Working Capital The Real Estate Podcast

Walter is an American Austrian Schooleconomist andanarcho-capitalisttheorist. He was the Harold E. Wirth Eminent Scholar Endowed Chair in Economics at the School of Business atLoyola University New Orleansand a senior fellow of the non-profit think-tankLudwig von Mises InstituteinAuburn, Alabama

In this episode, we talked about:

•⁠ ⁠Walter’s Bio & Background
•⁠ ⁠Friedrich Hayek Works
•⁠ ⁠Austrian Approach to Business Cycles and Economy Recession
•⁠ ⁠Free Speech
•⁠ ⁠Monopolies
•⁠ ⁠Rent Control

Useful links:
Friedrich Hayek “Prices and Production”, “Human Action”, “Man Economy”

Transcriptions:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jesse Fragale. You're listening to Working Capital. The Real. Estate Podcast. It is my special honor to have Walter Edward Block on the show. Walter is an American, Austrian School economist, and anarcho capital theorist.

He was the Herald e worth eminent scholar, endowed chair in economics at the School of Business at Loyola University in New Orleans, and a senior fellow of the non profit think tank, Ludwig von Mises Institute in Auburn, Alabama. How's it going? Walter? Pretty

Walter (50s): Good. I want to add, I'm not just an American economist, I'm also a Canadian. I worked for the Fraser Institute for about 12 years from 1979 to 1991. And I am a, a Canadian citizen, so I'm, I'm also, I don't know how to say out and about yet correctly, but otherwise I'm a Canadian as well. You're

Jesse (1m 12s): Out of the, out of the closet. Out of the closet on the Canadian front that, yeah, that is, that is news to me. Were you born in, in Canada or just citizenship?

Walter (1m 22s): Brooklyn.

Jesse (1m 23s): Brooklyn, New York. Brooklyn. Okay. That's what I thought. Interesting. Okay. Well, you know, for those that don't know on the podcast, we mainly talk real estate with, as listeners know, we sprinkle in economists. I think you're, you're definitely unique in the sense that some of your thoughts may not be in the mainstream of, of your typical left right kind of political ideology. I, I kind of discovered you in, in high school actually, with, with some of the works that I think you wrote in the seventies, if I remember correctly.

And I just think that the, some of the concepts that you talk about touch on real estate, rent control, some of the economic aspects, minimum wage. But for those that that don't know your work, don't know you Walter, maybe you could give a bit of a background, you know, how, what was your journey, you know, become an economist and, and what you do today?

Walter (2m 14s): Well, it all started with me and Bernie Sanders. Bernie and I went to high school together for, we overlapped for four years, and we were sort of buddies because we were on the same track team and we ran the same events. I have to tell you, my Bernie Sanders joke, it's not at his expense. Bernie Sanders joke is that Bernie doesn't run away from much, he didn't run away from socialism even before socialism became as popular as it is now.

Banks, in part to his efforts, he didn't run away not only for ex-cons voting, but even convicts voting. But there's one person that he ran away from, and that's me. Why? Because we both did the same event about a mile, and his time was about four 30 and I never broke five minutes.

Brian Burke is President & CEO of Praxis Capital, Inc., a vertically integrated real estate private equity investment firm, which he founded in 2001. Brian is also a member of the Praxis Investment Committee. Praxis operates on multiple platforms, currently managing active syndications for the acquisition of single-family, multifamily and opportunistic residential assets in US growth markets.

Brian is the author of “The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications” and is a frequent speaker at real estate investment forums and conferences across the country.

In this episode, we talked about:

• Brian’s Bio & Background
• About Praxis
• Getting Deals
• How “The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications” Book was Born
• Investor’s Capital Deployment
• Debt Fund
• 2025 Outlook

Useful links:

https://praxcap.com/

In this episode, we talked about:

•⁠ ⁠Convincing Orders to Sell
•⁠ ⁠Land and Marketing Listings
•⁠ ⁠Finding Buyers
•⁠ ⁠Tips for Negotiating and Closing Transactions

Kane Willmott is the Co-Founder and CEO of iQ Offices, a luxury coworking company with locations in Toronto, Vancouver, Ottawa and Montreal. Kane has over 20 years of entrepreneurial experience, assisting in the startup of multiple real estate brokerages as well as a public company listed on the Toronto Stock Exchange.

In this episode, we talked about:

• Kane’s Background & First Steps in Real Estate
• Co-Working Workspace Evolution
• Enterprise Co-Working
• Co-Working vs Sublease/Lease
• Office Market Overview
• Resources

Useful links:

https://www.iqoffices.com/

https://www.linkedin.com/in/kane-willmott/?originalSubdomain=ca

Transcriptions:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jesse Ali, and you're listening to Working Capital. The Real Estate Podcast. My guest today is Kane Willmott. Kain is the co-founder and CEO of iQ Offices, a luxury coworking company with locations in Toronto, Vancouver, Ottawa, and Montreal Kane, how you doing?

Kane (37s): I'm good, Jesse. How are you doing?

Jesse (39s): Doing great today. So for, you know, for those that don't know, iQ Offices the largest Canadian node coworking operator with eight locations in downtown Toronto, Vancouver, Ottawa, and Montreal. And I think I've got e everyone there. Is that right? Kane? You

Kane (52s): Got it. Perfect.

Jesse (54s): So, Kane, for those that you know, for those that don't know who you are, are iQ, Offices. What we'd like to do with most guests is basically have a little bit of a backgrounder on how you got into the real estate space, and then maybe we could talk a little bit of about iQ and how you got into that world after.

Kane (1m 10s): Great. Yeah, well, I'll try and make it a short story because I've been in the, in the business quite a while, but I started at a university at Pricewaterhouse, large accounting firm, and I found out very early on that that, that, that really wasn't for me in terms of the job and what I was doing every single day. And, but it, it taught me a lot about, about what I wanted to do really with the rest of my career. And I moved to Toronto that I, I went to school in Waterloo, moved to Toronto, and got into brokerage in 1998 and had the great fortune of working for Craig Smith and Brian Murphy.

Craig Smith started Asher Urban Realty. And I went over and started that with him about a year into my career. So I had the opportunity to really go through, starting up a business very early on in my career, in a fairly low risk way from an opportunity cost perspective. And, and I had a lot of great mentorship and guidance from Craig Smith. So from there started another brokerage with another partner, ultimately took a company public, and then started a company called Spire Commercial Realty, another brokerage with Alex Sharp, who's my business partner now in iQ Offices.

So we started Spire in 2009, focused on investment sales, and then in 2012 we got into iQ. So that's like the, the short genealogy of, of how we got to where we are now. But I can say in terms of why we started iQ, I started in office leasing in 98. And what I found in 2011 when we started looking at this as a business model, is that office space was transacting in t

Chris Picciurro is a highly respected expert in US-based Tax Planning and Strategy for Real Esate Investors, with international recognition as a presenter on the subject. He is based in Franklin, TN, where he currently resides with his family. Chris holds several accreditations, including a CPA, MBA, PFS, and ARA. He is an accomplished public speaker, recognized for delivering informative and engaging presentations at notable events hosted by organizations such as the National Association of Tax Professionals (NATP), Michigan Association of CPAs, and the Memphis Investment Group. He also previously participated as an Adjust Professor at Baker College and Davenport University.

In this episode, we talked about:

• Chris’s Bio & Background
• Canadian Investing in the United States
• Dealing with Losses in Real Estate
• Depreciation
• Offsetting Gains
• Tax Considerations
• Asset Disposition
• Resources

Useful links:

https://www.chrispicciurro.com/

https://www.linkedin.com/in/picciurro/

https://www.facebook.com/YourRealEstateCPA/

Transcriptions:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jesse Alii. You're listening to Working Capital. The Real Estate Podcast. My returning guest today is Chris Paterno is a respected expert in US-based tax planning and strategy for real estate.

Investors with international recognition as a presenter on the subject. He's based in Franklin, Tennessee, where he currently resides with his family. Chris holds a number of different accreditations, including CPA, MBA, PFS and ARA. Chris, welcome back to the show. How you doing?

Chris (53s): I am amazing, Jesse, thanks so much for having me back. I really enjoyed our episode a few years ago and, and we still get people asking questions about it. So, you know, I'm, I'm excited to be back here honored and there's been some changes over the last few years that we wanted to make Canadian residents that are doing business in the United States aware of you have a an amazing following, amazing community. So I'm always, again, always honored to come back on the show.

Jesse (1m 22s): Well, I appreciate it. Yeah. you know, from time to time I get these questions about the, the original interview we did. So we'll have some link in the show notes for that. I think we also put it out on YouTube. If you just type in investing in US real estate from Canada and you put my name Jesse Fragale or Chris's, you'll probably be able to pop that video out. But to make things easy, we'll also put a link in the show notes on that one. So, Chris, we've, we probably haven't talked, if I look at this episode, that was December, 2020, which is crazy to think it's been that long.

Wow. So I always say there's a lot has happened over the last couple years, but before we even kind of get into it, why don't you give a little bit of a backgrounder for listeners, kind of who you are, how you got into, into real estate, and, you know, what you do today for, for individuals.

Chris (2m 22s): Absolutely. So, yeah, my name, my name's Chris Picciurro, again, CPA Love Real estate investing. I and I have been a CPA here in the States for well over 20 years, the last 15 years niching in helping real estate investors

Nick Hill is a host of the Canadian Real Estate Investor podcast. He’s a mortgage agent, Real Estate investor, and works in brokerage and lending services through their company, LandBank.In this episode, we talked about:

•⁠ ⁠Nick’s First Steps in Real Estate
•⁠ ⁠Canadian Real Estate Investor Podcast
•⁠ ⁠Specifics of the Canadian Real Estate Market
•⁠ ⁠Interest Rates Environment
•⁠ ⁠2024-2025 Opportunities for Real Estate Investors
•⁠ ⁠Resources


Useful links:
https://www.instagram.com/mybuddynick/?hl=en
https://www.linkedin.com/in/nick-hill-337a8762/?originalSubdomain=ca

Transcriptions:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jessica Galley and you're listening to Working Capital. The Real. Estate Podcast. My guest today is Nick Hill, an investor real estate professional mortgage broker, and one of the hosts of the Canadian Real Estate Investor Podcast Nick.

How's it going?

Nick (39s): Very well, longtime listener. Honored to be, honored to be a, a guest. So yeah, happy to be here. Happy to, happy to chat. And man, the bio makes me sound pretty good, I guess. Eh,

Jesse (50s): It's not bad, eh, I don't know. Was it the, was it the mic or the content?

Nick (55s): Maybe the guy saying it. I'm not sure.

Jesse (58s): Oh, that's, you're too, you're too nice. So, Nick for, for those that don't know, maybe you could give a little bit of a, of a background for, for basically how you got into real estate, and we could talk a little bit more about kind of social media and, and the, the podcast that you guys have. But why don't we start with a little bit of a, a background on yourself?

Nick (1m 18s): Yeah, appreciate that. I don't know how far I'll go back here. I've, I've kind of always just been attracted to the entrepreneurial side of things. Started a lot of businesses, kind of my late teens, early twenties, originally wanted to be a lawyer. Started talking to lawyers when I was in university. I was watching a lot of suits at the time and realized that that was nothing like reality. So quickly. Finished up my degree, went into construction engineering management, which kind of put my career trajectory into the construction side of things.

So I worked on condos as a project coordinator. I worked at Sanofi Past, which is a big pharma company in, in north Toronto on the CapEx team. Did that for a few years and kind of wanted to get more in the business side of things. So I transferred out of the construction side of things, making a really good salary, and decided to get into commercial real estate where, you know, Jesse, there is no such thing as a salary.

So did that for, for a while as a junior associate at Ellington, which kind of little offshoot of of Collier, some of the top guys there, went and started their own shop. Did that for a while. Great experience, great exposure. Got into the business development world kind of within the tenant fit out space in, in commercial real estate. And from there, just kind of coasted along for, for several years when the pandemic hit, I actually just before the pandemic hit, I decided I was gonna finally dip my toes in and start trying to build my own personal real estate portfolio.

So started buying small cap residential properties, couple duplexes here and ther

Mr. Gordon Wadley is the Chief Operating Officer of Dream Office REIT. Mr. Wadley provides leadership to the overall asset strategy of Dream Office REIT’s Toronto portfolio. Mr. Wadley has held progressively senior positions within the company since he joined in 2011.

In this episode, we talked about:

• Gordon’s First Steps in Real Estate Space
• Asset Classes Overview
• Thoughts on Co-working Space in 2024
• Interest Rates
• Office Space Conversion
• 2024 Outlook
• Advice to Individuals who Consider Making a Career in Real Estate

Useful links:

https://dream.ca/office/

Lauren Cohen is a cross-border lawyer, realtor, best-selling author, international speaker & business immigration strategist with over 25+ years of personal and professional experience, thousands of clients successfully invested in and relocated to the U.S., and tens of millions of dollars in investments secured:

In this episode, we talked about:

• Lauren’s Bio & Background
• Immigration Investment
• Best Timing for Real Estate Investment
• Geography of Investment
• Types of Visa

Useful links:

https://www.eb5investors.com/

https://www.linkedin.com/in/lauren-a-cohen-9b54b11a2/

https://www.instagram.com/laurenesq1/

Transcriptions:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. ladies and gentlemen, my name's Jesse Fragale and you're listening to Working Capital. The Real Estate Podcast. We have a returning guest on the show today, Lauren Cohen.

Lauren is a US immigration lawyer, Lauren a US immigrant from Canada is a serial entrepreneurial realtor, cross-border. Legal strategist. Bestselling author and global keynote speaker. Lauren is the founder of Investing Across Borders, the only concierge full service, investment and immigration advisory company helping clients navigate through the complex journey of cross-border real estate investing business set up and expansion and securing us visas. Lauren, how you doing?

Lauren (1m 1s): I'm pretty good. How are you doing? How's the weather? Ah,

Jesse (1m 5s): You know what? It's not bad. It's okay. We're not in the, we're not in the negative weather, but it's very, I feel like we've been in London in Toronto for the last month.

Lauren (1m 14s): Oh, that much rain, huh? A lot of gray. Huh?

Jesse (1m 17s): Rain a lot of gray. It's dreary, but you know what? Can't complain. you know, I'm not, the winter jacket isn't fully out yet, so we're okay. How about you? You're still in Florida?

Lauren (1m 28s): Yes, sir. I will not be there in January. Anytime in any January. Anytime soon.

Jesse (1m 36s): Fair enough. Yeah, I'm sure it's, it's a lot different right now in terms of the weather there. Yeah. Lauren, it's been, it's been quite a while since we last spoke. We had you on the podcast and we can link to that probably, I'm gonna say two years ago, if not, if not more. During,

Lauren (1m 53s): During Covid, was it the last time?

Jesse (1m 55s): It was, it was definitely during some sort of lockdown.

Lauren (1m 59s): Yeah, at the tail end I think. Yeah. Yeah, it's, well, you know, you have so many lockdowns in Toronto, which were good for me, but not so good for you guys, so, yeah.

Jesse (2m 9s): Well it's funny when people say the C word on the podcast, we, we don't know if they're talking like if it's a US individual, I don't know, you know, when it took place. 'cause it was different for us than, than down south. Very,

Lauren (2m 21s): Very, very.

Jesse (2m 23s): Yeah. So Lauren for, for those that you know, didn't listen to the first podcast and, and you know, just want to know kind of yo

Omar Khan is a Returning Champion - the Founder and Managing Partner at Boardwalk Properties. Omar has advised on $3.7 billion in capital financing and M&A transactions, as well as securing $50+ million in equity from private and institutional capital. He is a graduate from the Rotman School of Business (University of Toronto), and aCFA charter holder with 10+ years of investing experienceacross real estate and commodities. As the principal of Boardwalk Wealth, Omar is primarily responsible for developing strong relationships with private and institutional investors, brokers, and strategic partners. He has closed on over $450 million of assets across TX, GA, FL, and SD.

In this episode, we talked about:

•⁠ ⁠Omar’s Bio & Background
•⁠ ⁠Canada vs America's Entrepreneurship
•⁠ ⁠Initial Steps in Real Estate Investing
•⁠ ⁠Asset Classes
•⁠ ⁠Agency Debts
•⁠ ⁠Forecast for Retail, Industrial, and Multifamily Asset Sectors
•⁠ ⁠The Impact of Current Macroeconomic Changes on Omar’s Investment Philosophy
•⁠ ⁠2024-2025 Outlook and Opportunities for Investors


Useful links:
https://www.boardwalkwealth.com

Transcription:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jesse Fragale. You're listening to Working Capital. The Real Estate Podcast. My Returning guest today is Omar Khan. Omar is the Founder and Managing Partner at Boardwalk.

Properties. Omar has advised on 3.7 billion in capital financing and M and a transactions, as well as securing over 75 million equity from private and institutional capital. He's a graduate from the Rotman School of Business at the University of Toronto and a CFA charter holder with 10 plus years experience in investing across real estate and commodities. As, the principal of Boardwalk Wealth Omar is primarily responsible for developing strong relationships with private and institutional investors, brokers and strategic partners, and has closed on over 500 million of assets in Texas, Georgia, Florida, and South Dakota.

Omar, welcome back. How's it going? Hey man,

Omar (1m 13s): I prefer the term Returning. Champion.

Jesse (1m 15s): Yeah, we'll put that in the, in the show notes. Yeah, it, it's been a while man. I think we were just talking before the show. January, 2021. Nothing has happened between then and now.

Omar (1m 27s): Yeah, I mean, you're a big hotshot Toronto broker, you know, so nothing's happened. I mean, I know things are exciting for you, but I'm just steady, Eddie.

Jesse (1m 35s): I like it. So for those that that did not listen to the first episode, which I think was number 40, if you want to go to working capital podcast.com, I'm sure you can find it or wherever you listen to podcasts. But Omar, what, what has been going on in your world? Maybe you could give the, the listeners a bit of a background as to kind of how you got in the industry and add a little color to the, to the Bio.

Omar (1m 59s): Look, my family is a business family. That's not why I got into the industry, but I guess that's why I might have had the bug to have my own business, as you may, I live in the US now. I live in Dallas, but obviously what a school in Canada, Canadian citizen did all of that stuff. Worked at R-B-C-C-I-B-C. Enova is an oil and gas firm and had great set of experiences in Canada. And then I moved to the

Ashley Kehr purchased her first rental property in 2014 and since then has grown her buy-and-hold portfolio to over 30 units. She has experience in residential and commercial properties. She accredits much of her success to the use of partners on several real estate deals and creative financing. Ashley developed a passion for real estate after quitting her staff accountant job to work as a property manager. Within several years, she had created two property management companies, which she ran for over five years. Her speciality was creating systems to work efficiently and remotely within the companies. Ashley Kehr is the co-host of the Real Estate Rookie Podcast. Just a few years removed from being a beginner herself, Ashley is now helping newbies figure out actionable steps to get their first deal. She has a dual degree in finance and public accounting and recently became a licensed insurance agent.

In this episode, we talked about:

• Ashley’s Background and First Steps into Real Estate
• Journey with Bigger Pockets
• Decoding Asset Class Shifts Over Time
• Long Term vs Short Term Rentals
• Interest Rates
• 2024-2025 Outlook

Useful links:

Instagram https://www.instagram.com/wealthfromrentals/?hl=en

https://www.ashleykehr.com/

Transcriptions:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name's Jesse Fragale. You're listening to Working Capital. The Real Estate Podcast. Our returning guest today is Ashley Kerr. Ashley purchased her first rental property in 2014 and has since then grown her portfolio to over 30 units.

Ashley is the author of Real Estate Rookie, 90 Days To Your First Investment. So for those that you know, didn't listen to the first conversation, it's been a few years since, since we last chatted, maybe you could give a little bit of a background for the listeners of, you know, how you, how you kind of came into real estate and more specifically what you've been doing the last couple years. 'cause I know you're fairly active online and I know that, you know, you've been affiliated with BiggerPockets for the last few years, so if you could speak to that, that'd be great.

Ashley (1m 5s): Yeah, sure. So to get my start, I actually was an accountant. I hated my job and I quit it and I was just gonna be a stay at home mom. My husband, he was a dairy farmer. And so right after I quit as an accountant, I decided to get pregnant, have a baby. And my neighbor growing up, who was a really good family friend, I was best friends with his kids growing up. He said, I have a 40 unit apartment complex I'd love for you to manage. So that was my first kind of insight into real estate.

Growing up, I knew the family was very well off that, you know, he had made investments And, he owned a couple businesses that I knew about, but I never knew about the real estate part of it. And so that was my experience as to like what you can actually do. And when I first started working for him, he had me sit in and help him acquire another business. And the way he was able to acquire this business was actually leveraging his multifamily property. He had refinancing it, pulling the equity out And, he used the cash to buy this new business, And.

he took me to the closing table. He let me like write out the checks of this huge amount and like right there, like I can still, you know, see the orange shag on the atto