The Real Estate Reality Show Dr. Adam Gower

Today's guest is Chris Loeffler, CEO and co-founder of Caliber, a publicly traded private equity real estate firm (is that a contradiction in terms?). In this episode, Chris shares his insights on the evolution of the real estate private equity industry and Caliber's journey as one of the first publicly-traded sponsors of its kind.
We talk about the impact of the 2012 JOBS Act on real estate syndications and how it allowed for public solicitation from investors starting in 2013. Chris discusses the challenges posed by newer entrants in the industry who often relied on aggressive proformas and immediate distributions to attract capital, putting pressure on established firms like Caliber.
We then shift to the current state of the commercial real estate market, with prices down 21.5% peak to trough. Chris talks about the opportunities this presents for buying distressed assets at deep discounts and for adapting them, in some cases, to new uses. He also shares Caliber's strategy of focusing on harder asset classes and complex strategies to generate consistent returns in various market conditions.
And, as every guest loves to do (not!) I ask Chris for some predictions about the future of the real estate private equity industry, including the increasing role of technology, the moderation of fees, and the potential for more regulation. He believes that the industry is set for consolidation, with investors gravitating towards best-in-class partners for long-term relationships.
This episode offers valuable insights for anyone interested in the evolution of real estate private equity, the current state of the commercial real estate market, and the future of the industry. Chris Loeffler's unique perspective as the CEO of a publicly-traded private equity firm makes this a must-listen for investors and industry professionals alike.
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In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in.
You’ll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype.
You’ll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn.

Subscribe to our free newsletter here.

My YouTube show/podcast guest today is Andrew Cushman, founder and principal of Vantage Point Acquisitions, who shares his experience and insights on remote management of multifamily real estate assets from the other side of the country, discussing the challenges and strategies for successful long-distance investing.
We discuss the current state of the multifamily market and how rising interest rates have impacted prudent sponsors’ ability to acquire new properties. Andrew talks about the spread between what sellers are asking and what buyers are bidding, and discusses the various factors that may lead to a surge in properties coming to market in the near future.
Andrew also shares his philosophy on optimal deal sizes for efficient management, revealing the "sweet spots" at 120 and 220 units where fixed costs can be spread most effectively. He explains how his company has adapted to the changing market conditions and maintained strong performance despite challenges such as rising insurance costs.
As an active LinkedIn user, Andrew also provides insights into his content strategy and the types of posts that tend to generate the most engagement. From market analysis to the realities of property management, he aims to share valuable information and connect with his audience.
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In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in.
You’ll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype.
You’ll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn.

Subscribe to our free newsletter here.

Today's episode is the next in my series covering some of the key tax benefits of investing in real estate and my guests are the CamaPlan duo of Joe Fulvio and Will Mucker. CamaPlan is a company that specializes in self-directed IRAs (SDIRAs) and Joe and Will share their insights into how to create SDIRAs, the regulations around them, and how they can be used by real estate investors.
We begin by defining SDIRAs and exploring how they differ from traditional IRAs and 401(k)s and then we focus on how investors can use these accounts to invest in real estate syndications to  generate tax deferred (or tax free) returns.
A significant portion of our discussion covers the tax implications of using an SDIRA and the push back you may have heard from your accountant – as I did when I first researched this type of retirement planning. We cover the concepts of UBIT (Unrelated Business Income Tax) and UDFI (Unrelated Debt-Financed Income), which can trigger taxes within the SDIRA under certain circumstances and is what led to my accountant advising (erroneously it turns out) against using these instruments.
You’ll learn two main things from today’s podcast; one, you should definitely investigate setting up and SDIRA if you have not already done so, and two, to ask your accountant for more information. These things are not as easy as they appear at first glance so working with someone knowledgeable is going to be important.
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In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in.
You’ll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype.
You’ll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn.

Subscribe to our free newsletter here. 

Today’s podcast is with Irwin Boris, head of acquisitions and investor relations at Heritage Capital Group, a 3rd generation family office with over $750MM in assets under management, whose Number 1 investment priority is Don’t Lose Money!
Irwin does not believe in basing investment decisions on the IRR but focuses on underwriting investments to prioritize stable, ongoing cash flow while aiming to at least double equity through appreciation during the lifecycle of any deal. Evidence of the prudence of this approach, Irwin says, is seen in the current market where many sponsors and their investors who were chasing high IRRs are now facing serious cash crises and, in the worst cases, complete loss of invested capital.
Heritage Capital Group has an extensive history of investing through multiple economic cycles and multiple asset classes including multifamily, having owned over 7,000 units at one time, office, and today, industrial of which they currently own and manage some 6 million square feet.
Irwin shares his insights into the broader implications of rising interest rates and their impact on the real estate market and he discusses how Heritage’s cautious approach to debt, favoring longer-term fixed debt structures, has helped mitigate the risks associated with macro-economic market volatility.
Wrapping up, Irwin shares his projections for the industrial real estate market as we move into 2024. He provides a nuanced perspective on the opportunities and challenges that lie ahead, offering strategic advice for navigating the complex landscape of commercial real estate investment.
This podcast is an essential listen for those interested in gaining a deeper understanding of industrial real estate investment, market trends, and the strategic considerations crucial for successful real estate ventures in any asset class or during any phase of the economic cycle.
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In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in.
You’ll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype.
You’ll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn.

Subscribe to our free newsletter here. 

My podcast guest today is New York City's top investment sales broker, Bob Knakal, a gentleman and scholar, who has sold 2,276 buildings in the city with value of over $21 billion, the most ever for an individual broker in the city’s history and guess what, as soon as we started talking I knew all I wanted to hear today was Bob’s inspirational story so we barely discuss real estate at all.
Instead, you are going to be learning how this charming man built his company, Massey Knakal that he sold for some $100 million despite having gone through hard times when he had to run the business entirely on credit card debt. Bob discusses the secrets to his success; describing how to build strong, cooperative teams that drive profit, what to do when the economy goes sideways on you, how to hire, what to avoid, and how to keep people motivated and driven to succeed.
Though the foundation upon which Bob's journey sits is New York real estate investment sales, and while it is easy to be awed by the scale of this success, his story is not just about numbers; it's a tale of strategic partnerships, the importance of neighborhood specialization, and a firm belief in servant leadership. He shares how a focus on information and relationships catapulted Massey Knakal to the top of NYC's real estate market.
Bob also reflects upon a period of introspection after selling his company and he discusses the challenges and opportunities presented by technological advancements, his late but impactful entry into social media, and how traditional practices like direct mail remain relevant in a digital age.
Join us for an insider's look at the story behind New York City’s most prolific real estate investment sales professional, with beneficial insights for investors or anyone in the field. A must-watch for anyone looking to learn the wisdom served up by one of the real estate industry's true legends.
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In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in.
You’ll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype.
You’ll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn.

Subscribe to our free newsletter here. 

Did you know a staggering 70% of real estate General Partners have less than three years of experience?
So sayeth my guest, Mauricio Rauld, a securities and real estate attorney, expert in syndications and founder of Premier Law Group, while clarifying what lies beneath that statistic.  Specifically, and equally astonishing, is that Mauricio has seen syndications with dozens of co-general partners as a way of bypassing securities regulations which prohibit results based compensation for capital raisers.
The guidelines for who can raise capital i.e. sell securities, are pretty clear and it seems that either some sponsors are unfamiliar with the regulations (no defense), don’t understand the regulations, (also no defense), or believe they have figured out ways of circumvent the rules while staying compliant (no excuse!)
Our conversation also looks at how sponsors can raise red flags with their online marketing efforts and how to avoid these pitfalls, as well as what investors should keep in mind before placing investments, particularly with sponsors they have little or no prior experience working with.
This episode is a detailed review of some of the biggest issues facing real estate capital formation and is a must watch for sponsors and investors alike.
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In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in.
You’ll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype.
You’ll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn.

Subscribe to our free newsletter here.