Real Angle: Building Success in Commercial Real Estate

The Efficiency of Multi-Family Offices, Jason Mandel @ Mandel Family Office

SummaryIn this conversation, Jason Mandel, CEO of the Mandel Family Office, discusses the basics of family offices and the services they provide. He explains the difference between single family offices and multi-family offices, highlighting the benefits of the latter. Mandel emphasizes the importance of holistic financial advice and the role of a family office in helping families avoid controversy and disintegration. He also discusses philanthropic ambitions, legacy planning, and tax minimization strategies. Additionally, Mandel shares insights on utilizing insurance solutions for wealth management, investment funds and strategies, and concerns and challenges faced by clients. He concludes by discussing client acquisition and referrals.
Takeaways
Family offices provide holistic financial advice and services to wealthy individuals and families.
Multi-family offices offer a range of services and allow clients to share expenses, reducing costs.
Family offices can help families avoid controversy and disintegration by providing unbiased advice and structuring solutions.
Insurance solutions can be utilized for wealth management, tax minimization, and legacy planning.
Investment funds and strategies can be tailored to meet the unique needs and goals of clients.
Client acquisition for family offices often comes through referrals from lawyers and accountants.
Chapters
00:00 Introduction and Background
01:01 Starting a Family Office
02:39 Single Family Office vs. Multi-Family Office
03:35 Benefits of a Multi-Family Office
06:06 The Importance of Holistic Financial Advice
08:36 Avoiding Controversy and Family Disintegration
09:35 Philanthropic Ambitions and Legacy Planning
11:00 Utilizing Insurance Solutions for Wealth Management
13:05 Tax Minimization Strategies
14:45 Utilizing Life Insurance for Tax-Free Growth
19:36 Investment Funds and Strategies
21:33 Asset-Backed Lending and Tax-Free Retirement Plans
29:46 Concerns and Challenges for Clients
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Financing Energy Projects for CRE, Chad Blevins @ Repower Holdings

Chad Blevens from Repower Holdings discusses their unique approach to financing energy improvement projects in commercial real estate. Repower Holdings aims to provide capital for energy improvement projects that are part of larger real estate deals, offering an equity position in the overall asset. This approach aligns the interests of the energy improvement provider and the real estate investor, driving trust and collaboration. The strategy is applicable to various asset classes and regions, with a focus on high energy use intensity and regions with higher energy costs. Repower Holdings plans to start deploying capital in Q1 and expects to have a balanced portfolio across asset classes and regions.
Takeaways
Repower Holdings provides capital for energy improvement projects in commercial real estate, offering an equity position in the overall asset.
Their unique approach aligns the interests of the energy improvement provider and the real estate investor, driving trust and collaboration.
The strategy is applicable to various asset classes and regions, with a focus on high energy use intensity and regions with higher energy costs.
Repower Holdings plans to start deploying capital in Q1 and expects to have a balanced portfolio across asset classes and regions.
Chapters
00:00 Introduction and Overview
00:57 Repower Holdings' Concept and Objectives
03:23 Equity Position in Real Estate Deals
07:10 Repower Holdings' Differentiation
09:32 Partnership with Correlate Energy
10:29 Expanding Financing Options 11:57 Equity Financing vs. PPA Financing
13:23 Focus on Ground-Up Development and Value-Add Projects
16:00 Case Study: Energy Retrofit of a 1970s Vintage Apartment Complex
20:51 Importance of Energy Efficiency in Real Estate
22:16 Energy Efficiency Challenges and Low-Hanging Fruit
24:35 Alignment of Interests and Trust
26:32 Fundraising and Deployment Timeline
28:20 Target Market and Product Types
30:11 Balanced Portfolio Approach
34:04 Long-Term Viability of the Strategy 
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Urban Infill Development in San Diego, John Allen @ Streamline Development Group

In this conversation, Josh Kahr speaks with John Allen, founder and president of Streamline Development Group. They discuss John's unconventional route into real estate development and the focus of Streamline Development on urban infill projects in San Diego. They also explore the high demand for rental properties in San Diego, the presence of national players in the market, and the challenges of finding development sites. John shares insights into the legislative edge that Streamline Development has in shaping upcoming regulations and their plans for future growth and expansion, including a focus on middle-income housing. They also discuss how sometimes historic preservation can be used as a barrier to development, and how their perspective as a local player differs from the national development firms.
00:00 Introduction and Background
03:03 Starting Streamline Development
07:09 Scaling the Business
09:03 Demand for Rental Properties in San Diego
12:52 Local Developers vs. National Players
15:47 Finding Development Sites
18:36 Using Legislative Edge as an Advantage
22:42 Surprises in Recent Transactions
28:47 Future Growth and Expansion
32:21 Focus on Middle-Income Housing
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

From Acquisitions to Asset Management, Roundtable with Montgomery Partners

In this interview, Josh Kahr gets to sit down with the whole team at Montgomery Partners and talk about the lifecycle of the asset - from acquisition to fundraising to asset management. They are a long-term value-add investor in the multifamily space. They focus on the B to C class space in markets such as California, Colorado, and Nevada, and are expanding into Utah, Washington, Idaho, and Oregon. The company has a track record of success and a loyal investor base. They are cautiously optimistic about the market in 2024, but are aware of potential challenges such as a recession and increased supply. Montgomery Partners is open to exploring new opportunities, including joint ventures and alternative investment strategies. They are also considering ancillary revenue opportunities such as solar and EV charging.
Chapters
00:00 Introduction and Company Overview
03:02 Investment Strategy and Target Markets
08:06 Market Outlook and Potential Challenges
12:12 Operational Challenges and Property Management
15:15 Recent Deals and Surprises
18:06 Market Conditions and Future Plans
25:15 Solar and Electric Vehicles
29:21 Third-Party Property Management
30:30 Cautious Optimism and Future Investments
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Tax Appeal and Tax Assessments, David Wolfe @ Skoloff and Wolfe

In this conversation, Joshua Kahr speaks with David Wolfe, managing partner at Skoloff and Wolfe (https://www.skoloffwolfe.com/), about tax appeals and property tax assessments. They discuss the challenges property owners face with assessments and revaluations, the importance of understanding assessment ratios, and the deadlines for tax appeals. They also explore the process of tax appeals, including negotiations based on the income approach to value. David shares some surprising cases and challenges in the field of tax appeals and discusses the future plans for the firm.
Chapters
00:00 Introduction and Background
03:00 Understanding Property Tax Assessment
06:23 Challenges with Assessments and Revaluations
12:12 Deadlines for Tax Appeals
14:05 The Process of Tax Appeals
20:48 Negotiating Assessments Based on Income Approach
22:21 Dealing with COVID-19 Impact on Assessments
26:31 Contingency-Based Pricing Model
29:31 Surprises and Challenges in Tax Appeals
35:23 Future Plans for the Firm
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Investing in the Rodeo Region, Brian Wilson @ Bow River Capital

In this conversation, Joshua Kahr speaks with Brian Wilson, Managing Director of Real Estate at Bow River Capital (bowrivercapital.com). They discuss Bow River Capital's investment strategy, regional focus on the "Rodeo Region", and how they find quality operators to partner with. They also explore the current market conditions and the timing of capital deployment. Brian also shares insights on finding and evaluating operators, as well as other interesting investment opportunities in retail and single-tenant net leasing. They conclude by discussing the outlook for 2024 and the importance of considering market fundamentals in investment decisions. Is 2024 the year the equity floodgates finally open?
Chapters
00:00 Introduction and Background
01:11 Overview of Bow River Capital
03:18 Investment Strategy and Partnerships
05:45 Regional Focus
07:13 Investment Opportunities in Non-Coastal Cities
08:46 Timing of Capital Deployment
11:36 Market Fundamentals and Supply
13:57 Importance of Partner Selection
16:23 Dual Strategy of Apartments and Industrial
20:13 Market Timing and Fund Deployment
23:49 Finding and Evaluating Operators
25:28 Other Interesting Investments
32:43 Investment Opportunities in Retail and Single-Tenant Net Leasing
35:22 Investment Opportunities in Income Funds and Subordinate Debt
38:06 Outlook for 2024 and Conclusion 
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

UK Investing Modeling as a Service, Alex Wilson @ Pantera

In this conversation, Joshua Kahr speaks with Alex Wilson, COO of Pantera (www.panteratechnology.com), a financial forecasting and investment modeling platform for the real estate industry. They discuss Pantera's services, market focus, and expansion plans. They also explore the challenges and opportunities in the PropTech space, including the siloed nature of the industry and the role of strategic investors. The conversation highlights the need for modern technology in real estate and the importance of simplifying complex processes. They also touch on the health of the real estate market and how that impacts the investment landscape, linked to the relatively slow adoption rate of technology in the industry.
Chapters
00:00 Introduction and Company Background
01:23 Pantera's Services and Value Proposition
04:05 Market Focus and Expansion Plans
05:07 Regional Differences in Real Estate Analysis
07:45 Customer Acquisition and Word of Mouth
10:18 Competition and Excel Integration
13:26 Challenges and Siloed Nature of PropTech
16:11 Funding and Strategic Investors
19:56 Future Vision and Product Development
22:58 Impact of Real Estate Market on Pantera
27:20 Surprises and Challenges in Starting the Business
32:31 Adoption of Technology in Real Estate
33:31 Conclusion and Appreciation 
---
This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Cost Segregation, Part 2, Kim Lochridge @ Engineered Tax Services

In this conversation, Joshua and Kim discuss energy efficiency tax credits and deductions. They cover the history of these incentives, including the Energy Policy Act of 2005, and focus on two major programs: Section 179D and Section 45L. Section 179D provides a tax deduction for commercial buildings that meet energy efficiency criteria, while Section 45L offers a tax credit for residential units. The conversation explores the eligibility criteria, changes in the tax code, and the impact of these incentives on architects, engineers, and developers.
They also touch on the changes brought about by the Inflation Reduction Act, the challenges in qualifying for Energy Star certification, and the future of these tax credits. Additionally, they highlight the involvement of stakeholders in government processes and the complexity of implementing and modifying tax credit rules.
Introduction
History of Energy Efficiency Tax Credits
Section 179D: Tax Deduction for Energy Efficiency Section
45L: Tax Credit for Residential Energy Efficiency
Changes after the Inflation Reduction Act
Challenges in Qualifying for Energy Star Certification
Summary of Available Tax Credits
Future of the Tax Credits
Involvement in Government and Lobbying Efforts
The Complexity of Government Processes
Other Tax Credits for Residential Properties
Conclusion
---
This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases

Cost Segregation, Part 1, Kim Lochridge @ Engineered Tax Services

In this conversation, Joshua and Kim discuss energy efficiency tax credits and deductions. They cover the history of these incentives, including the Energy Policy Act of 2005, and focus on two major programs: Section 179D and Section 45L. Section 179D provides a tax deduction for commercial buildings that meet energy efficiency criteria, while Section 45L offers a tax credit for residential units. The conversation explores the eligibility criteria, changes in the tax code, and the impact of these incentives on architects, engineers, and developers.
They also touch on the changes brought about by the Inflation Reduction Act, the challenges in qualifying for Energy Star certification, and the future of these tax credits. Additionally, they highlight the involvement of stakeholders in government processes and the complexity of implementing and modifying tax credit rules.
Introduction
History of Energy Efficiency Tax Credits
Section 179D: Tax Deduction for Energy Efficiency Section
45L: Tax Credit for Residential Energy Efficiency
Changes after the Inflation Reduction Act
Challenges in Qualifying for Energy Star Certification
Summary of Available Tax Credits
Future of the Tax Credits
Involvement in Government and Lobbying Efforts
The Complexity of Government Processes
Other Tax Credits for Residential Properties
Conclusion
 
---
This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Building a Hotel Brand, Ethan Orley @ Oliver Hospitality

In this conversation, Joshua Kahr speaks with Ethan Orley, managing partner at Oliver Hospitality (www.oliverhospitality.com), about his journey in the hospitality business.
They discuss the challenges of operational oversight, the current deals and expansion plans of Oliver Hospitality, and the availability of equity and debt in the hotel industry. They also touch on the concept of self-check-in hotels and the future of the industry. Ethan shares insights into the Oliver brand and the types of hotel deals that are most effective for their business. They conclude the conversation by discussing partnership opportunities in the hotel space.
Chapters
00:00 Introduction and Background
02:20 Starting the Hospitality Business
04:29 Operational Oversight and Challenges
06:04 Current Deals and Expansion Plans
08:56 Building a Management Company
10:21 Raising Equity and Debt
12:46 The Oliver Brand
16:50 Considerations for Hotel Deals
20:16 Availability of Equity and Debt
23:03 Self-Check-In Hotels
26:27 Becoming a Lender
34:04 Future of Hotels
37:25 Partnership Opportunities
38:01 Closing Remarks
 
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases