Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. He and Chris discuss finding LP's that align with your vision, Adaptive's business model with cash-only financing, building a successful property management company, and more. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter! @fortworthchris 02:35 — Background on Moses and Adaptive Realty 07:25 — How do you find LP’s that really enjoy your idea of holding onto assets vs. worrying about IRR? 11:18 — Do you think your model is scalable? Do you want to scale? 15:27 — Are you able to sell? What is the agreement like with your LP’s? 17:44 — Why do you capitalize everything with all equity up-front? 23:15 — Using Fanny / Freddy to Re-Finance a Loan 26:24 — What does your perfect deal look like? How do you find those deals? 36:16 — What makes a successful Property Management business? 41:51 — Are you keeping a reserve line item for cap-ex to build up over time? 45:39 — Where are mistakes made in the multifamily value-add space? 49:25 — What is your favorite book? 51:55 — What advice would you give your 21-year-old self? 55:27 — What is your 10-year prediction for the future? The FORT with Chris Powers is produced by Straight Up Podcasts.