Mark Reisman is a Founder and CEO at Empower Living Management and Chief of Acquisitions & Asset Management at Touzi Capital.
In this episode we talked about:
Mark’s Bio & Background Senior Living & Multifamily Market Acquisition Process Management Underwriting Deals 2022-2023 Real Estate Market Outlook Geographic Areas for Investment Vetting Deals Mentorship, Resources and Lessons Learned
Senior Living Foresight https://www.youtube.com/c/seniorlivingforesight
The National Investment Center for Seniors Housing & Care (NIC) https://www.nic.org
American Seniors Housing Association (ASHA) https://www.ashaliving.org
Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name is Jesper galley and you're listening to working capital the real estate podcast. My guest today is mark Riesman. He is the founder and CEO of in power living.
He is also the chief of acquisitions and asset management for Tuesday. Capital mark. How's your day going today?
Mark (38s): Going well, glad to be here.
Jesse (39s): Well, thanks again for joining, joining us today. I think listeners will get a lot of value. It's kind of hearing your background and story in the industry and where you specialize, but like we do with all of our guests before we kick it off, maybe you could give us a little bit of a background on your path in real estate where you got started and how that journey has been.
Mark (1m 2s): Yeah, it sounds good. I, I grew up in Los Angeles, went to school at UC Santa Barbara and we didn't have too many practical majors there for business. So my path was to go the emphasis in accounting from the biz econ major and got the main recruiters out of that program were a big four accounting firms. So from that I went into, I worked at PricewaterhouseCoopers for about five years plus some internships and, you know, spent a lot of time in accounting and finance have always had the entrepreneurial mindset though.
You know, I on real estate, after living with my parents for a couple of years to save up, I did buy a condo and rented out a couple of those bedrooms. And then, you know, from there just acquire more. So, you know, they had a house that I rented to. Students had some fourplexes, couple of partners in those here in Dallas, but Pricewaterhouse Coopers did bring me out here to, to Dallas, Texas. And I've been here for that about 16 years, a long time during that time again, you know, a lot of accounting and finance was controller of a restaurant fry franchising company.
Also I owned, well, I started doing triathlon and it's kind of spiraled out of control before you knew it. I owned the DFW tri club. And so I bring that up because one of my, my club member slash friends was in the club and we're on a triathlon trip. And I was pretty, pretty bored out of my mind at again, an accounting controller and, you know, with my real estate background, he was the CEO of a property management company for senior living.
And so he needed someone with my skillset and I was ready for something new. So I joined, we had 25 properties at the time, including independent living assisted living memory care, and then a couple of multifamily. And so, yeah, it was, it was a lot of fun time, a ton of learning going on during that time, especially, you know, the first eight months I got my legs under me, my friend ended up leaving to focus on his asset management business.
There's a little bit overlap with our clients. So I, I failed in the role as CEO CFO, a few months later, we lost our COO. And so rat