PassivePockets: The Passive Real Estate Investing Show

Welcome to an extraordinary episode of Passive Investing from Left Field! If you attended the meetup in Left Field, this is your second chance to hear this informative episode, and if you didn't, well, you're in luck. Guest Jeremy Roll and Jim Pfeifer tackle the essentials of passive real estate investing. They delve deep into the importance of meticulous due diligence and the critical role of investment documents. Jeremy discusses the state of market investments for the next decade, his current investment strategies, and what LP investors should focus on. This episode is packed with insights for the discerning passive investor seeking stability and growth in their investments. About Jeremy Roll Jeremy started investing in real estate and businesses in 2002 and left the corporate world in 2007 to become a full-time passive cash flow investor. He is currently an investor in more than 60 opportunities across more than $1 Billion worth of real estate and business assets. As Founder and President of Roll Investment Group, Jeremy manages a group of over 1,500 investors who seek passive/managed cash-flowing investments in real estate and businesses. Jeremy is also the co-founder of For Investors By Investors (FIBI), a non-profit organization that was launched in 2007 to facilitate networking and learning among real estate investors in a strict no sales pitch environment. FIBI is now the largest group of public real estate investor meetings in California with over 30,000 members. Jeremy has an MBA from The Wharton School and is an Advisor for Realty Mogul, the largest real estate crowdfunding website in the US. Jeremy welcomes e-mails ([email protected]) to network with or help other investors and to discuss real estate or business investments of any size. Here are some power takeaways from today’s conversation: 00:07 Meet Jeremy Roll 01:31 Tribevest 00:51 Insights into Market Trends 03:38 Examination of Jeremy's Market Concerns for the Next 6 to 12 Months 05:58 Factors Influencing Jeremy's Return to Investment 07:56 Analysis of Defensive and Offensive Asset Classes 10:13 Exploration of ATM Investments 13:15 Negotiating Operational Agreement Changes with Operators 15:15 Importance of Reviewing Deal Documents Prior to Execution 18:20 Conducting Background Checks in Collaborative Ventures 20:14 Reflection on Past Deal Challenges 22:55 Understanding the Significance of Private Placement Memorandum (PPM) 24:43 Pros and Cons of ATM Investments 26:14 Future Projections for Multifamily Deals 28:15 Speculation on Banks' Approaches to Loans and Property Foreclosures 29:12 Identifying Promising Asset Classes for the Coming Years 31:15 Navigation of Capital Calls in Investments This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Email: [email protected] Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Podcast Recommendations: Motley Fool Money The Walker Webcast Advertising Partners: Left Field Investors - BEC Tribevest Rise48 Aspen Funds GSP REI Spartan Investment Group Vyzer

Join us on the latest episode of Passive Investing from Left Field, as we dive deep into the world of commercial real estate investing with special guest Ryan Gibson, co-founder of Spartan Investment Group. Ryan, formerly an airline pilot turned real estate mogul, shares the turbulent journey of transitioning into the self-storage industry and the strategies that propelled him to success. Discover the exciting opportunities and hurdles of syndicated investments, the significance of transparent investor communication, and innovative ideas for generating passive income. About Ryan Gibson Ryan Gibson is a co-founder of Spartan Investment Group and a former airline pilot who made a successful pivot to real estate investing, focusing on self-storage. His entrepreneurial spirit was evident early on when he provided affordable housing for pilots through organized crash pads. Today, his expertise and leadership have contributed to the growth and resilience of his company amidst market fluctuations and financing challenges. Ryan also hosts the Passive Income for Pilots podcast, sharing valuable insights on building passive income. With a strong emphasis on managing investor expectations and capital preservation, his strategic approach to investment, particularly in ground-up development and value-added projects, has made Ryan a recognized voice in the passive investing community. Here are some power takeaways from today’s conversation: 00:00 The Best Ever Conference 01:31 Tribevest Ad 02:03 Coming Up 02:22 Intro 02:40 Welcome to the show 03:43 Ryan’s journey into real estate investing 07:45 What are pilot crash pads 10:36 How he got his start in real estate investing 11:50 Where is the market at right now 15:36 Disruption is good for self-storage 19:20 Who Is buying from who 21:21 Viking Ad 22:08 Rise 48 Ad 22:37Tyler Longview's portfolio 25:56 How he handles challenges 26:49 Buying multiple properties 32:43 Investor expectations 38:29 Types of development 43:57 Recommended podcast 44:41 Contact 45:03 Aspen Fund Ad 45:46 Vyzer Ad 46:31 Guest Overview 49:52 Outro 50:18 Disclaimer Episode Highlights: 1. Ryan Gibson, co-founder of Spartan Investment Group and former airline pilot, shares his journey from pilot crash pads to successful self-storage real estate investing and hosting a podcast for high-earning professionals. 2. The episode covers Ryan's experiences with the challenges of financing and selling properties in a fluctuating market and his strategic approach to overcoming those challenges including transparent communication with investors and prioritizing capital preservation. 3. Ryan discusses the intricacies of deal structuring and the benefits of ground-up development in the self-storage industry, highlighting how they manage risks and expectations as detailed in the Private Placement Memorandum. 4. Industry insights reveal that self-storage thrives on disruption and that the market conditions currently favor development projects, amidst issues such as decreased demand due to a slowdown in home sales and moves. 5. The significance of the self-storage market is emphasized with the business still being strong and attractive to investors, despite some portfolios facing struggles. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Contact The Guest: LinkedIn Instagram Facebook YouTube Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Podcast Recommendations: Motley Fool Money The Walker Webcast All In Podcast Advertising Partners: Left Field Investors - BEC Tribevest Rise48 Aspen Funds GSP REI Spartan Investment Group Vyzer

Tune in to this episode where we talk with guest Sam Wilson to discuss the profitable world of laundromat investing. Sam recounts his journey from real estate flips to niche investments like laundromats, explaining the cash flow benefits and community impact. Learn how laundromats offer recession-resistant income streams, and listen to Sam's expert tactics for standing out in a traditional industry. Also, hear firsthand about Sam's successful transition away from parking assets. This episode is a must-listen for those interested in diversifying their investment portfolios with alternative, cash-flowing real estate assets. ! About Sam Wilson Sam, Founder of Bricken Investment Group, hosts a top-rated commercial real estate podcast, with 40K+ monthly downloads and 800 episodes. As an investor for over a decade, he has focused on laundry facilities, aiming to diversify and provide stable returns for himself and his investors. Sam, based in Memphis, TN, holds a business finance degree and a real estate license, emphasizing non-traditional investments for predictable returns. Here are some power takeaways from today’s conversation: 00:00 The Best Ever Conference 01:31 Tribevest 02:21 Coming Up 02:18 Intro 02:39 Welcome To The Show 03:24 How Sam got Started in Real Estate Investing 04:35 The Evolution of His Real Estate Journey 07:38 How He Timed the Market 10:00 How he Approaches LPs 12:54 His Previous Investments 13:51 Why Laundromats? Why Now? 17:28 Is Multi-Family Affecting Laundromats? 18:31 Aspen Fund 19:15 Rise48 19:49 Can You Expand The Laundromat Market? 21:17 Are Laundromats Similar to Car Washes? 23:09 How Do Laundromats Depreciate? 24:52 The Other Aspects of the Laundromat Business 26:58 Working with Short-Term Rentals 28:14 How LPs Can Invest 31:29 How to Evaluate a Laundromat Operator 33:27 What Metrics should we be Looking at? 34:42 What Does His Competition Look Like? 38:24 www.ellieslaundry.com 38:49 A Great Podcast he Listens to 40:26 Contact Sam 40:56 Thank You For Watching 41:05 Viking Multi-Family 41:43 Steve Suh's Book 42:31 Guest Overview 45:56 Outro 46:21 Disclaimer This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Bricken Investment Group - https://brickeninvestmentgroup.com/ Email: [email protected] Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh - https://www.leftfieldinvestors.com/books/ Podcast Recommendations: Motley Fool Money - https://www.fool.com/podcasts/motley-fool-money/ The Walker Webcast - https://www.walkerdunlop.com/webcasts/ Advertising Partners: Left Field Investors - BEC - https://www.leftfieldinvestors.com/bec/ Tribevest - https://www.tribevest.com/ Rise48 - https://rise48.com/ Aspen Funds - https://aspenfunds.us/ GSP REI - https://gsprei.com/ Spartan Investment Group - https://spartan-investors.com/ Vyzer - https://vyzer.co/

Want to take a look into an alternative model for investing in commercial real estate? In this episode, we’re joined by Andy Sinclair, CEO and Principal of Midloch Investment Partners, to talk about their unique approach to investing in the Midwest market. Andy explains Midloch's strategy of partnering with local operators through joint ventures, co-GP positions, and preferred equity investments. Learn how they evaluate investment opportunities and vet potential operator partners, and how they find value-add opportunities. About Andy Sinclair Andy Sinclair, CEO of Midloch Investment Partners, brings over 16 years of experience in commercial real estate. He focuses on Midwest investments, particularly in multifamily and industrial/warehouses through JV partnerships and preferred equity. Here are some power takeaways from today’s conversation: [04:31] Andy’s journey to becoming an operator [08:11] The difference between joint ventures, co-GP positions, and preferred equity investments [11:24] What is an anchor investor? [17:26] How LPs can benefit from Midloch [23:19] Midloch's contrarian approach in the smile states [39:44] Reacting to adversity: the true measure of an investor Episode Highlights: [08:11] The Difference Between Joint Ventures, Co-Gp Positions, and Preferred Equity Investments Joint venture (JV) equity: Midloch brings capital to the deal and acts as the anchor investor/majority shareholder. As a real estate operator, they also provide resources to help the property perform better. Co-GP investments: Similar to a JV where Midloch owns the majority stake, but they maintain sole voting rights and control over major decisions like an operator would. Preferred equity: A hybrid investment that is not fully equity or debt. Investors get a preferential dividend like interest payments and a capped annual return, usually around 15%. They are senior to common equity in terms of risk. This fills the "gap financing" need between senior debt and common equity. [11:24] What is an Anchor Investor? An anchor investor is the majority shareholder in a real estate deal, usually owning anywhere from 51% to 95% of the total equity investment. As the anchor investor, they provide the bulk of the capital for the project/property and take on more risk than smaller investors. They have significant control and voting rights over major decisions since they have the largest financial stake in the outcome of the investment. [17:26] How LPs can Benefit from Midloch Diversification - As LPs in Midloch's funds, they get a small pro rata slice of each deal, providing a diversified portfolio across property types, markets, and investment structures. Better deal terms - As the anchor investor on deals, Midloch is able to negotiate better terms like lower management fees, preferred returns, and promote splits than operators could get on their own. These benefits pass to LPs. Resources and governance - Midloch brings additional resources to deals beyond just capital, like relationships, expertise, and oversight/governance. This helps reduce risk for LPs. Stable returns - Midloch aims to produce stable, lower-risk returns through value-add strategies rather than relying solely on appreciation or high-risk moves. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Midloch Investment Partners Email: [email protected] Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Podcast Recommendations: Motley Fool Money The Walker Webcast Advertising Partners: Left Field Investors - BEC Tribevest Rise48 Aspen Funds GSP REI Spartan Investment Group Vyzer

Discover the secrets of multifamily investing with SNS Capital Group's Jered Sturm. Gain valuable insights into their hands-on approach to property management and increasing NOI. Jered also shares tips for passive investors on evaluating sponsors and navigating economic changes. About Jered Sturm Jered Sturm is the CEO and co-founder of SNS Capital Group, a multifamily owner, operator, and syndicator focused on the Cincinnati, Ohio market. Over the past 16 years, Jered and SNS Capital Group have acquired over 1,300 multifamily units in Cincinnati through syndication and value-add investing in distressed properties. Here are some power takeaways from today’s conversation: [04:36] Real estate investing journey from maintenance tech to multifamily syndicator [08:57] Understanding the core competencies of syndication sponsors [13:30] How to figure out the sponsor’s core competency [15:24] What it means to be a good operator [18:28] The pros and cons of being in on Emarket and one asset class [19:48] The importance of effective quality property management [21:03] The concept of forced value [27:13] Handling poor management issues [33:47] Investment strategies and debt management Episode Highlights: [08:57] Understanding a Sponsor's Core Competency: Keys to Evaluating a Syndication Firm's True Strengths When evaluating a syndication sponsor, it's important to understand their core competencies - what they are truly best at. Some key things discussed in this episode include: Operations vs sales/marketing - The sponsor's background can provide clues. For example, experience in property management vs capital raising firms. Track record of performance - Has the sponsor proven success creating value through their claimed core competency over multiple deals and market cycles? Culture and people - Are employees happy and retained long-term, indicating a strong operational culture? Google reviews can provide insights. Debt strategy - How the sponsor finances deals reveals their risk tolerance and ability to weather downturns. Fixed-rate debt provides more predictable cash flows. Market focus - Narrow geographic and asset class focus allows deep local expertise but lacks diversification. The best way for passive investors to evaluate a sponsor's core competency is by verifying their claims - speaking to previous investors, reviewing property performance, and ensuring philosophies align. This due diligence helps identify sponsors truly skilled in value creation versus those relying on sales/marketing abilities. [15:25] What Makes a Good Operator A good multifamily operator has a proven ability to maximize property performance through hands-on management focused on tenant satisfaction, continuous expense optimization, and value-added renovations. They leverage deep local market expertise, a results-oriented culture, and data-driven methods to consistently drive occupancy, rents and NOI higher than industry peers. This hands-on, performance-focused approach is demonstrated through a track record of acquiring distressed assets and creating significant forced appreciation through superior property management and operational efficiencies. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: www.snscapitalgroup.com Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Use this for book links: https://www.leftfieldinvestors.com/books/ Podcast Recommendations: Huberman Lab Podcast Advertising Partners: Left Field Investors - BEC Tribevest Aspen Funds Rise48 Vyzer

Wondering why you should avoid investing in D-class properties? Charles Carillo explains the challenges and risks associated with these properties. From ongoing tenant issues to higher maintenance costs, D-class properties require intensive management. Plus, Charles explains why you need to prioritize cash flowing properties that maintain their value even during market fluctuations. It's all about weathering the storm! About Charles Carillo Charles Carillo, the managing partner of Harborside Partners, is an experienced real estate investor with a $200 million investment track record. Inspired by his father's involvement in multifamily properties, Charles began investing himself in 2006 and has since grown his portfolio with multifamily and mixed-use properties. He also hosts The Global Investors podcast, where he interviews other real estate professionals. Here are some power takeaways from today’s conversation: [04:17] Charles’ real estate investing journey [07:36] What you need to know when dealing with D-class properties [11:00] Real estate investing strategies and dealing with market changes [16:39] Adapting debt structures [20:01] What makes cash flow in real estate so desirable [32:41] Capital calls in real estate investing [35:42] Evaluating real estate syndicators Episode Highlights: [07:36] Why Avoid Investing in D-Class Properties When dealing with D-class properties, expect ongoing tenant issues, higher maintenance costs, and declining neighborhoods. Financing can be difficult, and intensive management is required. Long-term appreciation may be limited in these areas. To mitigate potential risks, it is crucial to invest in higher-quality properties and adopt a conservative approach to financing. By doing so, investors can navigate these challenges and make sound investment decisions. [20:01] The Power of Cash Flow From Real Estate Cash flow from real estate is highly desirable for several reasons. Firstly, it ensures the self-sufficiency and resilience of properties, enabling them to withstand economic downturns. Additionally, cash flow provides a consistent income stream, appealing to investors seeking reliable returns. Furthermore, properties with positive cash flow can be held long-term, benefiting from appreciation over time and generating capital gains. Moreover, cash flowing deals are less risky than those relying solely on appreciation, as tenant income provides greater security. Lastly, cash flow affords operators the flexibility to sell based on market conditions, maximizing sale proceeds. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Harborside Partners Global Investors podcast LinkedIn: @charlescarillo Use this for book links: https://www.leftfieldinvestors.com/books/ Podcast Recommendations: Macro Voices Podcast Advertising Partners: Left Field Investors - BEC Tribevest GSP REI Spartan Investment Group Rise48 Aspen Funds

If you're interested in learning from experienced operators, this is an episode you'll want to listen to. Multifamily syndicator Gary Lipsky provides a lot of practical advice for both passive investors and those looking to syndicate deals. Having done over $250 million in real estate deals, Gary shares great insights into asset management, a critical but often overlooked part of deal performance. Gary discusses how he actively manages his properties to hit financial targets and extract maximum value. About Gary Lipsky Gary Lipsky, president of Break of Day Capital, has successfully completed over $250 million in real estate transactions as a multifamily syndicator. Starting in 2002 with his family's first house, which he turned into a rental property when they moved, Gary gradually ventured into single-family rentals before transitioning to real estate full-time in 2016. With a focus on value-add multifamily deals in Phoenix and Tucson, he averages around four deals per year, including his first syndicated deal, a 42-unit apartment complex in Tucson, Arizona. Here are some power takeaways from today’s conversation: [06:54] Gary’s real estate investing journey [11:03] Defining roles: asset managers versus operators [15:55] The challenges of asset management [18:56] How LPs (Limited partners) should evaluate their asset management approach [33:42] How strategic investments in Tucson yielded remarkable returns [40:33] Real estate investing with a focus on asset management Episode Highlights: [15:55] The Challenges of Asset Management In the realm of asset management, the landscape has become increasingly challenging. With loan covenants becoming stricter than ever, it is crucial to have a comprehensive understanding of aspects like earnouts and penalties. The reporting process for loan covenants has also become more time-consuming, demanding significant resources. Failing to execute the business plan can lead to complications such as cash calls or capital calls, putting the overall performance at risk. It is crucial to allocate resources effectively and ensure adherence to loan covenants to maintain a high level of success in asset management. [19:04] How LPs Should Evaluate Deals Here are some key things Limited Partners (LPs) should do to properly evaluate deals: Ask who specifically is the asset manager and if they can be part of the interview process. The asset manager is critical for deal performance. Inquire about the asset manager's typical day-to-day responsibilities and the number of properties they oversee. Fewer is better. Request to see the dashboard of Key Performance Indicators (KPIs) that are tracked and how often the sponsor checks in on them. Find out how frequently the asset manager communicates with property management and visits each property in person. More contact is better. Ask what questions the sponsor asks property management during check-ins to ensure they are executing the business plan. Determine how transparent the sponsor is about sharing actual property performance versus budgets. Any variations should be explained. Thoroughly vet the sponsor's communication approach, especially during challenges, to ensure they are responsive. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Break of Day Capital Real Estate Investor Podcast Podcast Recommendations: Driven By Insight Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Advertising Partners: Tribevest Rise48 Aspen Funds GSP REI Vyzer

Explore how designing your finances to match your desired lifestyle can open doors to new adventures. In today’s episode, Brian Davis, founder of SparkRental, shares how living abroad with his family inspired a location-independent lifestyle supported by passive real estate investments. Learn about Brian's process for vetting sponsors and deals as a community, and how syndications have allowed him the freedom to pursue entrepreneurial opportunities while diversifying his portfolio. About Brian Davis Brian Davis is a seasoned real estate investor, finance expert, and the founder of SparkRental. With over two decades of experience in the real estate and finance industries, Brian brings a wealth of knowledge to the table. Brian advocates for creating a lifestyle aligned with personal priorities and utilizing passive real estate investments to support a location-independent way of living. Here are some power takeaways from today’s conversation: [04:17] Brian’s real estate investing journey [10:47] How location independence affects your investing [15:07] Brian’s real estate investing club [26:15] Tips for vetting sponsors [34:30] Investment club due diligence process [40:27] Designing a lifestyle based on your family’s needs and what you want to do Episode Highlights: [10:47] How Location Independence Affects Investing Living abroad and pursuing a location-independent lifestyle can significantly impact your real estate investing approach. It may push you towards passive investment options, make active investing in rental properties more challenging, inspire financial restructuring, motivate diversification across asset classes and geographies, provide more freedom to take risks and allow for higher investment returns to support a location-independent lifestyle without relying on W-2 income. [15:07] How the Real Estate Investing Club Works Brian's real estate investing club is a unique community where members collaborate to vet deals. They charge a flat membership fee instead of taking a portion of invested funds or selling securities. Club members receive tailored investment opportunities via email and can join video calls with sponsors. With a minimum investment of $5,000 per person, they pool resources to meet syndication thresholds. This approach fosters informed decision-making and enables investors to contribute smaller amounts collectively. To streamline the process, Brian and his partner create separate LLCs for each member participating in a specific deal, simplifying communication and decision-making with sponsors. [26:15] Tips for Vetting Sponsors Thoroughly research a sponsor's track record, including past deal performance, number of completed deals, and their longevity in the business. Consider their experience across different market cycles and ask about their views on current risks and how they mitigate them. Evaluate the thoughtfulness of their answers. Inquire about their underwriting process and assumptions, analyzing deals for reasonable and conservative exit cap rates and rent growth projections. If possible, speak to past investors or ask for referrals to check their reputation. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: SparkRental Podcast Recommendations: For business podcasts and online business: Mind Your Business Podcast with James Wedmore For real estate investing podcasts: The Conscious Investor with Julie Holly How to Scale Commercial Real Estate with Sam Wilson For political podcasts: Left, Right & Center by KCRW (NPR station) Advertising Partners: Tribevest Rise48 GSP REI Aspen Funds

Explore the changing landscape of storage rents, financial considerations when investing, and the benefits of single asset syndication and funds for LPs. Get ready for a deep dive into the self-storage sector with an experienced investor with Jacob Vanderslice, co-founder of Van West Partners. About Jacob Vanderslice Jacob Vanderslice is the co-founder of VanWest Partners, which focuses on commercial real estate, including adaptive reuse retail and multifamily properties. Since 2015, they have specialized in self-storage acquisitions and development, with Jacob leading the investor relations team and leveraging his 15+ years of experience in investing and operating self-storage facilities. Here are some power takeaways from today’s conversation: [06:21] Self-storage performance during economic uncertainty [13:18] Considerations for acquisition or development decisions [26:07] Consider your financial goals when investing in storage and other fund vehicles [27:55] Why analysis for storage is complicated [29:07] The changing landscape of storage rents [31:56] The pros and cons of the fund to the LP Episode Highlights: [26:07] Consider Your Financial Goals When Investing in Storage or Other Private Fund Vehicles When investing in storage or other private fund vehicles, consider your financial goals. Quick exits for high IRR and low multiples may be appealing, but relying on short-term exits in the current market conditions requires caution. The past trends of compressing cap rates, rising rents, and low cost of capital may not be sustainable. Instead, focus on long-term cash flow, depreciation benefits, and potential capital appreciation. Seize opportunities without banking on immediate sales and be prepared for a longer investment horizon. [29:07] The Changing Landscape of Storage Rents: A Cautionary Tale When evaluating storage investments, it's important to be cautious about relying on historical rental rates. Traditionally, investors would analyze T12 rental data, but with evolving consumer demand, this approach is no longer reliable. Acquisitions are now based on more recent data and current market conditions. For example, in Lakeland, Florida, there has been a softening in the market, leading to anticipated rent decreases. It's crucial to access up-to-date information and adjust expectations as historical benchmarks may not reflect the current landscape of storage rents. [32:56] Exploring the Pros and Cons of Single Asset Syndication and Funds for LPs Single asset syndication provides control and focus for investors who prefer choosing specific deals and markets. However, if an investment underperforms, there are no other sources of value creation to offset the negative performance. Funds, on the other hand, offer geographic and cash flow diversification through multiple properties, balancing out underperforming investments with successful ones. LPs have limited say in deal selection and market decisions in funds and may face challenges such as filing multiple state tax returns. While single asset syndication allows for precise deal selection, it carries higher risk. LPs should consider their preferences and risk tolerance when deciding between these investment options. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: VanWest Partners Email: [email protected] Use this for book links: https://www.leftfieldinvestors.com/books/ Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Advertising Partners: Tribevest Rise48 Aspen Funds Vyzer GSP REI

Learn practical ways to analyze deals and business plans during volatile times. In this episode, real estate investment expert Eric Sussman joins us as we cover a wide range of topics including the current state of the economy, inflation, interest rates, distressed assets, and evaluating sponsors. Eric's engaging commentary and wealth of experience offer valuable lessons for both new and experienced passive investors. About Eric Sussman Eric Sussman is a founding partner of Clear Capital, a real estate investment firm with over 25 years of experience. Eric has deep knowledge of commercial real estate across multiple property types and markets. He publishes a highly informative quarterly newsletter sharing his insights on macroeconomic trends and their impact on real estate. Here are some power takeaways from today’s conversation: [04:06] Eric’s career path [07:40] Economic uncertainty and its impact on markets [11:11] The debt market [17:28] US dollar's global dominance and potential challengers [23:46] Distressed real estate [26:31] The importance of investing with experienced sponsors [29:38] Evaluating sponsors' experience in real estate investing [32:07] Banking crisis, capital calls, and sponsor responsibilities [37:51] Investing in multifamily real estate Episode Highlights: [11:11] The Debt Market Eric provides insight into challenges in the debt market. He notes rising interest rates have caused losses for banks on fixed-rate loans and treasuries. Variable rate loans are also affected as borrowers face higher rates upon reset. Banks have higher funding costs from increased deposit rates. Lending activity has declined significantly. Some banks may face further difficulties depending on their loan portfolio composition between fixed and floating-rate loans. This uncertainty in the debt market is impacting real estate transaction volumes and refinancing opportunities as lenders take a more cautious approach during this period of rate volatility and unknown economic impacts. [23:46] What is Distressed Real Estate? Eric explains that the term "distressed" doesn't have a fixed definition, but it generally refers to situations where cash flow is insufficient to cover debt levels. Even performing assets could become distressed if they were sold or refinanced today due to rising interest rates. Lenders assess each situation individually based on factors like the sponsor, business plan execution, and guarantor strength, so they are unlikely to own all multifamily properties. [26:31] The Importance of Evaluating Sponsors Investing with experienced sponsors who have a personal stake in the game is crucial for success. Clear Capital firmly believes in this philosophy. As investors, it's essential to consider the expertise and financial commitment of our sponsors. According to Eric, by aligning their capital with the sponsors, they minimize uncertainty and increase the likelihood of successful execution. Therefore, keep a close eye on our chosen sponsors and ensure they deliver on their promises. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Clear Capital Connect with Eric Sussman on LinkedIn Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Advertising Partners: Tribevest Rise48 Aspen Funds GSP REI

There’s a fascinating world out there for self-storage in a changing market. In this episode, Jeremiah Boucher, the founder and CEO of Patriot Holdings, shares his insights on why self-storage will continue to be in demand, despite potential economic downturns. He emphasizes the importance of operational excellence, adapting to market conditions, and careful property management. He also offers a comprehensive guide for LPs (Limited Partners) to understand investments and assess opportunities in the real estate market. About Jeremiah Boucher Jeremiah Boucher is the founder and CEO of Patriot Holdings and manages a $350 million portfolio of alternative commercial real estate assets with a focus on self-storage, manufactured housing, and industrial. He is also the author of Finding Your Edge: How to Win at the Game of Commercial Real Estate Investing. Here are some power takeaways from today’s conversation: [03:24] Jeremiah’s real estate journey [09:13] His transition from mobile home parks to self-storage [11:29] Self-storage investment in a changing market [18:01] A comprehensive guide for LPs [20:31] What value add means in self-storage [26:39] Jeremiah’s criteria for choosing where to invest [34:57] Evaluating industrial real estate investments [38:30] Tips for vetting sponsors Episode Highlights: [11:29] Self-Storage Investment in a Changing Market​​ Jeremiah believes self-storage will continue to be in demand due to demographic trends and the need for space, despite potential economic downturns. However, investors need to be cautious about overpaying for self-storage assets. Jeremiah emphasizes the importance of operational excellence and adapting to changing market conditions. He also warns of market saturation and the need for careful property management. Additionally, while occupancy may grow, revenue might not as customers become more selective when choosing storage units. [18:44] Key Considerations for LPs: Understanding Investments and Assessing Opportunities By considering these factors, LPs can gain a deeper understanding of their investments and make informed decisions that align with their goals. Communication and Quarterly Reports: LPs should prioritize open communication, including regular feedback and comprehensive quarterly reports that highlight key metrics. Operational Performance and Addressing Issues: LPs need to analyze how assets are performing and whether the company is actively addressing any challenges. Lack of distribution, for example, requires understanding the reasons behind it and the steps being taken to rectify the situation. Importance of Communication: Effective communication is critical for LPs to assess a team's ability to navigate difficult times. A history of transparent communication demonstrates the team's experience in overcoming challenges and ensures alignment with investors. Team Evaluation: LPs should not rely solely on one person's presentation skills but also seek to engage with other team members. A single-person operation increases vulnerability to personal circumstances that can impact investments. Value-Add Opportunities: LPs interested in value-add investments should focus on mismanaged assets. Typically, these assets require different capex. Additionally, prioritizing quality locations with good visibility and markets that have sufficient demand but limited supply is crucial. Barriers to Entry: Evaluating barriers to entry in the storage market helps determine the long-term viability of an investment. A market with limited supply per capita and obstacles for new entrants provides greater potential for success. [20:31] What Value Add Means in Self-Storage Value add refers to existing, mismanaged self-storage assets that typically have deferred capital expenditures. For a value add opportunity, the asset needs to have good quality "bones" like a decent existing storage business already in place that is conducive to tenants getting in and out easily. The highest value-add for his company is if an acquisition can get additional land on top of the existing storage, as this allows for expansion of the number of units once occupancy is high. Value-add involves making property improvements like lighting, fencing, paving, cameras, and signage to create a better product and command higher rents. But marketing is also important to fill the new units. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: www.patriotholdings.com Jeremy’s book: Finding Your Edge: How to Win at the Game of Commercial Real Estate Investing Advertising Partners: Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh T

Discover how decentralized technologies are shaping our future! Join Ben Jorgenson, visionary, CEO and founder of Constellation Network, as he explores blockchain, cryptocurrency, and the frontier of Web 3. Ben simplifies complex concepts like decentralized networks, smart contracts, and blockchain's application to challenges like deep-fakes and data governance. Whether new or experienced, gain insights into blockchain's disruptive potential across industries. About Ben Jorgenson Ben Jorgensen specializes in emerging technologies such as blockchain, cryptocurrency, and Web 3. Contracted by the US Department of Defense, Constellation Network is creating an ecosystem for developers to integrate applications with existing Web 2 infrastructure using blockchain technology. Here are some power takeaways from today’s conversation: [04:05] Ben’s career background and how he found his way into blockchain [09:02] What is disruptive technology? [10:23] Understanding Web 3, blockchain, cryptocurrency, decentralized networking [17:33] Crypto technology and its potential uses [23:44] AI, data ownership, and governance [28:07] Blockchain's potential to validate AI and deep fake images [39:42] The potential of blockchain to simplify digital transactions and revolutionize the real estate industry [45:08] Crypto regulations and fundraising with a crypto company owner Episode Highlights: [09:02] What is Disruptive Technology? Disruptive technology refers to anything that challenges societal norms and revolutionizes the way things are done. It breaks open established conventions, offering more efficient, cost-effective, and faster alternatives. Blockchain, for instance, has the potential to disrupt information exchange and validation, particularly in finance. Consider Bitcoin: do we really need multiple layers of institutions to send or receive money from one country to another, like from America to Amsterdam? It's about reimagining traditional processes and embracing innovative solutions that can reshape our world. [10:23] Understanding Web 3, Blockchain, Cryptocurrency, and Decentralized Networking Web 3 encompasses various components, including metaverses - alternative digital worlds for immersive experiences - as recently highlighted by Facebook. Unlike traditional Web 2 technology, Web 3 introduces a more interactive and social aspect to online experiences. At its core is blockchain technology, enabling decentralized entities and transactions using cryptocurrency. This decentralized approach addresses concerns about data governance and control, offering the opportunity to reshape the socio-economic landscape and redefine information governance through Web 3. [39:42] Simplifying Digital Transactions and Revolutionizing The Real Estate Industry Through Blockchain Blockchain removes middlemen in digital transactions, automating processes through code-based trust. This enables seamless execution of contracts and title transfers, transforming the real estate industry. By streamlining the process and reducing human involvement, innovation in buying real estate and creating funds becomes immense. Embracing technology requires a broader perspective, recognizing its disruptive nature and the untapped potential of reducing intermediaries in real estate transactions. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Constellation Network Exponential Organizations by Salim Ismail Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Podcast Recommendations: How Things Work Podcast Advertising Partners: Tribevest Spartan Investment Group Rise48 Aspen Funds

Are you looking to diversify your portfolio beyond traditional stocks and bonds? Tune into the latest episode featuring real estate investor Bronson Hill. Bronson shares fascinating insights from his career transitioning from medical device sales to owning over $200M in multifamily units. He discusses alternative assets like ATMs, car washes, and oil/gas that can generate consistent cash flow. About Bronson Hill Bronson Hill is a multifaceted professional with expertise across various roles. As the managing member of Bronson Equity and general partner in 2,000 multifamily units valued at over $200 million, he excels in the real estate industry. He is also the host of the “Mailbox Money Show” podcast and author of How to Use Inflation to Your Advantage. Here are some power takeaways from today’s conversation: [04:13] Bronson’s journey from medical sales to real estate investing [09:59] The power of education [11:32] The importance of creating multiple income streams [13:04] Using inflation to investors' advantage with real assets and debt [23:21] Different types of alternative investments [32:24] Vetting oil and gas investment partners [35:23] Due diligence for real estate investments Episode Highlights: [10:11] Breaking the Myth About Self-Made Millionaires and the Power of Learning A study by Fidelity Investments revealed that 88% of millionaires are self-made, challenging the belief that wealth is only inherited or reserved for the privileged few. Continuous learning is key to achieving financial success. Whether through education, career advancement, or entrepreneurship, lifelong learners have actively sought knowledge and expanded their skill sets to accumulate wealth. [13:05] The Impact of Economic Issues and Inflation on Asset Values Money in the bank loses value to inflation. Real estate and other cash-flowing assets are valuable during economic issues or inflation, as they hedge against inflation, appreciate, and generate passive income. Investors must consider these factors to avoid losses. Investing in real estate or tangible assets protects investments from economic trends, providing stability and steady rental income. It's an attractive option for investors seeking financial security. [23:21] Different Types of Alternative Investments Real Estate - Bronson got his start in single-family homes before moving to multifamily apartments and syndication. Real estate can include commercial properties like storage units as well. ATMs - Bronson is invested in ATM machines through a fund, which provide very consistent monthly cash flow from transaction fees. Car Washes - This is a newer asset class that Bronson discussed, as large operators are consolidating the fragmented industry. Car washes have potential for cash flow and appreciation. Oil and Gas - While at higher risk, certain oil and gas deals like non-operated working interests can generate income through royalty payments and appreciation if operated efficiently. Precious Metals - Bronson stores physical gold and silver and can borrow against the value for liquidity needs at lower interest rates than typical loans. Private Lending - Providing loans to real estate developers and businesses can generate returns, though due diligence on borrowers is crucial. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: www.bronsonequity.com Podcast Recommendations: Mailbox Money Show The Daily Audio Bible Advertising Partners: Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications by Steve Suh Tribevest Rise48 Aspen Funds Vyzer

In this episode, Andrew Cushman, founder and principal of Vantage Point Acquisitions shares his journey from engineering to house flipping to becoming a successful multifamily syndicator. Learn about lessons from his best and worst deals, strategies for navigating changing economic conditions like rising interest rates, and tips for evaluating investment opportunities. Listen in and gain insights on building a long-term real estate career from someone who has seen market cycles come and go! About Andrew Cushman Andrew Cushman is the founder and principal of Vantage Point Acquisitions, a real estate private equity firm specializing in multifamily apartments, particularly in the southeast region. After leaving his corporate position in 2007, Andrew ventured into real estate investment, initially focusing on flipping single-family properties in Southern California. Over time, he transitioned to multifamily acquisitions and has since syndicated and repositioned over 2,600 multifamily units. A former chemical engineer, Andrew brings a unique perspective to the real estate industry. Here are some power takeaways from today’s conversation: [03:11] Andrew’s real estate investing journey [08:06] Practicing R&D in the real estate world [11:39] How he made the transition from engineering to flipping houses [13:39] The worst syndication he has done [20:56] Most common mistakes LP investors make [24:38] IRR vs. AAR [38:36] Fixed rate debt on the portfolio Episode Highlights: [08:06] Practicing R&D in the Real Estate World In the world of real estate, there's a beautiful concept called "rip off and duplicate," as Cameron Harold aptly puts it. In the corporate world, that's research and development; in real estate, it's rip-off and duplicate. Find somebody who's already successful at what you want to do, learn and copy what they do, and go execute. This approach not only provides a blueprint for action but also instills the confidence to persist, knowing that proven methods are at hand. [13:39] Lessons Learned From Buying C-Class Properties C-class properties may appear promising on paper, but their true nature often falls short in the real world. Recognizing this, Andrew coined the phrase "the grass is always greener over the septic tank" to highlight the deceptive allure of these properties and the lack of competition surrounding them. During a recession, rough C-class properties suffer the most, experiencing severe delinquency and plummeting value. For Adam, this was the worst deal he and his wife had ever done. Although the returns were not impressive, his experience taught him invaluable lessons, now more knowledgeable about what to do and what not to do. [20:56] Common Mistakes LP Investors Make Shopping deals solely based on projected IRR without considering the different levels of risk involved to achieve those returns. Higher returns do not always mean a better investment if they come with greater risk. Not understanding the relationship between risk and return Failing to evaluate deals based on multiple metrics like IRR, annual cash-on-cash return, equity multiple, and annual average return rather than just one metric. No single number tells the whole story. Viewing the relationship with the sponsor/general partner as adversarial rather than as a partnership. Investors need to ensure their interests are aligned with the experienced sponsors they are entrusting their capital for the holding period. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Vantage Point Acquisitions Podcast Recommendations: Macro Voices Advertising Partners: Tribevest Aspen Funds Viking Capital Rise48

Unlock the secrets of securities compliance from the lawyer that syndicators trust. Mauricio Rauld, the syndication attorney for real estate syndicators, shares how to leverage legal requirements to your advantage when investing in syndications. About Mauricio Rauld Mauricio Rauld is an attorney and founder of Premier Law Group, which specializes in real estate syndications. He helps real estate syndicators comply with securities laws. He is also a co-host of the podcast, Drunk Real Estate. Here are some power takeaways from today’s conversation: [03:00] How he got into the real estate space [05:49] Issues to look for when investing in syndications [09:29] Questions to ask when looking at deals [15:45] The importance of reading the PPM (private placement memorandum) [27:30] Things to look for in an operating agreement [30:53] Punitive consequences of not doing a cash call [35:07] Thoughts on changes to the accredited investor definition [40:31] What is a disregarded entity? [42:52] Investing through an LLC versus investing in your own name [46:09] The pros and cons of LPs Episode Highlights: [06:13] The Importance of Due Diligence in Limited Partnerships In a limited partnership (LP), the investors' liability and decision-making ability are both limited. Once they've entered into the deal, their legal control is minimal or non-existent. They contribute capital to allow the sponsor or syndicator to take charge. The only time the LP has control and a say is before making the investment. This underscores the significance of thorough due diligence, particularly when evaluating the sponsor. Knowing their credentials, track record, and operations becomes paramount. A great deal can be ruined by a subpar sponsor, while a strong sponsor can navigate challenging situations and turn things around. [09:29] Things to Look for When Reviewing Deals When reviewing deals, consider the sponsor's experience in the specific asset class and their track record. Plan for potential sponsor incapacity and funding for replacement operators. Check if experienced legal counsel advises on securities compliance. Ensure the required PPM is prepared and matches oral and marketing descriptions. Assess sponsor fees and compensation alignment with investors' goals. Understand the recourse for LPs if they wish to remove a poorly performing sponsor. [15:45] The Importance of Reading the PPM and Operating Agreement The PPM is a crucial disclosure document that highlights investment risks. Focus on the sponsor's experience and track record outlined in the document. Pay attention to the risk factor section, reviewing material disclosures like bankruptcies or convictions. Conflicts of interest and compensation disclosure are crucial when reviewing a PPM. It's essential to pay attention to risk factors and ensure that all compensation details are disclosed. The absence of a PPM is a significant red flag, indicating potential corner-cutting by the sponsor. Matching information between the PPM and the operating agreement is also important, as the latter governs terms and conditions. Inconsistencies may lead to discrepancies in expected returns and fees. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Premier Law Group Drunk Real Estate Podcast Rich Dad Poor Dad by Robert Kiyosaki Podcast Recommendations: Milkshake Markets Madness Advertising Partners: Tribevest Rise48 Aspen Funds Vyzer

When it comes to passive real estate investing, learning from the mistakes of others can save you time, money, and frustration. By avoiding common rookie errors, you can increase your chances of success in passive investing and syndication. In this episode, Steve Suh shares valuable lessons he has learned from over 14 years of passive real estate syndication investing. In this podcast, he discusses some of the mistakes he made early on and key things all passive investors should focus on, such as networking, vetting sponsors and operators, and paying attention to capital stacks and debt structures. Steve also introduces his upcoming ebook, which goes into further detail on each lesson. This is a must-listen for both new and experienced passive real estate investors! About Steve Suh Steve Suh is a founding member of Left Field Investors and has been passively investing in real estate syndications for over 14 years. He is a practicing ophthalmologist and eye surgeon in Southern California. In his spare time, he enjoys writing educational blogs for leftfieldinvestors.com and creating content to help other passive investors learn from his extensive experience. His upcoming ebook, 20 Valuable Lessons Learned from 14 Years of Passive Syndication Investing, aims to share the lessons he has learned over the years to help passive investors avoid common mistakes. Link to Steve's Book: Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications Here are some power takeaways from today’s conversation: [03:23] Learning from people’s mistakes [06:53] The importance of networking [12:16] The operator as a keystone of every operation Episode Highlights: [06:53] Network, Network, Network Steve's insights emphasize the importance of networking in money management and investing. Through virtual networking sessions and forums, he has gained valuable knowledge from others, allowing him to connect with like-minded individuals and explore diverse investment opportunities. Steve highlights the value of private forums, where he can interact with fellow investors and access a wealth of information, enabling informed decision-making and reducing the need for trial and error. Networking is especially crucial in passive investing, helping investors distinguish between good and bad syndicators. Steve's positive experience at the 2022 Meetup in the Left Field further highlights the energy and collaborative environment that networking creates. In summary, Steve's insights underscore how networking empowers individuals to learn, access valuable information, and connect with professionals in the field, ultimately enhancing their chances of success in passive investing. [12:16] The Operator is a Keystone of Every Syndication Steve compares the operator to a central principle or part on which all else depends, similar to a keystone in an archway. The operator is the one who runs the show in terms of the asset, such as the placement and management of ATMs. While there may be capital raisers and syndicators involved, it is the operator who handles the day-to-day operations. Steve emphasizes the importance of thoroughly vetting not only the sponsor but also the property management team. Understanding who is actually running the show and speaking directly with the operator or property manager ensures that investors are not deceived by just the sponsor or syndicator's claims. By delving into the granular details and gathering feedback from other sponsors, investors can make informed decisions about the operator's capabilities and performance. [15:32] Pay Attention to the Capital Stack and the Debt Structure Steve acknowledges the challenges faced by syndicators due to rising interest rates, particularly with bridge debt. Many syndicators got caught up in value-add deals with variable rate loans, leading to capital calls and foreclosed apartment complexes. This is usually due to complacency and not fully considering the potential impact of rising interest rates. Therefore, Steve emphasizes the need to carefully assess the debt structure and its potential vulnerability to interest rate fluctuations to mitigate risks in future investments. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned:Link to Steve's Book: Avoiding Rookie Errors as a Left Field Investor: 20 Lessons Learned From 14 Years of Passive Investing in Private Syndications Link to Steve’s blog: https://www.leftfieldinvestors.com/13-lessons-learned-from-13-years-of-private-syndication-investing/

Rod Zabriskie joins today’s episode as he discusses how passive investors can utilize life insurance strategies like the “Investment Optimizer” and “Capital Avalanche” to enhance their returns on alternative investments such as real estate syndications. Need guidance on finding the right insurance agent who can tailor a customized policy to match your goals? Rod also shares tips to help you navigate this crucial process. About Rod Zabriskie Rod Zabriskie is the president and CEO of Money Insights, a firm that specializes in alternative investing strategies utilizing life insurance. He is also the co-host of the Money Insights podcast, where he discusses business ownership, passive income opportunities, and leveraging assets with tax advantages. Bringing in decades of experience in both the insurance and investment industries, Rod helps passive investors craft customized plans to meet their unique financial goals. Here are some power takeaways from today’s conversation: [02:44] Rod’s real estate journey [05:30] How he uses life insurance to fund his investments [07:08] The investment optimizer approach [10:05] The benefits of life insurance [12:36] The value of alternative investing beyond actual returns [16:01] How the ATM fund works [21:57] The capital avalanche strategy [29:20] How to find a quality insurance agent [35:51] Dividend payout rates and interest rates Episode Highlights: [07:08] The Investment Optimizer Approach This approach refers to using cash-value life insurance as a way to fund alternative investments while allowing the cash value in the life insurance policy to continue growing tax-free. Loans can then be taken from this cash value to invest in deals like real estate syndications, while the cash value collateralizing the loans continues compounding tax-free inside the policy. This allows investments to be made while still earning returns on the money inside the life insurance policy, creating an "additional layer of profitability.” The loans are repaid using returns from investments, while interest paid on the loans is typically lower than the returns earned inside the policy. [12:36] The Value of Alternative Investing Beyond Actual Returns Alternative investments offer more opportunities for tax savings beyond just deferral. For example, in real estate, bonus depreciation can create permanent tax savings that enhance overall returns. Compared to traditional options like 401(k)s or IRAs, alternative investments provide investors with greater control and a more customized approach. They also offer better risk-adjusted returns, allowing for higher returns without necessarily taking on additional risk. Leveraging is a common strategy in alternative investing, particularly in real estate, which amplifies returns. Additionally, it opens doors to passive streams of income beyond traditional dividends, providing new opportunities for diversification. [21:57] The Capital Avalanche Strategy The capital avalanche strategy involves using loans from the bank to build a life insurance policy as the primary asset. This strategy allows you to obtain a larger amount of funds to grow the policy than if you solely relied on your own contributions, maximizing the benefits of the policy, such as tax-free income during retirement or funding educational expenses. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: www.moneyinsightsgroup.com/lfi www.aspenfunds.us/lfi Rich Dad Poor Dad by Robert Kiyosaki Cashflow Quadrant by Robert Kiyosaki Podcast Recommendations: Money Insights Podcast Founders

In this episode of the “Passive Investing from Left Field” podcast, we have the pleasure of speaking with Matt Faircloth, a successful full-time investor with over 15 years of experience in the industry. Join us as we delve into Matt's expertise in raising private capital and building a successful real estate empire. About Matt Faircloth Matt has completed a variety of projects, including fix-and-flips, office buildings, single-family homes, and apartment buildings, amassing a portfolio of over 1,000 units. He has also raised tens of millions of equity for these real estate projects in both debt and equity positions from passive investors. As an Amazon best-seller with over 50,000 copies sold, Matt is the author of "Raising Private Capital: How to Build Your Real Estate Empire with Other People's Money," published by BiggerPockets publishing. Here are some power takeaways from today’s conversation: [04:00] Figuring out your investment goals and getting clear on your 'why' [09:00] Things to consider when looking for deals [16:00] Deals with amortizing loans vs. interest-only loans [18:00] How to calculate the IRR [21:35] Why HUD is the redheaded stepchild [28:17] Leveraging local resources [32:05] The concept of entropy Episode Highlights: [04:00] The Importance of Clarity in Passive Investing When it comes to passive investing, simply googling and blindly throwing money at the first company that pops up in your search is not a wise strategy. Instead, take the time to do your research and get clear about what you want to achieve through your investment journey. Consider your long-term goals, such as generating enough passive income to quit your job or building your net worth, and whether you enjoy your current job or not. While Wall Street can be tempting, it's important to recognize that it shouldn't be your only means of financial freedom. By gaining clarity and doing your due diligence, you can make informed decisions and set yourself up for success in the world of passive investing. [09:31] Maximizing Wealth through Strategic Passive Investing To succeed in passive investing, it's crucial to have clear investment goals. Consider factors such as appreciation growth, cash flow, and tax leverage before choosing an asset class like oil and gas or multifamily real estate. Without a clear understanding of your objectives, it's easy to make the wrong investment and miss out on long-term wealth-building opportunities. [15:57] Maximizing Your Return on Investment: Understanding IRR Components Understanding IRR components is crucial in passive investing. While appreciation, cash flow, and return of capital are important, it's essential to scrutinize projected profit-sharing percentages and differentiate between controllable and uncontrollable factors. Operators can control operational thesis and business plans that govern cash flow, but they can't control future market demand or cap rates. Thoroughly assessing investment opportunities and operator strategies can help maximize return on investment. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: BiggerPockets Raising Private Capital: How to Build Your Real Estate Empire with Other People's Money Passive Investing from the Left Field Podcast Episode 38 Podcast Recommendations: The Ed Mylett Show The Joe Rogan Experience

Operating multifamily properties like a business can yield incredible results. In this episode, Ashley Wilson provides valuable insights into operating multifamily properties like a business rather than just as real estate assets. Her focus on controlling operations, renovating units quickly, and analyzing marketing strategies demonstrates how a business mindset can maximize returns. Ashley Wilson is the founder and CEO of Bar Down Investments, co-founder of Apartment Addicts, and co-founder of HouseItLook. She is a bestselling author, a regular contributor to Rent Magazine, and has been involved in over $210 million in multifamily transactions managing over 1,500 units. Here are some power takeaways from today’s conversation: [03:09] Ashley’s introduction to real estate [05:22] Why multifamily is the star of the show [08:47] Maximizing success through controlled factors [15:08] The importance of time and internal rate of return in investments [19:07] Why renovate as many units as possible [26:53] Unveiling the power of business fundamentals for success [31:41] The problem with rate caps and strike rates Episode Highlights: [05:22] The Resilience and Benefits of Multifamily Real Estate When it comes to real estate investing, multifamily properties undoubtedly take the spotlight. Not only because of their solid fundamentals, they’re also found to be the most recession-resistant asset class within the industry. Time and again, historical data have demonstrated their remarkable performance. The ability to exercise control over these assets is a key advantage that sets them apart. Additionally, they offer attractive tax benefits, which were previously a concern in the single-family space. Multifamily properties have consistently proven their resilience and have become a reliable investment option for the future. With their strong track record, advantageous fundamentals, and tax incentives, they shine as the true stars of the real estate market. [08:47] Maximizing Success through Controlled Factors In order to increase the likelihood of success, it is essential to have control over various aspects. While external factors like interest rates and cap rates may be beyond our control, there are numerous elements that we can influence. For instance, we can dictate the day-to-day operations of a property, manage our marketing efforts, maintain adequate reserves, allocate project spending, and determine the return on investment based on chosen renovations. However, achieving success in these areas requires meticulous attention to detail and the dedication of hardworking individuals. Effective communication and streamlined process flows are key components that fall within our realm of control. By focusing on these controllable factors, we can optimize our chances of achieving favorable outcomes. [26:53] Unveiling the Power of Business Fundamentals for Success This is because the fundamentals of the business remain consistent across different sectors. By focusing on these core principles, you will be astounded by the impact you can make. Keep honing those fundamental skills and watch your success soar. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Bar Down Investments Apartment Addicts HouseItLook Connect with Ashley Wilson on LinkedIn Instagram: @badashinvestor Podcast Recommendation: Drunk Real Estate Podcast

How do you maximize your real estate investment returns from a tax perspective? Join today’s episode as Tomas Castelli discusses various tax strategies for passive real estate investors. Passive losses can offset both earned and passive income, while proper depreciation strategies upfront can generate larger tax losses. Listen in as Tomas explains the three main tax buckets, the concept of bonus depreciation, and why Lazy 1031 is the way to go for passive investors. Tomas Castelli Tomas Castelli is a CPA and tax strategist at The Real Estate CPA. He helps real estate investors minimize their tax burden and maximize their returns. He has equity positions in several real estate syndications and funds. Tomas is the co-host of the Tax Smart REI podcast and an active member of the Left Field Investors community. With his expertise in tax strategies for passive investors, Tomas advises investors on how to make the most of their investments from a tax perspective. Here are some power takeaways from today’s conversation: [00:00] Three tax buckets: earned income, portfolio income, passive income [06:43] Passive losses can offset earned and passive income [11:26] Cost segregation studies break property into components with different depreciation schedules [14:21] Rapidly depreciating assets in the first year through bonus depreciation [17:44] Depreciation recapture taxes the depreciation amount when you sell the asset [26:06] How Lazy 1031 exchange uses passive losses from new investments to offset gains from sold investments [31:00] Claiming rental losses against earned income through a real estate professional status [41:18] Are travel expenses to conferences and properties deductible for passive investors? [44:36] Check your capital account and box 2 (passive income/loss) on your K-1 for accuracy Episode Highlights: [06:43] The Three Tax Buckets The three main tax buckets are: 1. Earned income - This includes income from employment like salaries, wages, commissions, bonuses, and self-employment income. Earned income is taxed at higher rates up to 37% for federal income tax. It is difficult to offset or reduce taxes on earned income. 2. Portfolio income - This includes income from investments like interest, dividends, capital gains from stocks, bonds, and mutual funds. Losses from investments in this bucket can only offset gains within the same bucket. 3. Passive income - This includes income from passive activities like real estate rentals and limited partnership investments. Losses from passive activities can offset both passive income and earned income. This provides more flexibility and opportunities to reduce taxes. [26:06] The Lazy 1031 Exchange The "lazy 1031 exchange" is a tax strategy where passive losses from new investments are used to offset capital gains from sold investments, without a formal 1031 exchange. By investing in a new passive opportunity after selling an investment for a gain, depreciation, and losses from the new investment can be used to minimize taxes owed. This provides more flexibility than a formal 1031 exchange and requires a pipeline of passive investments generating losses to offset gains from sold investments. [34:54] Maximizing Depreciation with Bonus Depreciation With bonus depreciation, most of the five, seven, and 15-year property is frontloaded in the first year. Without it, assets depreciate over several years which results in lesser benefits if the asset is held for a shorter period like three years. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Tax Smart REI Podcast Podcast Recommendation: Acquisitions Anonymous Podcast

Want to make informed investment decisions? Join us as we unpack the secrets behind risk-adjusted returns with Paul Shannon. He talks about real estate investing in today's uncertain market, how he vets sponsors, looks for risk-adjusted returns, and the benefits of both active and passive investing. Paul Shannon is the principal of Red Hawk Real Estate and fund manager of InvestWise Collective, a partnership between Red Hawk Real Estate and Left Field Investors. Since transitioning to real estate investing full-time in 2019, Paul has acquired over 200 residential units by recycling his equity and through joint ventures. A licensed realtor, Paul has experience in acquisitions, raising capital, and property management. Here are some power takeaways from today’s conversation: [02:00] Why Paul slowed down in investing [11:10] Emerging Trends in Multifamily Financing: Longer Holds, Lower Returns [18:00] How active investing makes you a better passive investor [21:00] Understanding risk-adjusted returns [26:45] About InvestWise Collective [30:50] Tips for vetting sponsors and investors [41:50] Being selective with higher quality deals Episode Highlights: [11:10] Emerging Trends in Multifamily Financing: Longer Holds, Lower Returns Multifamily operators are shifting towards agency debt or fixed-rate products with stepped-down prepay penalties to avoid costly fees when selling before maturity. This change means longer hold periods, lower leverage, and loan-to-value ratios in the 50s to 60s. Lenders require properties to generate income 1.2 to 1.3 times higher than the debt service, leading to decreased loan proceeds and reduced returns. Despite this, there are still attractive investment opportunities, but investors must consider more than just high IRRs and cash-on-cash returns. [21:00] Understanding Risk-Adjusted Returns: Maximizing Returns While Managing Risk in Investments ‘Risk-adjusted returns’ refer to the amount of return an investment generates relative to the amount of risk involved in producing that return. An investment with a higher risk-adjusted return means it generates more return for the amount of risk taken. Paul explains risk-adjusted returns by comparing potential returns from real estate investments to risk-free alternatives like high-yield savings accounts. The returns from real estate deals involve more risk due to factors like rising interest rates, cap rate compression, and reliance on sponsor pro formas. However, they must offer a high enough return to justify that additional risk compared to the guaranteed return from a savings account. Paul looks at variables like yield on cost, IRR, and cash flow to determine if a deal offers a sufficient risk-adjusted return for his investors. [30:50] Tips for Vetting Sponsors and Investors Paul places the most emphasis on trust, ensuring the sponsor will act as a fiduciary for investors' capital. He examines the sponsor's track record but notes that a longer track record does not necessarily mean better, focusing more on how the sponsor navigated past downturns. Paul analyzes the sponsor's financial spreadsheets in depth to understand their assumptions and whether they are conservative or aggressive. Rather than just looking at headline returns, he focuses on yield on cost, IRR partitioning and cash flows to determine the deal's risk level. Finally, Paul looks at the debt terms the sponsor is using to ensure it matches their business plan and exit strategy to minimize prepayment penalties. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Redhawk Real Estate InvestWise Collective Email: [email protected] Podcast Recommendation: Old Capital Podcast

In this episode, Joe Williams, co-founder of Keller Williams, shares how KW became the largest real estate company in the U.S by flipping the traditional brokerage model to become agent-focused. Joe offers valuable lessons from his successful career, including timing the market and planning for success. He also discusses his current focus on land funds as an investment vehicle, leveraging Keller Williams' network to source deals. This episode provides a wealth of insights that can be applied beyond the real estate industry. About Joe Williams Although he is best known as the co-founder of Keller Williams Realty, Joe Williams was licensed at 19 and sold homes throughout his college years. Joe received his BBA in 1976 from the University of Texas in Real Estate, which at the time was a new degree program. He has over 43 years experience working with the local community and realtors. Joe, along with his team, has extensive experience in Residential & Commercial Brokerage, as well as Building & Residential Development. Here are some power takeaways from today’s conversation: [03:10] Starting his real estate career at age 19 and working his way up [11:28] The importance of having the right partners [13:28] Becoming agent-focused with their mission statement and profit share program [23:07] VDPR: The key elements for achieving success [27:35] Real estate is learnable [37:00] Lessons in real estate investing and the importance of timing the market [53:24] Joe’s current focus on land funds and future plans Episode Highlights: [23:07] VDPR: The Key Elements for Achieving Success VDPR stands for Vision, Discipline, Planning, and Results. The concept is that in order to achieve any goal, you must first have a clear vision of what you want to attain, and then acquire the discipline necessary to work towards that goal. This requires planning and organization, such as making lists and setting clear markers for progress. Ultimately, the results will follow as a direct outcome of the effort put in. Clarity of purpose and a focused mindset are key to achieving success, as Earl Nightingale famously said, "you will become what you think about." [27:35] Real Estate is Learnable Real estate values are primarily driven by public data such as supply and demand, job availability, city policies, growth patterns, schools, hospitals, and utility locations, which can all be researched and analyzed. This is what makes real estate an attractive investment vehicle - it's something that can be learned and understood. However, having an expert on your side who can interpret these variables is invaluable. Real estate professionals deal with these factors daily and are equipped to predict future value. In comparison to stocks, real estate is much easier to evaluate. [29:14] The Importance of Timing Timing is essential in real estate, outweighing even the significance of location. Market cycles, which are rarely linear due to human behavior, greatly impact supply and demand for multi-family properties. Joe states that there is no such thing as a bad market, only buyer's or seller's markets. Understanding your place in the cycle is crucial since waiting for the top can lead to missed opportunities. A wise investor once said, "I've always sold too soon," emphasizing the importance of being proactive. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: https://www.joewilliams.land/ Email: [email protected] Royal Legal Solutions www.spartan-investors.com

Just saving money and putting it in your 401k is not enough anymore. There has to be something else. That's why we have this community. Today, joining us is Clint Harris from Nomad Capital. Clint believes that passive real estate is the key to retirement, as saving alone is no longer sufficient. Clint also stresses the importance of financial independence combined with location and time independence, for a purpose-driven life. The more cash flow you have, the more days off you’re buying, and this hastens retirement or getting out of a W-2 job! About Clint Harris Clint Harris, Investor Relations & Capital Raising at Nomad, has 15 years of experience in medical device sales. He's a business innovator who owns a successful property management company and multifamily real estate portfolio. Clint believes that financial independence, combined with location and time independence, leads to independence of purpose. He joined Nomad to share this vision with investors. Here are some power takeaways from today’s conversation: [09:32] Achieving financial independence through investing in real estate [11:28] The value of asset class conversion [16:34] Increasing value through asset class conversion [19:12] Diversifying investments to reduce risk [24:55] “Buying days off” through syndication deals [32:39] Tips for vetting sponsors as an LP [35:00] What to look for in sponsors [39:12] Nomad Capital’s aim to double investors' money within 5 years Episode Highlights: [22:52] “Buying Days Off” Through Syndication Deals Syndication allows investors, limited partners, and general partners to put their capital to work while others use their time and expertise. Investing in a deal means buying days off from working for the rest of your life and getting closer to achieving financial freedom. This asset class provides real value beyond just a five-year investment, and our goal is to build up assets that we can hold onto with a select group of investors and eventually reclaim our time. [29:48] Location, Time, and Financial Independence: The Key to a Purpose-Driven Life Achieving financial independence alone is simply not enough. You need all three elements: location independence, time independence, and financial independence. With these combined, you can lead a purpose-driven life and do whatever your heart desires, whether it's charity work, attending church, skiing, building, traveling, or raising your kids. However, if you're only financially independent but stuck in one location, you'll be forced to spend most of your time in front of a screen every day, which isn't the nomadic lifestyle you desire. At Nomad, we value this core belief and aim to keep it as a vital part of our culture, just as you have developed an amazing culture with Left Field Investors. Our goal is to always prioritize this value above everything else. [36:48] Tips for Vetting Sponsors as an LP Clear communication is essential in meeting your investors' needs as a real estate investor. Ideally, you should receive monthly updates that include examples of both positive and negative news and how they were presented. It's important to stay informed at all times. With insider knowledge of the industry, you may also want to know if the company is vertically integrated, handling everything from property sourcing to capital raising in-house. This information can help you make more informed investment decisions. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Email Clint: [email protected] Website: Nomad Capital Podcast Recommendation: BiggerPockets Podcast AJ Osborne's Self Storage Income Podcast

This trailer is for The LFI Spotlight - a podcast dedicated to empowering a vibrant community of investors who are passionate about acquiring real assets that generate reliable cash flow through passive investing. Our host, Chad Ackerman, brings his extensive banking background and expertise in data analytics to the world of real estate investing. The LFI Spotlight has moved to it's own podcast feed! Please be sure to Subscribe to the podcast so you don't miss an episode! This link will take you to the email we sent out which has the links to the different podcast players. Podcast reviews in Apple (or any other player) are extremely helpful, so please give The LFI Spotlight a 5 star review - and while you are there, if you haven't reviewed Passive Investing from Left Field please review that as well!

Adopt a cashflow passive income mentality and invest in assets that generate regular, predictable cash flow. In this episode, we sit down with cash flow expert Chris Miles as he discusses the value of asset-backed investments and the importance of holding cash for strategic investment decisions. After transitioning from financial advising to real estate investing, Chris got to retire at 28. About Chris Miles Chris Miles is a cash flow expert and the “anti-financial” advisor. Through his company Money Ripples, he works with clients to become financially independent and significantly increase their cash flow. Chris is also the host of the Money Ripples podcast. Here are some power takeaways from today’s conversation: [01:50] Growing with a scarcity mindset [04:16] How he got into financial advising [06:59] How Chris retired at 28 because of real estate investing [10:16] The accumulation theory and financial institutions [12:30] The FIRE Movement vs. the cashflow passive income mentality [15:42] The value in asset-backed investment [18:47] Why you shouldn’t bank on values going up [21:12] What you need to know when investing in oil [24:25] The value of holding cash today [31:35] When investing in insurance makes sense [35:33] Tips for finding quality operators Episode Highlights: [12:30] The FIRE Movement vs. The Cashflow Passive Income Mentality The FIRE (Financial Independence, Retire Early) movement has gained significant popularity in recent years, focusing on accumulating a certain amount of wealth and living off a small percentage of it each year. However, this model has been debunked by various simulations that suggest a withdrawal rate of 3% or less, rather than the commonly suggested 4%. Living on 3% of a million-dollar portfolio amounts to a lifestyle below the poverty line, which is not what individuals envision when they think about financial independence. On the other hand, a cashflow passive income mentality focuses on investing in assets that generate regular, stable, and predictable cash flow. By investing in turnkey rentals, apartment syndications, and oil and gas royalties, for example, individuals can create a steady stream of passive income that can significantly improve their quality of life. [15:42] The Value in Asset-Backed Investment Asset-backed investments like real estate classes are less volatile than stocks. The S&P 500's yield average over the last 30 years is lower than expected at around 7.7%. Diversification in the stock market can be illusory due to a few dominant players causing fluctuations. Real estate investments offer lower risks and higher returns, making them a promising alternative investment with long-term growth potential. [20:25] The Value of Holding Cash Today In 2022, there was a prevalent belief that holding cash was a poor financial decision due to the risk of inflation. However, when the masses say one thing, it is often wise to do the opposite. While real estate and stock markets may be subject to fluctuations, cash can provide stability in uncertain times. If banks tighten their lending practices and quantitative tightening occurs, those who have cash on hand may have an advantage. While other investors may have their capital locked up in assets, cash holders have more flexibility and freedom to invest in opportunities as they arise. Thus, holding cash can be a strategic decision, particularly when other forms of investment are perceived to be high-risk or overpriced. In short, cash is still king or queen in uncertain times. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Money Ripples Money Ripples podcast Learn more about Rise48 Equity's multifamily investments and schedule a call with their CEO Zach Haptonstall at rise48equity.com/invest. Podcast Recommendation: https://www.edmylett.com/podcast

Real estate investing can be a profitable and exciting venture, but it can also be complex and daunting for those who are new to the industry. In this episode, Joe Berko, CEO of Astor Realty Capital, shares his journey into the world of finance and commercial real estate. Managing assets like hotels, Joe shares his thoughts on the current state of the real estate market and where he sees it heading in the future. He also delves into how he evaluates potential operating partners and what traits he looks for in them. Find out some investment strategies he is pursuing in the current market. Joe Berko Joe Berko is a nationally recognized, inspirational entrepreneur with over 25 years of success predicated on profitable investments, ethics, and generosity. A great believer in giving back, Joe serves on the board of several non-profit organizations and has been invited to speak at professional conferences. Here are some power takeaways from today’s conversation: [02:57] How Jim got interested in finance and real estate [06:40] Building Berko & Associates [09:08] Your name goes a long way. [12:03] What to look for in an operator: Looking at the market and asset classes [15:56] Resilient markets: The case of Scottsdale, Arizona [22:28] The triple C’s in finding an operating partner [25:06] How to evaluate an operating partner Episode Highlights: [22:28] The Three Cs of Decision Making: Collateral, Credit, and Character Collateral. This refers to the love and understanding of real estate, including its location and dynamics. Analyze to ensure you’re comfortable with all aspects of the investment. Credit. While you work with many experienced individuals, not all of them have the financial resources to support the investment. Look for partners who have the ability to bring in financing, including the right banks, to ensure that you can move forward with confidence. Prioritize working with partners who are willing to invest their own money in the deal, as this demonstrates a strong commitment to its success. Character. Real estate deals can be derailed by human error. It’s crucial to work with partners who have integrity, honesty, and a strong work ethic. There is no formula or spreadsheet for character, but it is essential for long-term success in any venture. [25:06] How to Evaluate an Operating Partner When it comes to finding the right operating partner, there are some key factors to consider. First and foremost, you need to feel comfortable with your partner. It's not just about their years of experience or the size of their team. You need to look for someone with strong character, who is committed to the success of the venture. One way to evaluate a potential partner is to pay attention to their behavior when things start to go wrong. This is when the true character of a person is revealed. Look for someone who can stay calm under pressure, who is willing to take responsibility for their mistakes, and who is proactive in finding solutions. Intuition is also an important factor to consider. Trust your gut when making decisions about who to work with. Pay close attention to details, listen carefully, and be sensitive to any red flags that may arise. Ultimately, the goal is to find an operating partner who shares your values and is committed to your success. With the right partner by your side, you can achieve great things together. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Astor Realty Capital (Contact their Investor Relations Manager at [email protected]) Download Aspen Funds' free economic report at https://aspenfunds.us/lfi

Join us for part two of our podcast interview with renowned economist Dr. Peter Linneman, principal of Linneman Associates. Get ready for more valuable insights on topics like the under-supply of single-family housing and its impact on the market, the relationship between high prices, profits, and supply, and what the Federal Reserve is doing about inflation. If you missed part one, be sure to check it out for even more great insights from Peter. Let's dive in! About Dr. Peter Linneman Dr. Peter Linneman holds both master's and doctorate degrees in economics from the University of Chicago. He is the principal of Linneman Associates. For nearly four decades, he has provided strategic and financial advice to leading corporations through Linneman Associates. He provides M&A, analysis, market studies, feasibility analysis to many leading US international companies. In addition, he serves as an advisor to and a board member of several public and private companies. Peter was a professor of real estate at the Wharton School of Business at the University of Pennsylvania, from 1979 until his retirement in 2011. He's an accomplished author having written books, articles, and of course, The Linneman Letter, a quarterly letter for commercial real estate investors. Here are some power takeaways from today’s conversation: [02:52] Why the economy is not overheated [04:07] The relationship between high prices, profits, and supply [05:52] How the pandemic skewered the numbers [10:18] How much are rents going up for apartments? [15:26] What’s the Fed going to do about inflation? [17:05] The importance of gradual interest rate increases [19:44] The Impact of Bank Failures [29:45] Why the market for [39:55] The importance of asking for help Episode Highlights: [04:07] The Relationship Between High Prices, Profits, and Supply Peter explains that high prices encourage suppliers to increase production, which was demonstrated in 2021-2022 when record profits led to more supply and lower prices. Despite this, the Federal Reserve has chosen to suppress demand even though it is below trend, rather than allowing it to increase and spurring more supply. This decision's long-term implications remain unknown. Instead of reducing demand, the solution to an underperforming economy is to increase supply. [17:05] The Importance of Gradual Interest Rate Increases In December 2020, it was clear that interest rates needed to be raised from zero, according to Peter. However, the key was to do so slowly and without rushing. Unfortunately, it took another year and a quarter for the Federal Reserve to initiate the rate increases. Peter argues that if the Fed had started raising rates gradually earlier, both the markets and the banks could have adjusted accordingly. It is comparable to adjusting to a typhoon versus the same amount of rain spread out over a two-year period. Gradual rate increases would have allowed for a smoother adjustment period instead of sudden shocks to the economic system. [31:14] The Under Supply of Single Family Housing and Its Impact on the Market There's a significant three and a half percent under-supply of single-family housing, which becomes significant when considering the high demand for this type of housing. The shortfall is comparable to a shortage of Toyotas in an economy where only two types of cars exist. This creates an opportunity for multifamily properties to benefit. However, due to NIMBYISM and pent-up demand, this shortfall is unlikely to disappear soon. Therefore, it's important to address the housing under-supply with innovative solutions to meet market demands. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Linneman Associates

Let’s dive into the world of economics and real estate with Dr. Peter Linneman, an accomplished economist and advisor to leading corporations. He shares his insights on finding great mentors, learning as a skill, and navigating the current state of the US economy. With years of experience in providing M&A, analysis, market studies, and feasibility analyses to various companies, Dr. Linneman is highly regarded in the industry and has been serving as an adviser and board member of several public and private companies. Get ready to learn from his wealth of knowledge and expertise in this exciting episode. About Dr. Peter Linneman Dr. Peter Linneman holds both master's and doctorate degrees in economics from the University of Chicago. He is the principal of Linneman Associates. For nearly four decades, he has provided strategic and financial advice to leading corporations through Linneman Associates. He provides M&A, analysis, market studies, feasibility analysis to many leading US international companies. In addition, he serves as an advisor to and a board member of several public and private companies. Peter was a professor of real estate at the Wharton School of Business at the University of Pennsylvania, from 1979 until his retirement in 2011. He's an accomplished author having written books, articles, and of course, The Linneman Letter, a quarterly letter for commercial real estate investors. Here are some power takeaways from today’s conversation: [02:17] Introduction of Peter Linneman [04:07] Early beginnings from a blue-collar background to the real estate industry [05:31] Opportunities that arose from networking and doing good work [12:13] Importance of being a good student and knowing how to learn [16:58] The current state of the economy [21:44] The worst thing facing the economy [23:50] The Fed’s crazy approach to the economy Episode Highlights: [10:07] How to Find Great Mentors Start by identifying people who have skills and experience that you can learn from. Look for individuals who are willing to share their knowledge and expertise with you. Once you've identified potential mentors, show them that you are serious and committed to learning by demonstrating your work ethic and willingness to put in the effort. Don't be afraid to ask for their guidance and advice. Remember, learning is a skill that requires curiosity and a willingness to seek out new information. Build a relationship with your mentor by communicating regularly and showing appreciation for their time and expertise. [17:48] The Current State of the Economy Currently, the US economy is in a state of recovery from the pandemic. Real GDP is at about 2.5% of pre-pandemic levels, indicating that we have grown over the last three years, which is a positive sign. However, employment is still below pre-pandemic levels, and the Fed's attempt to get rid of employment is misguided. On the bright side, around two-thirds of homeowners have mortgages with an interest rate that is two to three percentage points lower than the historic norm, giving them more financial freedom. The travel and tourism industry is almost back to pre-pandemic levels, but there is still room for growth in areas such as automobile consumption. Despite concerns about the amount of debt rolling over, only 25% of corporate and real estate debt rolls over in the next three years, giving businesses some cushion and margin. Overall, there are good things happening in the economy, such as the normalization of supply chains. [21:44] The Worst Thing Facing the Economy The biggest challenge facing the economy is the Fed's belief that their job is to create a recession. This approach is dangerous, and they tend to overreact and be late in their responses. While we have weathered the shutdown of the economy for a year and a half, the current challenge posed by the Fed is something we can overcome. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Linneman Associates

This is the second part of the two-part podcast interview with Bob Fraser. And we pivot today's discussion into the megatrends: demographics, oil & gas, inflation, and interest rates. He discusses the trends he’s seeing and specifically identifies what asset classes will help us capitalize on that trend. About Bob Fraser Bob Fraser is a finance and technology executive, with over 20 years of experience, who is passionate about educating others about alternative investments. In 2012, he co-founded Aspen Funds, a fund management company focused on alternative investments, where he is responsible for financial management, portfolio modeling, as well as systems and processes. Here are some power takeaways from today’s conversation: [00:00] Introduction [02:58] The megatrends in demographics [07:16] The industrial boom in the United States [15:14] How investors can capitalize on the energy issue [18:52] How LPs get comfortable with oil and gas [24:15] Inflation is coming due to demographics [27:21] Opportunities in the distressed debt space [32:56] Economic forecasts for the second half of 2023 Episode Highlights: [04:08] The Megatrends in Demographics China's population is set to decline drastically in the next 75 years, leading to significant changes in its economy and workforce. This will result in a surplus of infrastructure that may no longer be necessary, and a severe impact on the country's manufacturing power due to the loss of two-thirds of its workforce. The demographic shift will have implications for other countries in Asia, Russia, and Italy, and will significantly alter the world's economic landscape, making it challenging for China to remain an industrial power in the future. [15:14] Non-operated Working Interests: How Investors Can Capitalize on the Energy Issue One way to make money is through property rights and royalty interests. However, many people park their money in this way, which can result in low returns. To generate substantial profits, it's essential to have a deep understanding of where the development is going and make smart investments. Non-operated working interests entail owning leases, paying royalties to landowners, and giving them to other operators such as large oil companies who bring resources and expertise to the table. Revenues are shared between parties, leading to high returns on investment without direct management of operations. Despite the minimal risks associated with drilling due to advanced technology and well-understood geology, many investors are hesitant to take advantage of this opportunity, making it a cost-effective option for those willing to take the risk. [27:21] Opportunities in the Distressed Debt Space If you’re looking for investment opportunities, consider distressed debt as a potential option. Despite the risks involved, this type of investment can bring high returns for those willing to take calculated risks. The current market conditions may present opportunities to purchase debt at a discounted rate, with the hope of selling it back at a profit when the company recovers. It's time to overcome your fears and dip your toe into this potentially lucrative area. Keep an eye out for upcoming opportunities that may arise as the market changes. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Invest Like a Billionaire podcast Aspen Funds

When it comes to investing, timing can make or break your portfolio's success. While efficiency and maximizing returns are essential goals, aligning your investments with the market's ebbs and flows is crucial. In this episode, Bob Fraser discusses the importance of timing your investments and why development can be a lower-risk strategy. He also shares insights on navigating the multifamily market and emphasizes the need for due diligence and trust in the investment business. About Bob Fraser Bob Fraser is a finance and technology executive, with over 20 years of experience, who is passionate about educating others about alternative investments. In 2012, he co-founded Aspen Funds, a fund management company focused on alternative investments, where he is responsible for financial management, portfolio modeling, as well as systems and processes. Fraser is the co-host of the Invest Like a Billionaire podcast where he joins his son, Ben, and Aspen co-founder Jim Maffuccio, to dive into the world of alternative investments and speak with successful investors. The trio also discusses economic trends, including megatrends such as inflation, energy prices and deglobalization. The goal is to empower others looking to explore less volatile investment opportunities improving their portfolio’s performance and enabling them to become more financially secure. Here are some power takeaways from today’s conversation: [06:08] The shift from notes to other asset classes [08:22] The importance of timing your investments [14:14] What happens when interest rates go up [16:13] Why invest in multifamily [21:15] Why development is lower risk [29:36] How an LP does due diligence [32:47] Trust is everything in this business. Episode Highlights: [08:34] Navigating the Multifamily Market The multifamily sector may experience some challenging years ahead. However, this doesn't signify the end of multifamily investments. Instead, it can be an excellent opportunity for buying. This serves as a reminder that as investors, we need to be prudent and thoughtful in our decision-making. [10:49] The Importance of Timing Your Investments Success is not only about gaining efficiency and maximizing returns but also aligning your investment timing correctly. Pursuing vertical integration to achieve a 10% efficiency might appear promising, but it won't yield results if you're losing 90% of your investment. Market fluctuations and economic changes necessitate keeping a close eye on market trends and making informed decisions based on prevailing circumstances. Timing is vital in investing, and getting it right can minimize risks, maximize returns, and identify opportunities for growth, expansion while avoiding costly mistakes. [22:16] Why Development is a Lower Risk Developing properties can be a lower-risk investment strategy as it allows for more control over the costs. Investing in a value-add property may seem like a good idea, but building new units can be more cost-effective and less risky. For example, in Northwest Arkansas, there are properties for sale at $195,000 per unit, but new units can be built for $130,000. Similarly, building industrial properties can be a smart investment, especially since it's currently difficult to buy industrial properties. Building cheaply, like an industrial warehouse, can yield high returns, especially if leased out. Even if it's not leased immediately, having a long runway for the property can help mitigate risks. Overall, development provides more control over costs and can be a safer investment strategy. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: Invest Like a Billionaire podcast Aspen Funds

It's the final week of our three-week Back-to-Basics program, and we're excited to bring you part two of our exclusive Masterclass on passive investing. In partnership with Tribevest and their Chief Storyteller, Julian McClurkin, we're here to share everything you need to know about building wealth through passive investing. Last week, we discussed the basics of passive investing, including what is a syndication, the pros and cons of passive syndications, and the crucial topic of how to choose a sponsor. About Julian McClurkin Julian McClurkin has literally traveled the world throughout his professional basketball career supporting and entertaining families and communities. Leveraging his engagement and relationship-building skills, Julian now joins Vision Realty, having built a diverse portfolio in real estate sales, investing, and renovations. Here are some power takeaways from today’s conversation: [07:11] The safest class to invest in [09:48] How to pick a syndicator [15:41] How to choose a deal you want to invest in [17:30] How to analyze a deal [23:28] The process of investing in a syndication [26:39] What to do during the syndication process [31:44] How tribes work and why they work [40:27] The process of forming a tribe Episode Highlights: [07:11] What is the Safest Class to Invest In? A common phrase you often hear is that everyone needs a place to live, right? So investing in multifamily apartments or mobile homes where there's always a demand for housing might seem like the safest option. However, it's important to remember that all of these are tangible assets, not just pieces of paper. Real estate and most of these assets generally carry less risk than other types of investments, but that doesn't mean there's no risk involved. For instance, resort investing, retail, and office space immediately after the pandemic may be riskier, while assisted living facilities may require waiting for demographic changes to make them profitable. It's crucial to conduct thorough research and invest in what you're comfortable with. Start there and then slowly branch out as you gain more knowledge and experience. [09:48] How to Pick a Syndicator When selecting a syndicator, it's crucial to align your investment strategy with the asset class you choose. If you're aiming for significant tax write-offs, investing in ATMs might be a good option, while others may not yield the same benefits. As you gain more knowledge and experience in the syndication space, you'll discover various asset classes that you didn't know about before, enabling you to select the right one for your current strategy. Always figure out what you're looking for and diversify your portfolio accordingly, but don't diversify for the sake of it. Ensure that you have a sound strategy in place for accumulating your assets and how they all work together to achieve your goals. [17:30] Metrics to Look For When Evaluating a Deal To analyze a deal, you need to ensure that you have the right sponsor, asset class, and market. These are the crucial aspects that can make or break an investment. At Left Field Investors, we've created a deal analyzer tool that considers 30 different metrics and turns green if the deal meets our parameters or red if it doesn't. Red flags don't necessarily mean you should avoid the deal, but they do generate questions that you should bring up with the sponsor. This is another way to assess their responsiveness and ability to provide detailed answers, which can indicate how well they will handle the investment. For example, if you get five red flags, contact the sponsor and ask questions. Pay attention to their response time and level of detail. A good sponsor will give you detailed answers and be responsive, which can help build trust and confidence in the deal. By focusing on the metrics of the deal analyzer and checking on the sponsor, you can effectively vet the deal and make an informed investment decision. This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting. Resources Mentioned: https://www.tribevest.com/partners/lf

Today, my guest was Peter Leung. Peter shared his story, which started early on by migrating to the US from China and being homeless for a short period of time. Peter became very focused and motivated by this, and it sparked his journey to the success he has today. He now consults with college students to educate them on traditional financing and alternative investing, with a focus on value investing. Listen in to hear his advice about how important it is to have cash flow, not just cash. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

In today's episode, we re-release our exclusive masterclass on building wealth through passive real estate investing. In partnership with Tribevest and their Chief Storyteller, Julian McClurkin, we covered passive investing in real estate. This episode is a must-listen for anyone who wants to understand more about passive investing in real estate syndications. We delve into the basics of real estate syndications, the pros and cons of passive syndications, and most importantly, how to pick a sponsor. Whether you're a beginner investor or an experienced one, this episode will serve as an excellent refresher for you. About Julian McClurkin Julian McClurkin has literally traveled the world throughout his professional basketball career as a Harlem Globetrotter, supporting and entertaining families and communities. Leveraging his engagement and relationship-building skills, Julian now joins Vision Realty, having built a diverse portfolio in real estate sales, investing, and renovations. Here are some power takeaways from today’s conversation: [07:47] Why it would be better to invest in real estate than index funds [10:20] Ways to spread the risk of investing [15:13] Types of investors who qualify for syndication [22:26] The process of investing in syndication [26:27] Passive Syndications: pros and cons [28:38] The tax benefits of syndication [36:10] What the velocity of money means [40:37] What “full cycle” means for investors Episode Highlights: [07:47] Real Estate Investing vs. Index Funds Investing offers various options, one of which is index funds that can give good returns over time with minimal effort. However, investing in real estate provides steady cash flow via rental income and can force appreciation by improving the property, which is not possible with index funds. Real estate investors can benefit from the syndication operator who handles the process, allowing them to enjoy the perks of their investment. On the other hand, index funds bet on the value of paper assets and do not offer cash flow or dividends as in real estate investments. [22:26] The Process of Investing in Syndication Investing in syndication involves upfront due diligence, including vetting the sponsor and analyzing the deal using tools like a sponsor screener and deal analyzer. Once you've invested, you'll receive documents like a private placement memorandum and subscription agreements to sign. You then send the wire and wait for cash flow, receiving monthly or quarterly distribution checks and reports to keep track of the property's performance. [26:27] Passive Syndications: Pros and Cons Passive syndications have major advantages, such as the ability for investors to benefit from the experience and expertise of a syndicator, who acts as a sponsor or manager for the investment, allowing them to invest in larger deals. Syndicators may also use tax advantages such as cost segregation and bonus depreciation, which can help investors reduce their tax burden. However, passive syndications also have downsides, including the lack of control investors have over the asset and the lack of liquidity, which can tie up capital for several years without the option of selling the investment, making it challenging for investors who need access to their funds in the short term. [28:38] The Tax Benefits of Syndication When investing and making money, taxes are the biggest factor working against you. However, investing in real estate allows you to reduce, defer, or even eliminate almost all of the tax burden as the tax code is written to benefit real estate investors. Depreciation can be used to offset almost all of your passive gains, which means that if you invest in syndication correctly, you won't have to pay tax on any of the cash flows you receive, and it will be deferred, with recapture happening later. By investing in more syndications, your tax bill will go down significantly. Resources Mentioned: https://www.tribevest.com/partners/lf

Kyle Collette joined me this week on the LFI Spotlight to share his journey into the passive investing world. He shared several good pieces of advice for other investors to utilize in their process. Listen in to see how he has navigated the active investing world and has migrated into the passive. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

In today's episode, which was originally released in November 2021, we feature Dan Bartholomew, a financial advisor and friend of Jim Pfeifer, who was new to passive investing in syndications. After listening to the podcast for a couple of months, he had accumulated a list of questions for Jim, which led to this informative episode where each question was discussed in detail. This is the perfect episode for those just starting out in passive investing and struggling to comprehend some of the common terms used in the LFI community. This episode is often used as a resource for new investors. This episode is being republished because all the topics discussed are still relevant today. So sit back, relax, and enjoy this throwback episode from 2021! Here are some power takeaways from today’s conversation: The difference between bonus depreciation and cost segregation Cash-on-cash return vs. IRR return How to screen out the metrics you don’t like Understanding the different types of deals Class A vs. Class B Why a triple-net lease makes sense Selling a property or holding it Episode Highlights: [06:48] Bonus Depreciation vs. Cost Segregation Cost segregation and bonus depreciation are both tax strategies that allow for accelerated depreciation of assets. Cost segregation involves conducting a study on a property to identify personal property separate from real property. This allows for the separate components to be depreciated over five, seven, or ten years, rather than the typical 27.5-year straight-line depreciation for residential properties and 39 years for commercial properties. On the other hand, bonus depreciation is a provision in the 2017 Tax Cuts and Jobs Act that allows for a 100% depreciation deduction in year one for assets that could only be depreciated at 50% or lower percentages. While this provides a large tax deduction in year one, it also leads to depreciation recapture when the asset is sold. This means that the deferred depreciation is added back to the gain from the sale and taxed at a higher rate of 25%. However, reinvesting the proceeds in a new syndication can offset the recapture and the tax deferral can continue, similar to a 1031 exchange. [12:28] Cash-on-Cash Return vs. IRR Return The cash-on-cash return for ATMs is 25%, which is higher than the typical 6-12% for most syndications. However, it's important to note that ATMs are different from other assets because they don't have any returns at the end as the asset depreciates and isn't sold like an apartment complex. Cash on cash return is calculated by dividing the annual cash flow by the capital invested, while the Internal Rate of Return (IRR) takes into account the time value of money and looks at the total return on investment over time. In typical real estate deals, the IRR is higher because the annual returns are compounded over the life of the investment and there are sales proceeds that contribute to the return of capital. However, with ATMs, there is very little return on capital and virtually no sales proceeds, which is why the cash-on-cash return may be higher than the IRR. Overall, ATMs are an outlier in terms of their unique characteristics compared to other assets. [34:48] Navigating Investment Priorities and Tax Advantages in Real Estate Syndications Syndicators often prioritize either cashflow or appreciation in their deals, although it's common to have elements of both. It's worth noting that some syndicators utilize tax advantages such as cost segregation and bonus depreciation while others do not, so it's important to ask about this when evaluating an investment opportunity. While taxes shouldn't be the sole reason for investing, it's vital to speak with the sponsor to determine whether the investment is geared towards cashflow or appreciation. Typically, if the pro forma shows a smaller early-year cash-on-cash return with a larger gain projected in the future, it's an indication that the investment is focused on appreciation

This week’s guest was Infielder Eric Hertica. Eric has worn a few hats on his journey to passive investing but is excited to have found a community to network with and get educated on the space. Eric had some good advice for those that are looking at syndications and hopes to continue to diversify in the syndication space. Check out the recording! If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Building a successful startup takes more than just a great product idea and a talented team. It also requires careful management of resources, effective decision-making, and a thorough understanding of the market and competition. In this episode, Shelly Hod Moyal shares her insights on venture capital and investing strategies, addressing key concepts like managing dilution and diversification, balancing personal investing requirements with potential returns, and determining whether a deal is a good deal. Learn how to maximize returns and manage risks in venture capital investing with expert advice from Shelly Hod Moyal, co-founder and co-CEO of iAngels. About Our Guest Shelly Hod Moyal is a finance and investing expert, having built her career on Wall St. prior to co-founding iAngels. As the co-CEO, she works with global investors to invest in some of Israel’s best startups. As a GP and Kellogg MBA alumna, Shelly holds numerous board positions and is actively involved in bringing value to iAngels portfolio companies. Living in Tel Aviv, Shelly and her husband have 4 children, and as a passionate art aficionado, Shelly is a member of Yedidim at Bat Sheva and Tel Aviv Museum of Art, as well as Laniado Hospital Here are some power takeaways from today’s conversation: Defining venture capital Managing dilution and diversification Balancing personal investing requirements with potential returns Determining allocation to a down round Discerning if a deal is a good deal Offsetting the write-offs Episode Highlights: [08:43] What is Venture Capital and How It Works As an investor, investing in different rounds of a company involves taking different risks and potentially earning different returns. The earlier the round, the more risk and potential for high reward there is. Dilution is a common issue that requires reinvestment to maintain ownership percentage. Venture capital investments are illiquid and require a long-term mindset that entails holding onto the investment until the company goes public or gets acquired to receive returns. To protect ownership percentage, anti-dilution provisions can be negotiated. [12:38] Managing Dilution and Diversification in Venture Capital Investing Venture capital investing requires a careful consideration of dilution and diversification to minimize risk and maximize returns. Each round of funding dilutes your percentage of ownership by approximately 25-30%, and investing in individual companies carries a high failure rate. Building a diversified portfolio and keeping funds available for follow-on investments can help manage these risks. It's important to remain defensive in situations where you need to protect your investments and to invest in around 20 companies to reduce risk. [18:21] Balancing Personal Investing Requirements With Potential Returns Investors may agree with the value of a company but choose not to invest based on their personal investing requirements, risk tolerance, and potential for returns. It's common for angel investors to stop investing when the valuation becomes too high or if they are already heavily invested in a particular opportunity. Ultimately, the decision to continue investing in a venture capital opportunity requires weighing the potential risks and returns against your investment goals. Resources Mentioned: https://www.iangels.com/

This week, Infielder Pat Wills joined me on the podcast to share some highlights of the website improvements that we have implemented. Listen in to learn about all of the enhancements that have been made to LeftFieldInvestors.com. There have been improvements to the forum, more flexibility for users, and lots of improvements to the structure which will allow the community to continue to grow without the need of overhauling our site again for a while. We are very excited about these improvements. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Collections aren't just for show and tell: they can investment as well as a passion project. The collector's community is rapidly growing, and now might be the time to leverage the market potential to turn your hobby into a smart investment strategy. In today’s episode, Jim Pfeifer interviews Rich Vinhais, CEO of WAX Insurance Services, a company specializing in the collection and protection of rare items. As the collector's community expands and becomes more main stream, Rich offers valuable insight on how to turn a collectors passion into an investment strategy. He delves into the unique world of collecting and how it is becoming an investment space that differs from traditional passive investing. Tune in now and learn all about the collectors’ community and how you can get involved! To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field. Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

This week on the LFI Spotlight, I was joined by fellow LFI Founder Ryan Stieg. Ryan shared his journey from being in the insurance business to an accidental landlord. Ryan talked about getting involved in Turnkey real estate investing and them migrating to the syndication space eventually. He gave good advice around taking action and networking. Check out the rest of the episode! If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Success is not found in comfort, but in the boldness to pursue your passion. In this episode, J Scott shares his journey from flipping houses through apartment syndication. He shares how he and his wife left the corporate world and jumped in to flipping houses and how they built their business from there. Along the way, J wrote The Book on Flipping Houses which has sold over 350,000 copies worldwide and he recently released his latest book, Real Estate by the Numbers. In this episode, he offers valuable insights into the strategies and lessons he has learned along the way, including always being open to new opportunities and diversifying your investments. Tune in to this episode to learn from J’s expertise and experience in the world of real estate. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field. Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

This week’s episode features a spotlight on Tribevest, one of LFI’s Preferred Partners. Tribevest is a collaborative, group investment platform that enables friends and family to organize as an investor group, pool money, and manage joint investments. Brittany Barchalk, the Head of Marketing at Tribevest, joined us to talk about enhancements they’ve developed with their product this year. First, the Open Tribe concept was rolled out earlier this year which allows for a Tribe to be formed by the community but managed by the team at Tribevest instead of one of the community members. This is a great asset so that all the participants in the Tribe can remain passive as it pertains to the Tribe itself. Additionally, Brittany shares the roll out of a new product the Tribevest Wallet. This allows for much easier fund transfers for those that are in multiple Tribes and should reduce the number of wires needed with investment through those Tribes. Lastly, Brittany mentioned a new enhancement that will be coming to the community soon called Pro-Tribe. More details to come on this as the development finalizes. If you would like to connect with Brittany, you can reach her at [email protected] or you can find anyone on the team at their website https://www.tribevest.com/. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

The world of investing is so vast that choosing an asset class can be a challenge in itself, especially when you’re considering becoming a passive investor. But if you are a fan of investing in an emerging asset class, then you should consider short-term rentals. In this episode, Jim Pfeifer interviews Sief Khafagi, the Co-founder of Techvestor—a company that helps people passively invest in short-term rentals. Merging tech in the business, Sief introduces an easier path for people to invest in this asset with a focus on higher cash flow and achieving lifestyle by design. He shares with us the origin story of Techvestor, how they build their portfolio, and how their processes are set up for investors. He then dives deep into why investors should consider investing in short-term rentals and how to do it effectively in a passive way along with different properties. In an ever-changing market, you need an asset class that is durable. Don’t miss out on this conversation to find out why short-term rentals can be that for you! To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field. Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

Episode 37 of the LFI Spot Light features Infielder Mike Abramowitz. Mike's journey includes working in several entrepreneur businesses and getting to a point where he coaches struggling entrepreneurs to a better structured business. Mike is developing his passive wealth to help support his ventures and has some good tips for those that are developing their wealth as well. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/.

Passive investing is not just about finding the right deal; it’s about finding the right sponsor who has the discipline, experience, and integrity to deliver consistent results for their investors through the ups and downs of the market. In this episode, Jim Pfeifer interviews Brian Burke, the CEO and Founder of Praxis Capital, about his journey to becoming a syndicator and authoring one of the most popular books on passive investing for investors, The Hands-Off Investor. Brian shares his experiences and insights on the multifamily market and its trends, as well as where he thinks it’s headed. He also discusses different strategies such as how passive investors should change their analysis of a deal when cap rates, interest rates, and rent growth are in different places, and how to spread risk among different sponsors, property types, and asset classes. Tune in to learn how to invest passively and effectively in the multifamily market. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field. Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

Joining us today was Whitney Elkins-Hutten from Passiveinvesting.com. Whitney talks about her personal journey into the passive investing world that she manages alongside her responsibilities with PIC. Listen to her lessons learned tips that she's developed as an LP. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Through Open Tribes, Tribevest is empowering groups of investors to come together and achieve financial goals that would have been out of reach individually. When investors work together, they can achieve more than they could ever do on their own. In this episode, Jim Pfeifer interviews Travis Smith, Founder and CEO of Tribevest, about how Tribes can unlock Community Personal Finance. Travis talks about Tribevest and the many innovations and value they offer; including allowing investors to invest as a group with like-minded people, pool their capital, set up their multi-member LLCs, get into more deals than they could on their own and invest with confidence. He shares the many possibilities group investing has to offer. He also dives into the value of investing with like-minded people and using the Power Of Community to maximize your returns. Tune in to learn more about Open Tribes and how Tribevest can help you achieve your financial goals. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field. Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

Today's podcast is with Infielder Scott Topper. Scott is currently in a tech W2 job in the Chicago area and has been on a journey into the passive investing space. Listen to how Scott has been incorporating investing in real assets along with thriving in his corporate career. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Passive investing can move people toward financial freedom and away from trading time for money. This is precisely what Seth Bradley has done. He talks with Jim Pfeifer about committing to investing 100% to elevate it from a side hustle to a lucrative business. It is difficult to leave your job without knowing the steps to take and the rules involved in real estate and other passive investments. In this episode, Seth Bradley, the Managing Partner of Law Capital Partners, shares his insights on how investors can educate themselves on those rules and gives tips for how he finds the right fit in people to work with in investing as well as a lawyer’s perspective on evaluating the deals. We don’t always want to read the entire document, especially when there are three typical documents to read in syndication. Seth provides tips on what to look for in the document to save time. Don’t miss this opportunity and dig into Seth's perspective on investing! To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field. Love the show? Subscribe, rate, review & share! https://leftfieldinvestors.com/podcast/

For today's Spotlight I had the pleasure of discussing value add vs turnaround investing with Josh McCallen from Accountable Equity. Josh talked about his approach to the resort business syndication space and how their model differs from the normal multifamily flips. If you enjoyed the podcast and would like to subscribe to our mailers, please use this link to get on our mailing list: https://leftfieldinvestors.com/subscribe/. To see the full show notes and transcript, click here. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know, like, and trust. Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors’ Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.