In this episode of Multiple Perspectives, host David Lofgren is joined by John Casmon, Owner of Casmon Capital Group, to discuss how professionals can transition from direct real estate investing to commercial syndications. After experiencing corporate bankruptcies firsthand, John discovered the power of commercial real estate as a path to financial control. He shares his evolution from duplex owner to commercial syndication expert, revealing why small properties hit natural scaling limits and how treating real estate as a business rather than just an investment changes everything.

What You'll Learn:

• Why most people don't realize passive commercial real estate investing is even possible
• How limited partnership structures work and what makes a truly passive investment
• Why John believes small properties can't generate enough revenue to operate professionally
• The three-pillar due diligence framework: team evaluation, market analysis, and deal assessment
• How to use the seller's story as a lens for analyzing financial performance data
• Why John emphasizes that matching narrative to numbers beats perfect projections
• The characteristics of John's preferred investment strategy: B-class value-add multifamily deals
• What risks every apartment investor should identify before making investment decisions
  
  

John Casmon is the Owner of Casmon Capital Group and host of the Multifamily Insights podcast. After experiencing corporate bankruptcies at General Motors and a second company, John transitioned from marketing and advertising into real estate investing to gain more control over his financial future. Starting with a duplex and scaling through direct property ownership, John discovered the limitations of small-scale investing and pivoted to commercial real estate syndications. He specializes in B-class multifamily value-add deals in Midwest markets, focusing on properties that are already profitable but have potential for enhancement through strategic improvements and professional management.

Episode Highlights:

• [00:08:52] The Passive Investment Misconception

John Casmon reveals that most people don't even realize passive commercial real estate investing is possible, thinking real estate investment only means being a landlord or house flipper. High-earning professionals often assume they need to buy rental properties directly, not understanding they can invest in larger apartment buildings through syndications. John explains how limited partnership structures work, where general partners handle all operations while limited partners provide capital and receive returns without day-to-day involvement. This passive approach allows professionals to benefit from real estate's cash flow, appreciation, tax advantages, and leverage without the headaches of property management. The key insight is recognizing that investing in commercial real estate doesn't require becoming a full-time operator.

• [00:36:41] The Story Must Match the Numbers Framework
  
  

John emphasizes that commercial real estate fundamentally differs from small rental properties because it operates as a true business rather than just an investment. With only two units generating perhaps $2,000-$2,500 in gross rent, there isn't enough revenue to hire professional property managers, contractors, or staff. Commercial properties generate tens of thousands or hundreds of thousands monthly, enabling professional operations with dedicated on-site managers, licensed and bonded contractors, and systematic business processes. John notes that when you transition to commercial scale, you can tap into corporate experience and run properties like professional organizations rather than individual investments requiring personal involvement in every maintenance issue.

• [22:50] - Essential Factors for Developing Market Cycle Opinions
  
  

John outlines his approach to due diligence by first understanding the seller's story, then using that narrative as a lens to analyze financial data. When a broker explains why a property is for sale - whether it's a long-term owner whose property manager passed away or a syndication group exiting after improvements - John looks for evidence of that story in the trailing twelve months of financial performance. If occupancy is declining due to management issues, it should show in the numbers; if rents have been increased through renovations, that should be visible in the rent roll. John emphasizes that without understanding the story first, investors are just guessing when reviewing financial statements, but the narrative provides the framework for identifying what to look for in the data.

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• John Casmon on LinkedIn 
• Casmon Capital Group Website