Flying Around the World and Mobile Home Parks with Chad Freeman

In this episode, Jonathan talks with Milo Spector about opportunities for investors with early childhood assets. The two discuss opportunities for value-add, what makes a good tenant, and due diligence items. Some blue-chip tenants in this asset class include Kindercare, Learning Care Group, Busy Bees, and Bright Horizons.

Connect with Milo:
https://www.linkedin.com/in/milospector/

Takeaways

• The early education asset class, which includes childcare and preschool centers, has gained increased interest due to its essential nature and the realization of its importance during the pandemic.
• Investors should consider the creditworthiness of the tenants, lease terms, location demographics, and financials when evaluating early education properties.
• Strong guarantors in the early education asset class include well-known operators like KinderCare, Learning Care Group, and Busy Bees.
• State programs that provide funding for early education can impact the demand for these assets, but it is important to consider the level of subsidy and the fit of the brand within the community.
• Investors should conduct thorough due diligence, including analyzing enrollment trends, property condition, and potential value-add opportunities.
• There is demand for vacant early education properties, especially from operators looking to expand their presence in certain areas.
• Investors should be aware of the nuances of debt financing in the early education asset class, including the prevalence of recourse debt and lower loan-to-value ratios.
• The future outlook for the early education asset class is positive, with increasing demand and potential for growth in certain markets.

Chapters

00:00
Introduction and Background

03:00
Defining Early Education Assets

04:17
Impact of the Pandemic on Child Education Assets

06:12
Increased Interest in the Early Education Asset Class

08:41
Nuances of Valuing Early Childhood Properties

10:45
Lease Expectations for Early Education Assets

12:08
Strong Guarantors in the Early Education Asset Class

13:48
State Programs and Their Impact on Child Education Assets

16:40
Due Diligence for Early Education Asset Investments

18:26
Value-Add Opportunities in the Early Education Asset Class

20:16
Demand for Vacant Early Education Properties

22:34
Analyzing Supply and Demand in the Early Education Market

24:30
Higher Barrier to Entry Markets and Potential Opportunities

27:37
Considerations for Debt Financing in the Early Education Asset Class

29:34
Future Outlook and Connecting with Milo Spektor

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

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*Some or all of the show notes may have been generated using AI tools.

Jonathan talks with Dr. Alex Tam, who runs multiple successful businesses. Jonathan and Alex discuss his strategy for raising capital from medical professionals and how he uses 12 VAs to help his multiple businesses thrive.

Connect with Dr. Alex:
https://www.linkedin.com/in/dralextam/


Takeaways

• Targeting healthcare professionals as limited partners can be an effective strategy, as they often have expendable income and can relate to the speaker's background.
• Building relationships through mastermind groups and doctor networking groups can lead to valuable partnerships and connections.
• When using virtual assistants, it is important to clearly define tasks and invest time in training them to meet expectations.
• Finding the right virtual assistant can be challenging, but working with a reputable agency or developing a thorough vetting process can help ensure a good match.
• Mindset is crucial in business and real estate success, and resources like Ed Mylet's podcast can provide valuable insights and inspiration.

Chapters

00:00
Introduction

00:29
Background and Work in Real Estate

01:32
Capital Raising Strategy

03:09
Targeting Limited Partners

04:50
Building Relationships through Masterminds

06:23
Finding Limited Partners in Doctor Networking Groups

08:14
Hesitations of Medical Professionals in Investing

09:53
Qualities of Great Operators

11:44
Using Virtual Assistants in Business

13:31
Getting Started with Virtual Assistants

16:53
Finding Virtual Assistants

20:21
Reasons for Failed VA Relationships

23:00
10Xing the Medical Business

23:47
Best Deal and Worst Deal

25:29
Tips for Finding Deals

26:38
Tips for Raising Capital

27:16
Recommended Resource

27:59
Contact Information

28:31
Conclusion

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

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Today, Jonathan talks with Drew Wahlgren, Managing Director, Capital Markets with MAG Capital Partners. MAG specializes in purchasing industrial assets through a sale-leaseback strategy with stable tenants on long-term leases. Jonathan and Drew discuss MAG's strategy, why investing in small towns might not be too risky, structuring ideal leases, and their unique way to align interests amongst general partners and limited partners.

Connect with Drew and MAG:
https://magcp.com/
https://www.linkedin.com/in/drew-wahlgren/

Takeaways

• MagCapital Partners focuses on single tenant, triple net lease, industrial real estate, with a particular interest in long-term leases backed by American manufacturing companies and food producers.
• Sale leasebacks are a common strategy for MagCapital Partners, allowing them to acquire properties from businesses and simultaneously sign long-term leases. This provides contractual value and a predictable yield.
• MagCapital Partners places a strong emphasis on vetting tenants and underwriting their creditworthiness. They analyze financials, interview key personnel, and assess industry and market factors to understand the risks and opportunities associated with each tenant.
• Interests are aligned between general and limited partners through structures such as preferred returns and profit splits. MagCapital Partners also differentiates itself by using full recourse debt, with the principles personally signing liability on the loans.
• MagCapital Partners has a diverse portfolio of properties across different markets, with a focus on the Midwest, Rust Belt, and Southeast regions of the United States.

Chapters

00:00
Introduction

01:27
Background and Early Entrepreneurial Experience

03:16
Transition to Real Estate Investing

05:11
Overview of MagCapital Partners

06:06
Focus on Single Tenant Properties

07:21
Addressing Concerns about Single Tenant Properties

09:54
Scale and Portfolio of MagCapital Partners

11:13
Typical Deals and Sale Leasebacks

15:14
Markets and Opportunities

23:03
Investing in Small Towns

30:50
Vetting Tenants and Underwriting

38:40
Interests Alignment and Deal Structure

42:06
Connecting with MagCapital Partners

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

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*Some or all of the show notes may have been generated using AI tools.

Listen to this inspiring conversation with Jerry Rosengarten, who has used incredible perseverance to overcome a disability to achieve entrepreneurial success. 

Gerald Rosengarten is a Brooklyn-born serial entrepreneur whose greatest skill is an extraordinary ability to perceive form and structure–and opportunity–from within disorder, including developing products to deal with dyslexia, reimagining real estate, and investing early and heavily in solar energy. Rosengarten’s life of invention has led to substantial commercial success. 

His first big hit came in the 1970s with the leisure suit, which became a cultural fashion phenomenon that stoked his confidence and staked his growing desire to build landmark New York projects like the Lofts and the A-list destination, The Bowery Hotel. Today, Rosengarten owns one of the largest private solar farms in the Northeast, located on Long Island's eastern tip, and his creative passions are focused on environmental stewardship and active advocacy for those suffering from learning disabilities.

Connect with Jerry:
https://www.linkedin.com/in/gerald-rosengarten-0b90831b/

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

Subscribe to the newsletter here: www.thesourcecre.com/newsletter

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*Some or all of the show notes may have been generated using AI tools.

In this conversation, Jonathan talks with Ethan Elser with PACE Equity. PACE specializes in providing commercial real state financing through a public/ private partnership called C-PACE. With flexible capabilities and attractive terms, Jonathan and Ethan discuss the ins and outs of why PACE Equity might be able to be a part of the capital stack to your next deal. 

Ethan Elser, Sr. is the Executive Vice President and a principal of PACE Equity, the leading funding of CPACE for commercial real estate development projects in the country. PACE Equity is known for both pioneering several innovations in CPACE, including ground up construction, as well as providing its clients a turnkey solution for all the CPACE requirements.

Ethan oversees the company’s 25+ state origination platform and underwriting, sitting on the firm’s investment committee. He is responsible for the underwriting & structuring of all PACE Equity’s projects and collaborates with owners, developers, brokers, lenders and public officials. Prior to joining PACE Equity, Ethan managed a family real estate investment office and was an asset manager for receivership/REO portfolios for banks.

Connect with PACE Equity:
https://www.pace-equity.com/

Takeaways

• C-PACE financing is a financing tool that allows property owners to fund energy-efficient and renewable energy improvements through a voluntary assessment on their property tax bill.
• C-PACE financing can be used for a wide range of projects and improvements, including HVAC upgrades, solar panel installations, and energy-efficient lighting.
• Pace Equity offers a turnkey solution for C-PACE financing, providing underwriting, structuring, and origination services.
• C-PACE financing can be a flexible and attractive option for real estate investors, offering long-term, fixed-rate financing with no upfront costs.

Chapters

00:00
Introduction to Pace Equity and C-PACE Financing

06:48
Ethan's Background and Work at Pace Equity

07:15
Understanding C-PACE Financing

09:50
Types of Projects and Improvements Eligible for C-PACE Financing

14:09
Assets Eligible for C-PACE Financing

15:12
The Process of C-PACE Financing

20:47
Project Characteristics Unsuitable for C-PACE Financing

23:59
Pace Equity's Value Proposition

29:28
Case Study: Recent Interesting Deal

34:38
Opportunities for Bridge Lenders

35:08
Misunderstandings about C-PACE Financing

37:34
Conclusion and How to Learn More

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

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*Some or all of the show notes may have been generated using AI tools.

Thomas is obsessed with developing data-driven solutions designed to improve the way retailers and real estate make data-driven business decisions.

He started Unacast with his co-founder, KJ ,to help businesses gain an in-depth understanding of how people move around the planet.

Since its inception, Unacast has raised +$50m from VCs and has been awarded multiple awards for our tech platform to enable companies in retail, real estate, finance, and telcos to optimize their investment strategies and retail operations.

Prior to Unacast, Thomas was a part of the early team at the music streaming service TIDAL (crazy ride), which was acquired by Jay Z in 2014. 

"I love what I do and regularly share my opinion on tech and startups as a member of the Forbes Technology Council or in Inc. Magazine, Business Insider, The New York Times, and Wall Street Journal."

Connect with Thomas:
www.unacast.com
https://www.linkedin.com/in/thomaswalle/

Takeaways

• Unicast provides data-driven solutions to help retailers and real estate investors make better decisions.
• The company collects data from various sources, including GPS data from cell phones, to understand people's movement patterns.
• Unicast offers a dashboard and data feeds to provide insights on foot traffic, demographics, and neighborhood performance.
• Transparency and accuracy are key values for Unicast, setting it apart from competitors.
• Generative AI is used to bridge the gap between data and narratives, making it easier for users to interpret and make decisions based on the data.

Chapters

00:00
Introduction to Thomas Walley and Unicast

02:32
The Purpose of Unicast and its Data Sources

04:08
The Inspiration Behind Unicast

06:16
The Problem Unicast Solves for Investors and Retailers

08:39
How Unicast Provides Data to Real Estate Investors

10:39
The Unicast Dashboard and Data Features

12:37
Differentiating Unicast from Competitors

15:24
Data Sources and Accuracy of Unicast

17:31
Analyzing Trends and Granularity of Unicast Data

21:37
Ensuring Data Quality and Efficacy

24:42
The Power of Generative AI in Unicast

28:24
The Advantage of Unicast's Norwegian-American Background

34:48
Raising Capital and Building Trust

39:18
The Future of Unicast

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

Subscribe to the newsletter here: www.thesourcecre.com/newsletter

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*Some or all of the show notes may have been generated using AI tools.

Welcome to the first ever Everyday CRE, where Jonathan and Mike Holdwick have a conversation about growing a commercial real estate portfolio, while also managing all the other complexities of life. As the title suggests, this conversation ranges wide. The two talk about Mike's CRE meetups, a killer medical office deal he is about to close in southeast Michigan, why doing small deals might be smart, plus their top two recommendations. Oh yeah, and a 4 year old drops in for a few moments. 

Like this format? Hate this format? Suggestions for future topics? Let us know! 

Reach out to Mike or Jonathan on Linked In. 

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

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Email Jonathan with comments or suggestions:

podcast@thesourcecre.com

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*Some or all of the show notes may have been generated using AI tools.

Enjoy this discussion about the industrial real estate market with Dan Wendorf, Executive Managing Director for JLL in Columbus, Ohio. We discuss the attractiveness of Central Ohio as advanced manufacturing continues its surge, with Intel's $20B investment and Honda's $4B investment. Dan shares is knowledge on leasing strategies, selling strategies, and advice for tenants looking for space.

Connect with Dan:
https://www.linkedin.com/in/danwendorf/
https://www.us.jll.com/en/people/dan-wendorf

Takeaways

• Columbus, Ohio is experiencing significant investments in the industrial real estate market, with companies like Intel and Honda making large-scale investments in the area.
• Central Ohio offers a favorable business environment, with its strategic location, pro-business economic policies, and diverse industries attracting companies to invest in the region.
• There are opportunities for smaller investors in the industrial market, particularly in the class B space, where there is a demand for well-located buildings with lower clear heights.
• When advising tenants, it is important to understand their needs and objectives, run a thoughtful process, and consider factors such as timing, negotiations, and the impact of capital markets on lease rates.
• Sellers should be aware of the current market conditions and the potential challenges of selling in a slower market, while also recognizing the continued demand for industrial real estate and the potential for profitable sales.
• Property owners may face challenges in finding the right tenants for their spaces, especially with increased supply in the market, and should consider the timing and strategy for leasing up their properties.
• Brokers and real estate professionals need to adapt to the changing market dynamics, embrace technology and data, and focus on building long-term relationships and providing value to clients.

Chapters

00:00
Introduction

01:15
Background and Expertise

03:31
Investments in Columbus

06:09
Attractiveness of Central Ohio

08:55
Opportunities for Smaller Investors

09:16
Tenant Advisory

11:29
Value Add Opportunities

13:55
Leasing Up Space

16:38
Lease Rates and Negotiations

19:26
Timing and Strategy for Tenants

24:06
Advising Sellers

26:46
Leasing Up Space for Owners

29:00
Challenges for Property Owners

31:05
Challenges for Brokers

34:08
Contact Information

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

Subscribe to the newsletter here: www.thesourcecre.com/newsletter

Email Jonathan with comments or suggestions:

podcast@thesourcecre.com

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*Some or all of the show notes may have been generated using AI tools.

Enjoy this conversation with CRE legend, Bob Knakal, who has sold more properties in New York than any other broker in history. We discuss his keys to building Massey Knakal, his competitive advantage today, networking, cold calling, and staying top of mind.

Connect with Bob:
https://www.linkedin.com/in/bobknakal/
https://www.us.jll.com/en/people/bob-knakal

Takeaways

• Building relationships and networking are crucial in the commercial real estate industry.
• Market presence and information are key to success in the industry.
• Cold calling is an effective way to generate new business and build relationships.
• Servant leadership and empowering people can lead to long-term success and a positive company culture.

Chapters

00:00
Introduction and Background

01:57
The Story of the Watchtower Bible and Tract Society of New York Transaction

06:33
Formation and Growth of Massey Nackle

08:11
Servant Leadership and Empowering People

12:32
The Importance of Information and Market Presence

19:39
The Nackle Map Room and Building a Data Set

24:14
The Value of Cold Calling and Building Relationships

28:57
Expanding Professional Networks

31:15
Advice for Young CRE Professionals

35:10
Expanding Professional Networks

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

Subscribe to the newsletter here: www.thesourcecre.com/newsletter

Email Jonathan with comments or suggestions:

podcast@thesourcecre.com

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*Some or all of the show notes may have been generated using AI tools.

Enjoy this conversation with Mike Holdwick, a self-described "normal guy". Mike maintains a W-2 job and a diverse CRE portfolio including two office buildings, a MOB, light industrial, mixed use, and an short term rental totaling over 25 tenants. In this conversation, we discuss Mike's tips for managing his portfolio while maintaining a W-2, Mike's strategy for growth, and his best tips for finding deals. Make sure you listen to the end to hear about Mike's CRAZY best AND worst deal.

Connect with Mike:
https://linktr.ee/mike.holdwick
https://www.linkedin.com/in/michael-holdwick-4278999/
https://proteamcommercial.com/

Takeaways

• Transitioning from residential to non-residential real estate can offer scalability and time efficiency.
• Managing multi-tenant office buildings requires effective systems and virtual assistants.
• Industrial and medical office properties can provide high yields and long-term stability.
• Building relationships with tenants and understanding their needs is crucial for success.
• Utilizing technology tools, networking with commercial brokers, and taking action are key to finding deals in commercial real estate. The COVID-19 pandemic has significantly impacted the commercial real estate industry, with changes in demand and occupancy rates.
• Adapting to the new normal requires flexibility and creativity, with a focus on health and safety measures.
• Technology and innovation are playing a crucial role in transforming the commercial real estate sector, with advancements in virtual tours, remote work solutions, and data analytics.
• Collaboration and communication between industry professionals are essential for navigating the challenges and opportunities in commercial real estate.

Chapters

00:00
Introduction

01:12
Background and Start in Real Estate

03:03
Transition to Non-Residential Real Estate

07:22
First Non-Residential Deal: Medical Office Building

12:08
Lessons from the Medical Office Building Deal

15:19
Portfolio Overview

19:00
Managing Properties with a W-2 Job

21:40
Managing Multi-Tenant Office Buildings

24:23
Office Market and Tenant Stability

25:54
Vision and Future Deals

30:05
Finding Deals

35:38
Best and Worst Deal

43:14
Top Tip for Finding Deals

46:53
Recommended Resources

47:59
Conclusion

Support the podcast by making a monthly donation through Patreon. When you contribute, you'll get access to bonus content not available anywhere else.

If you enjoyed this episode, you would probably enjoy reading my weekly newsletter. Every Friday, you'll get a behind the scenes look at my investing, including current events in commercial real estate, deals I’m working on, and random personal things going on in my life. It's a super quick read and you can unsubscribe anytime. - Jonathan

Subscribe to the newsletter here: www.thesourcecre.com/newsletter

Email Jonathan with comments or suggestions:

podcast@thesourcecre.com

Or visit the webpage:

www.thesourcecre.com

*Some or all of the show notes may have been generated using AI tools.