management, real estate business, Shlomo Chopp, PermitZIP
Takeaways
* Early action is key—most debt problems start as property problems.
* Borrowers often dig deeper instead of pausing to reassess.
* CMBS loans come with layers of bondholder obligations and limited flexibility.
* Real estate is a business, not a passive investment—know what you’re doing.
* Uncertainty creates opportunity—if you know how to read Mr. Market.
* Restructuring is about making lenders believe your plan is the best outcome.
Sound Bites
“The first rule of holes: when you're in one—stop digging.”
“You can't fix a leasing problem with a spreadsheet.”
“Greed drives opportunity, but risk blocks action.”
“Time has a price—interest is just the fee for not using your money today.”
“Real estate isn't passive. Every day costs money.”
Chapters
00:00 Welcome and CREI Summit Intro
01:40 What Shlomo Actually Does in Distressed Debt
04:25 The Most Common Mistakes Borrowers Make
07:15 When to Call for Help—and What That Process Looks Like
11:30 Understanding CMBS and Why It’s So Complex
17:45 How Deals Get Restructured and Why Refinancing Isn’t Always the Answer
22:50 Market Uncertainty and the Psychology of Risk
27:15 How Mr. Market Creates Opportunity
32:40 Real Estate is a Business—Not a Hobby
38:00 Book Recs: The Price of Time, Invest in Debt, and More
42:15 Podcasts to Check Out: Acquirers, TREPwire, Howard Marks’ Memo
47:00 Final Thoughts and Key Advice for CRE Investors
Where to Find Shlomo Chopp
Twitter: @ShlomoChopp
LinkedIn: https://www.linkedin.com/in/chopp
Where to Find PermitZIP
Website: https://www.permitzip.com
Instagram: https://www.instagram.com/permitzip
X (Twitter): https://twitter.com/PermitZIP
Where to Find The Blueprint Tour
YouTube: https://www.youtube.com/@theblueprinttour
TikTok: https://www.tiktok.com/@theblueprinttour
Kenny (Host): https://twitter.com/blueprinttour
Carter (Host): https://twitter.com/bptcarter
Get full access to The Blueprint Tour at www.thebptour.com/subscribe
View all episodes
By by PermitZIPSummary
In this eye-opening episode of The Blueprint Tour, hosts Kenny Shultz and Carter Huddleston sit down with distressed debt expert Shlomo Chopp live at the 2024 CREI Summit in Atlanta. Shlomo breaks down the world of commercial loan restructuring, CMBS complexity, and how he helps property owners navigate financial turbulence before it’s too late. From borrower missteps to bondholder dynamics, Shlomo shares real talk on what causes defaults—and how to get out of the hole. Whether you’re an investor, operator, or curious about the machinery behind commercial real estate finance, this episode delivers clarity, strategy, and a surprising dose of optimism.
Keywords
CREI Summit, distressed debt, CMBS, commercial real estate, loan restructuring, bondholders, real estate investing, property workouts, financial strategy, non-performing loans, opportunity in chaos, risk management, real estate business, Shlomo Chopp, PermitZIP
Takeaways
* Early action is key—most debt problems start as property problems.
* Borrowers often dig deeper instead of pausing to reassess.
* CMBS loans come with layers of bondholder obligations and limited flexibility.
* Real estate is a business, not a passive investment—know what you’re doing.
* Uncertainty creates opportunity—if you know how to read Mr. Market.
* Restructuring is about making lenders believe your plan is the best outcome.
Sound Bites
“The first rule of holes: when you're in one—stop digging.”
“You can't fix a leasing problem with a spreadsheet.”
“Greed drives opportunity, but risk blocks action.”
“Time has a price—interest is just the fee for not using your money today.”
“Real estate isn't passive. Every day costs money.”
Chapters
00:00 Welcome and CREI Summit Intro
01:40 What Shlomo Actually Does in Distressed Debt
04:25 The Most Common Mistakes Borrowers Make
07:15 When to Call for Help—and What That Process Looks Like
11:30 Understanding CMBS and Why It’s So Complex
17:45 How Deals Get Restructured and Why Refinancing Isn’t Always the Answer
22:50 Market Uncertainty and the Psychology of Risk
27:15 How Mr. Market Creates Opportunity
32:40 Real Estate is a Business—Not a Hobby
38:00 Book Recs: The Price of Time, Invest in Debt, and More
42:15 Podcasts to Check Out: Acquirers, TREPwire, Howard Marks’ Memo
47:00 Final Thoughts and Key Advice for CRE Investors
Where to Find Shlomo Chopp
Twitter: @ShlomoChopp
LinkedIn: https://www.linkedin.com/in/chopp
Where to Find PermitZIP
Website: https://www.permitzip.com
Instagram: https://www.instagram.com/permitzip
X (Twitter): https://twitter.com/PermitZIP
Where to Find The Blueprint Tour
YouTube: https://www.youtube.com/@theblueprinttour
TikTok: https://www.tiktok.com/@theblueprinttour
Kenny (Host): https://twitter.com/blueprinttour
Carter (Host): https://twitter.com/bptcarter
Get full access to The Blueprint Tour at www.thebptour.com/subscribe