Pop Tops

On today’s show we’re talking about a strategy for creating value in expensive markets. In some of the most expensive cities in North America, cities are increasingly charging development fees or impact fees for new construction. These fees pay for paving new roads,...

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The Shrinking Middle Class

Today’s show is focused on the consequences of the shrinking middle class. If you go back to the 1960’s and 1970’s it was possible for a single income family with blue collar employment to join the ranks of the middle class. Today, the number of two income families...

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AMA – Developing High Net Worth Relationships

Today is another Ask Me Anything episode. Robin from Ottawa asks. “How do you build relationships with high net worth individuals? In your book Magnetic Capital, this is one of the primary factors you touch upon. Let's say you meet an individual at an event and...

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Precious Metals with Brien Lundin

Brien Lundin is the publisher of The Gold Newsletter, the foremost publication and oldest on precious metals. He's also the promoter of the New Orleans Investment Conference, the longest running investment conference in North America, now in its 45th year. Today we're...

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What Is A Real Education Anyway?

Today’s show is my perspective on the college admission scandal that has been grabbing headlines across the US. At the center of the scandal is a Rick Singer, a former Canadian football League player who has more recently been in the speaking circuit and working as a...

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Is Flipping Considered Investing?

On today’s show we are asking the question is flipping a legitimate form of real estate investing? A lot of people enter the world of real estate investing because they are drawn by the lure of mailbox money. They are drawn by this thing called passive income.   Well...

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Data Confusion

On today’s show we’re talking about how to make sense of confusing market trends. These days there is no shortage of contradictory data.  I’m continually reminded that real estate is hyper-local. The news media reports the averages, the macro trends across the nation,...

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AMA – Fund Versus Project

David from Seattle asks.  Within the realm of private placements, how should investors think about investing in a fund vs in a project? Funds pool money and share the risk across multiples projects. However, funds further separate investors from the actual assets and...

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When Things Go Wrong

On a public show such as this, there is a tendency to focus on the positive, to highlight successes, to inspire you the listener to greater heights. On today’s show we’re talking about one of the darker sides of being in business. But as Jim Collins, the author of...

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Special Guest, Ed Griffin

On today's show, special guest Ed Griffin joins me to talk about what it means to swallow the red pill. For those of you fans of the movie "The Matrix", you'll know exactly what we're talking about. For the rest of you, watch the movie.  We held a private screening of...

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Senior Housing Industry Update

On today’s show we’re talking about demographics and the senior housing market. The baby boomers began turning 65 years of age in 2011. Today the oldest baby boomer is 72 years old. By 2029 the remainder will also reach age 65 and account for more than 20% of the...

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Brexit Desperation

The UK is past the deadline for leaving the EU with no deal that has been accepted by the British parliament.  The entire Brexit situation is incredibly complex. Prime minister may has set a new deadline for leaving the European Union by May 22. If the departure is...

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The Remodel to Nowhere

On today’s show we’re talking about how a remodel can destroy the value of a property. The TV Reno Shows are sometimes bringing people into the remodelling business that only see one thing. They say, I can make this house nicer too. They become inspired to replicate...

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Seeing Over The Horizon

On today’s show we’re examining the idea of seeing over the horizon.  The horizon is the distance that you can see before the curvature of the earth obscures what is just a bit further away.  Generally speaking For an observer standing on the ground with h = 2 metres...

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Special Guest, Joe Quirk

Joe Quirk is one of the founders of SeaSteading.org and the author of the new book "Seasteading". I got spend time with Joe over the past few weeks and learned more about his project. The first fully autonomous seastead is now floating 12 miles off the coast of...

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AMA – Should We Worry About Pension Liabilities?

Jonny asks: "I invest in single family rentals in several different US markets. Most are midwestern conservative and stable environments with steadily growing populations and economies - there's modest appreciation, but solid and dependable cash flow. The outlier is...

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The Myth of Diversification

We’ve all heard about the benefits of diversification. Don’t put all your eggs in one basket. You might have heard a family member preach about it. On the other hand, if your eggs are in one basket and guarded really well, then you will have a greater amount of...

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Short Term Interest Rates Hold Steady

Last week the federal Reserve announced its interest rate guidance for the current period and for the remainder of the year. Back in December the federal Reserve increased short term interest rates by 1/4 of one Percent. At the same time chairman Powell also forecast...

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My First Trip to Venezuela

Today’s episode is the story that started for me back in 1974. For two years in a row in 1974 in 1975 I visited Caracas Venezuela. I was 11 years old and I was struck by the huge contrasts in the city of Caracas.  The city is in the centre of a valley surrounded...

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The Fog of Average

The more you know about your potential customers, the better you can target your offer to the needs of your customers.  People make a number of life decisions that alter their demand for housing. Housing is so much more than a dry roof over your head. Children grow up...

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Special Guest, Sep Bekam

Sep is a multifamily real estate investor who has made an unusual transition from multifamily to portfolios of single family homes. When I first heard about the transition, I was a little skeptical. But the rationale for the shift makes sense and is sound.  Sep has...

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The Myth of Passive Income

I’m coming to you on location from the 17th annual investor summit at sea. This annual event is like no other. Every night, I’m seated with a new group of investors at my dinner table. One of the frequent questions that I ask people at my table is “What are your...

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California Has It Wrong

Back in November, Californians voted on a proposition to eliminate the current state wide rent control legislation that was enacted in 1995. California’s rent-control regime is governed by a state law called the Costa-Hawkins Rental Housing Act. It prevents cities and...

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Get Out From Behind Your Desk

I'm coming to you live from The Investor Summit at Sea. This is an event like no other. It's here that you have the opportunity to learn from some of the biggest brains on the planet. 

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Not My Teenage Pension Fund

On today’s show I want to share a perspective on the world of investing. My mother started an investment holding company back in 1976. She had a portfolio of investments, largely in the stock market. When my mother passed away in 1981, I was 18 years old, I had the...

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AMA – Which is Easier to Raise, Equity or Debt?

This question has been asked so many times by audience members, I'm not going to attribute it to a single person. It's a great question, and the answer is highly situation dependent.  I’ve experienced situations where raising money has been easy, and other times when...

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Special Guest, Quentin D’Souza

Quentin D'Souza is a Toronto based investor who runs one of the local Real Estate Investment clubs there. You can reach Quentin at durhamrei.com.  One of his specialties is legal secondary units. These in-law suites are a great way to multiply the revenue and increase...

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The Grind of Analysis

Today’s show is a personal story of an inner struggle. I’m in the middle of a project and I’m in the process of updating the financial projections based on a revised construction budget, new information about the debt structure, and a more accurate view of the...

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Do You Know What Country You Live In?

If you’re a business owner, would you like to know which country your business is licensed to conduct business in? If you conduct business in multiple countries, would you like to know the rules of engagement for continuing to do so? If you set up your head office in...

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AMA – Should I Visit The Property Before Purchase?

On today’s show Patrick asks “How important is making site visits prior to purchasing a property?” The simple answer is “It depends”. Certainly, you need to get a lot of information about a property before you buy. Some of it requires a site visit. That doesn’t mean...

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The Fed Versus TNB

Today’s show is a fascinating story about industry insiders who are challenging the state of the banking industry.  Last week I published an episode called "Not worth a Continental". If you have not listened to that episode, I suggest you stop today’s show and go...

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My First Investment

When I was 10 years old, I made my first investment. I didn’t know it at the time. Apparently I had $10,000 kicking around that my grandmother had put in my account. My uncle who owned a seat on the NY Stock exchange was an aggressive trader and a very wealthy man. He...

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Special Guests, Mark and Tamiel Kenney

Mark and Tami Kenney are multi-family investors. In a few short years they have acquired about 4,500 units of multi-family apartments together with their partners. It's enabled them to abandon the corporate life, and focus on their passion. Join me for a great...

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Special Guest, Michael Flight

Michael Flight is a principal at Concordia Realty from the Chicago suburb of Oak Brook. He specializes in shopping center investing nationwide. Just because retail is going through major changes, doesn't mean there isn't opportunity. Join me for this immensely...

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Not Worth A Continental

In late-18th-century America, something of minimal value was often described as being “Not worth a Continental,” which referred to the Continental Dollar, the American currency at the time of the American Revolution. The continental was paper money. It had occurred to...

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How Do You Start Your Day?

Today’s show is a personal story. We are all part of this journey called life. The daily struggles are universal. Managing time, energy, diet, exercise, finances, commitments, friendships, cleaning up messes and mistakes. Finding the time, and creating the space to...

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Slow Things Down

On today’s episode we are going to slow things down. Often in this fast-paced world, with a short attention span we only see a very small snapshots what is really happening. When you turn on the television news you will see a nine second segment of the Federal Reserve...

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Has Your City Run Out of Money?

On today’s episode we are talking about the laws of economics and how they apply to the world of investing.  As real estate investors, we make choices about where to invest, when to invest, what us a class to invest in, and the positioning of the product in the...

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Special Guest Justin Greenleaf

On today’s episode, we are discussing what it’s like to work with an architect on a new development project. Few people understand the myriad of constraints that have to be balanced when developing a new building. Justin Greenleaf is one of the principals at the...

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Special Guest, Limor Markman

Limor Markman is a Toronto based real estate educator and host of the national TV show The Fortunate Future. She's one of those folks flying around the country hosting weekend workshops for new investors. Unlike many educators, she's still an active investor. On...

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Book of The Month – “The One Thing”

Today’s episode is the book of the month book review. In order to be considered for a book of the month the book has to meet a very simple criteria. It has to be impactful enough that it will change your life or your perspective on the world. Whether it does or not is...

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Long Term Leases Could Be A Problem Now

On today’s show we are talking about a new rule under the generally accepted accounting principles that could profoundly affect the way commercial real estate leases are written in the future. If you’re a property owner where your commercial tenants sign multi-year...

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Warren Buffett Was Right, Again

This week Berkshire Hathaway published their investor newsletter. It’s widely read and many people look to the newsletter for clues on how to invest. Warren Buffett and Charlie Munger are legendary in their sustained performance. The company has been conservative and...

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What Do Real Estate And Hot Dogs Have in Common?

About a decade ago a Brazilian private equity firm called 3G Gapital made waves in the US when it spent billions to buy Americas most notable food brands including Kraft, Heinz, Burger King, Oscar Mayer and Budweiser.  Following the acquisitions the new owners...

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You Can Prevent The Next Violent Revolution

On today’s episode we’re talking about how you can prevent the next violent social revolution. History has seen its share of violent uprisings.  The French revolution which began in 1789 was not just a single event this was a protracted period of a people that lasted...

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A Case Study In Resilience

Today's episode is a real life case study recorded live at the Real Estate Guys, "Secrets of Successful Syndication" conference in Dallas Texas. This project started like many of our projects with a clear plan and solid market data to support the thesis for the...

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How Many Units Can I Build?

On today's episode we are talking about the major considerations when designing a new development site.  Developers often look at a site from the perspective of how many units of finished product you can place on the parcel of land. This is an area that is fraught...

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Negotiating With Your Contractor

On today’s show we’re talking about how to negotiate with your general contractor.  Often times, when a project is designed by an architect there are design tradeoffs that seem perfectly reasonable at the time. The design process consists of a complex puzzle of...

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Two Minus One Equals Three

On today’s show we are talking about the most insane statements to come from economists in recent memory.  I’m acutely aware as I’m sure many of our listeners are, of the unsustainable levels of government debt in the US, Canada, the UK, France, Switzerland, Italy. I...

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AMA – Should I Be Hosting Free Events?

My friend Michael from Pennsylvania has started a Real Estate Meetup, and in a short time has attracted a sizeable high quality audience. His question is “What is the benefit of hosting a free event versus a paid event?” Michael, this is a great question. There are...

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World Economic Forum Global Risk Report

On today’s show we’re talking about one of the key take-aways from the World Economic Forum in Davos Switzerland only a few weeks ago.  A few weeks ago the Forum published their annual Global Risks Report. This 114 page document was developed in partnership by the...

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Special Guest Russell Gray

Russell Gray is the co-host of the Real Estate Guys Radio Show. He is also the co-host of The Investor Summit at Sea, one of the most incredible professional growth events in the world. On today's show we are talking about the Investor Summit at Sea and why we both...

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Bonus Episode – Amazon Quits NYC Expansion

This is a special bonus episode about the recent Amazon announcement that they were pulling out of the NY second headquarters.  I predicted that Amazon might take this step despite the public announcement back in November.  The major political objection was the tax...

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Leasing Power From The Sun?

On today’s show we’re examining a potential source of revenue for your income property that has the benefit of a little extra cash flow, plus being environmentally green.  The economics of solar power have been somewhat marginal over the past several decades. That’s...

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What is love?

Welcome to the Valentines Day edition of The Real Estate Espresso Podcast.  I’m celebrating Valentines Day with my wife on the beach in Mexico. We take time each year to recharge. Sometimes taking holidays is easier than others. We have both been working really hard...

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Who Will Choose To Live Here?

On today’s episode we are asking a very simple but important question. It’s a question that I believe rarely gets asked when considering a property.  The question is, “Who would choose to live in this property and are they someone who I want to have as a client?”  If...

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Colliers Office Market Report

Colliers recently completed a market report on the state of office space. It contains some startling revelations.  Yes flexible office co-working space segment of the market accounted for 1/3 of all new leases signed last year. While still a small percentage of the...

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Opportunity No More

Last week, NY State Senate Deputy Leader Michael Gianaris announced he will introduce legislation to eliminate tax breaks for capital gains when investing in federal Qualified Opportunity Zones.    “The Opportunity Zone program was intended to help economically...

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Live Q&A

This live Q&A session was part of a keynote address in Lancaster, Pennsylvania. Some great questions that were very specific to the local geography, but universally applicable to almost any geography. 

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Self Storage with Chuck Sutherland

Chuck has developed all types of properties in his extensive career in real estate investing. But he's a self storage specialist. This will be obvious from our conversation.  Chuck can be reached at creativerealestatenetwork.com/podcast  He has written a book on...

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AMA – What Single Quality Distinguishes Success?

This episode was recorded live at a conference in Lancaster, Pennsylvania. The question came from a member of the audience. In my estimation, the one thing that distinguishes success is "resilience". I give an example of our neighbors who tried every trick under the...

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Recession Signs Are Mounting

The economic indicators of recession are starting to trickle in. We are seeing ballooning inventories in multiple sectors of the economy. When times are good, suppliers increase production to meet the rising demand. But as always, they get a little ahead of...

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What We Can Learn From The Super Bowl

For many people it was a boring game. Well into the third quarter the game was tied at one field goal each. No team had managed an offensive run of more than five possessions of the ball. It was a game dominated by defence.  Games that involve lots of scoring, passes...

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Top 5 Problem Areas With Contractors

On today’s show we’re talking about the main areas that owners run into trouble with contractors. There are 5 areas that I see over and over again. In some cases, these learning have been the result of first hand experience. There’s nothing more humbling than making a...

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Givers Don’t Get

Today's episode shatters the law of reciprocity. It's a myth, it doesn't exist. There' another mechanism at play that we actually have more control over. When we understand that, the results are more powerful.

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Tax Liens with Abhi Golhar

Abhi Golhar is the host of the nationally syndicated Think Realty radio show. He's a multi-family investor, a syndicator, and he specializes in tax liens. Join me for a fun conversation with Abhi. You can learn more about him at...

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Commercial Borrowing with Leslie Smith

Leslie Smith is with Commercial Direct, an online based commercial lender who specializes in unusual commercial opportunities. Her take on commercial lending is a little non-traditional. But they've been in business for 20 years. A fascinating and refreshing...

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AMA – Could Mini-split HVAC Systems Have Problems?

Today's episode in another AMA episode - Ask Me Anything. Robin asks... In one of the previous episodes, you had mentioned about the advantages of using mini-splits in terms of cost savings. I had spoken to an HVAC specialist about this concept, and he mentioned some...

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More Government Overreach

Today's show is about another example of government overreach. In January 2017 Canadian federal government instituted a mortgage stress test rule. This required banks to subject borrowers to a financial stress test when applying for a residential mortgage loan. The...

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Golf is Dying. Long Live Golf

Golf popularity is declining. It's a combination of cost, demographics, and the number of new golfers entering the sport. Many golf courses are being targeted for redevelopment. On today's show we have the story of an 18 hole course where the community opposition to...

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Building Business Credit with Ty Crandal

Ty Crandal runs an organization called Credit Suite. They specialize in all forms of business credit, separate and distinct from personal credit. They assist companies in establishing credit scores for their business that will enable them to qualify for revolving...

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Stated Income Loans Are Back

Earlier this week the Wall Street Journal published a story criticizing the return of stated income loans. Many of the loans that precipitated the 2008 financial crisis were also stated income loans. It was one of those “here we go again” stories.  It tells the story...

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Are You Really An Investor?

On today’s show we examine what it means to be an investor. An investor is very distinct from a business operator, and distinct from a business owner, different than a broker, and different than a trader. An investor is truly passive. They don’t work for their money....

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Functional Obsolescence

On today show we are talking about functional obsolescence. So what exactly is functional obsolescence? Those old 1950’s houses with the small kitchen that you can touch both walls when you stretch your arms out fully. You can put in new cupboards and appliances, but...

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How to Build a Wall, (Or Tear One Down).

The US is building the most expensive wall in history. But it's not the one on the front page of every newspaper.  The proposed wall along the US Mexico border an expensive undertaking. The proposed budget allocation is a little under $6B. That’s a lot of money. In...

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Be Your Own News Source

On today’s show we’re talking about the news. I’m finding that in many cases the news isn’t really news. It’s not new enough to be news and it’s not old enough to be history. So what is it? It’s almost stuck in no-mans land. A lot of people, including investors rely...

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Distressed Loans with Deann O’Donovan

Deann O'Donovan is the CEO of AHP Servicing, a Chicago based company that specializes in rescuing distressed loans. The company is crowd funded and combines a unique business model and an innovative funding model. You're going to love this episode.

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Live Q&A – How to Become a Developer

This episode was recorded live as part of a keynote address to a real estate investment club in Lancaster, PA. An audience member asked a great question on how to become a developer, and a followup question on how to create the track record to attract investment...

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Price Waterhouse Coopers Forecast for Senior Housing

On today’s show we’re talking about some of the excellent global research performed by accounting firm Price Waterhouse Coopers. Two days ago we talk about the worst asset class in the PWC survey, that is retail. Yesterday we talked about Warehousing and Fulfillment...

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Supply Chain Investing

On today’s show we’re talking about some of the excellent global research performed by accounting firm Price Waterhouse Coopers. They recently published their latest prediction reports for a number of geographies around the world.  Yesterday we talked about the worst...

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The Worst Investment Asset Class in 2019

On today’s show we’re talking about some of the excellent global research performed by accounting firm Price Waterhouse Coopers. They recently published their latest prediction reports for a number of geographies around the world.  The data reflects the views of...

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More Rent Control Insanity

I personally don’t have a political affiliation. Politics in both Canada and the US have become increasingly polarized in recent years. If you’re like me, where I’m fiscally conservative, and socially liberal on some items, but not all, there’s no political party that...

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What Softwood Lumber Crisis?

On today’s show we’re examining the price volatility of a critical building material and the impact that it can have on the cost of both construction and renovation projects.  In March of 2018, the White House imposed tariffs on Canadian softwood lumber. Overnight,...

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Cell Tower Assets With Mark Roscioli

Mark Roscioli is the CEO of 17 Mile, LLC. His company specializes in buying and selling assets that have cellular towers as part of their makeup. This is one of the most fascinating ways to invest in real estate. It's highly specialized, but also one of the few truly...

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Student Housing with Nick Legault

Nick got his start in development with student housing. His very first project generated enough cash flow to enable him to transition from an employment situation to full-time investor in less than one year. Nick's story is not typical, but is a powerful example of...

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Save Money By Spending Extra

On today’s show we are talking about how a more expensive product can often be the least expensive solution. There’s so many examples when people try to save money they actually don’t succeed in the end. This is one of those counterintuitive situation.  On today’s...

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What If You Made a New Sale Each Month?

Today’s episode is the story of how you may consider collecting rent each new month.  Rental income is much like the income a grocery store receives from its clients. Client goes to the grocery store and buys fruits and vegetables, maybe some bread and butter. It is...

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