In this episode, we dive deep into the concept of "the data is in the drywall" and how hands-on, property-level insights drive better decision-making in real estate. Ryan and the team discuss the importance of vertical integration, boots-on-the-ground intelligence, and blending physical experience with data analytics to gain a competitive edge. Whether you’re an investor, operator, or just curious about real estate, this episode is packed with actionable insights!

Timestamps:
00:00 – Introduction: What does "the data is in the drywall" mean?
00:46 – Real estate vs. financial trading: The physical difference
01:19 – How property-level data informs conviction and decisions
01:42 – Using big data sources vs. on-the-ground insights
03:09 – Making sense of signals: Applying experience to data
03:51 – Real-world examples: Move-ins, rent increases, and concessions
04:11 – Integrating third-party data with internal intelligence
04:58 – The intersection of data and physical real estate
05:25 – The balance: Unique assets vs. data models
05:46 – Real estate’s slow adoption of technology and data
06:16 – Embracing technology for better decision-making
06:36 – AI, local trends, and the future of real estate data
06:55 – The advantage of a manageable portfolio and boots-on-the-ground
07:23 – Training AI models and the ongoing value of human intelligence
07:48 – How actionable data drives decisions across the portfolio
07:56 – The ultimate goal: Creating edge through data in the drywall
08:16 – Less downside, more safety, and seeing what others don’t
08:45 – Why edge matters and how Durable Value keeps winning

In this episode of Durable Value, we dive deep into one of the greatest paradoxes in investing: the tension between detachment and conviction. How do you balance making data-driven, unemotional decisions with the need to act decisively and believe in your thesis? Join us as we explore real-world examples, investment committee dynamics, and the strategies that set world-class investors apart.

Timestamps:
00:00 – Introduction: The Paradox of Detachment vs. Conviction
00:24 – Defining Detachment and Conviction in Investing
00:47 – Risk, Conservatism, and the Two Schools of Thought
01:42 – The Power of Conviction and Attribute Scoring
03:13 – Data-Driven Decision Making vs. Gut Instinct
05:14 – Investment Committee: Balancing Conviction and Detachment
07:17 – The Reverse Funnel: Creating Opportunities
08:07 – Avoiding Auctions and Broker Funnels
09:14 – Building a Network for Inbound Deals
12:06 – The Ferris Wheel: Managing Multiple Offers
13:52 – Discomfort and Optionality in Deal-Making
15:32 – The Key to Success: Detachment Creates Conviction
16:53 – Acting Decisively and the Value of Detachment

Join us for a special anniversary episode of Durable Value as we reflect on five years of podcasting and 17 years in business together. Hosts Joe and Ryan share candid insights on personal growth, leadership, and the evolution of their company. From navigating market cycles and scaling a team to the enduring power of friendship and core values, this episode is packed with wisdom for entrepreneurs, investors, and anyone interested in building something that lasts.


00:00 – Introduction: 5 Years of Podcasting
00:24 – How We’ve Changed: Personal Growth and Reflection
01:52 – Building a Team and Shifting Roles
02:31 – The Value of Long-Term Partnership
03:08 – Lessons from 55 Acquisitions and Market Cycles
03:29 – Navigating Market Downturns and Building Resilience
03:55 – Embracing Leadership and Overcoming Imposter Syndrome
04:38 – The Spark of Joy in Building a Business
05:17 – From Surviving to Scaling: Process and Evolution
06:01 – The Importance of Boldness in Business
06:37 – The Story of the Podcast Chairs
06:57 – The Power of Showing Up and Leadership
07:18 – Market Shifts: Secondary Markets and Industry Recognition
08:24 – Scaling a Local Strategy to Institutional Level
09:03 – What Hasn’t Changed: Core Values and Company Purpose
09:59 – Improving Buildings, Neighborhoods, and Lives
10:46 – The Enduring Friendship Behind the Business
11:11 – How Relationships Evolve Over Time
11:36 – Looking Ahead: The Next 5 Years of the Podcast
12:35 – Staying Reflective and Visionary
13:05 – Final Thoughts

In this episode of Durable Value, we take you behind the scenes of our recent acquisition—the Elk Grove Industrial Complex in Sacramento, CA. Discover how we sourced the deal, why this property stood out, and the strategies we use to unlock value in multi-tenant industrial assets. We discuss market dynamics, the importance of fresh eyes, and how private ownership creates ongoing opportunities for value-add investors. Whether you’re a real estate professional or an investor, this episode is packed with actionable insights and real-world examples.

Timestamps:
00:00 - Introduction
00:19 - The Power of Marketing: How We Source Deals
00:37 - Building Broker Relationships & Off-Market Opportunities
01:29 - First Impressions: The Pitch and Initial Call
03:03 - Underwriting and Offer Process
03:21 - Seller Background and Property Condition
04:01 - Buying from Private Owners vs. Institutional Sellers
04:24 - Rent Growth and Market Opportunity
04:50 - Business Plan Execution: Managing Lease Rollovers
05:23 - Maintaining Occupancy in a Softening Market
05:50 - How to Find Great Deals in Secondary Markets
06:16 - The Perpetual Value-Add Cycle in Industrial Real Estate
06:37 - Navigating Market Complexity: Tariffs, Inflation, and Supply
07:03 - The Value of Vertical Integration and Property Management
07:43 - Closing

In this episode of Durable Value, we dive deep into a real-world case study: the acquisition, turnaround, and rebranding of The Lofts at Stadium Square in Fresno. Join us as we break down the sourcing, negotiation, due diligence, and execution that turned a struggling student housing property into a thriving multifamily asset. Learn about the challenges, strategies, and lessons from one of our most successful investments to date.

Timestamps:
00:00 – Introduction
00:22 – The Lofts in Fresno: Background & Rebranding
00:47 – Sourcing the Deal & Initial Challenges
01:35 – Appraisal, Pricing, and Negotiation
02:01 – Negative Cash Flow & Seller Motivation
02:46 – Our Approach to Buying & Negotiating
03:12 – Due Diligence: Process & Findings
04:34 – Repairs, Discounts, and Final Purchase Price
05:00 – Rebranding and Property Upgrades
05:25 – Creating a Resort-Style Experience
05:44 – Due Diligence: Uncovering Value
06:28 – Insurance Hurdles & Solutions
07:03 – Execution: Building the Right Team
08:09 – Turning Around Occupancy & Performance
09:04 – The Importance of In-House Management
09:40 – Stabilizing and Repositioning the Asset
09:59 – Value Creation & Broker Opinion
10:27 – Results: Cash Flow, Upside, and Lessons Learned
10:56 – Closing Thoughts

In this episode of Durable Value, we talk about the science of failure—why even great companies and properties can drift off course, and how to recognize and prevent the subtle missteps that lead to bigger problems. We discuss the difference between luck and skill in investing, the dangers of narrative reinforcement, and practical strategies for building resilience in your business. Whether you're a real estate investor, entrepreneur, or leader, you'll find actionable insights to help you avoid common pitfalls and turn failures into stepping stones for long-term success.

Timestamps:
00:00 - Introduction: The Science of Failure
01:26 - Luck vs. Skill in Investing
02:20 - Information Machines & Signal vs. Reality
02:57 - Luck as Skill: The Genius-Idiot Cycle
03:15 - Real Estate Market Cycles as Levelers
03:38 - Execution Engine: Buying the Right Assets
06:20 - Navigating Seller and Broker Dynamics
07:03 - Macro Understanding from Multi-Market Experience
09:05 - Short-Term vs. Long-Term Thinking
10:33 - Capital Pressure and Market Cycles
11:25 - Institutional Capital and Volatility
12:07 - Raising Capital in Down Markets
13:31 - John Boyd’s OODA Loop: Orienting to Reality
13:50 - Failure as a Path to Success
14:32 - Red Teaming & Pre-Mortems
15:12 - Building a Culture of Openness
15:39 - Rebuilding Systems for the Long Term
16:02 - From IRR to NOI: Adapting to a New Decade
16:22 - Building for Stability and Optionality
19:58 - Closing

In this episode, Ryan and Joe talk about an intriguing philosophical concept relevant to both life and investing: 'The Map is Not the Terrain.' The discussion touches upon creating mental models, the importance of conservatism in investing, psychological biases, misidentification of market cycles, execution friction, and much more.

00:00 Introduction to the Concept
00:30 Mental Models and Instagram Illusions
01:28 Mapping in Investments
02:49 Psychological and Mindset Factors
09:49 Execution Friction
13:25 Market Depth and Tenant Demand
18:12 Future Market Assumptions
21:29 Concluding Thoughts on Maps and Reality

In this episode of 'Durable Value,' host Ryan sits down with Larry Hass, a seasoned partner at DRB Law Firm, specializing in real estate law. They speak about Larry's extensive career, his transition from government roles at the SEC and Department of Labor to private practice, and the evolution of real estate investments over the last 50 years. The discussion covers the emergence of pension fund investments, the impact of regulatory changes, and the shifts in investment landscapes and property types over the decades. Larry also shares insights on the Pension Real Estate Association's role and offers advice for new entrants into the industry.

00:00 Introduction
00:28 Larry's Entry into Real Estate
01:17 Evolution of Pension Fund Investments
03:03 Impact of Regulatory Changes
04:47 Investment Banks and Opportunity Funds
08:22 The Role of Pension Real Estate Association
13:57 Globalization of Real Estate Investments
17:39 Changing Asset Preferences
19:25 Impact of Technological Advancements
20:33 Real Estate Cycles and Market Efficiency
25:30 Advice for Young Professionals in Real Estate
27:08 Conclusion

In Episode 76 of Durable Value, hosts Ryan Swehla and Joe Muratore talk about the essential framework for real estate investing, drawing on their experience to provide invaluable insights. They break down the three key legs that support successful investing: mastering strategic vision, balancing risk and reward, and excelling through execution. With real-world examples and practical advice, this episode is a must-listen for anyone serious about real estate investment. 

00:00 Introduction

00:30 Mastering Strategic Vision

06:46 Balancing Risk and Reward

12:31 Excelling Through Execution

19:29 Conclusion

 In this episode of Durable Value, Ryan discusses building resilient investment portfolios in unpredictable economic conditions. The discussion includes the impact of inflation and recession fears, key attributes of a resilient portfolio, the importance of geographic diversification, and strategies for weathering economic downturns. 

00:00 Introduction 

00:42 Economic Uncertainty: Inflation vs. Recession 

01:34 Core Investment Foundations 

02:29 Diversification for Stability 

07:18 Debt Strategies for Resilient Investments 

09:15 Controlling Assets in Downturns