Portfolio Management with Devin Redmond

Devin Redmond is with Stessa, a new property management software startup based in the San Francisco Bay area. On today's show we are talking about some of the limitations of many of the established applications in the market and how a bigger picture can help investors...

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Special Guest Tom Krol

Tom Krol is a specialist in Wholesaling. He has raised the art of wholesaling above real estate and totally separated it from the science of real estate investing. This is a perspective on wholesale transactions that you likely have never heard before. Check it out....

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AMA – What Can We Learn From The Yale Endowment?

The Yale endowment is  considered as one the best institutional investors. In 2018 it earned a 12.3% return, beating the average endowment return in 2018 at 8.2%.  For 2019 they are allocating 49% to illiquid / alternative assets (VC, leveraged buyouts, real estate,...

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The Case of Disappearing Property

On today’s show we’re talking about how properties disappear from the market. No, they weren’t demolished. I’ll tell you where they went.  Harry Dent is an economist who bases his entire thesis about the economy on demographics. Demographics can predict so much about...

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President Trump Visits

On today's show we’re talking about President Trump’s visit to a project located just down the road from several of our own new development projects. The president was in lake Charles Louisiana to promote the expansion and job creation opportunities associated with...

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The Simplification Trap

Today’s show is about protecting rookie investors from making bad investment decisions.  This weekend I was speaking at an investment conference. I had several people approach me and ask advice about buying properties in markets where purchase prices were low and...

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What Can We Learn From Uber and Lyft?

 What can we learn from the Uber and Lyft Initial Public Offerings? Both companies have grown to the point where they have a strong share of the market globally in just a few short years. Both companies have seen Luke-warm demand for their stock post-IPO. Uber and...

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Arctic Development with Kyle Humphreys

Kyle Humphreys oversees the building of new construction projects in the high arctic. The considerations there are completely different from the dense urban projects most of us are involved with. Join me for this fascinating conversation.

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Special Guest Rod Khleif

Rod is one of the most well known apartment real estate investors with a large following. On today's show we had a wide ranging conversation about goal setting and setting life priorities. His upcoming bootcamp in Denver is always widely attended. If you go to...

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Creating WOW Experiences

On today’s show we are talking about some low-cost improvements that can build tenant loyalty, and create a lot of goodwill between landlords and tenants. When tenants are late with their rent, it’s often because there is something about their accommodation that isn’t...

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AMA – Short Term Rental in Portugal

Frank from Portugal asks: “I’ve had my eye on a 6 plex that has been on the market for 5 years. The original owner who built them went into bankruptcy 8 years ago and only completed 60% of the project. I’ve spoken with the local bank manager that owns the property and...

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Business Card Chaos

On today’s show we’re going to talk about how many people in business are confusing their customers with their business cards. In particular, I’m talking about real estate investors.  I was sitting with a client today having an intellectual conversation about what...

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Is Your Property Like Milk?

The front page of the wall street journal this week had a story on Dean Foods. Dean Foods is America’s biggest milk dairy. Milk consumption has been declining for nearly 30 years and the company is starting to feel the pinch. Multiplying the problem, Walmart used to...

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AMA – How to Meet Celebrities?

Nicholas asks: "I see you having interviews with lots of celebrities. These are not people I ordinarily run into. If I’m looking to elevate my game and build relationships with successful people, how would you suggest that I go about connecting with those people?"...

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The Inflation Deflator

Today we're talking about the Inflation Deflator.  The rate of inflation in the US, Canada, Europe and much of the industrialized world is reported by each respective central government. These statistics follow a methodology that is publicized, but highly complex and...

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AMA – What If I Don’t Want To Gamble?

Today’s episode is another AMA episode. That is ask me anything.   Dominic asks While I am new into real estate investing, I do have prior business experience. I am primarily interested in passive investing, for now, with a main interest being multifamily projects....

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Book Of The Month – The Miracle Morning

The book of the month this month is "The Miracle Morning” by Hal Elrod.  Hal is a human enigma. He’s the cat with 9 lives. When he was 20 years old, he barely survived a car crash that should have left him crippled for life, and with permanent brain damage. After six...

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When You Get A Bad Appraisal

Today’s show is about how a bad appraisal can adversely affect your business.  Appraisers determine the value of your property in the eyes of a lender and they help the lender independently justify the loan to their loan committee and to the bank regulators. This...

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Money Without A Clue

Today’s show was inspired by something that happened recently. I was at a party and I met someone who said they knew who I was, but I didn’t know them. That happens often when you speak frequently as I do. She was asking me about the projects we have underway. She was...

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Special Guest, Matthew Sullivan

Matthew Sullivan is the CEO of QuantmRE.com, a firm that specializes in a different form of financing for property owners. Chances are that you've not heard of this business model before. It's a fascinating twist on how to take advantage of the equity in a...

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When Panic Sets In

We tend to think of most investors as rational beings who think through each situation and look for the best economic solution for a given investment.  But if that were true, there would be very few good deals on the market. There must be something else in play.  The...

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Social Security is Broke

On Monday the Social Security Administration issued their annual report. This story was relegated to a back page of the paper. Somehow the one and only story that’s going to affect every person in the country was less important than the optics of Mike Pence’s tax...

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Sulphur Is Expensive To Get Rid Of

Virtually everything we buy emits sulphur to get it to the destination.  On today’s show we’re talking about a major shift in shipping that is not capturing major headlines, but will have a significant and measurable economic impact on global trade. 90% of the world’s...

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Simulations Can Be Better Than Real

This weekend I spent a couple of hours in a flight simulator. My sister is the chief pilot for a major executive jet manufacturer.   Together we practiced take-offs, landings, ground taxi, instrument landings, avoiding thunder storms, low ceiling conditions,...

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Special Guest, Peter Schiff

Peter Schiff is a well known author, economics commentator, fund manager, and radio host. His show, the Peter Schiff Show is consistently among the top business and economics shows. He's a frequent guest commentator on TV. He's the principal at schiffgold.com and now...

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Special Guest Brad Smotherman

Brad Smotherman specializes in notes and creative financing. His take on how to use creative financing to generate revenue streams out of properties that are in financial distress is utterly fascinating. You will definitely want to pay close attention to what Brad has...

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Government As Your Home Ownership Partner

How would you like the government has your home ownership partner? This week the Canadian government announced a new program that as far as I know is the first of its kind in the world. The measure would make it easier for first time home buyers with household incomes...

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AMA – Gold Versus Real Estate

David from Seattle asks. Your recent episodes on the Fed and the worrying size of their balance sheet are timely but also quite unnerving. Given the potential strong inflationary pressure in the coming years, two popular hard assets come to mind: gold and real estate....

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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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