In this episode of Real Returns, Andrew sits down with Jay Parsons, a rental housing economist, advisor, and podcaster who helps investors and other stakeholders make sense of what's actually happening in apartments and single-family rentals. Jay pulls back the curtain on the data behind today's multifamily market, from where institutional capital is and isn't looking, to why the national affordability conversation gets the real story wrong. He and Andrew also get into migration patterns within a single metro, the flight to quality reshaping renter demand, and where the next decade of returns will actually come from.

Timestamps:

00:00 - Cold Open: Migration Back To Local Markets 00:53 - Meet Jay Parsons 02:46 - Why Execution Now Matters More Than Ever 04:58 - Pittsburgh, Cincinnati, And Cleveland Fly Under Radar 07:57 - The Flight To Quality Among Renters 10:01 - Migration Patterns Within A Single Metro 11:57 - Solving The Affordable Housing Shortage 15:54 - Rethinking The National Affordability Narrative 20:16 - Why The Next Cycle Is About NOI 22:34 - How To Reach Jay

"If you take out that population, we do not have an affordability crisis in the U.S. on a national level." — Jay Parsons

Connect with Jay: LinkedIn: linkedin.com/in/jay-parsons-a7a6656 Website: jayparsons.com — For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: [link pending] Spotify: [link pending] YouTube: [link pending] — Subscribe to our NEW monthly newsletter: http://www.realreturnspodcast.com

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Invest alongside Birgo in Birgo Heartland Multifamily Fund V, targeting resilient Midwest workforce housing markets: https://birgo.com/fundv?utm_source=youtube&utm_medium=podcast&utm_campaign=s9e1_jayparsons&utm_content=fund_v

Reiturn® is Birgo's new platform bringing real estate investing to everyday investors, not just accredited ones, with a minimum for the public of $1,000. – The equity crowdfunding round to support and own a share of Reiturn® is live now at invest.reiturn.com/?utm_source=youtube&utm_medium=podcast&utm_campaign=s9e1_jayparsons&utm_content=reiturn_raise

In the Season 8 finale, Andrew and Dan look back on an incredible season of guests. Four years in, the hosts reflect on what makes this podcast meaningful: the honest, humanizing stories of entrepreneurs who aren't afraid to talk about what it really takes to find success.

Greg Furer: https://www.youtube.com/watch?v=4Lg8fgAuI_g Solving the "Cheesecake Factory problem" in financial planning, and why simplicity and trust matter more than the size of the inheritance.

Adam Taki: https://www.youtube.com/watch?v=tZVNOkqDbZY Why tax lien investing isn't what you think, and how an overlooked niche turns non-performing assets into performing ones.

Patrick Colletti: https://www.youtube.com/watch?v=6Wtkc17P5vk What it means to be a "refounder," and the leadership lessons that only come from building the same business twice.

Dr. Dinakar Golla: https://www.youtube.com/watch?v=8JP27rWDkEw What medicine and investing share when it comes to precision, patience, and trust.

Mary Fearon: https://youtu.be/KgMOCaX7Slo Why people do their best work when the work actually means something to them.

Hisham Albahar: https://youtu.be/VyWwDGxQ-0o Navigating geopolitical complexity and leading with vulnerability in a world that rarely slows down.

Afif Ghannoum: https://www.youtube.com/watch?v=8vUnLmlc0Xw Betting on science over hype, and the personal health journey that made this conversation so candid.

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Connect with Us!

Birgo Capital: Website: https://birgocapital.com LinkedIn: https://linkedin.com/company/birgocapital

Hosts: Andrew Reichert: https://www.linkedin.com/in/andrewreichert/ Dan Croce: https://www.linkedin.com/in/danielcroce/

Subscribe to our NEW 'Investing on Purpose' newsletter! (it won't be NEW after this season!) https://realreturnspodcast.com

In this episode of Real Returns, Andrew sits down with Afif Ghannoum, founder and CEO of CPG Radar, a platform that uses big data and AI to help consumer brands accelerate innovation in the supplement space. Afif pulls back the curtain on how the supplement industry actually works, from the brands getting it right to the ones cutting dangerous corners, and explains why the data behind what you put in your body matters more than most people realize. He and Andrew also dig into the 85/15 principle, the hidden challenge of AI hallucinations in CPG data, and where the science on ingredients like peptides and creatine gummies actually stands.

Timestamps: 00:00 - Intro: Real Returns Season 8 01:07 - Meet Afif Ghannoum 01:30 - Supplement industry boom: $72.9B and growing 03:35 - What impact really means in CPG 05:00 - The 85/15 principle explained 06:29 - Omega-3s, fish oil, and the AI data normalization problem 09:32 - Quality, purity, and what's really in your supplements 14:02 - How to spot a trustworthy brand 16:55 - The rise of TikTok brands and ingredient shortcuts 18:13 - Peptides, postbiotics, and the science vs. hype gap 20:20 - Creatine gummies: consumer demand vs. real efficacy 23:28 - How to reach Afif

"Many supplements are not cheap, but I will tell you, there is really something about you kind of get what you pay for. That's why anytime you see whether it's a private label product or like a super value brand...if you're seeing everyone else is like $30, $40 and these guys are $9.99...you got to do the math." — Afif Ghannoum

Connect with Afif: LinkedIn: https://www.linkedin.com/in/afifghannoum/ Website: cpgradar.com — For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: https://podcasts.apple.com/us/podcast/real-returns/id1642761377 Spotify: https://open.spotify.com/show/5tx0jOW8J1h3xsEWLuVPzm YouTube: youtube.com/@realreturns — Subscribe to our NEW monthly newsletter: http://www.realreturnspodcast.com

Want to see your question answered on the show? Submit a question via our Q&A form: https://forms.gle/Fy9E6H7BTpzhGPueA

In this episode of Real Returns, Andrew sits down with Hisham Albahar, CEO of three logistics companies operating in the UAE and GCC region. Hisham shares a candid firsthand account of running a logistics business in the middle of an active conflict, how supply chain disruption rippled across an entire region, and why he believes scale and consolidation are the keys to modernizing a fragmented, century-old industry. He and Andrew also discover they're running nearly identical playbooks toward the same billion-dollar goal!

Timestamps: 00:00 - Intro: Real Returns Season 8 01:07 - Meet Hisham Albahar 01:23 - How Andrew and Hisham connected through YPO 03:15 - Living and working through conflict in Dubai 05:24 - Media perception vs. reality on the ground 06:40 - Supply chain disruption: Strait of Hormuz and airport closures 08:44 - Why logistics is invisible until it breaks 10:02 - Touching people's lives through delivery 11:15 - AI in logistics: WhatsApp bots, route optimization, and dev efficiency 14:15 - Buying and consolidating logistics companies 15:43 - The 2030 vision: a billion in assets under management 18:24 - Economies of scale and the 1+1=4 principle 19:49 - How to reach Hisham

"Throughout the Strait of Hormuz, you have Jebel Ali, which is one of the largest ports in the region, you've got the Qatar ports, you've got the Kuwaiti ports, you've got the Bahraini ports. So, all of those countries have been heavily impacted." — Hisham Albahar

Connect with Hisham: Email: [email protected] LinkedIn: https://www.linkedin.com/in/hisham-albahar-1755a824/ — For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/5tx0jOW... YouTube: / @realreturns

— Subscribe to our NEW monthly newsletter: http://www.realreturnspodcast.com

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In this episode of Real Returns, Andrew sits down with Mary Fearon, Founder and CEO of OnPrpose, a leadership and communications firm built on the belief that stories change people and people change the world. Mary makes the case that the staggering employee disengagement crisis isn't a people problem, it's a culture problem; and shares what it actually looks like to help leaders reconnect their teams to purpose, identity, and the work that matters.

Timestamps: 00:00 - Opening Segment 00:43 - Welcome & Guest Introduction 01:34 - What Mary Is Building: Connected Organizations 03:24 - More Connected Than Ever, Yet More Isolated 05:27 - Gallup's Record-Low Engagement Numbers, and Why It's Not Surprising 07:58 - How Do You Actually Define Purpose? 10:41 - Why Stories Are the Engine of Change 12:21 - What About the Skeptic? Meeting People Where They Are 13:26 - The Factory Story: Proof That Everyone Wants to Contribute 18:20 - AI and the Rise of the "Hard Soft Skill" 21:36 - Where to Follow Mary's Work 22:05 - Closing Segment

"No amount of stuff you add onto the heap —the benefits, the volunteer days, the better salaries — matter at all if we don't address the person's mindset as they walk through the door." — Mary Fearon

Connect with Mary: LinkedIn: https://www.linkedin.com/in/mary-fearon-45515b22/

Website(s): OnPrpose: https://onprpose.com/ maryfearon.com: https://maryfearon.com/ Instagram: @MaryMFearon

— For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: https://podcasts.apple.com/us/podcast/real-returns/id1642761377 Spotify: https://open.spotify.com/show/5tx0jOW8J1h3xsEWLuVPzm YouTube: / @realreturns

— Subscribe to our NEW monthly newsletter: http://www.realreturnspodcast.com

Want to see your question answered on the show? Submit a question via our Q&A form: https://forms.gle/Fy9E6H7BTpzhGPueA

In this episode of Real Returns, hosts Andrew Reichert and Dan Croce sit down with Dr. Dinakar Golla, a Pittsburgh-based plastic surgeon, entrepreneur, and venture investor. Dinakar shares how a pivotal mentor in medical school redirected his career, how he transitioned from practicing medicine to building a diversified investment portfolio, and why he believes aligning incentives is the key to fixing American healthcare.

Timestamps: 00:00 Opening segment 00:40 Welcome back; NFL Draft in Pittsburgh 00:57 Meet Dr. Dinakar Golla 01:48 Growing up in Pittsburgh 02:22 The plan to become a cardiac surgeon 03:36 A mentor changes everything 04:32 His mentor passes two days after matching 05:11 Mentorship reflections from Andrew and Dan 06:52 Leaving the university to build his own practice 08:33 The thrill of building from scratch 09:25 Transition from success to significance 10:04 Getting into alternative investing 11:38 Investment philosophy and LP lessons 13:38 Healthcare technology and the impact opportunity 14:13 America's most expensive healthcare system 14:45 Rewarding outcomes, not usage 16:11 Patients must own their care 17:05 Andrew's cancer story; misaligned incentives 17:46 The dialysis example 19:21 Next five years; venture and legacy 20:48 Launching a Pittsburgh healthcare venture fund 21:34 Involving his kids in investing 22:09 Dan and Andrew's closing takeaways 23:21 Where to connect with Dr. Golla 23:37 Outro

"I think the key to [fixing healthcare] is that it has to be value-based. If it's getting to be 20% of GDP and we're just not getting really good outcomes, that's a bad thing." — Dr. Dinakar Golla

Connect with Dr. Golla: LinkedIn: https://www.linkedin.com/in/dinakar-golla-27b2151b Website: gollaplasticsurgery.com

- For more insights on purposeful investing, subscribe to Real Returns on YouTube.

YouTube: https://youtube.com/@realreturns

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In this episode of Real Returns, we're joined by none other than Julie Hanner, VP of Property Management at Birgo Realty! 🦏🏡

Julie shares what it truly means to serve the people who live in your properties. With 30 years of industry experience, including oversight of 25,000+ unit REIT portfolios, Julie unpacks what a resident-first culture actually looks like in practice, and how resilience shaped her approach to leadership.

Timestamps 0:00 – Why Happy Residents Are Your Best Marketing 0:35 – Meet Julie Hanners: 30 Years of Experience 1:15 – Why Julie Left a Massive REIT 2:06 – How Birgo Up-Skills Its People 2:45 – Why Julie Started in Leasing 3:18 – The Weight of the Rent Check 4:11 – Building Community Through Intentional Events 5:01 – Growing Yourself by Developing Others 6:10 – The Rhino Operating System Explained 7:21 – Andrew's Cancer Diagnosis: A Personal Story 8:06 – Battling Cancer Alone During the Pandemic 9:15 – Every Day Is a Gift 11:20 – Core Values: Maintenance Teams Cross State Lines 12:15 – Discovered vs. Created Core Values 13:51 – The Chief Janitor Mindset 14:28 – Why Executives Must Stay Eternal Students 15:35 – Birgo's Biggest Growth Year Yet 16:20 – Developing the Leaders Who'll Replace You 17:35 – Closing

"You want someone to move into your community thinking, this is the best thing since sliced bread." — Julie Hanners

Connect with Julie: LinkedIn: https://www.linkedin.com/in/julie-hanners-cpm-candidate-cam-caps-2774a077/

- For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: https://podcasts.apple.com/us/podcast/real-returns/id1642761377 Spotify: https://open.spotify.com/show/5tx0jOW8J1h3xsEWLuVPzm YouTube: https://www.youtube.com/@realreturns

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In this episode of Real Returns, host Andrew Reichert is joined by Patrick Colletti, who shares the mindset required to revitalize organizations at any stage. From scaling Net Health to serve over 34,000 healthcare facilities to his current role as an executive advisor and adjunct professor at Carnegie Mellon, Patrick discusses the discipline of "refounding" and what it means to be a "running partner" to today's leaders.

After stepping into a near-bankrupt startup where the money was gone and the entire staff had been fired (leaving only Patrick and one partner) he embarked on a journey to transform a broken business into a thriving one with over 600 employees, inspiring him to teach others how to do the same.

Timestamps 0:00 – The Cycle of Trust: Building risk-taking "muscles" through vulnerability. 0:44 – Guest Intro: Meet Patrick Colletti, CEO advisor and author of Refounder. 1:09 – Patrick's early career and the 90-day ultimatum at a failing startup. 1:53 – Winning vs. Not Losing: The psychology behind taking on "impossible" challenges. 3:50 – Why fixing something broken is a unique leadership discipline. 5:30 – Empowering every level of an organization to think like a founder. 7:15 – From Zero to a Billion: Patrick's journey advising founders through massive scale. 9:37 – Lessons from scaling Net Health from 2 to 600 employees. 10:10 – Why focusing on "highly engaged teammates" beats focusing solely on EBITDA. 12:06 – Building culture through authentic vulnerability and employee storytelling. 16:51 – How Birgo used "TED talks" (including a memorable one on crocheting) to build trust. 18:05 – Growth on Purpose: Developing a "white belt mentality" in leadership. 19:51 – The Next Chapter: Teaching at Carnegie Mellon and planting seeds for next-gen leaders. 20:46 – The Dinner Stories: A unique method for fast-forwarding trust between strangers and polarized groups. 26:01 – Closing

"Authentic vulnerability creates trust, which then allows us to create risk-taking muscles so that we can take bigger and maybe more important risks together." — Patrick Colletti

- Refounder (Book): https://refounder.com/ The Dinner Stories: https://www.thedinnerstories.com/ Analog Sunday: https://www.analogsunday.co/ LinkedIn: https://www.linkedin.com/in/patrick-colletti/

- For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: https://podcasts.apple.com/us/podcast/real-returns/id1642761377 Spotify: https://open.spotify.com/show/5tx0jOW8J1h3xsEWLuVPzm YouTube: https://www.youtube.com/ ⁨@realreturns⁩

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In this episode of Real Returns, host Andrew Reichert sits down with Adam Taki, President of Actlien Holding Inc. and a specialist in the complex world of tax sale certificates. A disciplined investor with a background in "arithmetic risk," Adam is on a mission to navigate high-barrier niches where perceived risk often scares away the competition, but the numbers tell a much more stable story.

Adam shares why his tax-lien investing strategy is similar to bonds, explains why his company is vertically integrating by launching its own plumbing division, and offers a unique perspective on the Tyler v. Hennepin Supreme Court decision that upended the tax foreclosure industry.

Timestamps: 00:00 - Opening Segment 01:40 - Scaling through Vertical Integration: Why Actlien is starting a plumbing division 03:20 - Why building is better than buying in 2026 05:25 - Tax Liens 101 08:45 - Geographic Strategy: Navigating the complexities of the NY and NJ markets 11:30 - The Institutional Shift: Trends in single-family residential ownership 14:15 - The Social Impact of Tax Liens: Extending credit to save homes from foreclosure 18:30 - Tyler v. Hennepin: How a landmark Supreme Court ruling changed the industry 22:15 - Arithmetic vs. Perceived Risk: Adam's philosophy on finding niche opportunities 23:30 - Closing Segment

"At the end of the day, the thing that we're investing in looks and smells like a bond more than it ever has." — Adam Taki

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Connect with Adam: LinkedIn: / adamtaki Website: https://actlien.com/

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For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube.

Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/5tx0jOW... YouTube: / @realreturns

— Subscribe to our NEW monthly newsletter at https://www.birgo.com/realreturns.

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In the season eight premiere of Real Returns, hosts Andrew Reichert and Dan Croce sit down with Greg Furer, founder of Beratung Advisors and the TeachPassion Summit. A visionary in the financial planning space, Greg is on a mission to solve the "Cheesecake Factory" problem of finance, where too many choices lead to decision paralysis, by shifting the focus from selling products to providing life-changing advice.

Greg shares his provocative philosophy on inheritance, why he plans to leave "no money" to his daughter, and offers a profound distinction between "Success" and "Excellence" that changed how he viewed his personal and professional goals.

Timestamps: 00:00 - Opening Segment 01:05 - Welcome to Season 8! 02:30 - Meet Greg Furer: The "Aspiring Accountant" turned Financial Planner 04:15 - The Cheesecake Factory Problem: Why too much information leads to paralysis 07:10 - Advice vs. Assets: Why Beratung Advisors leads with planning, not products 10:45 - The 2026 Tax Cliff: Preparing for the "One Big Beautiful Bill" 13:20 - Bonus Depreciation & Real Estate: What's changing for investors? 16:05 - Strategic Generosity: 529 Plans and the "Above the Line" Deduction 19:15 - Success vs. Excellence: Measuring yourself against your calling 21:40 - The "No Inheritance" Philosophy: Why cash without core values is foolish 24:30 - TeachPassion Summit: Equipping leaders to scale their impact 26:15 - Closing Segment

"Success is when you measure yourself outwardly against somebody else. Excellence is when you measure yourself inwardly against the person that God's called you to be." — Greg Furer

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Connect with Greg: LinkedIn: Greg Furer Website(s): Beratung Advisors | TeachPassion Summit

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For more insights on purposeful investing, subscribe to Real Returns on Apple Podcasts, Spotify, or YouTube. Apple Podcasts: https://podcasts.apple.com/us/podcast/real-returns/id1642761377 Spotify: https://open.spotify.com/show/5tx0jOW8J1h3xsEWLuVPzm YouTube: https://www.youtube.com/channel/UCjlzrIn04Ee4iBPE7kEUBjg - Want to see your question answered on the show? Submit a question via our Q&A form: https://forms.gle/Fy9E6H7BTpzhGPueA