PassivePockets: The Passive Real Estate Investing Show

Christopher Saylor is the founder and Managing Partner at Pikes Peak Capital, which manages high-return distressed real estate funds. Pikes Peak Capital buys and sells single-family residential real estate across the nation and provides a path to homeownership for low-to-moderate-income individuals. They typically look for opportunities others dismiss as too difficult or too different and have managed 4 funds with over $10M in transactions in 36 states. In this episode, Christopher discusses how Pikes Peak buys distressed properties and help homeowners stay in their homes while providing quality returns to investors. Christopher talks about his first two funds and the strategy of buying low value single family homes that banks are not typically interested in. The firm sells the properties to low to moderate income home buyers who are often locked out of financing from banks. Pikes Peak will help them with the financing rather than the buyer going through a traditional bank and then sell the paper on the secondary market. Christopher discusses how Pikes Peak sets up automatic screens to filter thousands of properties to find the ones they want to perform additional due diligence on. He talks about the original plan of doing all property evaluation in a spreadsheet but realized the team also need to visit the properties which they do through using services who perform this function for them. The third fund – RDMO (Residential Distressed Mortgage Opportunity Fund)– focuses on assets from $100,000 to $750,000 and the source of acquisition is both pre and post foreclosure and NPL (non-performing mortgages). The strategy for nonperforming mortgages is to work with the borrower to find a mutually beneficial solution. After the loan is rehabbed, Pikes Peak sells the loans on the secondary market. If they can’t work out the loan with the borrower, cash is offered for deeding the property and if that doesn’t work they go through the foreclosure process or resell the loans on the non performing secondary market. Christopher discusses Home Ownership As A Service – Pikes Peak extends financing to the borrowers and tries to ensure the borrowers are set up for success while providing financial counseling, and offering to buy the houses back from struggling borrowers. Podcasts he recommends: Money Talks The RobCast To connect with Christopher, email him at [email protected] or call or text 719-659-4576. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Bob Fraser is the Co-Founder & Principal at Aspen Funds, a residential mortgage fund. He worked in tech and in the stock market before starting his notes investing fund eight years ago. In this episode, he talks about investing in notes, his outlook for the economy, why he is not concerned about inflation and ends with a discussion on Bitcoin and cryptocurrencies. Bob explains that buying notes is just buying mortgages on real estate. He talks about Aspen funds and how they focus on notes on single family homes. Bob discusses the difference between performing notes and non-performing notes. He explains that when they buy non-performing notes, they rehab the loans and once It’s performing again, they sell the paper. Bob talks about the note underwriting process and why they prefer second position mortgages when they are available. He also discusses the market for re-performing loans and how they find the loans to buy. He then talks about the pandemic and how it did not have a large effect other than causing many people to pay off loans early. Our discussion turned to the economy and Bob explains that he sees a “screaming” economy for the rest of 2021 and 2022 depending on the reactions of the Federal Reserve. He is not concerned about inflation because the economy is coming up to full capacity and discusses the factors that have prevented inflation in the past even through the massive money printing and how it expects those trends to continue. Bob explains why wages, oil and food have deflationary forces that are helping prevent inflation. Bob discusses how he changed his views on money and is now a believer in Modern Monetary Theory (MMT). He mentioned that he is not concerned about government deficits because those have historically been reduced and eliminated by inflation. Bob ends the conversation talking about cryptocurrencies and why he prefers Ethereum to Bitcoin and other altcoins. He also discusses proof or work versus proof of stake. Podcast he recommends: Invest Like a Billionaire To get access Bob’s comprehensive 2021 Economic Forecast go to www.aspenfunds.us/resources. Bob mentions the following book:This Time Is Different: Eight Centuries of Financial Folly To connect with Bob go to www.aspenfunds.us. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Paul Moore is the Founder & Managing Partner of Wellings Capital, a real estate private equity firm focused on mobile home parks and self-storage facilities. He is an author, podcaster, a regular contributor to Bigger Pockets and an experienced real estate investor. In this episode, Paul talks about forcing appreciation, speculating versus investing, and some of the metrics he looks at for mobile home parks and self-storage facilities. Paul talks about forcing appreciation and compressing cap rates as reliable ways to increase the value of an investment. He explains what a cap rate is and how it works when forcing appreciation. He describes commercial real estate investing as buying an income stream and working to increase the income. Paul talks about his decision to move from multifamily to self-storage and mobile home park investing because he saw there was significant undervalued opportunity in those asset classes. He likes asset classes with mom-and-pop owners because a good operator can dramatically increase efficiencies. He estimates around 85% of mobile home parks and 50% of self-storage facilities are owned by mom-and-pop owners. Paul discusses how he diversifies by operator, asset class and market, as well as how he does due diligence and vets operators. He also talks about the advantages and disadvantages of investing in funds. Paul talks about the difference between in investing and speculating – investing is when principal is safe with a chance to make a return. Speculating is when principal is not safe and there is a chance to make a return. Paul discusses some of the metrics he looks at when evaluating a deal. For self-storage – he looks at the density of self-storage in an area, requires the property to be on a main road and visible from the road, and the average income for the area should be equal to average income near the facility. For mobile homes – he only looks at parks in a town with 5000 or more people, within five miles of a Super Walmart, and no private water or sewer. Podcasts he recommends: The Real Estate Guys Radio Show Bigger Pockets Bigger Pockets Business Books mentioned on the show: Storing Up Profits: Capitalizing on America’s Obsession with STUFF by Investing in Self-Storage The Hands-Off Investor Paul mentions his work fighting against human trafficking, below are the educational resources he recommended: Nefarious Exoduscry.com To connect with Paul go to wellingscapital.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Gino Barbaro is one of the founders of Jake & Gino, LLC – a real estate education company. He is a principal at Rand Partners, a multi-family syndication company and a certified professional coach as well as an author and podcast host. In this episode, Gino talks about the importance of mindset, how to evaluate a sponsor and some of the metrics he uses when evaluating a deal. Gino talks about the importance of educating yourself and having the right investing mindset – if you think you can do it, you can. He mentions he took life-coaching classes and it helped him understand you need to find your Why and your How will come. Gino talks about how he transitioned from buying multifamily assets without using outside money to building a brand and raising capital. He discussed the importance of finding a sponsor you know, like and trust. He also mentions that to vet a sponsor you need to do the work and evaluate their track record, their business model, their reputation and maybe even go visit them and see properties they own. Gino tells the story of the poor vetting he did when investing with a guy he calls Maserati Mike. He also discusses the Howey Test and explains how that test applies to syndications. He goes on to say some of the metrics he thinks passive investors should evaluate when considering a multifamily syndication investment. Gino talks about how cashflow gets you out of a W2, but appreciation keeps you out. This is an important factor to consider when analyzing a sponsor and a deal. Gino is a reader rather than a listener, but below are the podcasts from the Jake & Gino Community: Wheelbarrow Profits Movers & Shakers Rand CRE Show Multi-Family Zone Books he recommends: Vivid Vision by Cameron Herold Seven Habits of Highly Effective People by Stephen Covey Mindset by Carol Zweck To connect with Gino, you can email him at [email protected]. To get a copy of Gino's e-book, How To Share the Benefits of Multifamily Investing to Create Financial Independence, send him an email to [email protected]. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Buck Joffrey is a surgeon turned real estate professional with nearly $1 billion in real estate transactions including $400M in current real estate assets under management. He is also a financial educator focused on alternative assets. He runs a fantastic Community called the Wealth Formula Network and is host of the Wealth Formula Podcast as well. In this episode, Buck talks about the keys to forcing equity, investing in multifamily, self-storage and ATMs, and how to vet a sponsor. Buck talks about how good students usually stay on the career path rather than become entrepreneurs and he was on that track until he discovered Cash Flow Quadrant by Robert Kiyosaki. That book helped him realize he wanted to be an entrepreneur and he followed that path which led him to real estate. Buck discusses that the focus of his multifamily investing is not to “buy and hope”, rather to buy and force equity by increasing net operating income. He mentions that the math is simple, but you need a great operator to make it actually happen. He talks about Western Wealth Capital and their strategy to force equity and they prefer properties that are significantly underperforming which gives them plenty of room to force appreciation and provides velocity of money for investors. Buck talks about self-storage and how the strategy of forcing equity applies there too – he mentions buying underperforming “mom & pop” properties that haven’t kept rent up or have space to build more units to add value to these businesses. He also mentions that it is sometimes easier to increase rents because the rents are lower in dollar terms than multifamily. Buck discusses ATM’s and why they are a good investment, but not a replacement for real estate investing. The cash flow and returns are good, but the bonus depreciation is what makes the ATM investment really attractive. He also discusses using life insurance cash value or a HELOC to amplify the returns from ATM investments. Buck talks about how to vet a sponsor and investing with sponsors that you know, like and trust who have a legitimate track records. He also talks about bridge debt and in what situations he would use it. Podcasts he recommends: Wealth Formula Podcast Lex Fridman Podcast The Portal The Wealthabilty Show Purple Insider To connect with Buck go to wealthformula.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Eric is a Founding Partner of Clear Capital, LLC and an Adjunct Professor with UCLA’s Anderson Graduate School of Management. He is the host of Focus on Facts Podcast and was a guest at the May 24th Left Field Investors monthly meeting. In this episode, Eric talks about sourcing deals, abundance of liquidity in almost all markets, inflation now and in the future, wealth inequality and how all of these things effect real estate. Eric discusses how he got his start in real estate investing in various asset classes until he got into multifamily apartments, where he has focused his efforts for the past 20 years. Eric talks about the abundance of liquidity right now in almost all markets, not just real estate. He mentions that one of the biggest challenges is sourcing deals in the current market – and that they have to evaluate a lot of deals before they find one that works. Eric discusses inflation and how it is a popular topic right now. He thinks inflation will be around for a year or two because of Covid causing supply chain issues combined strong demand. Longer term there are multiple trends that point to deflation. Eric talks about the Three A’s - Amazon, Automation and AI (Artificial Intelligence) that are increasing productivity and lowering costs. He discusses how these affect multifamily real estate. He discusses housing shortages and difficulties in building affordable workforce housing and introduces the Three H’s – The Haves, Have-Nots and the Homeless. Eric is concerned about the effect of wealth inequality on the economy moving forward – he thinks it’s the single greatest systemic risk to our country. Eric talks about bridge debt and interest rates caps as a way to control expenses if interest rates rise and how to evaluate a sponsor. He mentions the most important metric in multifamily investing – loss to lease and its Importance in evaluating a deal. Podcasts he recommends: Focus on Facts Passive Investing from Left Field Publication he recommends: The Economist To connect with Eric go to www.clearcapllc.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Steve Suh is one of the Founders of Left Field Investors. He is an ophthalmologist and the host of the Healthy Eyes 101 Podcast. Steve has invested in a broad range of passive syndications including multifamily and self-storage as well as some more unique assets like underperforming resorts, coffee farms and a Broadway show. In this episode, Steve talks about how he got started in real estate and syndications, what metrics are important to him when analyzing a deal and some of the unique asset classes he invests in. Steve talks about his first syndication in an oil and gas well that didn’t work out. He then got into turnkey investing but had multiple property managers for one property and it was not passive enough for him. After he had a loan called through the due on sale clause, he decided that active investing was not for him and he made the change to passive syndications beginning with an investment in Puerto Rico. Steve discusses the seminars he went to and how they helped him confirm that investing passively was his future. From there, he went on to invest in multifamily, self-storage, underperforming resorts, a wellness resort, coffee farm, ATM’s, a Broadway show and more. Steve talks about his desire to invest in interesting investments as a way to keep himself motivated and involved. Steve talks about the LFI Deal Analyzer and how it helps him evaluate the risk in a syndication. Some of his favorite metrics are debt service coverage ratio, break even occupancy, rent growth, and exit cap rate. He also dives deep into IRR and IRR Partitioning - what it is and why it is important in analyzing a deal. Steve also discusses investing in a Broadway show and how it’s been a good performer for him and an enjoyable investment to follow and how he expects the show to bounce back after the pandemic shut down Broadway. Steve ends with his podcast recommendations and an inspiring take on investing and the quest to build wealth. Podcasts he recommends: The Real Estate Guys Radio Show How I Built This with Guy Raz The Happiness Lab To connect with Steve you can email him at [email protected]. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Alex Breshears is a private money lender, syndication investor, community builder, military spouse and much more. She started a private lending company, Infinite Road Investments, funding first and second position loans on residential property and runs a Facebook Group called Private Lending Lessons. She is also the Fund Investor Relations Manager for Mission First Capital – a company dedicated to providing real estate investment opportunities to active duty and veteran military personnel. In this episode, Alex talks about her journey into private lending and the group she started to help others become private lenders and passive investors. Alex discusses some of the mistakes new investors make in not analyzing their desired lifestyle and current skillset which makes it difficult to find investments that match their desires and skills. She also talks about how networking led her to private lending and has continued to help her along the way. Alex mentions that early in her career she saw that borrowers have to always pay the mortgage lenders and realized being in the private lending business was a great way to create passive income. She used her skills to create the lifestyle desired as she knew she wanted to be in real estate, but she did not want to be a landlord or a flipper. Alex describes the difference between private lending and hard money lending. Private lending is borrowing capital directly from the person in control of the funds and making the decisions and hard money is usually backed by a financial institution with strict guidelines and policies when making loans. She also talks about how private lending is very relationship focused and most lenders work in only one or two markets that are familiar to them. Alex talks about the need to find an attorney who knows private lending and she talks about the typical terms and rates used by private lenders. Alex discusses her desire to get more women involved in syndication and private lending and helping the reduce the obstacles women face financially that sometimes inhibits their ability to become passive investors. Alex talks about her work with Mission First Capital which is a investment fund operated by military veterans that allows investors to access syndications with a minimum investment amount of $5000. Podcasts Alex recommends: Cash Flow Ninja Capital Hacking Multifamily Real Estate Experiment Podcast To connect with Alex, go to Private Lending Lessons on Facebook or contact her on LinkedIn or at Mission First Capital. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Chris Odegard is The Prolific Investor. Chris worked in corporate America for over 30 years before going full time in alternative investments. His goal to help improve the financial lives of Americans one blog article at a time through his Prolific Investor blog. In this episode, Chris talks about how alternative investments allowed him to recover quickly from a massive “illiquidity event”, his Hierarchy of Investors and how alternative investments outperform traditional investments. Chris talks about how he was a conventional investor most of his life until he found real estate and passive investing. He mentions that his goal is to help people achieve financial freedom so that work is a choice, rather than a necessity. Chris likes multifamily apartments right now because of the undersupply of affordable housing. He also recommends that everyone swing for the fences in asymmetric return bets with small percentage of your portfolio. He mentioned Palm Beach Research for help in finding some of these potential opportunities. Chris talks about some of the tax law changes for disregarded entities and how those entities are treated and the importance of a quality tax advisor. Chris discusses his Hierarchy of Investors and the importance of insurability and leverage in his investment philosophy. He compares actual stock market returns to the returns from alternative investment including the tax benefits that really make a difference. He includes an example of alternative investments compared to a 401k for young investors and explains how leverage and tax treatment of alternative investments can vastly outperform a 401k even with an employer match. Click these links to get access to the Hierarchy of Investments and the 401k vs SFH Rental resources from The Prolific Investor website. Podcast Chris Recommends:Real Estate Guys Radio Show Rich Dad Radio Show The WealthAbility Show Passive Investing from Left Field To connect with Chris go to theprolificinvestor.net to schedule a 30 minute virtual coffee. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Paul Shannon is a real estate entrepreneur specializing in the acquisition of value-add, single-family homes and apartment buildings with a focus on conservative underwriting and cash flow. He is the Principal and Owner of Redhawk Real Estate focusing on providing high quality, affordable rental properties to Central and Southern Indiana communities, while providing stable and predictable long-term income to his investors. He is also a passive investor and a member of the Infielders Community of Left Field Investors and has written several blog posts for our group. In this episode, Paul talks about ditching the W-2 to go full time in real estate, overcoming the 4% rule for retirement savings through active and passive real estate investing, and how relationships and networking have helped his business. Paul talks about how he realized the 4% rule wouldn’t work for early retirement which led him to look past traditional investments and into “alternative” investments such as real estate. He also discusses the self-limiting doubt of the possibility of losing his entire investment if he put money into real estate and how he had to overcome that in order to change his strategy and get more into “Left Field”. Paul discusses the notion that with real estate – passive or active – one major advantage is that if you aren’t forced to sell, you can wait for the market to come back while you continue to collect cash flow during the down market. Paul mentions when you start, the first deal is always the hardest to get into – it gets easier from there. He also talks about quitting his W-2 before he had replacement income and how the first active deal gave him the confidence to make the change even though the deal didn’t work out exactly as he planned. Paul talks about relationships and networking and how his network helped with some of his decisions, including what markets to invest in and how important it is to find quality partners and how your partners are often the most important part of a deal. Paul discusses his decision to invest passively for diversification of markets, but also to learn as an LP to experience how to be a GP in the future. Podcast Paul recommends: Old Capital Podcast To connect with Paul go to www.redhawkinvesting.com or you can find him on LinkedIn. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Travis Smith is the Founder & CEO of Tribevest, a platform to launch an investor entity, pool capital, and experience wealth-building with friends, family, and people you trust. In this episode, Travis talks about why he started Tribevest and how the platform helps group invest together while solving for lack of capital, experience and community. Travis discusses how group investing gets you into more deals which helps with portfolio diversification. He also talks about some of the challenges of group investing and how Tribevest assists tribes in overcoming those challenges through the Same Page report and helping establish rules of the road early in the process. Travis mentions how a platform such as Tribevest opens passive syndication investment to more people – not just the “country club” set. The platform can help both who have money but no time as well as those who don’t have the capital but want to learn together. Travis talks about how technology has changed the “stranger means danger” to allow strangers to interact – whether that’s through platforms like Aribnb, Uber or Tribevest. He also discusses the benefits of pooling resources such as capital, experience and Community. Podcasts Travis recommends: Wealth Formula Podcast The Tim Ferriss Show You can connect with Travis at www.tribevest.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

David Shirkey is an investor focused on operating companies in the manufacturing space, mobile home parks, high cash value life insurance and more! He is also the leader of the Michigan Investor Group, a community dedicated to sharing investment knowledge and experience with others. In this episode, David talks about the high demand and low supply for affordable housing like mobile home parks, how networking has helped his investing and the importance of vetting the sponsor and being patient before making a second investment with a syndicator. David talks about the high demand and limited supply for affordable housing in the US and new zoning for mobile home parks is very difficult. He sees this as an opportunity for mobile home park investors. He also discusses how networking has led to him to multiple opportunities for his business including connecting him to a mobile home park operator who became his partner in a mobile home park fund. David also talks about vetting a sponsor. He begins by talking to people in his network to see if anyone has experience with the new sponsors, then he makes an appointment to talk with the sponsor, asks for track record and often goes to meet the sponsors in person. He also asks similar questions in different ways to see if the story stays consistent. He also usually does some research on LLC’s, GP’s and partners and sometimes does background checks. Although it is difficult to wait, David tries to wait one year after investing with a new sponsor before investing again or recommending him to his network. This way he can get a good idea of the sponsor’s reporting, procedures and returns before he commits more capital to a new deal. David also mentioned the importance of investing with full-time sponsors and to be sure you are investing with operators rather than just marketers. David also discusses using high cash value life insurance to invest in syndications. He uses the cash in his policies as an emergency fund first and opportunity fund second. David mentions some of the metrics to look for when evaluating mobile home park opportunities. Podcasts David recommends: Wealth Formula Podcast The All-In Podcast To connect with David, you can email him at [email protected] or visit the website for the Michigan Investor group at www.michiganinvestorgroup.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Kenny Wolfe is the President of Wolfe Investments and has been investing in multifamily since 2010. He currently owns over $250M of commercial real estate with 4500 units in Texas, Louisiana, Oklahoma and Ohio. He also owns commercial retail properties in three states and some ground up development as well. In this episode, Kenny talks about alignment of interest between the syndicator and the investor, investing in downtown metro areas and investing for cash flow, appreciation or both. Kenny discusses how he bought into two passive deals to learn the ropes in order to be a syndicator and the benefits of using networking to find sponsors and to get started. Kenny talks about structuring his deals for the long term by aligning interests with his investors by eliminating acquisition and disposition fees and not paying a preferred return. He also mentions how bringing property management in house has given him better control over managing the assets. Kenny discusses the three different types of assets he investing in: 1. Development focusing on appreciation2. Existing multi-family properties focusing on cash flow and appreciation and 3. Commercial triple net leases focused on cash flow. He also has recognized that because of the pandemic, there are great deals to be had in downtown metro areas and has purchased multi-family properties and conversions in downtown Cleveland, Dallas and Atlanta. Podcast Kenny recommends: Old Capital Podcast To connect with Kenny, go to Wolfe Investments or visit him on Youtube. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Ryan Stieg is a passive investor and a Co-Founder of Left Field. He owns a portfolio of 1-3 unit properties in five different markets and more than 20 syndication investments in notes, mobile homes, life settlements, crypto, self-storage, multi-family and more. In this episode, Ryan talks about how he realized single family homes are great investments, but difficult to scale which led him to develop a network to help him get into real estate syndications. Ryan talks about using mentors and networks to help validate his investing style and decisions and how being part of a Community has helped him become a better investor. He realized that he can offset some of his weaknesses with the strengths of those in his network in the same way that he can share his strengths to help others. Ryan discusses the five different types of return he can get from active investing: cash flow, loan paydown, taxes, appreciation and the inflation erosion of debt. Ryan and I also talk about Tribevest and why we started a Tribe together as a way to diversify into different syndicators, markets and assets. Ryan mentions that belonging to a Tribe and a Community has helped him find new deals and new sponsors and made him a better passive investor. Ryan talks about how accumulation of assets is less important than increasing the number of income streams – he accumulates assets that produce cash flow as a way of producing sustainable wealth. He also discusses the importance of finding sponsors you know like, and who have a positive track record and systems in place to ensure their success is repeatable. Podcasts Ryan recommends:The Wealth Formula Podcast with Buck JoffreyReal Estate News for Investors with Kathy FettkeThe Brendon Show Click this link to connect with Ryan on LinkedIn. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Dan Handford is the Managing Partner of PassiveInvesting.com. Dan is a business owner involved in specialty medical clinics, anatomical model sales, and chiropractic supply companies who got into real estate syndication to help take advantage of the tax advantages to real estate investors. His company has a multifamily real estate portfolio of over 2700 doors worth $380M and is currently closing on their first self-storage deal. In this episode, Dan talks about how to pick a sponsor, debunks the myth about tenants moving to different property types in a recession, investments with multiple share classes and his move into self-storage. Dan discusses the importance of delegation when managing his businesses and how crucial that was when he made the decision to become a real estate investor and syndicator. He also mentions how hiring a mentor enabled him to feel comfortable with his first few passive investments. Dan is still investing passively with 38 passive investments with 14 operators. To find new sponsors, he recommends getting on as many lists as possible to see the content and deal flow from sponsors which will make it clear to you which ones stand above the others. Dan talks about picking sponsors with a background in business and why that is important. He also discusses how in a recession tenants don’t really end up moving from Class A down to Class B or C assets, they generally move from A+ to A or B to B-, so the assets to avoid are mostly the A+ assets because there is no one to move down to those properties. Dan discusses the two different share classes that many sponsors are offering now and that it is becoming more common because of market tightening. The Class A shares are more like preferred equity with higher preferred return, but no upside - while Class B shares benefit from the upside at sale which is magnified because the Class A shares do not participate in the proceeds from sale. Dan mentions that they have moved into self-storage as a new asset class and that this was part of the plan from the start of their business. He has experience from investing in self-storage on the passive side, but he also hired a team of experienced operators to help find, buy and manage the assets. His team see self-storage cap rates are compressing as they are in multifamily, but self-storage has more room to run as the cap rates are currently higher than multifamily. Dan also talks about his Debt Fund which operates as a hard money lender to rehabbers and flippers and pays a 6% return. Dan mentions an article on his website titled, The Red Flags of Apartment Investing which can be read by clicking on the link. Podcasts Dan recommends:Mulitfamily Investor NationStorage Investor Nation Dan also shares his favorite book on passive investing: Best Ever Apartment Syndication Book To connect with Dan, go to www.passiveinvesting.com and join the Passive Investing Club. You can also find him on LinkedIn through Linkwithdan.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Josh Satin is the Director of Acquisitions at Gelt, Inc. He is an experienced multifamily and mobile home investor involved in the acquisition of over 3300 units valued at over $300 million. He is a former Major League Baseball player for the NY Mets and Cincinnati Reds and started his investing journey while still playing baseball by working with a mentor who exposed him to passive syndication investing. In this episode, Josh talks about the importance of an experienced sponsor, understanding the expenses and knowing the story behind the markets you invest in. Josh talks about looking at various different industries and jobs after he retired from baseball and how he kept looking until he found his passion in multifamily investing. He mentions that he had a trusted mentor that helped him begin in the business and helped develop his interest in real estate while he was still playing baseball. Josh discusses how location is essential when selecting investments, but it’s more than just job and wage growth. The investor needs to look at the story as to why that location is experiencing growth and understand how sustainable and widespread those growth metrics are. He talks about using a rent-controlled market as a positive as it keeps competitors away and you can find success if you understand and work within the regulations in the market. Josh talks about the importance of finding the right sponsor and how critical that is to the success of the passive investor. He mentions how important it is to understand the proforma expenses that sponsors use for their financial projections. He also cautions that many sponsors underestimate the costs to operate the property which can lead to real problems if rent growth comes in under expectations. Podcast Josh recommends:Cash Flow Connections with Hunter ThompsonJomboy Media To connect with Josh, go to [email protected] or go to www.geltinc.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Jeff Cook is the CEO of Cook Properties, a family owned and operated company that invests in commercial, retail, office, self-storage and mobile home parks. He began his real estate investing with single family homes in 1997 and bought his first mobile home park in 2008. In this episode, Jeff talks about the importance of focusing on what you are good at – which for his group is mobile home parks located in New York. Jeff discusses his transition from buying single and small multi-family homes to transitioning to more commercial assets. He mentions the challenge of trying to do a 1031 exchange when selling his initial portfolio of homes but having it fail due to timing. He now prefers not to sell, rather to return capital to investors through refinancing his properties. Jeff talks about investing in NY and how to be successful in a business climate that most regional and national operators avoid. He had to adjust the mobile park business to deal with rent control but it hasn’t negatively affected the business as they understand the market and the regulations. This allows him to run a successful business by focusing on the asset classes and markets they are experts in. Jeff discusses some important mobile home metrics he evaluates when looking for properties and what passive investors should focus on when evaluating a deal. He also talks about other asset classes they are currently operating in and why they are looking to sell most of those assets and continue concentrating on mobile home parks. He also mentions the current mobile home park fund for which they are raising capital until May 15th. Podcasts Jeff recommends:Passive Investing From Left FieldThe Mobile Home Park Expert PodcastPassive Mobile Home Park Investing To connect with Jeff, go to www.cookpropertiesny.com or send him an email at [email protected] or call or text 585-233-4699. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Cherry Chen is a full time internal medicine physician. She is the founder of The Real Estate Physician – a community of physician investors focused on working toward financial independence. In this episode, Cherry talks about the importance of networking when passively investing and how her community helps investors become informed, vet sponsors and find deals. Cherry started her community to share with other doctors what she learned about syndications and to create a platform to share what she would have liked to have known when she started. Her goal is to create a space where doctors can invest safely and with confidence. Cherry discusses that her first objective with new community members is to help them get informed – through podcasts, books, blogs and introductory calls with her new people in her network. Her second objective is helping her community know who to trust and how to determine if a deal is a good deal worth funding. Cherry mentions the importance of making sure that the passive investments you make match your philosophy and fit in your portfolio. She discusses that there are no secrets or shortcuts to vetting a sponsor, you need to talk with them and develop a relationship of Know, Like and Trust. Cherry talks about how to pick a market and that she prefers stabilized value add properties. She mentions that her favorite markets are those with population growth and corporate headquarters moving to the city. She talks about the importance of doing your homework and not jumping into an opportunity without doing proper due diligence. Podcasts Cherry recommends: Bigger Pockets Best Ever with Joe Fairless The Real Estate Guys Old Capital Podcast To connect with Cherry go to www.therealestatephysician.com. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Sean Donnelly is Managing Director at a reinsurance company and is one of the founders of Left Field Investors. Sean has been a “right fielder” for most of his investing career, but found passive investing and is solidly in center field now through his new investments in passive syndications combined with his continued investments in the stock market and paper assets. In this episode, Sean talks about how he got into passive investing, the importance of a network in helping build your investing confidence and how the consistent returns of passive investing can be more attractive than the lumpy returns of active investing. Sean discusses how his real estate journey started with an underperforming flip and progressed through owning rentals and now is focused on passive real estate syndications. He also talks about the Founding of Left Field Investors and how it is helpful having a network for finding sponsors and vetting sponsors. He mentions the importance of investing with sponsors that you know, like and trust and how critical that is to successful investing in syndications. Sean discusses some of his favorite asset classes – some he has already invested in and others that he has his eyes on – as well as how passive income will support and enhance his retirement. Podcasts Sean recommends:The Way I Heard It with Mike RoweTED Radio HourWe Study Billionaires You can connect with Sean on LinkedIn or you can find him on the Left Field Investors Infielder’s Forum. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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.

Drew Wahlgren is the Director of Capital Markets at MAG Capital Partners, a private investment firm focusing on single-tenant, net lease development and sale leaseback structured transactions. In this episode, Drew talks about how he got started in real estate and explained what an industrial single tenant triple net sale leaseback is and why it’s a great asset class for consistent cash flow with appreciation upside. Drew talks about the consistent cashflow that starts from day one for the passive investor. He explains that triple net means that the tenant pays for all maintenance, repairs, insurance and taxes so there are very few expenses for the property owner to pay. Drew also talks about the financial reporting requirements they have for their tenants during due diligence prior to purchase and ongoing after the property is acquired. He discusses why a company would want to sell their property and lease it back and the importance of understanding what the company plans to do with the capital acquired from the transaction. He also talks about the competition in purchasing these assets and when and how they exit a deal. Drew discusses how a passive investor can analyze an industrial tripe net sale leaseback opportunity and mentioned the typical preferred returns and average annual returns his firm strives for and has achieved in the past. He explains that this is an asset class that has done very well in the pandemic and is expected to continue to outperform in the future. Podcasts he recommends: The Real Estate Espresso Podcast with Victor Menasce To connect with Drew you can email him at [email protected] or go to www.magcp.com to get more information about MAG Capital Partners. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Jeremy Roll is the President of Roll Investment Group and Co-Founder of For Investors by Investors – a Community started in 2007 with the goal of facilitating networking and education for real estate investors. In this episode Jeremy talks about giving up control in an investment in order to gain diversification and leverage the time and experience of others. Jeremy discusses how he is currently focusing on short term investments such as hard money loans on flips and assets that do not rely on appreciation such as ATM’s. He is interested in cash flow and a quick payback period during the current market. Jeremy talks about self storage and mobile homes as two of his top asset classes over the next ten years as well as his preference for single asset investments and when he feels comfortable investing in funds. Jeremy discusses some of the main things to look for in the Private Placement Memorandum and the LLC Operating Agreement and his belief in the necessity of doing background checks on sponsors before investing.Below are the links to companies he uses for background checks:https://www.accurint.comhttps://www.tlo.com/ Jeremy believes a critical component of investing success is to create your own box and make sure that the deals you invest in meet the criteria you select – if a deal doesn’t fit inside your own personal box, then you should not invest in it. Podcasts he recommends:Best Real Estate Investing Advice Ever Podcast with Joe FairlessCash Flow Ninja Cash Flow Connections with Hunter Thompson To connect with Jeremy, send him an email at [email protected]. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Whitney Sewell is the Director of Life Bridge Capital and host of the Real Estate Syndication Show. He began investing in real estate to supplement his income from working in law enforcement. His company invests with a mission as they donate 50% of profits from the business to support orphans worldwide. In this episode Whitney talks about the value of mentors, sharing your passion while networking and creating value by problem solving. Whitney discusses how he got started in real estate after learning that many people have used real estate as a wealth building tool. He started by investing in single family homes, duplexes and even a 15 unit apartment but discovered that these assets were not going to allow him to scale in the way he wanted. Whitney mentions that he learned about syndication by attending as many real estate networking events as possible and realized that syndication was how he wanted to create wealth for his family. Whitney talks about the value of mentors and how critical it is to do your due diligence to find a quality mentor which includes contacting referrals and industry veterans to find out as much as you can about the potential mentor and the value of paying for a properly researched mentor. Whitney thinks having a mentor is critical, but your success will always come down to your commitment to the process and willingness to do whatever it takes to achieve your goals. Whitney discusses how his success took massive dedication and how helpful it was to him to share his why and his passion with his network and investors – in his case his foundation for orphans – to help him stand out and be remembered. He also talks about creating value by solving problems at the properties. Podcast he recommends:Tim Ferris ShowAnd of course, Whitney has his own show as well: The Real Estate Syndication Show To connect with Whitney go to www.lifebridgecapital.com or send him an email at [email protected] or call/text 540-585-4338. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Jim Pfeifer is one of the founders of Left Field Investors and the host of this podcast. He is a full-time passive investor and concentrates on investing in real assets that produce cash flow. Jim is committed to sharing his knowledge with others who are interested in learning a different way to grow wealth. This episode is a replay of The DJE Podcast hosted by Devin Elder. Jim shares his journey from being a traditional stock market investor to active real estate investor until he found his current passion – passive real estate syndications. Jim also shares how he started the Left Field Investors Community with the goal of helping like-minded investors network and learn together. To connect with Jim go to www.leftfieldinvestors.com or send an email to [email protected]. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Brian Burke is the President & CEO of Praxis Capital and the author of The Hands-Off Investor. He has been investing in real estate for 30 years and has been a multi-family syndicator for 19 years. Brian has purchased over $500 million in real estate and raised over $200 million from investors and has never lost a penny of investor capital. In this episode Brian talks about funds versus single asset investing, how to evaluate a sponsor and market and some red flags to look for when evaluating a deal. Brian talks about why they have recently shifted to a fund model rather than a single asset syndication. He also discusses the importance of vetting the sponsor by asking them questions like, how long they have been a sponsor, how many deals have the invested in, how many exits they have had and how their past returns have compared to projections. He talks about the importance and challenges in trying to ascertain the content of the sponsor's character. Brian recommends that you do your research including when you hear the sponsor on a podcast or at an event – that you listen to what they are saying and determine if it makes sense. Brian also talks about how he picks markets. He invests in markets that people are moving to and that have income growth and job growth which results in rent growth. He also talks about some red flags to look for when evaluating multi-family syndications; including debt, default ratio and rent growth. Podcast he recommends:Bigger Pockets To connect with Brian go to www.praxcap.com and accredited investors can go to www.investwithpraxis.com. Brian can also be found on the Bigger Pockets forum and on Instagram @investorbrianburke. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Josh McCallen is the Co-Founder of Accountable Equity and a nationally recognized capital syndicator, hospitality investor, turnaround specialist, conference speaker, innovator, builder & developer with a track record for the development of exceptional resort properties and growing world-class operational teams. In this episode Josh talks about forcing equity through resort investing and service that revives the soul! Josh discusses the importance of building a Community of people you know, like and trust. This Community includes not only his investors, but also the guests who stay at his resorts as well as the employees who work there. Josh talks about how quality service and hospitality can “revive the soul” of both guests and employees and that is what they strive for at their Vivamee resorts. Josh talks about buying resort properties and forcing appreciation by repositioning them and giving the properties a new life and a new culture. He discusses how his resorts made it through the pandemic by pre-booking hundreds of weddings and coming up with innovative ideas like an outdoor winter festival. Josh mentions that there are three ways to invest with Accountable Equity: an equity position in the resorts, heavy cash flow from EiF’s – Efficient Income Funds which includes some exposure to solar and notes through the collateralized debt fund. Podcasts recommended by Josh:Cash Flow NinjaBigger Pockets Listen to Josh on his podcasts:Wealth Building with FriendsCapital Hacking Contact Josh and join his Community at AccountableEquity.com If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

Dave Zook is the Real Asset Investor and excels at finding and vetting asset class specific experts. He uses his vast network to find and vet new asset classes and sponsors and then uses their expertise to syndicate these assets for his investors. He is currently a top 5 ATM operator in the U.S., a self-storage syndicator, has a debt validation fund and invests personally in more than eight different asset classes. In this episode, Dave talks about these asset classes and more! Dave talks about starting out as an entrepreneur and owned several businesses which resulted in a major tax problem. He used real estate investments to reduce his tax bill from $500,000 to zero and that led him into the world of real estate syndication. When looking for new investments, Dave talks about finding the opportunity and then using a shortcut by finding the expert who has been doing it for a long time. He uses this shortcut to tap into someone else’s expertise. He stresses that the team and their track record are the two most important things when evaluating a partner. He doesn’t try to become an expert in the space, he finds the professionals in the space with a long track record of success. Dave mentions three podcasts he likes: The Real Estate Guys Radio Show The Mike Dillard Show Success Habits of Super Achievers with Kyle Wilson Reach out to Dave or ask for his asset class Reports at www.therealassetinvestor.com or send an email to [email protected]. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community. Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.

This is a preview of the Passive Investing from Left Field Podcast. You will hear clips from episodes where we interview Josh McCallen from Accountable Equity, passive investor Sean Donnelly, Drew Wahlgren from MAG Capital Partners & Whitney Sewell from Life Bridge Capital. Our first full episode will launch February 28, 2021. If you would like to contact Jim Pfeifer, you can email him at [email protected] or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. 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 Investor's Community.