Deal Flow

Deal Flow
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Deal Flow: Where Real Estate Meets Capital. We go behind the curtain of private equity real estate (CRE) to decode strategies from top dealmakers and capital allocators. We cover the full stack: capital raising, asset management, acquisitions, due diligence, and investor relations. Whether you are a GP, LP, or passive investor, we deliver the expert interviews and "on the ground" data needed to master the US housing market and CREI landscape. Hosted by Michael Pouliot.

  1. 3d ago

    How To Build a Vertically Integrated Real Estate Empire | Gary Jonas | Deal Flow EP 38

    Rates are up, capital is scarce and most sub-institutional multifamily investors are still recovering. Gary Jonas says that's exactly why this is one of the best buying opportunities since 2008. In this episode of Deal Flow, Michael Pouliot sits down with Gary Jonas, CEO of The HOW Group in Philadelphia. Gary built a vertically integrated firm with brokerage, mortgage, construction, and property management in-house, growing it to 1,500 units by buying one property at a time. 🎧 In this episode, you’ll learn: • How a mortgage business revealed where real wealth is actually created • The plan to buy 1 property a year for 10 years, and why discipline beats the math • How $500K in credit lines on 10 rentals launched The HOW Group in 2008 • Why Philadelphia (driven by ed & med) offers steady growth and real cash flow • How buying below replacement cost creates a generational opportunity • Where deals come from: 80% brokers vs. 20% other developers • The swaption strategy Gary uses to protect investors from interest rate risk• Why property management is the value engine ($1 in cost savings = $16 in building value) • Meet "Howard," The HOW Group's AI scheduling employee• Gary’s strategy to double down on Philadelphia and hit 5,000 units ⏱️ Timestamps: [00:00] - Introduction and Guest Background 00:36 - From Mortgage Business to Real Estate 01:57 - The First House: Gary's Entry Into Real Estate [03:32] - How 10 Rental Properties Became His Launchpad 04:20 - The 2008 Crisis Changed Everything 05:59 - Building Brokerage, Construction & Property Management In-House 07:25 - The Power of Buying One Property at a Time 11:19 - Why Philadelphia Became a Real Estate Opportunity 14:57 - Is This a Generational Buying Opportunity? 16:48 - Where the Best Real Estate Deals Actually Come From 20:22 - How Gary Protects His Investors From Losing Money 20:54 - The Interest Rate Strategy Most Investors Don't Know About 21:37 - Managing Construction Risk When Costs Explode 24:39 - The Property Management Advantage 27:07 - Inside the "Operational Wizard" Strategy 29:19 - Why Property Management Isn't About Profit 32:48 - The Deal Gary Says Could Be His Best in 10 Years 34:48 - Raising Millions Deal by Deal 35:32 - What Happens When Real Estate Deals Underperform 37:23 - How Gary Is Using AI in Real Estate 39:42 - Why Gary Wants to Double Down on Philadelphia 41:41 - How to Connect With Gary Jonas 🎙️ About Deal Flow: Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing. 💡 Topics We Cover:- Private equity real estate & housing deals- Capital raising & allocation- LP/GP dynamics & investor relations- Market trends, due diligence & operations 📲 Stay Connected: • Business Inquiries: michael@carboncrei.com • Connect with Michael on LinkedIn: https://www.linkedin.com/in/michael-pouliot 🔗 Connect with Gary Jonas: Linkedin: https://www.linkedin.com/in/gary-jonas/Email: gary@howgroup.comFollow or subscribe to Deal Flow on Spotify so you never miss an episode!

  2. Jul 23

    Treat AI Like a New Hire: The Smart Way to Adopt AI in Business | John Hetherington | DealFlow EP 37

    AI ISN'T COMING FOR YOUR JOB — BUT IT IS CHANGING HOW YOU WORK. The businesses winning with AI aren't the ones automating everything overnight; they're the ones treating AI like a new hire: giving it clear tasks, guardrails, and room to earn trust. In this episode of Deal Flow, Michael Pouliot sits down with John Hetherington, founder of We Deliver Your Vision, a Calgary-based AI and technology strategy practice, to unpack how business leaders — especially in real estate and private equity — can adopt AI the right way, avoid costly mistakes, and prepare their teams for what's coming next. 🎧 What you'll hear in this episode: Why "just go do AI" is the wrong mandate — and what to ask insteadThe one question that reveals where AI should be applied firstWhy picking one workflow step beats automating everything at onceThe "office, house, and coffee shop" framework for AI data securityWhy junior employees using AI as a crutch creates hidden riskHow to prompt AI like a skeptic to get better, more reliable outputWhy token costs are quietly becoming a bigger problem than time savingsThe real difference between AI and agents — explained through travel bookingWhy AI should be treated like a new hire, not a finished expertWhat separates AI pilots that succeed from the ones that quietly die ⏱️ Timestamps: [00:00] Intro and guest welcome [00:38] John's background — Calgary, AI strategy, and lessons from dog agility training [02:53] The real first step before adopting AI: defining the goal [05:04] Applying AI to deal sourcing, due diligence, and acquisitions [08:02] Why you should automate one workflow step, not the whole pipeline [10:56] The danger of junior employees using AI without understanding the work [11:36] How to prompt AI like a skeptic to improve output quality [13:25] The office, house, and coffee shop framework for AI security [18:38] How to get IT, risk, and leadership on board with AI adoption [22:11] Why time saved isn't the best way to measure AI's value [23:59] The hidden cost problem — tokens, models, and runaway spend [29:15] Getting started with AI when your data is messy or still on paper [32:53] Addressing fears around AI and job security [37:21] What agents are and how they differ from standard AI tools [40:55] Treating AI like a new hire — guardrails, trust, and materiality limits [43:34] How fast AI capability is actually moving [48:07] John's golden nugget — staying curious in the age of AI [49:09] How to connect with John Hetherington 🎙️ About Deal Flow Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing. 💡 Topics We Cover: Private equity real estate & housing dealsCapital raising & allocationLP/GP dynamics & investor relationsMarket trends, due diligence & operations Stay Connected Business inquiries: michael@carboncrei.com LinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/ 🎧 Subscribe for Weekly Insights: https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1 #RealEstate #MultifamilyInvesting #Underwriting #RealEstateInvestors

  3. Jul 13

    Why Your Best Asset Might Be Killing Your Portfolio | Multifamily Asset Management | EP 36

    💸 Agency sponsors are not just competing on deals anymore. They are competing on institutionalization. This episode breaks down why the boring stuff- asset management, reporting, and capital strategy- is what actually separates emerging sponsors from institutional-grade multifamily platforms. In this episode, Michael Pouliot sits down with Thomas Greer, founder of Deal Frame Advisory, to unpack how the platforms that scale are not the ones with the best individual assets. They are the ones with repeatable systems across the entire portfolio. What You'll Hear in This Episode Why decisions matter more than deals as you scaleThe mindset shift from optimizing assets to optimizing portfoliosWhere property management ends and asset management beginsWhy every renovation dollar needs to be tracked unit by unitThe fire vs. brush clearing framework for risk managementWhy capital allocates to clarity, not just returnsThe biggest investor communication mistake emerging sponsors makeHow to relinquish control without losing your standardsWhere the multifamily market is headed through 2026 and beyond ⏱️ Timestamps [00:00] Intro and guest welcome[00:53] Thomas's 15 year career arc. Pacific Northwest, Singapore, and building Deal Frame[02:19] What's usually broken when Thomas parachutes into a platform[03:54] Asset level thinking vs. portfolio level thinking[07:19] The people and roles needed to institutionalize a growing business[10:21] Property management vs. asset management. Where the line is[14:12] Capital decision authority and delineating accountability[15:56] Tracking capital budgets unit by unit to protect ROI[18:21] Reporting, escalation, and exception management[21:15] The fire and brush clearing metaphor for proactive asset management[25:28] Moving from deal by deal to institutional capital allocation[28:03] Why capital allocates to clarity and confidence[31:16] How to message capital calls and raises after a rough cycle[35:34] Common failure modes as platforms try to scale[42:18] Market outlook. Rates, concessions, and where multifamily is headed[48:23] Rapid fire questions. Most overrated metric, best career advice[50:07] How to connect with Thomas and Deal Frame Advisory. About Deal Flow: Get behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing. Topics We Cover: Private equity real estate, capital raising and allocation, LP and GP dynamics, investor relations, market trends, due diligence, and operations. 🔗 Connect with Thomas LinkedIn: https://www.linkedin.com/in/thomaslgreer/ 📧 Stay Connected Business inquiries: michael@carboncrei.com LinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/ #RealEstate #MultifamilyInvesting #AssetManagement #RealEstateInvestors

  4. Jun 25

    The Death Of The Junior Analyst In Real Estate | David Fields | Deal Flow Ep. 35

    AI isn't coming for CRE deal teams — it's already here. But the firms winning aren't the ones replacing analysts; they're the ones who know how to use AI as a force multiplier across the entire acquisition workflow. In this episode of Deal Flow, Michael Pouliot sits down with David Fields, founder of Acquios, an AI-powered acquisition operating system built for commercial real estate deal teams, to unpack how AI is transforming underwriting, due diligence, and deal pipeline management — and what it means for the next generation of real estate professionals. 🎧 What you'll hear in this episode: How Acquios turns OMs into investment-ready models in minutesWhy the ACWA score is replacing the first-pass analyst reviewThe 100+ step underwriting process running under the hoodHow AI callers are verifying rent comps live with leasing agentsWhy every deal you look at becomes a data asset for your firmThe risk of junior analysts trusting AI outputs they don't understandWhy citations and traceability are non-negotiable in AI-powered underwritingHow due diligence checklists are now auto-generated and risk-flagged by AIThe deterministic vs. non-deterministic agent trade-off in real estate workflowsWhy AI in CRE is simultaneously overhyped and underhyped ⏱️ Timestamps: [00:00] Intro and guest welcome[00:47] David's background — Disney M&A, Pixar, and real estate private equity[03:00] Why David left investing to found Acquios[04:30] How Acquios was born out of winning a large logistics RFP[07:00] The core product — deal pipeline, AI extraction, and underwriting[10:00] The ACWA score — how deals get rated and filtered[13:00] Data integrations — CoStar, rent comps, and AI-powered verification[16:00] AI callers verifying rent comps live with leasing agents[17:00] The knowledge base — why every deal you look at becomes an asset[18:30] What happens to junior analysts when AI does the grunt work[23:00] The risk of trusting AI outputs you don't understand[28:00] Why citations and traceability are non-negotiable[30:00] Consistency and reliability — the hardest problem in AI workflows[32:00] The connective tissue between acquisitions and asset management[35:00] What's coming next — agents, data compounding, and the future of AI in CRE[38:40] Overhyped vs. underhyped — AI and data centers in real estate#realestateindustry #MultifamilyInvesting #Underwriting #RealEstateInvestors #AIinRealEstate #CommercialRealEstate #PropTech#RealEstate #MultifamilyInvesting #Underwriting #RealEstateInvestors🎙️ About Deal FlowGet behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing. 💡 Topics We Cover: Private equity real estate & housing dealsCapital raising & allocationLP/GP dynamics & investor relationsMarket trends, due diligence & operations Stay Connected: Business inquiries: michael@carboncrei.com LinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/ 🎧 Subscribe for Weekly Insights: https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1

  5. May 7

    Why 95% of Accredited Investors Never Build Real Wealth | Dr. Allen Lomax | Deal Flow Ep. 34

    The math says private placements outperform. The tax advantages are real. The returns are better. So why do 95% of accredited investors never make the move? In this episode of Deal Flow, Michael Pouliot sits down with Dr. Allen Lomax, a capital raiser who operates between LPs and GPs, to unpack why high-income earners stay stuck in public markets and what it actually takes to break free. What you'll hear in this episode: Why only 5% of 13 million accredited investors ever move into private placementsThe 3-step framework Dr. Lomax uses: Wake Up, Redefine, ThriveHow he lost everything in 2008 and rebuilt through syndicationsWhat separates strong operators from weak ones in today's tighter deal environmentWhy operators are reviewing 100 to 300 deals per month to find just one worth pursuingThe deal-level non-negotiables: 18% IRR targets, 2x equity multiples, and the three location metrics that matterWhy LP deployment is down 70% from peak and what that means for smart allocatorsThe two factors that finally convert hesitant LPs: tax advantages and superior returnsHow a 2M capital base can realistically lead to financial freedom in 5 years150 years of data across 16 economies: why hard assets win through every crisisNo fluff. Just a practitioner who has been on both sides of the table sharing what he has learned the hard way. Subscribe to the Deal Flow Podcast for weekly conversations with operators, sponsors, LPs, and capital allocators in the private equity real estate space. Timestamps: 00:00 Intro and guest welcome00:31 The story of Finn: what a retired show horse reveals about how we invest03:00 The 3-step framework: Wake Up, Redefine, Thrive04:10 Losing everything in 2008 and rebuilding through syndications06:42 Sitting between LPs and GPs: a unique vantage point08:04 How operator due diligence has evolved10:28 Deal-level non-negotiables: IRR, equity multiple, location13:30 Why the best deals never hit the open market15:27 Fewer deals, higher bar and better operators rising16:16 Why LP deployment is down 70% from peak18:00 Why only 5% of accredited investors cross into private placements20:16 Public equities have overperformed: what contrarian allocators are doing now22:12 What finally converts hesitant LPs25:14 AI, income durability, and why high earners are rethinking their future28:40 The 5-year and 10-year paths to financial freedom29:32 The real cost of 40 years in a 401k31:07 Where the opportunity is through the rest of the 2020s33:00 The dollar, the petrodollar, and hard asset resilience36:27 Golden nugget for mid-career high-income earners #DealFlowPodcast #PrivatePlacements #RealEstateInvesting #MultifamilyInvesting #LPInvesting #PrivateEquityRealEstate #AccreditedInvestor #RealEstateInvestors #PassiveIncome #MichaelPouliot

  6. Apr 10

    Tariffs, Tenant Behavior, and AI: The Q1 Operator Debrief

    🎧 Michael Pouliot is back with the quarterly panel: Cody Littlewood, Doug Wilson, and Hans Box. This episode covers what operators, sponsors, and capital allocators are actually seeing on the ground as markets swing and macro uncertainty builds. Topics covered include LP sentiment and why capital is staying on the sidelines, the supply and demand math that still favors multifamily buyers, what workforce housing tenants are prioritizing in 2026, the renewal rate story and what it means for effective rent growth, Austin's surprising rent-to-income ranking, the AI adoption debate in real estate operations, and Hans's case for why AI will create more jobs than it destroys. No fluff. Just four people who run capital, operations, and deals sharing what they are actually experiencing. 📩 Subscribe to stay ahead of the middle market housing conversation. ________________________ ⏱️ Timestamps:00:00 Intro and panel welcome00:55 Q1 recap: markets, rates, and the "skirmish"04:24 Cody on ground-level operations and tenant sentiment10:08 Hans on LP sentiment and capital hesitancy13:22 Private credit rotation and multifamily tailwinds27:19 LP liquidity crunch and acquisition opportunity29:35 Tenant behavior: what renters want right now32:44 Mobile home parks, self storage, and Austin's rent story40:33 Renewal rates and the cost of moving49:45 AI and workforce housing: who is most at risk?52:49 How to actually implement AI in your business55:45 The jobs question: destruction or transformation?1:03:09 Hans's final word: radiology, new jobs, and the long view ________________________ #DealFlowPodcast #CREI

  7. Jan 29

    Trump vs. The Market: 2026 Executive Orders & Multifamily Distress | Panel Jan 2026. Ep #32

    With nearly $1 trillion in commercial real estate debt maturing this year, the "extend and pretend" era is officially over. In this episode of Deal Flow, we break down the massive 2026 maturity wall, the surge in multifamily distress, and why banks are finally starting to take write-downs.Join Michael Pouliot, Hans Box, Doug Wilson, and Cody Littlewood as they analyze the latest market shifts from President Trump’s Executive Order on institutional SFR investors to the reality of office-to-residential conversions. We also discuss why the 2021-2022 vintage syndications are blowing up and where the real buying opportunities lie for disciplined investors this year.If you are a passive investor (LP) or an operator navigating this volatility, this episode provides the signal you need amidst the noise. In this episode, we cover:00:00 – Intro & The "Senior Citizen" Discount15:39 – Welcome to Deal Flow: The 2026 Landscape17:54 – Trump’s EO Banning Institutional SFR Investors: Political Theater?25:25 – The Fed’s Final Year Under Powell: Rate Cuts & MBS Buying32:00 – Fannie & Freddie (GSE) Caps Increasing: Bullish for Multifamily?36:50 – The Reality of Office-to-Residential Conversions (Why it’s Hard)41:50 – 2026 Market Outlook: "Decaf Stagflation" & Labor Markets43:55 – The $930 Billion Maturity Wall: Is "Extend and Pretend" Over?51:00 – Why 2021-2022 Vintage Syndications Are Failing (GVA, Tides, etc.)59:16 – Where is the Buying Opportunity in 2026? (Distressed Assets)01:03:00 – Public REITs vs. Private Real Estate Returns01:11:36 – Operations Update: Insurance Costs Dropping & Labor Shortages01:18:28 – AI & Robots in Multifamily: Hype vs. RealityConnect with the Panel:Box Wilson (Hans & Doug): https://boxwilson.com/Carbon Real Estate Investments (Cody): https://www.investwithcarbon.com/Michael Pouliot: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/ #MultifamilyInvesting #Underwriting #RealEstateInvestors #realestate —Stay ConnectedBusiness inquiries: michael@carboncrei.comLinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/

  8. 12/30/2025

    Multifamily Market Outlook 2025: Inflation, Rates & Supply | Ep. #31

    If you’ve been watching the headlines about inflation, interest rates, and "market crashes" and wondering what it all means for your portfolio, this is the conversation you need to hear. We brought together heavy hitters Hans Box, Doug Wilson, and Cody Littlewood to cut through the noise and look at the hard data.We aren't just talking about standard interest rates here.We’re diving into the stuff most people miss, like how "Owner Equivalent Rent" is secretly distorting inflation numbers and why the "value-add" strategy is actually safer than buying turnkey right now. Plus, the guys debate whether we are sitting on a "generational opportunity" to buy while everyone else is scared.Whether you're an active operator or a passive investor trying to protect your capital, this conversation is packed with the kind of "on the ground" insights you won't find on the news.👇 What we cover in this episode:0:00 - Intro: Meet the Deal Flow Panel (Hans, Doug, Cody)03:58 - The "Deal from Hell": Lessons from a massive turnaround 10:03 - Population Decline: Is immigration slowing down demand? 14:27 - On the Ground: What tenants are actually willing to pay for 21:25 - The Inflation Lie: How "Owner Equivalent Rent" distorts the data 31:56 - Why this is a "Generational Opportunity" to buy 41:44 - 2026 Market Outlook: When will rent growth return? 54:43 - Vetting Sponsors: The #1 thing you must check before investing 01:01:04 - Rapid Fire: The best markets to invest in for the next 5 years #MultifamilyInvesting #Underwriting #RealEstateInvestors🎙️ About Deal FlowGet behind the curtain of private equity real estate. We spotlight the strategies, insights, and innovations from top dealmakers, fund managers, and capital allocators shaping the future of real estate investing.💡 Topics We Cover:- Private equity real estate & housing deals- Capital raising & allocation- LP/GP dynamics & investor relations- Market trends, due diligence & operations—Stay ConnectedBusiness inquiries: michael@carboncrei.comLinkedIn: https://www.linkedin.com/in/michael-pouliot-cfa-caia-24496616/🎧 Subscribe for Weekly Insights:https://www.youtube.com/@dealflowpodcast-l5q/?sub_confirmation=1

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About

Deal Flow: Where Real Estate Meets Capital. We go behind the curtain of private equity real estate (CRE) to decode strategies from top dealmakers and capital allocators. We cover the full stack: capital raising, asset management, acquisitions, due diligence, and investor relations. Whether you are a GP, LP, or passive investor, we deliver the expert interviews and "on the ground" data needed to master the US housing market and CREI landscape. Hosted by Michael Pouliot.

Information

  • Creator
    Deal Flow
  • Years Active
    2026
  • Episodes
    39
  • Rating
    Explicit
  • Copyright
    © Deal Flow
  • Show Website
    Deal Flow