In this episode of Multiple Perspectives, host David Lofgren is joined by Andy Hill, Founder of Marriage, Kids and Money, to discuss how families can achieve financial independence while prioritizing time together. They explore the "Coast FIRE" strategy, why the traditional 40-year corporate grind might not be the only path to wealth, and how to use money as a tool to buy back precious family time rather than just accumulating assets.

What You'll Learn:

• How to reframe financial success beyond traditional retirement planning to create freedom earlier in life
• The "Coast FIRE" strategy for building wealth while working less and enjoying life today
• Why diversifying your life portfolio is as crucial as diversifying your financial portfolio
• How to transition from corporate work to part-time entrepreneurship without sacrificing financial security
• The framework for calculating exactly how much wealth you need to maintain your desired lifestyle
• Why generational wealth transfer should focus on knowledge and values rather than just money
• How to structure your finances to support a 20-25 hour work week while maintaining financial stability
• The importance of challenging cultural narratives about success, wealth-building, and work-life balance

Andy Hill is the Founder of Marriage, Kids and Money, a financial education company focused on helping families achieve time freedom. After experiencing corporate burnout while raising young children, Andy created content to document his family's journey from negative $50,000 net worth to over $1 million while building a lifestyle that prioritizes family time. Through his podcast, YouTube channel, and educational content, Andy helps families use intentional financial strategies to buy back time and create lives aligned with their values rather than just their bank accounts.

If you enjoyed this episode, make sure to subscribe, rate and review on Apple Podcasts, Spotify and Google Podcasts, instructions on how to do this are here. 
Episode Highlights:

• [08:33] Challenging the 40-Year Corporate Career Myth
  
  

Andy Hill reveals why he believes the traditional American ideal of working hard for 40 years until retirement is fundamentally flawed. High-earning professionals often fall into the trap of delayed gratification, betting their happiness on the final 13 years of life after retirement at 65. This approach ignores that physical capabilities and health may be diminished by then, and places too much emphasis on a future that isn't guaranteed. Andy advocates for paying attention to money management early to buy back time in your 30s and 40s when you can fully enjoy it with family and maintain better health.

• [18:26] The Solopreneur Philosophy for Life Design 
  
  

Andy explains his intentional approach to building a "solopreneur" business that serves his life rather than consuming it. After transitioning from corporate America, he deliberately keeps his business small enough to generate the income needed for his family's comfort while preserving time for what matters most. His "glass jar" metaphor illustrates how he filled his life with the important rocks first—family, health, friendships, and time with aging parents—leaving only 20-25 hours per week for work. This approach demonstrates how redefining success can create a more fulfilling and sustainable lifestyle.

• [23:12] Generational Wealth Through Knowledge, Not Just Money

Andy shares his philosophy that generational wealth is better transmitted through teaching and modeling than simply leaving money to children. He references studies showing that inherited wealth typically fades by 70% after three generations because recipients lack the knowledge and motivation to preserve what they didn't earn. For his own children, Andy focuses on demonstrating a diversified approach to life success that includes strong relationships, health, and financial literacy. He emphasizes that putting all energy into one corporate job creates vulnerability, as companies can eliminate positions regardless of employee dedication and sacrifice.

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Andy Hill on LinkedIn 
• Marriage Kids and Money Website

In this episode of Multiple Perspectives, host David Lofgren welcomes Seth Williams, founder of REtipster, an online community that offers real-world guidance for real estate investors. Seth shares how real estate investors can stay ahead of the market's evolution curve and how he moved from land flipping to commercial development. He also offers insights on adapting strategies to situations, evaluating self-storage opportunities, and leveraging creative financing. The conversation offers a behind-the-scenes look at how independent investors should respond to shifting market dynamics while pursuing sustainable and value-driven approaches to building wealth.

What You'll Learn:

• How to identify and capitalize on land investment opportunities 
• Why successful real estate strategies must evolve beyond traditional flipping models
• The framework for transitioning from land flipping to commercial development
• How to evaluate self-storage development opportunities 
• The "Passive Partnership" model for scaling land investments 
• Why diversification across real estate strategies becomes crucial as markets mature
• The strategic shift from pure speculation to value-add development in land investing
• How to adapt investment strategies when market inefficiencies begin to disappear
• The key principles for analyzing and executing self-storage development projects
• Why creative financing and development expertise are becoming essential in modern real estate investing
  
  

Seth Williams is the founder of REtipster, a prominent real estate education and content platform, and a successful land investor who achieved financial independence in his mid-30s. With extensive experience in land flipping and self-storage development, Williams has evolved from identifying undervalued land opportunities to developing full-scale commercial properties, including a 170-unit self-storage facility. Known for his innovative approach to real estate investing, he has successfully adapted his business model from simple land flips to more complex development projects and now serves as a land deal funder for other investors.
Episode Highlights:

• 11:51 Apathy Over Value: The Hidden Key to Land Investing 
  
  

Seth reveals that successful land investing isn't about finding owners who don't know their property's value but rather identifying those who are apathetic about ownership. He explains how this investor-seller dynamic creates opportunities to acquire land at 10-30% of market value from motivated sellers who prioritize convenience over maximizing returns. The strategy particularly resonates with inherited properties where owners have no emotional attachment or practical use for the land. To execute effectively, investors must focus on making the transaction process extremely simple and fast, offering quick closings and cash payments. 

• 13:26 Evolving Beyond Traditional Land Flipping 
  
  

As markets become more efficient and competition increases, Seth describes how successful land investors must evolve beyond simple buy-and-flip strategies. This evolution requires developing creative approaches like property subdivision, entitlement work, and full-scale development to maintain healthy profit margins. The transition from passive to active investment strategies reflects a broader trend in real estate, where adding value through development becomes essential as pure arbitrage opportunities diminish. 

• 17:00 Self-Storage Development Framework  
  
  

Seth outlines a comprehensive framework for evaluating self-storage development opportunities, starting with a thorough market analysis of existing facilities and demand patterns. The approach emphasizes professional validation through feasibility studies, which provide detailed financial projections and identify potential blind spots in the investor's analysis. This systematic evaluation process helps mitigate risks in larger-scale commercial real estate development projects. Professional investors can apply this framework to assess similar development opportunities across various asset classes. 

• 28:09 Creative Partnership Model 

Seth shares an innovative approach to land investing where experienced investors fund deals sourced by active operators, creating mutually beneficial partnerships. This model allows investors to leverage their capital while benefiting from operators' deal-sourcing expertise, typically splitting profits 50/50 or 60/40 depending on contribution levels. The strategy is particularly effective in markets where traditional bank financing for land deals is limited or unavailable. For high-net-worth individuals, this represents an opportunity to scale their real estate portfolio without handling day-to-day operations. 

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Seth Williams on LinkedIn 
• REtipster Website

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

In this episode of Multiple Perspectives, host David Lofgren sits down with Jeremy Roll, President of Roll Investment Group, to discuss the current state of commercial real estate investing and market cycle positioning. Jeremy shares his contrarian perspective on why he believes we're approaching an end-of-cycle reset, the challenges he sees facing multifamily investors, and his personal strategy of holding treasuries while waiting for what he considers better opportunities. Whether you're a seasoned investor or exploring alternatives to traditional markets, this episode offers Jeremy's insights on his approach to protecting capital and positioning for what he anticipates will be the next cycle.

What You'll Learn:

• Why are California real estate markets experiencing low transaction volumes?
• The challenges facing investors who entered the market between 2020-2022
• Why Jeremy is concerned about pivoting to private credit at this time
• The strategy behind holding treasuries despite low yields
• How do you develop independent market cycle opinions?
• What factors should new investors research before investing?
• The significance of Warren Buffett's current cash position
• Jeremy's approach to education and due diligence in alternative investments

Jeremy Roll is the President of Roll Investment Group since 2007, leading alternative investment opportunities in the $500k-$25M range with over $500 million in current assets under management. He is also the cofounder of For Investors by Investors (FIBI), California's largest non-institutional real estate investor meeting series with 12 chapters and over 30,000 members. A staunch advocate for cycle-aware investing, Jeremy has been featured on over 200 podcasts sharing his insights on market timing, due diligence, and risk management. His investment approach emphasizes predictability and lower risk, shaped by his experience navigating the dot-com crash and subsequent market cycles. Jeremy also serves as an advisor for Realty Mogul and has invested in companies including StartEngine, Thrive Market, and ROM Technologies.

Episode Highlights:

• [06:26] - The Private Credit Pivot Problem
  
  

Jeremy explains why he's concerned about investors pivoting to private credit and debt investing at what appears to be the end of an economic cycle. He shares his own experience doing hard money lending from 2009 to 2022, stopping just before the first interest rate hike. Jeremy warns that while debt investing may seem safer, values decline dramatically during downturns as uncertainty increases, and loan-to-value ratios can quickly become problematic when property values fall. He cautions that many investors are being reactive rather than proactive, jumping into these alternatives without considering whether they'll perform well through a potential cycle reset.

• [09:42] - Smart Money Strategies for End-of-Cycle Positioning
  
  

When asked what smart money does at the end of a cycle, Jeremy outlines his personal strategy of holding treasuries despite not liking the yield. He explains the tax efficiency benefits for California residents and describes his recent small Bitcoin position as a probability-based bet on the four-year cycle pattern. Jeremy emphasizes that investors can either take advantage of end-of-cycle opportunities if they're willing to accept high risk, or stay on the sidelines with cash-like investments. He stresses that all speculative assets, including Bitcoin, silver, and gold, typically crash during end-of-cycle resets, making timing crucial.

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

Jeremy provides a framework for new investors to develop their own market cycle opinions rather than simply following others' advice. He recommends talking to experienced investors who have seen multiple cycles, studying stock market charts and PE ratios, and understanding why successful investors like Warren Buffett are holding significant cash positions. Jeremy emphasizes the importance of recognizing that we're potentially in a record-long economic cycle and understanding what that means for future opportunities. He stresses that investors must be 100% educated on current cycle positioning before making investment decisions, as sponsors will always have compelling business plans regardless of market timing.

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Jeremy Roll on LinkedIn 

In this episode of Multiple Perspectives, host David Lofgren speaks with Barbara Friedberg, an experienced portfolio manager and investment educator, about her personal strategies for building a resilient investment portfolio. Drawing on her decades of experience, Barbara outlines her preference for passive over active investing, advocates for low-cost index funds, and introduces her 90/5/5 rule—allocating the majority to traditional investments and a small portion to alternatives. She also shares her due diligence framework for evaluating alternative investments. This conversation offers a deep dive into Barbara’s personal approach to smart investing. While her perspectives may differ from those of the host or business, they provide valuable food for thought for professionals navigating a volatile market.

What You'll Learn:

• How to build a resilient portfolio using the 90/5/5 rule
• Why market timing doesn't work and the power of consistent, automated investing through market cycles
• The "Track Record Test" framework for evaluating investment platforms 
• How to approach alternative investments without risking your core portfolio
• Why index investing beats active management for most investors 
• The "Five-Year Rule" for determining whether an investment belongs in your portfolio 
• How to evaluate crypto and emerging asset classes without betting the farm
• Why high fees and complex investment structures often reduce actual returns 
  
  

Barbara A. Friedberg, MBA, MS, is a seasoned investment expert and former portfolio manager with over 40 years of experience across real estate, stocks, bonds, and alternative assets. A trusted voice in financial education, her work appears in Investopedia, Forbes Advisor, U.S. News, and more. She runs BarbaraFriedbergPersonalFinance.com and a YouTube channel focused on investing education. Barbara also consults for fintech firms and is the author of several books available on Amazon, helping individuals build wealth with practical, time-tested strategies.

Episode Highlights:

• 03:57 - The 90/5/5 Portfolio Rule for Modern Investors
  
  

Barbara Friedberg offers a straightforward and effective approach to portfolio allocation: dedicate 90–95% to traditional stock and bond investments, and reserve 5–10% for alternatives. This strategy is especially valuable for high-earning professionals looking to balance long-term growth with innovative risk management. It simplifies decision-making in a world full of investment noise and FOMO. By building a strong foundation with low-cost index funds and bonds, then selectively exploring alternatives, investors can tap into new opportunities without compromising their core financial stability.

• 08:51 - The Smart Approach to Alternative Investments
  
  

Barbara emphasizes the importance of starting small and learning systematically when exploring alternative investments. High-earning professionals often feel pressure to chase trending investments, but rushing in without proper research can lead to significant losses. She recommends beginning with trusted educational resources like Investopedia and Morningstar to build knowledge before committing capital. Start with small investments of a few hundred to a few thousand dollars to gain practical experience while limiting downside risk. This methodical approach allows investors to develop expertise while protecting their core portfolio from unnecessary risk.

• 19:00 - The Three-Point Due Diligence Framework
  
  

Barbara shares three critical factors when evaluating alternative investment platforms: management credentials, fee structures, and track record analysis. This framework helps wealth managers and sophisticated investors avoid common pitfalls in alternative investments. She emphasizes looking beyond marketing materials to understand who's running the platform and their relevant experience. Investors should compare fees against traditional investment options and verify performance claims against appropriate benchmarks. This systematic approach helps professionals make informed decisions about alternative investments while avoiding potentially costly mistakes.

• 28:00 - The Index Fund Reality Check
  
  

Barbara reveals that only 20-30% of active managers consistently beat market indices, challenging the common belief that skilled stock picking leads to superior returns. This insight is particularly relevant for high-earning professionals who might be tempted to manage their portfolios actively. The data suggests that even professional fund managers struggle to outperform simple index funds over time. For most investors, including sophisticated professionals, low-cost index funds provide better long-term results than active management. This approach saves both time and money while potentially delivering better risk-adjusted returns.

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Barbara Friedberg on LinkedIn 

In this episode of Multiple Perspectives, host David Lofgren sits down with Michael Voulgarakis, Managing Partner at Southgate Ventures, for an insider’s look into the Seattle multifamily market. They discuss how to spot value-add opportunities, leverage tech for smarter property management, and navigate regulatory hurdles while maximizing returns. From demographic shifts to sponsor evaluation strategies, this episode is packed with actionable insights for both passive investors and active players seeking to thrive in high-entry-barrier real estate markets like Seattle.

What You'll Learn:

• How to identify and capitalize on demographic shifts in tech-heavy markets like Seattle
• The "Capital Expenditure Schedule" framework for forecasting maintenance costs 
• Why focusing on high-earning tenant bases provides stability 
• How to leverage property management technology to improve operational efficiency 
• The strategic advantage of acquiring properties from long-term owners 
• Why due diligence and market rent analysis are crucial for successful syndication 
• How to evaluate real estate syndication sponsors through verifiable track records 
• The importance of geographical constraints in driving property values 

Michael Voulgarakis is a seasoned Commercial Real Estate Asset Manager and Operational Leader with 19 years of experience in real estate investment, underwriting, capital raising, and leasing. As Managing Partner at Southgate Ventures, he brings deep expertise in financial analysis, property valuation, and strategic planning. Known for his entrepreneurial mindset and strong negotiation skills, Michael has successfully managed multimillion-dollar portfolios. His passion lies in driving growth and delivering value through operational excellence and data-driven asset management in complex real estate markets.

Episode Highlights:

• 06:42 Capital Expenditure Planning Framework

Michael Voulgarakis outlines a systematic approach to evaluating property investments through detailed capital expenditure scheduling. High-earning professionals considering real estate investments must understand that successful property management requires forecasting major maintenance costs years in advance. The framework involves creating a comprehensive Excel spreadsheet tracking all major building components, their remaining useful life, and projected replacement costs adjusted for inflation. Property managers should calculate annual reserve requirements by working backwards from anticipated major expenses, ensuring adequate funds are available when needed. 

• 13:05 The Seattle Market Growth Strategy 

Southgate Ventures identified Seattle as a prime investment market by recognizing the convergence of tech sector growth and undervalued real estate assets. The strategy focuses on acquiring properties from long-term owners who haven't maintained their buildings to current market standards, despite serving high-income tenants from companies like Amazon and Microsoft. This approach capitalizes on the gap between existing rents and potential market rates in a geographically constrained market with strong demographic tailwinds. Professionals seeking real estate investment opportunities should look for similar market inefficiencies where property conditions lag behind tenant quality. This strategy has proven successful through multiple economic cycles, demonstrating the importance of understanding both market fundamentals and demographic trends.

• 36:13 Due Diligence Framework for Syndication Investments
  
  

Before evaluating any specific deal, investors should thoroughly vet the sponsor's track record through public records and municipality websites. High-net-worth individuals can protect themselves by verifying claimed transactions through official sources like county records, rather than relying solely on marketing materials. Sophisticated investors should independently verify rent projections using publicly available resources like Zillow and apartments.com to validate sponsor assumptions. Professional investors should focus on deals targeting market-rate rents rather than aggressive above-market projections. Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Michael Voulgarakis on LinkedIn 
• Southgate Ventures Website

In this episode of Multiple Perspectives, host David Lofgren sits down with Amanda Taylor, a creative real estate investor, about her unique “Frankenstein Financing” method. Amanda explains how to combine tools like cash-value life insurance, business credit, and alternative loans to fund real estate deals with little personal capital. Whether you're a seasoned investor or just starting out, discover how to access capital, diversify your portfolio, and build long-term wealth using innovative and sustainable financial strategies.

What You'll Learn:

• How to leverage cash value life insurance policies as a flexible funding source 
• How to build business credit lines up to $95,000 with 0% introductory rates 
• Why corporate credit building can provide substantial funding 
• How to combine multiple funding sources for maximum investment leverage
• The framework for creating robust exit strategies for any real estate investment
• Why diversification across investment vehicles creates sustainable wealth building
• How to build and leverage professional networks to access private lending 
• Maintaining a strict criterion to ensure profitable deals in any market condition

Amanda Taylor is a real estate investor, business strategist, and wealth mentor known for her groundbreaking "Frankenstein Financing" method. With a 15-year background in dental practice management, Amanda transitioned into real estate, building multiple businesses and a diverse investment portfolio. She specializes in helping entrepreneurs create passive income, build corporate credit, and automate operations to achieve lasting financial independence. Amanda empowers clients to scale smarter, access creative capital, and design actionable wealth strategies that lead to long-term success and generational legacy.
Episode Highlights:

• 05:33 Leveraging Cash Value Life Insurance for Real Estate Investment
  
  

Amanda Taylor reveals how cash value life insurance policies can be a powerful funding source for real estate investments, offering a 5.5% growth rate while allowing borrowing at 5%. This innovative approach enables investors to maintain wealth growth while accessing capital for property investments or hard money lending. The strategy particularly appeals to high-net-worth individuals seeking to build generational wealth while preserving liquidity. Investors can repeatedly borrow against their policy without depleting the growing principal balance. For real estate professionals, this creates an arbitrage opportunity where borrowed funds at 5% can be deployed as hard money loans at 12%, generating a 7% spread while maintaining the original investment's growth.

• 17:05 Strategic Business Credit Expansion
  
  

Amanda demonstrates how establishing an LLC can rapidly unlock substantial business credit lines, sharing how she secured $95,000 at 0% interest within days of formation. This approach provides real estate investors with immediate access to capital for down payments and renovation costs without impacting personal credit scores. The strategy requires a personal credit score of around 700 initially, but allows professionals to separate business and personal finances effectively. However, careful exit strategy planning is essential to successfully managing the 12-24 month zero-interest period. 

• 24:08 Creating a Strategic Buy Box for Investment Success
  
  

Amanda emphasizes the importance of establishing strict investment criteria through a carefully designed "buy box" that defines acceptable property parameters and financial metrics. This systematic approach helps wealthy professionals avoid common pitfalls of emotional decision-making in real estate investing. The strategy includes maintaining detailed spreadsheets for various scenarios and having the discipline to reject deals that don't meet specific criteria. Professional investors must also build in significant margins for unexpected issues and timeline extensions. 

• 37:08 Education as the Key to Alternative Investment Success 
  
  

Amanda introduces her philosophy that "education and intimidation have an inverse relationship," highlighting how knowledge transforms seemingly complex investment strategies into accessible opportunities. This insight particularly resonates with sophisticated investors looking to expand beyond traditional investment vehicles. The approach emphasizes starting with fundamental terminology and gradually building expertise through community learning and mentorship. This framework provides wealth managers and financial professionals a clear path to mastering alternative investment strategies. 

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Amanda Taylor on LinkedIn 
• Expand Your Empire Website

In this episode of Multiple Perspectives, guest co-host Daniel Brereton welcomes Vikram Raya, founder of Viking Capital, to discuss how high-net-worth professionals can leverage the emerging build-to-rent (BTR) strategy in real estate investing. Vikram shares how physicians can create passive income without leaving their medical careers, explains how to evaluate real estate sponsors, and outlines the market factors driving BTR growth. Tune in to learn how to diversify investments, time the market effectively, and build long-term financial freedom.

What You'll Learn:

• How the Build-to-Rent strategy offers unique advantages in today's market
• Why BTR communities create operational efficiencies 
• The "Three Pillars of Trust" framework for evaluating real estate investment sponsors
• How physicians can supplement high-earning clinical practice with passive real estate income 
• Why development strategies may outperform value-add investments 
• How to balance portfolio diversification with specialized expertise in real estate 
• The demographic and economic factors driving BTR demand in growth markets 

Vikram Raya, a former cardiologist, is the founder of Viking Capital, specializing in multifamily and build-to-rent real estate investments. He also created LimitlessMD to coach physicians on transitioning to entrepreneurship and real estate. With over a decade of experience, Raya has scaled from single-family homes to $60 million development projects. Combining medical and investment expertise, he helps high-earning professionals diversify their income and achieve financial freedom while maintaining work-life balance through strategic coaching and real estate ventures.


Episode Highlights:

• 04:25 Build-to-Rent Strategy: The Evolution of Rental Communities
  
  

Vikram Raya introduces the Build-to-Rent (BTR) strategy as a response to changing renter preferences for larger spaces and amenities, without the maintenance responsibilities typically associated with traditional rental properties. High-earning professionals are increasingly drawn to BTR communities that offer single-family home experiences with professional property management. The strategy addresses the current housing affordability challenges while providing operational efficiencies through standardized maintenance and community management. For investors, BTR communities represent a scalable opportunity to participate in the growing demand for premium rental housing while maintaining operational efficiency.

• 09:14 Three Pillars for Evaluating Real Estate Investment Partners

Vikram outlines three essential criteria for evaluating potential real estate investment partners: honesty, methodology, and longevity. Successful sponsors demonstrate transparency about past performance and challenges while maintaining strong investor communication throughout market cycles. Their methodology should include clear strategies for managing adversity and protecting investor interests over the long term. Professional investors should seek partners with proven track records across multiple market cycles and a demonstrated commitment to delivering investor success. High-net-worth professionals must conduct thorough due diligence on sponsors' past performance and operational capabilities. The combination of these factors helps ensure alignment with investment goals and risk management strategies.

• 27:38 Building Effective Teams for Scale and Growth
  
  

Vikram emphasizes the transition from self-reliance to leveraging teams for achieving greater success in real estate investing. High-earning professionals should start by hiring virtual assistants and specialized team members to handle specific operational aspects of their investments. The approach allows investors to focus on strategic decisions while delegating tactical execution to qualified professionals. Partnerships, while potentially challenging, can accelerate growth and provide complementary expertise when properly structured. For physicians and other professionals, building the right team creates leverage and enables scaling beyond individual capabilities.

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Vikram Raya on LinkedIn 
• Viking Capital Website

In this episode of Multiple Perspectives, host Daniel Brereton sits down with Christopher Lustrino, CEO and founder of KingsCrowd, to explore how private market investing is becoming more accessible to everyday investors. They discuss the shift from exclusive venture deals to digital platforms, uncovering the untapped potential of middle-market companies and the rise of secondary markets for liquidity. With a data-driven framework for evaluating early-stage investments, the conversation offers valuable insights into building a diversified private market portfolio that complements traditional investments. 
What You'll Learn:

• How private markets are evolving to digitally native investment platforms
  
  
• Why middle-market companies present compelling investment opportunities 
  
  
• The framework for evaluating early-stage companies 
  
  
• How secondary markets are emerging to provide liquidity solutions for private market 
  
  
• Why diversification across different stages of private companies can enhance returns
  
  
• The strategic approach to building a private market portfolio 
  
  

Chris Lustrino is the CEO and founder of KingsCrowd, a pioneering platform in private market investment research and analytics. With a background in private equity and due diligence, he transformed his expertise into a comprehensive solution for retail investors seeking access to private market opportunities. Under his leadership, KingsCrowd has attracted over 4,000 investors, raised nearly $7 million in funding, and developed sophisticated rating algorithms to evaluate private market investments. His work in democratizing private market access and creating transparency through data-driven analysis has established him as a thought leader in the alternative investment space. 
Episode Highlights:

• 09:13 The Untapped Opportunity in Middle Market Companies 
  
  

Chris Lustrino reveals how the post-2008 financing gap has created compelling opportunities in middle-market companies that fall between traditional venture capital and private equity targets. For wealth managers and high-earning professionals, these companies represent an attractive investment segment, often generating $2-300M in revenue with proven business models and lower risk profiles than early-stage startups. Market inefficiency exists because these companies are too small for institutional investors and too large for retail investors to access directly. KingsCrowd's platform enables access to these opportunities, where investors can potentially generate 5-20x returns by investing in companies at $2M revenue that could exit at $30-40M valuations.

• 16:04 The Digital Transformation of Private Markets 
  
  

With $13 trillion in annual private market transactions, Chris explains how digitization revolutionizes access to previously exclusive investment opportunities. This shift creates unprecedented opportunities for wealth managers and financial advisors to expose their clients to private market investments through digital-first platforms. The emergence of 60-80 regulated crowdfunding platforms, dozens of real estate platforms, and specialized investment marketplaces demonstrates the market's evolution toward greater accessibility. 

• 27:18 Data-Driven Framework for Private Market Investment Analysis 
  
  

Chris outlines KingsCrowd's comprehensive approach to evaluating private market opportunities using comparative analysis of similarly staged companies. Their methodology examines key metrics, including valuation multiples, burn rates, market size, team experience, and gross margins, to provide sophisticated investors with a standardized evaluation framework. High-rated companies on their 1-5 scale demonstrate stronger performance, with companies rated 4.0 and above showing promising fundamentals and risk profiles. The systematic approach enables wealth managers and investment professionals to conduct efficient due diligence across hundreds of opportunities. 

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Christopher Lustrino on LinkedIn 
• KingsCrowd Website
• Smarter Income with Real Estate-Backed Private Credit Webinar

In this episode of Multiple Perspectives, host David Lofgren sits down with real estate investor and tax strategist Dave Foster to uncover the power of 1031 exchanges in building lasting wealth. Foster shares how he strategically leveraged this tax-deferral tool to achieve financial freedom, allowing him to live on a sailboat with his family for a decade while maintaining passive income. They discuss the "Four D's of 1031 Investing," creative portfolio diversification strategies, and how combining tax exemptions can create generational wealth. Whether you're a seasoned investor or just getting started, this conversation offers actionable insights to maximize real estate returns.

What You'll Learn:

• How to leverage the "Four D's of 1031 Investing
• Why planning is the cornerstone of successful real estate investing
• The strategic combination of 1031 exchanges and primary residence exemptions 
• How to use property conversions to transform tax-deferred investments into tax-free gains
• The proven approach to diversifying real estate investments while maintaining tax advantages
• Why timing and preparation are crucial for successful 1031 exchanges within the 45-day identification window

With 24 years of experience in real estate investing and tax strategy, Dave Foster has helped thousands of investors minimize tax burdens and maximize returns through 1031 Exchanges and Section 121 exemptions. His expertise has enabled countless realtors, title companies, and individuals to keep their equity working while legally deferring taxes. Dave personally used these strategies to fund his dream of living aboard a 53’ ketch with his family for a decade. As a Qualified Intermediary and consultant, he provides investors worldwide with the knowledge and tools to build wealth while staying IRS-compliant. 
Episode Highlights:

• 10:03 The Four D's of 1031 Exchange Strategy
  
  

David introduces a powerful framework for tax-deferred real estate investing through the "Four D's": Defer, Defer (market adaptation), Defer (lifestyle alignment), and Die. High-earning professionals can use 1031 exchanges to defer capital gains taxes indefinitely while reinvesting in any investment property nationwide. The strategy allows investors to compound returns on money that would have gone to taxes, with example portfolios showing $12M versus $4.5M over 20 years between exchange and non-exchange investors. The approach provides flexibility to adapt to changing market conditions and personal circumstances throughout one's investing lifetime. Upon death, heirs receive properties at a stepped-up basis, effectively eliminating deferred taxes permanently.

• 14:46 Strategic Property Conversion for Tax-Free Wealth Building 
  
  

David reveals how combining 1031 exchanges with primary residence exemptions can create substantial tax-free wealth. High-net-worth investors can utilize the primary residence exemption to take $500,000 in tax-free profits every two years when selling their home. By converting investment properties into primary residences, investors can transform tax-deferred gains into tax-free profits through strategic timing and proper planning. This technique is particularly powerful for retirement planning, as demonstrated by a Florida realtor who built a portfolio of beachfront condos. The strategy allows for systematic conversion of properties while maintaining maximum tax efficiency and building lasting wealth.

• 24:51 Macro and Micro Diversification Framework

David outlines a sophisticated approach to portfolio diversification that operates on both macro and micro levels within real estate investing. While many investors focus solely on real estate, true diversification requires exposure to multiple asset classes with different market cycles. The strategy involves building a foundation with W2 income while systematically adding real estate investments, then expanding into passive vehicles like syndications and alternative assets. This comprehensive approach helps high-net-worth individuals protect wealth through market cycles while maintaining tax advantages. Professional investors can implement this by strategically combining active and passive investments across multiple sectors.

Episode Resources:

• Multiple Perspectives is brought to you by https://equitymultiple.com/
• Dave Foster on LinkedIn
• The 1031 Investor Website