What's the fundamental difference between losing $50,000 as an LP versus potentially losing much more as a GP when deals go sideways—and how do you manage the stress that comes with higher stakes?

In this final episode with Sean, Angel and Sean dive into the psychological and financial realities of real estate investing at different levels. Sean explains the "lizard brain" reactions that cause panic over non-life-threatening situations and shares wisdom from habit-formation books like Atomic Habits. They discuss the critical risk difference between limited and general partners, why higher returns always come with higher risks, and how Angel's transparency during crisis moments provides rare GP insights to her LP investors. This conversation covers practical stress management, the value of continuous learning, and why the LP-to-GP pathway provides essential preparation for the increased responsibilities and liabilities of active investing.

[00:01 - 07:00] The Lizard Brain and Stress Management

• How 2-million-year-old brain reactions cause unnecessary panic in modern investing

• Bobby Castro's concept of "non-refundable minutes" and choosing what deserves worry

• Using habit formation techniques to retrain automatic stress responses

[07:01 - 12:00] Learning from LP Experience as Preparation for GP Role

• How Angel draws on her passive investment experiences during active challenges

• The value of Charles Lame's meticulous record-keeping as a "serial passive investor"

• Why experienced LPs represent an underutilized resource for new GPs

[12:01 - 17:00] The Hidden Reality of GP Risk

• Why GPs can lose far more than their initial investment when deals go wrong

• The fundamental risk difference: LPs lose their investment, GPs face unlimited liability

• Why GP compensation reflects the additional risk and responsibility they assume

[17:01 - 21:00] Transparency and Community Building

• How Angel's openness about struggles provides rare GP education to LP investors

• The importance of contingency planning and realistic risk assessment

• Sean's approach to sharing both successful and challenging investment experiences

Connect with Sean: Website: twtmultifamily.com/book-a-call

Upcoming Event: AIM Denton Meetup - Monday, October 15th at Houlihan's Panel featuring experienced GP, new GP, and veteran passive investor Charles Lame

Key Quotes: 

"If there's more return, there's gonna be more risk... you always have to tell yourself, if I'm getting a much bigger return, there's a much bigger risk." - Sean Griffith

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What happens when you stop trying to do everything yourself and start focusing on your superpower while building a team around your weaknesses?

In this continuation episode, Sean shares how he and his wife transitioned from their kitchen table retirement crisis to successfully closing multiple general partnership deals within months. He explains the power of persistence, finding the right coaching, and building complementary partnerships where each person focuses on their strengths. Angel reveals her approach to being upfront about not doing underwriting while excelling at investor relationships, and how this honesty actually builds more trust than trying to fake expertise. This conversation explores team dynamics, the importance of great communication (highlighting standout sponsors), and practical wisdom about prioritization and managing stress in high-pressure deal situations.

[00:01 - 05:00] The Power of Persistence and Coaching

• Why daily practice and persistence are essential for mastering real estate skills

• How coaching helps you go "faster, sooner" and avoid expensive mistakes

• The kitchen table moment that led Sean from passive investor to general partner

[05:01 - 10:00] Finding Your Superpower and Being Honest About Weaknesses

• Angel's approach: "Underwriting is not my thing, but I can get you in touch with the guy who it is"

• How honesty about limitations builds more investor trust than fake expertise

• Sean's wife as the organizational backbone keeping him on track

[10:01 - 16:00] Building Complementary Teams and Extended Networks

• Why you need team members who can diplomatically handle difficult conversations

• How different roles (asset managers, underwriters, brokers) speak different "languages"

• The importance of having liquidity on the team for upfront expenses and emergencies

[16:01 - 21:00] Communication Excellence and Prioritization

• Why Elaine Viegas, Daniel Canterbury, and Don Naim excel at investor communication

• Learning prioritization by studying how great sponsors handle crises

• Sean's grandmother's wisdom: worry about what you can control, pray about what you can't

Connect with Sean Griffith: https://www.linkedin.com/in/shawn-griffith/

Key Quotes: 

"We react to things like it's a life or death situation. And it's usually not... how much stuff these days is really life or death?" - Angel Williams

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What does it take to go from writing your first passive investment check to becoming a general partner with 3,500 doors—and what due diligence mistakes do most new investors make?

In this episode, Angel Williams sits down with Sean Griffith, who shares his 10+ year journey from passive investor to general partner. Sean Griffith reveals how his first deal in Carrollton, Texas spoiled him with 12-14% cash-on-cash returns when 10% was the minimum standard. He explains the critical importance of reading PPMs thoroughly, getting SEC attorney reviews, and asking hard questions about contingency planning. This conversation covers the reality of illiquid investments, the impact of events like COVID on cash flow expectations, and why vetting sponsorship teams is essential before writing large checks. Sean Griffith also discusses the transition from Wall Street retirement planning to active real estate investing and the value of mentorship in avoiding expensive mistakes.

[00:01 - 07:00] Getting Started: The First Deal and PPM Education

• How Sean Griffith's first Carrollton, Texas deal returned 3x with 12-14% cash-on-cash distributions

• Why paying an SEC attorney $500 to review your first PPM is worth the investment

• The reality that passive investments are illiquid until property sale or major capital events

[07:01 - 12:00] Due Diligence and Risk Assessment

• Why you should never be a "totally passive" passive investor

• How to use the 14-15 page risk section in PPMs to ask better questions

• The importance of vetting sponsorship teams through multiple references and channels

[12:01 - 17:30] Operational Realities and Contingency Planning

• Real examples of what can go wrong: hurricanes, fires, and tragic accidents

• Why asking about deep pockets and capital reserves is crucial before investing

• How capital calls happen and what they reveal about property performance

[17:31 - 22:15] The LP to GP Transition

• How kitchen table retirement planning revealed Wall Street's limitations

• Why taking care of tenants must be the top priority for sustainable success

• The value of mentorship and coaching to avoid expensive beginner mistakes

Connect with Sean Griffith: https://www.linkedin.com/in/shawn-griffith/

Key Quotes: 

"Don't just jump in and be a totally passive, passive investor. Get off your butt, do a little homework. 'Cause this is your hard earned money." - Sean Griffith

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When does it make sense to hold real estate "until the wheels fall off" versus flipping for quick profits—and how does cost segregation factor into that decision?

In this final episode with Diana Gipe from Core, Angel and Diana explore investment philosophy and timing in an uncertain economic environment. Diana reveals how recapture obligations diminish over time, making long-term holds more attractive from a tax perspective. Angel shares her residential investing background and preference for infinite returns through extended ownership, questioning the 3-5 year multifamily flip model. They discuss current economic uncertainty, rising grocery costs as inflation indicators, and why few investors actually plan short-term exits despite market pressures. This conversation covers the intersection of tax strategy, investment philosophy, and market timing, plus Core's additional services including energy efficiency tax credits.

[00:01 - 04:00] Recapture Mechanics and Investment Timeline

• How recapture obligations are based on original purchase price, not sale price

• Why holding properties 3-5+ years significantly reduces or eliminates recapture fees

• The conservative approach to cost segregation that preserves ongoing straight-line depreciation benefits

[04:01 - 08:00] Investment Philosophy: Hold vs. Flip

• Angel's residential background of holding properties "until the wheels fall off"

• Why infinite returns through long-term ownership appeal more than quick flips

• Diana's observation that few investors actually plan short-term exits despite market talk

[08:01 - 11:00] Economic Uncertainty and Market Timing

• How current economic volatility makes short-term exit planning risky

• Real-world inflation examples: grocery costs rising from $1,000 to $1,250+ monthly

• Historical perspective on interest rates and the "golden era" ending

[11:01 - 13:15] Additional Tax Benefits and Services

• Energy efficiency tax credits: 179D for new construction (up to 80 cents per square foot)

• HVAC, lighting, and window replacement credits for existing properties

• Why solar is challenging in hail-prone areas but wind energy may be viable

Key Quotes: "The longer you hold it, the smaller the recapture gets. That's why we say three to five years... by then there's not even a recapture fee to look at." - Diana Gipe

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What happens when you discover there's a tax planning tool you've never heard of that could save you thousands on property sales—and it's been available all along?

In this continuation episode, Diana Gipe from Core reveals advanced tax planning strategies that go far beyond basic cost segregation. She introduces recapture analysis, a service Angel had never encountered despite years in real estate investing, which helps investors understand the true cost of selling properties with accelerated depreciation. Diana explains how Core's internal CPA can project recapture scenarios 3-5 years into the future, enabling better investment decisions and exit planning. This conversation explores the relationship-driven approach that sets Core apart in a saturated market, year-end tax deadlines, and how providing additional value like annual recapture projections could differentiate syndication sponsors in competitive markets.

[00:01 - 04:00] Understanding Recapture Analysis

• How recapture analysis helps investors plan for property sales 3-5 years in advance

• Why Core's internal CPA with 25+ years of cost segregation experience provides these projections

• The mathematical reality of passive investment recapture when multiple deals sell simultaneously

[04:01 - 07:30] Strategic Tax Planning Beyond Cost Segregation

• How recapture analysis becomes a competitive differentiator for syndication sponsors

• Why providing annual recapture projections with K-1s could set sponsors apart

• The concept of cost segregation as a comprehensive tax planning strategy, not just a one-time service

[07:31 - 10:00] Relationship-Driven Service Philosophy

• Diana's personal approach: knowing clients by name and understanding their long-term goals

• How Core supports investors from first property to 10+ property portfolios

• The emotional satisfaction of helping clients avoid large tax bills or receive unexpected refunds

[10:01 - 12:05] Year-End Timing and Market Realities

• How December closings can still benefit from same-year cost segregation

• Why September through year-end becomes the busiest period for tax planning

• Core's ability to handle last-minute requests while maintaining quality standards

Connect with Diana and Core: https://www.linkedin.com/in/dianagipe/

Key Quotes: 

"Knowledge is power... we wanna make sure that you're equipped long term so that when you're going into buying properties, you can call me on the fly." - Diana Gipe

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What does it mean when a cost segregation company has zero IRS disallowances in 18 years of business—and why does that matter more than ever with the IRS forming dedicated cost seg review teams?

In this episode, Angel Williams sits down with Diana, Director of Operations at Core, to discuss why quality matters more than price in cost segregation services. Diana explains Core's rigorous engineering process, including on-site property visits and detailed documentation that has resulted in zero disallowances over 18 years. She reveals how the IRS has formed specialized cost segregation review teams as bonus depreciation approaches its sunset, and shares practical strategies like lookback studies for older properties and piggyback studies for renovations. This conversation covers the difference between fly-by-night operators doing "virtual walkthroughs on cell phones" versus professional engineering firms, plus Core's additional services including tax credits and disposition studies.

[00:01 - 06:00] Quality vs. Price in Cost Segregation

• Why Core's 18-year track record with zero IRS disallowances matters for audit protection

• How the IRS has formed dedicated cost segregation review teams as 100% bonus depreciation sunsets

• The difference between $2,000 "trunk of the car" operators and professional engineering firms

[06:01 - 12:00] Engineering Process and On-Site Visits

• Why Core's engineers visit every property instead of relying on virtual walkthroughs

• How detailed documentation includes everything from flagpoles to flooring materials

• The value of engineers advising on CapEx spending before renovations begin

[12:01 - 17:00] Lookback and Piggyback Studies

• How 481 forms allow one-time lookback studies for properties purchased 3-5 years ago

• Why piggyback studies can accelerate depreciation on completed renovations separately

• The strategic timing of cost segregation for capital improvement projects

[17:01 - 20:40] Beyond Basic Cost Segregation Services

• Disposition studies for properties undergoing major renovations or demolition

• Additional tax credit services: 45L credits, 179D credits, and green retrofits

• How Core acts as a "business consulting firm" rather than just a cost segregation provider

Connect with Diana and Core: https://www.linkedin.com/in/dianagipe/

Key Quotes: "Out of that 18 years, we've had zero disallowances. And that's because our engineers take this serious. A lot of them have worked internally for the IRS." - Diana Gipe

"It's like winning the lottery. Do you want your money now or later? It's yours. Just take it now while it's still here." - Diana Gipe

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What happens when you combine syndication education with a deep-dive Q&A about industrial real estate operations—and discover why "ugly buildings that cash flow are sexy"?

In this final episode of the three-part series, Daniel Holmlund wraps up his industrial flex space presentation with syndication fundamentals and answers Angel's detailed operational questions. He explains the difference between 506B and 506C offerings, preferred return structures, and how LLC partnerships distribute income and depreciation benefits. Angel dives deep into practical concerns: temperature control systems, security requirements for specialized tenants like seed storage, and the complexities of triple net lease agreements. This conversation reveals the technical infrastructure behind industrial properties, from 480-volt circuits powering massive chillers to the cost-benefit analysis businesses make when choosing between long-haul trucking and local storage solutions.

[00:01 - 06:00] Syndication Structure Fundamentals

• How 506B requires pre-existing relationships while 506C allows public advertising to accredited investors

• The typical 70-80% limited partner vs 20-30% general partner income split structure

• Understanding preferred returns (6-10% range) and how excess cash flow gets distributed

[06:01 - 12:00] Industrial Infrastructure Deep Dive

• Why industrial properties require 480-volt circuits vs residential 20-volt systems

• The $250,000-$300,000 cost of industrial chillers and why backup systems are essential

• How temperature and humidity control requirements vary dramatically by tenant type

[12:01 - 17:00] Security and Specialized Tenant Considerations

• How patented seed storage requires both temperature control and enhanced security measures

• Why tenant-specific security arrangements work better than shared security systems

• The flexibility of industrial spaces to accommodate diverse business models and scaling needs

[17:01 - 20:30] Investment Philosophy and Market Reality

• How supply chain disruptions drive businesses toward local storage solutions

• Why "buildings that cash flow are sexy" despite aesthetic prejudices

• The predictability advantage of boring, cash-flowing industrial properties over volatile alternatives

Connect with Daniel: 

LinkedIn: https://www.linkedin.com/in/daniel-holmlund/ 

Key Quotes: 

"Usually 70 to 80% of the partnership income is allocated to the limited partners. 20 to 30% is allocated to the general partners." - Daniel Holmlund

"You're less likely to be wiped out to zero than in some other investment opportunities." - Angel Williams

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What if you could buy a property that cash flows from day one, has tenants who've been there for 10+ years, and just experienced 22% rent growth while multifamily struggles with competition?

In this continuation episode, Daniel Holmlund dives deep into the mechanics of industrial flex space investing and why it's outperforming traditional real estate sectors. He explains how supply chain disruptions created a "computer cache" effect—businesses want inventory stored close to consumers rather than sitting on ships at sea. Daniel breaks down the advantages of triple net leases where tenants pay utilities, taxes, and maintenance, plus shares real examples of how flexible spaces allow businesses to scale up without relocating. This conversation explores the predictable cash flows, long-term tenant relationships, and 10-year projections that make industrial flex space attractive for retirement planning investors.

[00:01 - 05:00] Performance Metrics That Beat Multifamily

• How industrial flex space achieved 22% rent increases compared to struggling multifamily returns

• Why occupancy remains strong near ports, airports, and centralized hub locations

• The "flight to quality" investment thesis as competition drives down multifamily returns

[05:01 - 10:00] The Computer Cache Analogy for Supply Chain

• How businesses create storage layers: global shipping, US land-based, and last-mile facilities

• Why 10x increases in trans-oceanic shipping costs drive near-consumer storage demand

• Real examples: toilet paper hoarding and just-in-time inventory failures during COVID

[10:01 - 15:00] Triple Net Lease Advantages and Risks

• How tenants pay rent plus utilities, taxes, insurance, and common area expenses

• Why $250,000 chillers and temperature control costs are tenant responsibilities

• The critical importance of lease audits and understanding complex tenant obligations

[15:01 - 20:30] Predictable Cash Flow and Long-Term Planning

• How 10+ year tenant relationships create day-one cash flow opportunities

• Why industrial tenants rarely relocate compared to residential or short-term rental turnover

• Building 10-year financial projections for retirement planning versus unpredictable stock market

Connect with Daniel: Email: [email protected] LinkedIn: https://www.linkedin.com/in/daniel-holmlund/ Key Quotes: "Industrial flex space has increased its rent by 22%. This is an area that is significantly outperforming multifamily properties." - Daniel Holmlund

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What happens when a 25-year software engineer discovers that illiquid real estate assets outperform the volatile stock market—and finds the next big opportunity in industrial flex space?

In this episode, Angel Williams sits down with Daniel Holmlund, founder of the Alternative Investing Club and Good Samaritan Capital, to explore why industrial flex space represents an untapped opportunity for real estate investors. Daniel explains how supply chain disruptions post-pandemic have created massive demand for last-mile storage and flexible industrial spaces. He shares his journey from converting 80% of his tech portfolio into real estate and reveals his "Five Pillars of Risk" framework for evaluating commercial deals. This conversation explores current market fundamentals, including $11 trillion in untapped home equity and why 25% of homeowners with sub-3% mortgages won't sell, creating continued real estate strength despite economic uncertainty.

[00:01 - 05:00] Why Illiquid Assets Beat Market Volatility

• How Daniel converted 80% of his portfolio from stocks to real estate over 4-5 years

• The philosophy of preferring predictable investments over great but volatile ones

• Why contracts and time delays in real estate provide stability during market panic

[05:01 - 12:00] Real Estate Market Fundamentals That Prevent Crashes

• $11 trillion in borrowable home equity across the US (more than half of GDP)

• Why 43% average homeowner leverage and 40% free-and-clear homes create stability

• How 25% of homeowners with sub-3% mortgages will never sell, limiting inventory

[12:01 - 17:30] The Five Pillars of Risk Framework

• Why managers are the #1 risk factor in any commercial real estate deal

• How to evaluate markets across 420+ different US real estate cycles

• The importance of clear business plans and regulatory-friendly environments

[17:31 - 20:20] Industrial Flex Space: The Post-Pandemic Opportunity

• How supply chain fragility created 420 million square feet of new industrial demand

• Why businesses want last-mile storage instead of overseas dependency

• The boom in near storage and flex storage since the pandemic began

Connect with Daniel: LinkedIn: https://www.linkedin.com/in/daniel-holmlund/

Key Quotes: "I would rather have a good investment that is predictable than a great investment that could go up and down and it's hard to tell." - Daniel Holmlund

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!

What if you could use cost segregation tax benefits with just 100 hours of work instead of 750—and still keep your high-paying W-2 job?

In this advanced episode, Angel Williams continues her conversation with Gian Pia from KBKG to explore sophisticated tax strategies that most investors never discover. Gian reveals the short-term rental loophole that allows W-2 employees to materially participate with only 100 hours instead of the nearly impossible 750-hour real estate professional requirement. They dive into the complexities of 1031 exchanges with carryover basis, why you need a real estate-specialized CPA, and how passive income limitations actually work in practice. This conversation also covers KBKG's audit support services and provides a discount code for listeners ready to implement these strategies.

[00:01 - 06:00] 1031 Exchange Complications and CPA Selection

• How carryover basis and excess basis work in complex exchanges

• Why you need a CPA who specializes specifically in real estate investing

• The critical questions to ask accountants about cost segregation knowledge and willingness

[06:01 - 11:00] Real Estate Professional Status Reality Check

• Why W-2 employees almost never qualify for real estate professional status

• The 750-hour requirement plus the "more than any other business" rule

• How even documented proof may not be enough for IRS approval

[11:01 - 16:00] The Short-Term Rental Game Changer

• How short-term rentals (30-day average stays) fall under hospitality rules

• The 100-hour material participation requirement vs. 750 hours for traditional rentals

• Why this allows high-income W-2 employees to use cost segregation benefits against ordinary income

[16:01 - 21:15] Practical Implementation and Audit Protection

• How passive income limitations work across all rental properties

• KBKG's included audit support services with their $500 software

• Discount code: ACADEMY2025 for 10% off at costsegregation.com

Connect with Gian: LinkedIn: Gian Piazza (the only one in the world!) https://www.linkedin.com/in/costsegregationservices/ Website: costsegregation.com

Key Quotes: "There's way too much in the tax code to understand it all unless you niche down and you focus on one or two industries." - Gian Piazza

"Most of the people in the accounting world don't just offer up information to you. You have to ask the right questions to get the information." - Angel Williams

Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!