borrower

Ben Miller is the co-founder and CEO of Fundrise, the largest direct-to-consumer alternative asset manager in the US. Under his leadership, Fundrise has grown to over 2 million active users and over $3 billion in real estate private equity, private credit, and growth-stage venture capital. Ben also serves as Chairman of the Board of three publicly-registered investment companies and, during his 25-year career, has acquired more than $8 billion of real estate assets, including 37,000 residential units and 5 million square feet of industrial and commercial space.

(00:26) - Fundrise's journey to revolutionizing private market investing
(8:13) - Benefits of end-to-end platform experience
(12:49) - Growth-stage Venture Capital fund (Part I)
(15:43) - Real Estate investment strategy
(19:20) - Feature: Housing Trust SV (site) - Housing finance & public-private partnerships to create more equitable & affordable communities
(20:31) - AI impact on Commercial Real Estate
(28:14) - Macro trends impacting Real Estate
(29:46) - Economy outlook for 2024
(35:24) - Growth-stage Venture Capital fund (Part II)
(46:25) - Long-term vs. short-term lessons
(48:59) - Collaboration Superpower: Alexander Hamilton

💚 Learn more:
➡️ Ben Miller on Twitter
➡️ Fundrise's site
➡️ Get $50 on Fundrise by signing up here
➡️ Onward, a Fundrise podcast with Ben Miller & guests (site)

💚 Feature:
➡️ Housing Trust Silicon Valley's site - Housing finance & public-private partnerships to create more equitable & affordable communities.

💚 Connect with Tangent:
➡️ Edward Cohen on LinkedIn
➡️ Edward Cohen on X
➡️ Jeff Berman on LinkedIn
➡️ Jeff Berman on X
➡️ Zach Aarons on LinkedIn
➡️ Tangent on LinkedIn
➡️ Tangent on X

Disclaimer: Tangent podcast is for entertainment and informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advise. Nothing contained on our program constitutes a solicitation, recommendation, endorsement, or offer by Tangent, Camber Creek, MetaProp, or any third party guest to buy or sell any securities, public or private, other financial instruments or funds.

Positive mitzvah #64 is to cancel all debts in the shemita year.

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Positive mitzvah #63 is to return a collateral to a borrower when needed.

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Join us as Pastor Jason Warman continues our collection of talks, "Wait Til I Get My Money Right". We hope this message encourages and inspires you!

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Rob Rubano of Cushman & Wakefield joins Mordecai Rosenberg on the Origination Podcast for a lively discussion ranging from Rob’s soccer stint in the Olympic Development Program, selling products as a mechanical engineer, acting in Los Angeles, and commercial real estate. Mordecai digs into Rob’s experiences on the advisory side and what keeps bringing clients back, as well as current capital markets trends. Please enjoy this initial episode celebrating the new partnership between Greystone and Cushman & Wakefield.

Timestamps:
2:00-8:00  Early Sales Experience 

8:00-14:00  Relationships in Real Estate, Adding Value

14:00-22:00  Lessons as a Kid, Facing Rejection

22:00 - 38:00  The Current Business, Setting Yourself Apart 

38:00 -40:00  Importance of Transparency

40:00 -44:00 How to be a Good Lending Partner

45:00-53:00 How to Handle Multiple Larger Financial Institutions

53:00 -56:00 Trends and Changes in the Last 20 Years 

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

It's that time of year to start thinking about your taxes. Whether you pay quarterly or annually, if you are self-employed and looking to buy a new home, this tip is for you. 

Explore more opportunities from mortgage note investing as James Maffuccio gives us extra knowledge on how it works and how buying non-performing second mortgages allowed him to create a win-win outcome for businesses, lenders, and homeowners.

Key Takeaways To Listen For

• Why you should pursue your passion in real estate
• Mortgage note: How it works and how to sell it 
• 2 primary ways for the borrower to pay a mortgage
• What is the initial holding period on this fund
• Pros and cons of investing in mortgage notes
• Tips to learn how to invest in mortgage notes

Resources Mentioned In This Episode
Free Apartment Syndication Due Diligence Checklist for Passive Investor

About James Maffuccio 

Mr. Maffuccio is a 30-year real estate veteran and an expert in mortgage notes. He is deeply networked in the secondary mortgage industry and is responsible for acquisitions and underwriting as well as relationships with primary sources and key vendors. 

From 1986 to present, Mr. Maffuccio has been engaged full time in the real estate development and investment industry. In addition, he has overseen several hundred purchases, sales, and/or financing transactions, and has been a licensed real estate agent since 1985. During his real estate career, Mr. Maffuccio developed, and/or rehabbed multiple residential projects in Southern California, including infill subdivisions, affordable homes, luxury homes and homesites, multifamily, and planned developments, such as the Gold Nugget Award-winning “Traditions” community in Fillmore. Mr. Maffuccio has personally executed and/or managed every aspect of the development process, including site selection and acquisition, project conceptualization and design, procurement of entitlements and permits, regulatory compliance, entity structuring and capitalization, construction management, marketing, sales, and investor relations.

In 2009, Mr. Maffuccio began investing in mortgage loans, developing key sources and vendors and applying his extensive real estate experience to the note investment space. In 2012 Maffuccio co-founded Aspen Funds, a fund management company focused on mortgage investments.

Connect with James

• Website: Aspen Funds
• Podcast: Invest Like A Billionaire

To Connect With Us
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The Department of Education recently announced some significant temporary changes to the Public Service Loan Forgiveness (PSLF) program called the Limited Waiver Program. 

Who? Full time service members and federal employees are all eligible, as well as those of you working full time for state governments and most non-profits.

What is PSLF? It's a Loan Forgiveness program. If you work for a qualifying employer, have qualifying loans, work full-time, and make 120 on-time monthly loan payments, you can apply and have the remaining balance of your student loans forgiven. 

Why? Why has there been a change to the program? As it turned out in practice, PSLF was mostly an unfulfilled promise. Many borrows misunderstood the requirements, were misled by loan servicing providers, or never even qualified in the first place. The recently announced changes to PSLF are supposed to help correct some of these problems and fulfill the PSLF promise.

What has changed? A key requirement for PSLF is that you must have federal Direct Loans to qualify. The Federal Family Education Loans, Federal Perkins Loans, and Graduate Plus Loans are not a federal Direct Loans and don’t qualify. Loan payments under those programs didn’t count toward forgiveness. To meet this requirement and qualify most borrowers consolidated those loans into a federal Direct Loan. If you didn't before, there’s  good news. Now, any payments you made in the past in these federal student loan programs count toward your 120 payments, BUT only if you consolidate to a federal direct loan by Halloween 2022. 

Don’t know what kind of federal loans you have?  Log into your account on StudentAid.gov https://studentaid.gov/fsa-id/sign-in/landing , and go to the My Aid page StudentAid.gov/aid-summary/, then scroll down to the Loan Breakdown section. If you haven’t already, consolidate (DON’T refinance), consolidate into a federal Direct Loan . You’ve got one year. Details here https://studentaid.gov/app/launchConsolidation.action Once consolidated into a Direct Loan, your previous monthly payments made before October 31 this year, 2021, in those other federal loan programs will count toward PSLF retroactively. 

Change #2. Past payments under any repayment plan now count toward loan forgiveness. Up to now, you had to enroll in an Income Driven Repayment (IDR) plan like ICR, IBR, PAYE, and REPAYE or the standard 10-year repayment plan. These payments are supposed to be automatically recounted, but  keep an eye on it.

Temporary Change #3.  Some borrowers missed out because their payments were off by one or two pennies or late by just a few days. As a fix, the Department will automatically adjust PSLF payment counts for payments made on or before October 31, 2021 for borrowers who have already certified some employment for PSLF. This look back is a temporary benefit. So if you have not yet applied for PSLF forgiveness or certified employment do it by October 31, 2022 to get all those payments counted.

Lastly for service members, months spent on active duty will now count toward PSLF, even if your loans are in deferment or forbearance. Federal Student Aid is supposed to develop and implement a process to address this. .

For more information see https://www.ed.gov/news/press-releases/fact-sheet-public-service-loan-forgiveness-pslf-program-overhaul

For tons of helpful information and PSLF application go to the official website at https://studentaid.gov/pslf/

Peter runs Marcus and Millichap, New York City investment sales office, and has been a dominant figure on the scene for well over a decade. Peter is the host of several multifamily podcasts, including Behind the Break, where he covers the Manhattan market, as well as Multifamily Memo where he talks about other markets across the country.

Mordecai and Peter have a conversation ranging from his first garage sale experience to becoming a thought leader in the industry.

See the timestamps for specific topics:
2:27 
First Sales Experience

8:42
Understanding the Buyer in the Sales Process

12:19
Cold Calling

20:46
Technology in the Industry

25:36
Debt Sales vs. Investment Sales

32:06
Client Retention 

35:44
Becoming a Thought Leader

38:56
Advice to Younger Self

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

On this episode, we'll be speaking with Ana Ramos. Ana has over 20 years of commercial real estate experience, and it's closed well over $2 billion of deals. She has one of the most thorough origination processes that I've ever seen in the industry. Please see the time stamps for specific topics:

3:26 – Importance of responsiveness and availability

4:53 – Underwriting background as a tool to provide more certainty of execution

7:58 – Mindset shifts required to transition from underwriting to origination

13:07 – When to fire a client

16:51 – Ana’s approach to a first meeting with a client

21:04 – Ana’s signature vetting process

23:23 – Importance of gaining trust of the underwriting team

25:36 – Why does the process still take so long

38:08 – Challenges that women can face in origination

41:51 – Market trends

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

As a finance pioneer, Vikas Jain is Senior Commercial Director at Funding Societies. Having a solid finance background, Vikas worked across the Real estate, Banking and Telecommunication industry until he decided to join the Crowdlending industry. In this episode, he gives us some insights into how the crowdlending industry is becoming popular in the SoutheastAsian market.