Seth Bradley is an attorney, investor, and host of the Passive Income Attorney Podcast. He and Lance unpack the vetting process Seth deploys to evaluate a market, a sponsor, and a deal. The gut-level relationship (the “art”), is still paramount for Seth, but he’s not afraid to pick apart a flawed proforma either (the “science”). He shares his insight on both sides, and talks about the merits and flaws of the emerging “co-GP” trend.

In this episode Lance chats with John Fortes of the Fortes Company, a kindred spirit as passionate about due diligence and risk mitigation as he is. John brings passive investors into multi-family deals, but only after spending up to a year getting to know the sponsor, and performing his own brand of nuanced underwriting. He and Lance dig into the benchmarks he uses to vet a sponsor, and how to avoid confirmation bias in a bull market where every sponsor looks like a genius.

John Casmon of Cincinnati-based Casmon Capital Group is a former marketing exec turned investment sponsor, and host of the Target Market Insights podcast. He and Lance discuss the John’s belief in the “boring” fundamentals when is comes to assessing deals, markets, and partnership opportunities. This includes his focus on cash flow, developing a sound business plan, project management, and assessing the health of a market.

Rob Beardsley of Lone Star Properties is a multi-family investor and preferred equity provider, primarily in Texas and the southwest. Rob and Lance get into the technical details of the relationship between risk and return, and why not all returns are created equal. Rob also discusses the preferred equity side of his business, and the underappreciated role that pref equity can play in lower middle-market deals.

Blake Dailey of Growth Vue Properties joins Lance to talk about his approach to Multi-family syndication. Blake is an active Air Force serviceman, podcast host, and multi-family syndicator in Florida. He and Lance discuss Blake’s approach to risk, creating genuine relationships, and focus on 'BRRRR' … Build / Rehab / Rent / Refinance / Repeat.

Brian Briscoe of Four Oaks Capital is an active Lieutenant Colonel in the US Marine Corps—and a sponsor/educator in the multi-family asset class. Brian’s team focuses on Class C value-adds in the upstate South Carolina region. He and Lance discuss his unique approach to mitigating risk, rooted in disciplined and conservative underwriting, experienced property management, and being smart with renovations.

Anthony Vicino of Invictus Capital is a multi-family syndicator, based in Minneapolis. Anthony and Lance break down this strong but often misunderstood market, and how COVID has shifted Anthony’s multi-family playbook. They discuss the importance of rent analysis, streamlining operational expenses, and getting investors to buy into the narrative of a project, not just the IRR.

Self-storage is one of the hottest asset classes in real estate, and AJ Osborne of Boise’s Cedar Creek Wealth has been doing it for decades. He and Lance dispel the myth that it’s an easier, “recession-proof” vehicle. AJ shares a few key tenets, including viewing it as a business instead of a real estate investment, the critical role of supply and demand analysis, and how he’s turned data and technology into a competitive advantage.

Chris Salerno of QC Capital is a Charlotte-based broker-turned-sponsor, and joins Lance to chat about the Multi-family asset class. Chris’ group focuses on the acquisition of 100-unit projects built between 1990-2010, mitigating risk by being simple and conservative in their value-add strategy. They discuss taking a hard look at some classic red flags, like creative pro formas, inflated exit caps, and bad debt at a property.

Freddy Ellis of Watermark Properties talks to Lance about one of the hottest sectors in residential housing, single-family home rentals. Watermark develops communities that offer renters the benefits of a single-family home with the convenience and amenities of a resort. Lance and Freddy unpack all the pieces, like how to work with municipalities, creating a premium and differentiated living experience, and the amount of exit options for investors unique to this strategy