Moses Kagan is a co-founder of Adaptive Realty, the Los Angeles-based real estate private equity firm. Since 2008, through Adaptive and predecessor entities, he has overseen the acquisition and rehabilitation of nearly 100 properties.    Adaptive is laser focused on sub institutional scale multifamily. So these are deals between three and 10 million dollars of total capitalization.  The firm is unusual in the real estate private equity world because they buy and hold real estate rather than buying buildings, fixing them up, and flipping them as is done in a more IRR driven model.   In this episode Moses discusses his journey from running a smaller fund that had a single LP to what he does now.  One of the most interesting parts of the conversation he discussed is when he had to sell the real estate in his first fund.  To the outside world, it may have appeared to be a success.  To Moses, however, it was a lesson in how much taxes hurt returns.  That lesson formed the philosophy behind Adaptive.   We are happy to have Moses as this week's guest.  As always, we hope you enjoy the episode!