Investing requires taking a risk, but if you don’t understand what you’re investing in, it might ultimately lead to underperforming, or worse! Our guest on the show today is passionate about helping people and aspires to be instrumental in helping investors build their wealth. Joseph Fang has been actively investing in real estate since 2003 and with a portfolio of rental properties gathered over the years, he realized how resilient real estate can be, in particular, multifamily properties when managed properly. Join us as we talk with Joe about his new role as Director of Investor Relations at Break of Day Capital, why he looks for strong operators, warning signs when to avoid investing with a sponsor, and what makes a strong operator. He shares some great insights, so make sure not to miss out. Tune in now, for all this, and more. 

Key Points From This Episode:

• More about Joseph Fang and what he does.
• What his next step as Director of Investor Relations at Break of Day Capital entails.
• Joe shares an investing war story with some examples of things he’s had to navigate.
• Why he looks for sponsors who are strong operators.
• Warning signs to look for to know when not to invest with a sponsor.
• What makes a strong operator.
• More about his role at Break of Day Capital.
• What he’s most excited about as he steps into his new role.
• His investor relations superpower.

Links Mentioned in Today’s Episode:

Joseph Fang on LinkedIn

Joseph Fang Email

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

There are plenty of non-traditional paths to success and not everyone starts their real estate journey with tons of capital. Today’s guest, Glenn Gonzalez, is truly an example of what it means to work your way to the top from the ground up. Starting as a maintenance worker during college, Glenn soon found an opportunity to transition into management before becoming the proud owner of Obsidian Capital, a journey that is chronicled in his wonderful and accessible book Maintenance Man to Millionaire: Real Estate Wealth Creation for Everyday People. We talk with Glenn about what he’s learned throughout his 30-year career before hearing his advice regarding The Four P’s for Success. For key insights from a man who has hands-on experience in every aspect of real estate, make sure you tune in today!

Key Points From This Episode:

• Get to know today’s guest, Glenn Gonzalez, owner of Obsidian Capital Co.
• How Glenn got started in real estate by working as a maintenance employee.
• Glenn’s transition into management and acquiring his own property management company.
• An introduction to The Four P’s for Success: People, Product, Price, and Promotion.
• A reminder of the wealth of knowledge that your maintenance employee possesses.
• Why you need to make sure your employees are in a position that utilizes their strengths.
• Finding the balance between improving your product and how much you can charge for it.
• How to determine whether your renovations will provide an adequate return on investment.
• An overview of Glenn’s approach to pricing with current interest rates and cap rates.
• Why Glenn leaves promotion to the experts.

Links Mentioned in Today’s Episode:

Obsidian Capital

Glenn Gonzalez on LinkedIn

Email Glenn

Maintenance Man to Millionaire: Real Estate Wealth Creation for Everyday People

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

There are so many mistakes to be made in JV’ing and we want to help you avoid some of them to ensure your success in real estate asset management! Today’s guest is the incredible asset manager, mom, CEO of GoBundance Women, and retired medical sales professional, Mandy McAllister. She is here to tell us all about GoBundance, how to find the right partners through background checks, her personal business plan, what she is focusing on now, and so much more! We also discuss the differences in asset management of different types of properties from a jack of all trades. So to hear all about the importance of adaptability and management, join us now!

Key Points From This Episode:

• An introduction to today’s guest, Mandy McAllister. 
• Mandy tells us why she left her W2 job and why she is excited about GoBundance Women.
• Mandy shares her goals for GoBundance with us. 
• How to find the right partners, the importance of background checks, and each person’s role. 
• Many tells us about her JV business plan: Buy and Watch. 
• How she got involved in managing an 18-unit motel. 
• The differences in asset management between short-term rentals and multifamily properties. 
• What Mandy is focusing on now and why she feels she has to be adaptable. 
• Why figuring out how to measure things is Mandy’s asset management superpower. 

Links Mentioned in Today’s Episode:

Mandy McAllister

Mandy McAllister on LinkedIn

Mandy McAllister Email Address

Mandy McAllister on Facebook

Mandy McAllister on Instagram
Mandy McAllister on TikTok

Mandy McAllister on YouTube
GoBundance Women

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

Today’s guest cut his teeth working in institutional real estate before starting his own company. As the SVP of acquisitions and asset management on roughly $3 billion worth of transactions, Mark Lively learned a lot before founding Cloudline Investments. Today he joins us to shed light on institutional asset management best practices and some of the biggest lessons he learned working in institutional real estate. Tuning in, you’ll hear about why revenue management is so commonly overlooked in small-scale real estate investments, the value of collecting and processing data to optimize it for revenue, and what the ratio of exterior cap ex versus interior cap ex should be. He explains some of the big differences between institutional real estate companies versus smaller boutique companies and sheds light on metrics that institutional investors look at when evaluating a deal. To find out more about the deals and markets that Mark is currently targeting as well as what he believes to be the best metric to look at in any deal, tune in today!

Key Points From This Episode:

• An introduction to Mark Lively, his career in asset management, and why he founded Cloudline Investments. 
• The heavy value-add approach he took when working in the institutional side of real estate.
• Why revenue management is commonly overlooked in small-scale real estate investments.
• The value of collecting and processing data to optimize it for revenue. 
• The differences between institutional real estate and smaller boutique companies.
• Thoughts on quantifying the ROI on paint. 
• Insight into the ratio of exterior cap ex versus interior cap ex.
• Some of the biggest lessons learned working in an institutional company.
• The metrics that institutional investors look at when evaluating a deal. 
• Why Mark believes that IRR is the best metric to look at in any deal
• How the IRR differs in retail customers versus institutional customers
• The deal Mark just closed and the types of deals and markets that he is currently targeting.

Links Mentioned in Today’s Episode:

Mark Lively 

Cloudline Investments

Mark Lively Email

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

Infinite banking is a concept that was created by Nelson Nash, whereby you can use whole-life insurance policies, that distribute dividends, to control your cash flow by setting up your own bank instead of using or relying on banks or other lenders for loans. Our guest on the show today is Chris Larsen, Chris is the founder and principal of Next-Level Income, he has been investing and imagining real estate for over 20 years. He shares more about the concept of infinite banking and how he got into it. Tune in to hear how you can get started with your own infinite banking as Chris shares insightful concepts and gives advice on where to start as a beginner. Make sure not to miss out!

Key Points From This Episode:

• More about Chris and what he does.
• What attracted Chris to infinite banking and how he utilizes it.
• How his plans and policies [with infinite banking] differ from others out there. 
• How syndicators can show liquidity and net worth to lenders with infinite banking.
• Key things to look out for when shopping for the right plan/ administrator. 
• What beginners should know about infinite banking, according to Chris, 

Links Mentioned in Today’s Episode:

Chris Larsen on LinkedIn

Chris Larsen on Twitter

Chris’ Book

The Investment Optimizer

Next Level Income

Infinite Banking with Christopher Larsen Podcast

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

Today’s guest has done a remarkable job of growing his company in a very short amount of time and joins us to shed light on how he successfully managed to do this. Brandon Turner is the founder and managing member of Open Door Capital. He is also a best-selling real estate author and a past host of the BiggerPockets podcast with over 100 million downloads. Brandon has a strong track record of investing in multifamily real estate and his company currently has over $650 million in assets under management and over 1,200 investors. In this episode, he explains how he built his team, why he gave out equity, and the pros and cons of doing this. He also talks about the attributes that he looks for in potential team members whether hired or doing an internship, Open Door’s core values, and how these two things relate. To find out why Brandon is so passionate about big hairy audacious goals and his advice for anyone else who wants to go from $100 million to $1 billion in assets under management, tune in today!

Key Points From This Episode:

• An introduction to Brandon Turner and his career. 
• How Brandon built his team and the different roles that he has right now. 
• How he grew his company by giving out equity and the pros and cons of doing this.
• The value of unpaid internships. 
• The collaborative nature of real estate investing.  
• The attributes Brandon looks for in team members whether hired or doing an internship.
• Open Door’s core values, especially those of relentless improvement and no suits. 
• What they are currently looking for in an asset manager. 
• Brandon’s big hairy audacious goal and how it changed the way Open Door does business. 
• Brandon’s advice for anyone who wants to go from $100 million in assets under management to $1 billion.

Links Mentioned in Today’s Episode:

Brandon Turner

Brandon Turner on Twitter 

Brandon Turner on Instagram 

The ONE Thing 

Traction

Open Door Capital 

BiggerPockets podcast

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

The lending environment has taken some turns over the last few years and even within this current year. Today, we’re back again with guest Andrew Westling, who is an associate director of capital markets at Walker & Dunlop. Andrew is responsible for new loan originations and closings for multi-family and commercial properties nationwide. We delve into the current lending environment, from loan to value, acquisition market, to what’s happening in the refinance market, and what that means this all means for investors and sellers. Andrew talks about replacement value and why it’s something folks should be talking about. Don’t miss out on all this, and more, so tune in now. 

Key Points From This Episode:

• A quick re-introduction of our guest, Andrew Westling.
• We discuss the current lending environment.
• Why we should be talking about replacement value.
• How they, at Walker & Dunlop, come up with replacement cost.
• What Andrew is seeing with Mezz and Pref these days (loan to value).
• He talks about the incentives around affordable housing. 
• Where Andrew thinks the lending environment is going over the next six-twelve months. 

Links Mentioned in Today’s Episode:

Andrew Westling on LinkedIn

Walker & Dunlop

Episode 90

CBRE

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

From rising interest rates to understanding affordability and interpreting infrastructure growth, where do you start your real estate journey? Kathy Fettke has been in the syndication world for 10 years, using that experience to help her run and build her company, RealWeath: empowering people to know how, when, and where to invest in real estate. With a passion for the economy, Kathy takes us on an economic deep dive into the past, what is happening in the present, and what Kathy thinks the future holds. Plus, Kathy explains why apartments are currently an incredible investment opportunity, real estate fundamentals, and understanding job and population growth. 

Key Points From This Episode:

• What keeps Kathy busy.
• Kathy’s thoughts on the economy in the next six to 12 months
• What causes inflation and how it has affected the real estate market.
• How to prepare for the rates either increasing or decreasing.
• Understanding the increase in money within the economy.
• Why people are wanting to own hard assets.
• The way people are preparing for the recession.
• A look at affordability and then infrastructure growth.
• The growth of jobs in Texas.
• The asset classes Kathy focuses on.
• Kathy’s asset management superpower.

Links Mentioned in Today’s Episode:

Kathy Fettke

Kathy Fettke on Twitter

Kathy Fettke on LinkedIn

RealWealth

Grow Developments

Retire Rich with Rentals on Amazon

The Real Wealth Show Podcast

Real Estate News for Investor Podcast

On the Market Podcast

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

In this episode, we share the details of two new properties we are very excited about that we have recently closed on in Tucson, Arizona. Although the vintage nature of these properties scared away potential buyers, we only saw promising investment opportunities. In this episode, we walk through the processes of buying the properties and the steps we took to ensure they were wise purchases. Find out what it was about the properties that caught our attention, how we increased income from rentals, and the progress we have achieved on leasing units. You will also hear the measures we took to protect ourselves, investors, and renters from failure and how we executed our business plan effectively. To learn from experience and hear more about these properties and how we took advantage of their incredible potential, tune in today!

Key Points From This Episode:

• A brief outline of the recent deals that have been closed.
• What the big differentiator was regarding the properties purchased.
• Overview of the precautions and checks taken before closing the deal.
• Why it is essential to have capital reserves for renovations. 
• Steps to take to ensure that you meet or even exceed income projections.
• A tremendous upside of buying the Dakota Canyon property. 
• The value of having an efficient and reliable property management team.
• Learn why it is vital that your business plan and management team are aligned.

Links Mentioned in Today’s Episode:

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn

Gary Lipsky on Twitter

Despite the volatile nature of the market, today’s guest has consistently managed to get into deals when the market was good and get out when it was even better. Brian Burke is the President and CEO of Praxis Capital, a vertically integrated real estate private equity firm that he founded in 2001. Praxis now has over $5 billion of transactional experience in multi-family real estate. In this episode, Brian explains why he has been focusing on selling instead of buying over the past few years. He believes that his asset management superpower is to recognize opportunity and his success attests to this. To find out about his predictions for the market in the next 6 to 12 months, what data he wants to see before he reenters the market, and what areas or markets he has his eye on for future opportunities, tune in today!

Key Points From This Episode:

• An introduction to Brian Burke and his career in real estate. 
• Brian’s focus on selling, as opposed to buying, over the past few years.  
• Insight into how much work is involved in selling a deal instead of just getting a deal. 
• Brian’s predictions for the market in the next 6 to 12 months. 
• What data he wants to see before he reenters the market.
• The dangerous assumptions that investors are currently making in terms of rent growth.
• Markets or areas that have changed in the last year or two that Brian is keeping an eye on. 
• How Brian was able to exit properties with a decent return despite unpaid rent during the COVID pandemic. 
• Brian’s asset management superpower to recognize opportunity. 

Links Mentioned in Today’s Episode:

Brian Burke  

Praxis Capital 

The Hands-Off Investor 

Episode #2: Refinancing with Brian Burke

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital Youtube

Gary Lipsky on LinkedIn