Property Profits Real Estate Podcast

"You can't possibly be modeling a $20 million project with this spreadsheet." That was Eddie Fong's first day in real estate development.

 

Eddie spent almost 30 years at Microsoft, Salesforce and Dropbox, building software for a billion users. A year ago he pivoted and became chief underwriter for a team building multifamily in the Pacific Northwest.

 

He shares why they build to rent but plan more than one exit, why they pick markets that do not lean on tech, and how a forgotten deadline can cost $100,000 in earnest money. He also explains MistryOS, his AI native startup that puts a whole project in one place so the full team can ask it questions.

 

Key topics:

Going from big tech to building apartments

Build to rent in secondary Pacific Northwest markets

The $20 million spreadsheet shock

Why touching the cabinets beats a billion anonymous users

One view of a project, from parcel number to actual cash flow

Why one person using AI is not an AI company

 

About the guest:

Eddie Fong spent almost 30 years in tech at companies like Microsoft, Salesforce and Dropbox. He is chief underwriter for a multifamily developer building 40 to 120 unit projects, and he is building MistryOS, an AI native operating system for real estate development.

 

Connect with Eddie: https://www.mistryos.com

Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate

Want to be a guest on the show? https://www.daveinterviewsyou.com

While other multifamily deals went sideways on floating rate debt, Greg Bronson's team stuck with fixed rate financing. Here's what they're buying now.

 

Greg Bronson of Ashland Capital invests in value add multifamily, built to rent and student housing across the Midwest and South. His team saw that "eventually the music was going to stop" on zero interest rates, and they stayed away from high leverage and floating rate loans.

 

Greg breaks down a 108 unit built to rent community in suburban Chicago. The last owner was just managing for occupancy to sell. Expenses ran heavy and rents felt low. Now Ashland is getting $100 to $200 rent increases, even on units they did not renovate.

 

He also shares why the quick apartment flip "has sailed," how a cash out refi in Dayton, Ohio gave investors mailbox money, and why raising capital from burned investors takes more time.

 

Key topics:

Why so many value add deals went sideways

Why built to rent is a sweet spot right now

Finding hidden value in a fully leased property

Refinance and hold versus sell

Real estate equity and real estate debt in one portfolio

Raising capital after investors got burned

 

About the guest:

Greg Bronson is Senior Director of Acquisitions and Investments at Ashland Capital. He has over two decades in real estate and started in real estate debt investing from 2007 to 2012, right through the financial crisis. Ashland also runs a credit fund that provides small balance preferred equity to other sponsors.

Links:

Connect with Greg: https://www.ashlandcapitalfund.com/

Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate

Want to be a guest on the show? https://www.daveinterviewsyou.com

"At the end of the day, I am the mortgage." After 25 years as a landlord and multifamily GP, Steven Weinstock moved his new business into first lien loans.

 

Steven's fund makes 3 to 24 month bridge loans to fix and flip and renovation investors. His rule is 65% loan to value. At 68%, he is out.

 

He shares how he gets all his deal flow from mortgage brokers without spending a dime marketing to borrowers, and why 1 to 4 unit homes are the most liquid real estate out there.

 

He also gets real about raising capital for a lending fund. His older investors love it. His younger ones want 25% returns and ask about taxes. And his answer for new investors starts with being known.

 

Key topics:

Why he shifted from owning to lending

The 65% loan to value guardrail

Getting deal flow from mortgage brokers

Why 1 to 4 units sell in any market

How older and younger investors see lending differently

Know, like and trust for raising capital

 

About the guest:

Steven Weinstock has invested in real estate for about 25 years, from single family homes to multifamily syndications. Based in Brooklyn, New York, he runs We Capital Mortgage Fund and hosts The Wealth Clock Podcast.

 

Connect with Steven: https://www.wecapitalx.com

Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate

Want to be a guest on the show? https://www.daveinterviewsyou.com

His first turnaround had gangsters, crime and occupancy near 60%. It taught him two rules he will never break again.

Colby Fryar of Mountain Bridge Capital bought a tough property in Las Cruces, New Mexico. His team hired three contractors, turned eight to 12 units a month, and turned it around in about six months. This year they refinanced out and got their investors their money back.

Now Colby's rules are simple: raise enough capital, and cash flow day one. He explains why older Class C buildings look great on paper until each repair costs about $4,000, and why his team now buys newer properties in Phoenix.

Key topics:

• The Las Cruces turnaround and what it taught him

• Why cash flow day one is non negotiable

• Newer vintage vs old Class C properties

• Local partners and full time asset management

• Why prices down 35 to 40% could mean the next transfer of wealth

About the guest:

Colby Fryar is a principal at Mountain Bridge Capital, a multifamily syndication company focused on Phoenix, Arizona. He personally owns 240 doors across five properties in New Mexico and Tucson.

Connect with Colby: https://mountainbridgecapital.com

Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate

Want to be a guest on the show? https://www.daveinterviewsyou.com

Paul Lizell took a hurricane damaged shell, turned it into an 8 room co-living home, and doubled the rent.

 

Paul has invested in real estate for over 25 years and has done deals in 44 states. For the last year and a bit, he has focused on co-living and PadSplit.

 

He explains what co-living is, how PadSplit works, and why he is so bullish on it. His son pays almost $1,900 a month for a one bedroom. A PadSplit room can rent for about $800 a month with internet and utilities included.

 

Dave plays devil's advocate on the people side. Paul shares why it has been easier than his single family rentals, and the travel baseball lesson he uses to set the rules.

 

Key topics:

What co-living and PadSplit are

Why affordability makes Paul bullish on co-living

Turning a 4 bed, 3 bath house into an 8 bed, 4 bath

Why losing a tenant hurts less with 8 rooms

Who rents the rooms and how Paul keeps the peace

Fridge shelves, dishes and the PadSplit group chat

 

About the guest:

Paul Lizell is a real estate investor based in Naples, Florida. He has done wholesales, flips and virtual real estate investing, and now owns and converts co-living properties on PadSplit.

 

Connect with Paul Lizell: https://paullizell.com

 

Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate

 

Want to be a guest on the show? https://www.daveinterviewsyou.com