Multiple Perspectives

In this episode of Multiple Perspectives [https://podcasts.apple.com/us/podcast/multiple-perspectives/id1511779490], host David Lofgren [https://www.linkedin.com/in/david-lofgren/] is joined by John Casmon [https://www.instagram.com/jcasmon/], Owner of Casmon Capital Group, to discuss how professionals can transition from direct real estate investing to commercial syndications. After experiencing corporate bankruptcies firsthand, John discovered the power of commercial real estate as a path to financial control. He shares his evolution from duplex owner to commercial syndication expert, revealing why small properties hit natural scaling limits and how treating real estate as a business rather than just an investment changes everything. What You'll Learn: * Why most people don't realize passive commercial real estate investing is even possible * How limited partnership structures work and what makes a truly passive investment * Why John believes small properties can't generate enough revenue to operate professionally * The three-pillar due diligence framework: team evaluation, market analysis, and deal assessment * How to use the seller's story as a lens for analyzing financial performance data * Why John emphasizes that matching narrative to numbers beats perfect projections * The characteristics of John's preferred investment strategy: B-class value-add multifamily deals * What risks every apartment investor should identify before making investment decisions John Casmon is the Owner of Casmon Capital Group and host of the Multifamily Insights podcast. After experiencing corporate bankruptcies at General Motors and a second company, John transitioned from marketing and advertising into real estate investing to gain more control over his financial future. Starting with a duplex and scaling through direct property ownership, John discovered the limitations of small-scale investing and pivoted to commercial real estate syndications. He specializes in B-class multifamily value-add deals in Midwest markets, focusing on properties that are already profitable but have potential for enhancement through strategic improvements and professional management. Episode Highlights: * [00:08:52] The Passive Investment Misconception John Casmon reveals that most people don't even realize passive commercial real estate investing is possible, thinking real estate investment only means being a landlord or house flipper. High-earning professionals often assume they need to buy rental properties directly, not understanding they can invest in larger apartment buildings through syndications. John explains how limited partnership structures work, where general partners handle all operations while limited partners provide capital and receive returns without day-to-day involvement. This passive approach allows professionals to benefit from real estate's cash flow, appreciation, tax advantages, and leverage without the headaches of property management. The key insight is recognizing that investing in commercial real estate doesn't require becoming a full-time operator. * [00:36:41] The Story Must Match the Numbers Framework John emphasizes that commercial real estate fundamentally differs from small rental properties because it operates as a true business rather than just an investment. With only two units generating perhaps $2,000-$2,500 in gross rent, there isn't enough revenue to hire professional property managers, contractors, or staff. Commercial properties generate tens of thousands or hundreds of thousands monthly, enabling professional operations with dedicated on-site managers, licensed and bonded contractors, and systematic business processes. John notes that when you transition to commercial scale, you can tap into corporate experience and run properties like professional organizations rather than individual investments requiring personal involvement in every maintenance issue. * [22:50] - Essential Factors for Developing Market Cycle Opinions John outlines his approach to due diligence by first understanding the seller's story, then using that narrative as a lens to analyze financial data. When a broker explains why a property is for sale - whether it's a long-term owner whose property manager passed away or a syndication group exiting after improvements - John looks for evidence of that story in the trailing twelve months of financial performance. If occupancy is declining due to management issues, it should show in the numbers; if rents have been increased through renovations, that should be visible in the rent roll. John emphasizes that without understanding the story first, investors are just guessing when reviewing financial statements, but the narrative provides the framework for identifying what to look for in the data. Episode Resources: * Multiple Perspectives is brought to you by https://equitymultiple.com/ [https://equitymultiple.com/?utm_source=famehost&utm_medium=podcast&utm_campaign=multiple-perspectives] * John Casmon on LinkedIn  [https://www.linkedin.com/in/multifamily-apartments-john-casmon/] * Casmon Capital Group Website [https://casmoncapital.com/]

In this episode of Multiple Perspectives [https://podcasts.apple.com/us/podcast/multiple-perspectives/id1511779490], host David Lofgren [https://www.linkedin.com/in/david-lofgren/] sits down with Jeremy Roll [https://www.linkedin.com/in/jeremy-roll-655107], President of Roll Investment Group, to discuss the current state of commercial real estate investing and market cycle positioning. Jeremy shares his contrarian perspective on why he believes we're approaching an end-of-cycle reset, the challenges he sees facing multifamily investors, and his personal strategy of holding treasuries while waiting for what he considers better opportunities. Whether you're a seasoned investor or exploring alternatives to traditional markets, this episode offers Jeremy's insights on his approach to protecting capital and positioning for what he anticipates will be the next cycle. What You'll Learn: * Why are California real estate markets experiencing low transaction volumes? * The challenges facing investors who entered the market between 2020-2022 * Why Jeremy is concerned about pivoting to private credit at this time * The strategy behind holding treasuries despite low yields * How do you develop independent market cycle opinions? * What factors should new investors research before investing? * The significance of Warren Buffett's current cash position * Jeremy's approach to education and due diligence in alternative investments Jeremy Roll is the President of Roll Investment Group since 2007, leading alternative investment opportunities in the $500k-$25M range with over $500 million in current assets under management. He is also the cofounder of For Investors by Investors (FIBI), California's largest non-institutional real estate investor meeting series with 12 chapters and over 30,000 members. A staunch advocate for cycle-aware investing, Jeremy has been featured on over 200 podcasts sharing his insights on market timing, due diligence, and risk management. His investment approach emphasizes predictability and lower risk, shaped by his experience navigating the dot-com crash and subsequent market cycles. Jeremy also serves as an advisor for Realty Mogul and has invested in companies including StartEngine, Thrive Market, and ROM Technologies. Episode Highlights: * [06:26] - The Private Credit Pivot Problem Jeremy explains why he's concerned about investors pivoting to private credit and debt investing at what appears to be the end of an economic cycle. He shares his own experience doing hard money lending from 2009 to 2022, stopping just before the first interest rate hike. Jeremy warns that while debt investing may seem safer, values decline dramatically during downturns as uncertainty increases, and loan-to-value ratios can quickly become problematic when property values fall. He cautions that many investors are being reactive rather than proactive, jumping into these alternatives without considering whether they'll perform well through a potential cycle reset. * [09:42] - Smart Money Strategies for End-of-Cycle Positioning When asked what smart money does at the end of a cycle, Jeremy outlines his personal strategy of holding treasuries despite not liking the yield. He explains the tax efficiency benefits for California residents and describes his recent small Bitcoin position as a probability-based bet on the four-year cycle pattern. Jeremy emphasizes that investors can either take advantage of end-of-cycle opportunities if they're willing to accept high risk, or stay on the sidelines with cash-like investments. He stresses that all speculative assets, including Bitcoin, silver, and gold, typically crash during end-of-cycle resets, making timing crucial. * [22:50] - Essential Factors for Developing Market Cycle Opinions Jeremy provides a framework for new investors to develop their own market cycle opinions rather than simply following others' advice. He recommends talking to experienced investors who have seen multiple cycles, studying stock market charts and PE ratios, and understanding why successful investors like Warren Buffett are holding significant cash positions. Jeremy emphasizes the importance of recognizing that we're potentially in a record-long economic cycle and understanding what that means for future opportunities. He stresses that investors must be 100% educated on current cycle positioning before making investment decisions, as sponsors will always have compelling business plans regardless of market timing. Episode Resources: * Multiple Perspectives is brought to you by https://equitymultiple.com/ [https://equitymultiple.com/?utm_source=famehost&utm_medium=podcast&utm_campaign=multiple-perspectives] * Jeremy Roll on LinkedIn  [https://www.linkedin.com/in/jeremy-roll-655107]

In this episode of Multiple Perspectives, host David Lofgren speaks with Barbara Friedberg, an experienced portfolio manager and investment educator, about her personal strategies for building a resilient investment portfolio. Drawing on her decades of experience, Barbara outlines her preference for passive over active investing, advocates for low-cost index funds, and introduces her 90/5/5 rule—allocating the majority to traditional investments and a small portion to alternatives. She also shares her due diligence framework for evaluating alternative investments. This conversation offers a deep dive into Barbara’s personal approach to smart investing. While her perspectives may differ from those of the host or business, they provide valuable food for thought for professionals navigating a volatile market. What You'll Learn: * How to build a resilient portfolio using the 90/5/5 rule * Why market timing doesn't work and the power of consistent, automated investing through market cycles * The "Track Record Test" framework for evaluating investment platforms  * How to approach alternative investments without risking your core portfolio * Why index investing beats active management for most investors  * The "Five-Year Rule" for determining whether an investment belongs in your portfolio  * How to evaluate crypto and emerging asset classes without betting the farm * Why high fees and complex investment structures often reduce actual returns  Barbara A. Friedberg, MBA, MS, is a seasoned investment expert and former portfolio manager with over 40 years of experience across real estate, stocks, bonds, and alternative assets. A trusted voice in financial education, her work appears in Investopedia, Forbes Advisor, U.S. News, and more. She runs BarbaraFriedbergPersonalFinance.com and a YouTube channel focused on investing education. Barbara also consults for fintech firms and is the author of several books available on Amazon, helping individuals build wealth with practical, time-tested strategies. Episode Highlights: * 03:57 - The 90/5/5 Portfolio Rule for Modern Investors Barbara Friedberg offers a straightforward and effective approach to portfolio allocation: dedicate 90–95% to traditional stock and bond investments, and reserve 5–10% for alternatives. This strategy is especially valuable for high-earning professionals looking to balance long-term growth with innovative risk management. It simplifies decision-making in a world full of investment noise and FOMO. By building a strong foundation with low-cost index funds and bonds, then selectively exploring alternatives, investors can tap into new opportunities without compromising their core financial stability. * 08:51 - The Smart Approach to Alternative Investments Barbara emphasizes the importance of starting small and learning systematically when exploring alternative investments. High-earning professionals often feel pressure to chase trending investments, but rushing in without proper research can lead to significant losses. She recommends beginning with trusted educational resources like Investopedia and Morningstar to build knowledge before committing capital. Start with small investments of a few hundred to a few thousand dollars to gain practical experience while limiting downside risk. This methodical approach allows investors to develop expertise while protecting their core portfolio from unnecessary risk. * 19:00 - The Three-Point Due Diligence Framework Barbara shares three critical factors when evaluating alternative investment platforms: management credentials, fee structures, and track record analysis. This framework helps wealth managers and sophisticated investors avoid common pitfalls in alternative investments. She emphasizes looking beyond marketing materials to understand who's running the platform and their relevant experience. Investors should compare fees against traditional investment options and verify performance claims against appropriate benchmarks. This systematic approach helps professionals make informed decisions about alternative investments while avoiding potentially costly mistakes. * 28:00 - The Index Fund Reality Check Barbara reveals that only 20-30% of active managers consistently beat market indices, challenging the common belief that skilled stock picking leads to superior returns. This insight is particularly relevant for high-earning professionals who might be tempted to manage their portfolios actively. The data suggests that even professional fund managers struggle to outperform simple index funds over time. For most investors, including sophisticated professionals, low-cost index funds provide better long-term results than active management. This approach saves both time and money while potentially delivering better risk-adjusted returns. Episode Resources: * Multiple Perspectives is brought to you by https://equitymultiple.com/ [https://equitymultiple.com/?utm_source=famehost&utm_medium=podcast&utm_campaign=multiple-perspectives] * Barbara Friedberg on LinkedIn  [https://www.linkedin.com/in/barbarafriedberg/]

In this episode of Multiple Perspectives [https://podcasts.apple.com/us/podcast/multiple-perspectives/id1511779490], host David Lofgren [https://www.linkedin.com/in/david-lofgren/] sits down with Michael Voulgarakis [https://www.linkedin.com/in/michaelvoulgarakis/], Managing Partner at Southgate Ventures [https://sreventures.com/], for an insider’s look into the Seattle multifamily market. They discuss how to spot value-add opportunities, leverage tech for smarter property management, and navigate regulatory hurdles while maximizing returns. From demographic shifts to sponsor evaluation strategies, this episode is packed with actionable insights for both passive investors and active players seeking to thrive in high-entry-barrier real estate markets like Seattle. What You'll Learn: * How to identify and capitalize on demographic shifts in tech-heavy markets like Seattle * The "Capital Expenditure Schedule" framework for forecasting maintenance costs  * Why focusing on high-earning tenant bases provides stability  * How to leverage property management technology to improve operational efficiency  * The strategic advantage of acquiring properties from long-term owners  * Why due diligence and market rent analysis are crucial for successful syndication  * How to evaluate real estate syndication sponsors through verifiable track records  * The importance of geographical constraints in driving property values  Michael Voulgarakis is a seasoned Commercial Real Estate Asset Manager and Operational Leader with 19 years of experience in real estate investment, underwriting, capital raising, and leasing. As Managing Partner at Southgate Ventures, he brings deep expertise in financial analysis, property valuation, and strategic planning. Known for his entrepreneurial mindset and strong negotiation skills, Michael has successfully managed multimillion-dollar portfolios. His passion lies in driving growth and delivering value through operational excellence and data-driven asset management in complex real estate markets. Episode Highlights: * 06:42 Capital Expenditure Planning Framework Michael Voulgarakis outlines a systematic approach to evaluating property investments through detailed capital expenditure scheduling. High-earning professionals considering real estate investments must understand that successful property management requires forecasting major maintenance costs years in advance. The framework involves creating a comprehensive Excel spreadsheet tracking all major building components, their remaining useful life, and projected replacement costs adjusted for inflation. Property managers should calculate annual reserve requirements by working backwards from anticipated major expenses, ensuring adequate funds are available when needed.  * 13:05 The Seattle Market Growth Strategy  Southgate Ventures identified Seattle as a prime investment market by recognizing the convergence of tech sector growth and undervalued real estate assets. The strategy focuses on acquiring properties from long-term owners who haven't maintained their buildings to current market standards, despite serving high-income tenants from companies like Amazon and Microsoft. This approach capitalizes on the gap between existing rents and potential market rates in a geographically constrained market with strong demographic tailwinds. Professionals seeking real estate investment opportunities should look for similar market inefficiencies where property conditions lag behind tenant quality. This strategy has proven successful through multiple economic cycles, demonstrating the importance of understanding both market fundamentals and demographic trends. * 36:13 Due Diligence Framework for Syndication Investments Before evaluating any specific deal, investors should thoroughly vet the sponsor's track record through public records and municipality websites. High-net-worth individuals can protect themselves by verifying claimed transactions through official sources like county records, rather than relying solely on marketing materials. Sophisticated investors should independently verify rent projections using publicly available resources like Zillow and apartments.com to validate sponsor assumptions. Professional investors should focus on deals targeting market-rate rents rather than aggressive above-market projections.   Episode Resources: * Multiple Perspectives is brought to you by https://equitymultiple.com/ [https://equitymultiple.com/?utm_source=famehost&utm_medium=podcast&utm_campaign=multiple-perspectives] * Michael Voulgarakis on LinkedIn  [https://www.linkedin.com/in/michaelvoulgarakis/] * Southgate Ventures Website [https://sreventures.com/]

In this episode of Multiple Perspectives [https://podcasts.apple.com/us/podcast/multiple-perspectives/id1511779490], host David Lofgren [https://www.linkedin.com/in/david-lofgren/] sits down with Amanda Taylor [https://www.linkedin.com/in/amanda-taylor-biz/], a creative real estate investor, about her unique “Frankenstein Financing” method. Amanda explains how to combine tools like cash-value life insurance, business credit, and alternative loans to fund real estate deals with little personal capital. Whether you're a seasoned investor or just starting out, discover how to access capital, diversify your portfolio, and build long-term wealth using innovative and sustainable financial strategies. What You'll Learn: * How to leverage cash value life insurance policies as a flexible funding source  * How to build business credit lines up to $95,000 with 0% introductory rates  * Why corporate credit building can provide substantial funding  * How to combine multiple funding sources for maximum investment leverage * The framework for creating robust exit strategies for any real estate investment * Why diversification across investment vehicles creates sustainable wealth building * How to build and leverage professional networks to access private lending  * Maintaining a strict criterion to ensure profitable deals in any market condition Amanda Taylor is a real estate investor, business strategist, and wealth mentor known for her groundbreaking "Frankenstein Financing" method. With a 15-year background in dental practice management, Amanda transitioned into real estate, building multiple businesses and a diverse investment portfolio. She specializes in helping entrepreneurs create passive income, build corporate credit, and automate operations to achieve lasting financial independence. Amanda empowers clients to scale smarter, access creative capital, and design actionable wealth strategies that lead to long-term success and generational legacy. Episode Highlights: * 05:33 Leveraging Cash Value Life Insurance for Real Estate Investment Amanda Taylor reveals how cash value life insurance policies can be a powerful funding source for real estate investments, offering a 5.5% growth rate while allowing borrowing at 5%. This innovative approach enables investors to maintain wealth growth while accessing capital for property investments or hard money lending. The strategy particularly appeals to high-net-worth individuals seeking to build generational wealth while preserving liquidity. Investors can repeatedly borrow against their policy without depleting the growing principal balance. For real estate professionals, this creates an arbitrage opportunity where borrowed funds at 5% can be deployed as hard money loans at 12%, generating a 7% spread while maintaining the original investment's growth. * 17:05 Strategic Business Credit Expansion Amanda demonstrates how establishing an LLC can rapidly unlock substantial business credit lines, sharing how she secured $95,000 at 0% interest within days of formation. This approach provides real estate investors with immediate access to capital for down payments and renovation costs without impacting personal credit scores. The strategy requires a personal credit score of around 700 initially, but allows professionals to separate business and personal finances effectively. However, careful exit strategy planning is essential to successfully managing the 12-24 month zero-interest period.  * 24:08 Creating a Strategic Buy Box for Investment Success Amanda emphasizes the importance of establishing strict investment criteria through a carefully designed "buy box" that defines acceptable property parameters and financial metrics. This systematic approach helps wealthy professionals avoid common pitfalls of emotional decision-making in real estate investing. The strategy includes maintaining detailed spreadsheets for various scenarios and having the discipline to reject deals that don't meet specific criteria. Professional investors must also build in significant margins for unexpected issues and timeline extensions.  * 37:08 Education as the Key to Alternative Investment Success  Amanda introduces her philosophy that "education and intimidation have an inverse relationship," highlighting how knowledge transforms seemingly complex investment strategies into accessible opportunities. This insight particularly resonates with sophisticated investors looking to expand beyond traditional investment vehicles. The approach emphasizes starting with fundamental terminology and gradually building expertise through community learning and mentorship. This framework provides wealth managers and financial professionals a clear path to mastering alternative investment strategies.  Episode Resources: * Multiple Perspectives is brought to you by https://equitymultiple.com/ [https://equitymultiple.com/?utm_source=famehost&utm_medium=podcast&utm_campaign=multiple-perspectives] * Amanda Taylor on LinkedIn  [https://www.linkedin.com/in/amanda-taylor-biz/] * Expand Your Empire Website [https://expandyourempire.org/]