Family Office Real Estate Institute Podcast

Guest: Joe Williams - Co-founder of Keller Williams In this episode, Joe Williams, the co-founder of Keller Williams, sharing his incredible journey in the real estate industry. From starting in retail to becoming a pivotal figure in real estate, Joe's story is a testament to resilience, innovation, and the power of relationships. Mr. Williams delves into the origins of Keller Williams, discussing the challenges and opportunities that shaped the company into a global real estate powerhouse. He opens up about his personal journey, the early days of his career, and the strategic decisions that led to Keller Williams' disruptive approach to real estate brokerage. Discover the insights on:

• The foundational principles behind Keller Williams' success.
• Joe's unique entry into the real estate industry at just 19 years old.
• The impact of significant economic events on the real estate market and how Keller Williams navigated these challenges.
• The revolutionary business model that shifted the focus to empowering agents, transforming the traditional brokerage relationship.
• The importance of culture, leadership, and innovation in sustaining growth and adapting to changing market dynamics.

Joe's insights are invaluable for anyone interested in the evolution of the real estate industry, the power of innovation in traditional markets, and the stories of perseverance behind one of the most recognized names in real estate.

Guest: Guest: David Stanford - Founder of RealFoundations Join us for a riveting episode of Family Office Real Estate Insights as we welcome David Stanford from RealFoundations. In this episode, DJ Van Keuren dives deep into the challenges and opportunities faced by family-owned real estate businesses, from small startups to those in the midst of generational transitions and expansive growth. David brings to light the operational intricacies of running a real estate company, emphasizing the importance of an efficient operating model and platform. Key Highlights:

• Operational Efficiency: Learn about common pitfalls in technology adoption and the struggle to find a "magic solution" to operational issues. David discusses the complexity of managing multiple technologies and the need for a cohesive, streamlined operational platform.
• Generational Transitions: Gain insights into the challenges and strategies for navigating the shift from one generation to the next within family real estate businesses. The discussion delves into the aspirations for growth, the integration of third-party capital, and the evolution of business operations to meet the demands of institutional investors.
• Outsourcing Solutions: Explore the benefits of outsourcing various aspects of real estate operations, from back-office accounting and technology support to investor reporting and data management. David outlines how external expertise can accelerate business processes and alleviate the burden on internal resources.
• The Future of Real Estate Operations: Touching on the potential impact of AI and automation, David shares current applications and future possibilities for technology in streamlining real estate operations. The conversation also highlights the critical role of communication, change management, and strategic vision in driving business success.

Whether you're part of a family-owned real estate venture looking to expand or modernize your operations, or simply interested in the dynamics of real estate business management, this episode offers valuable insights and practical advice from an industry expert. Discover how RealFoundations helps real estate companies run better, and learn strategies for embracing change and leveraging third-party expertise to your advantage.

Guest: Michael Felman - President and CEO of MSF Capital Advisors Join us on this insightful episode of Family Office Real Estate Insights, featuring Michael Felman of MSF Capital Advisors. With years of experience in both the legal and investment sectors, Michael brings a wealth of knowledge on cross-border investments, family office operations, and the dynamics of global real estate markets. In this discussion, we dive deep into the evolution of family offices from traditional investment avenues to sophisticated, global real estate ventures. Michael shares his journey from practicing law to establishing a family office focused on angel investments, eventually leading to the creation of MSF Capital Advisors. This advisory firm caters to an exclusive clientele of family offices around the world, guiding them through the intricacies of investing in diverse markets. Key highlights include:

• The shift from legal practice to international real estate and venture investments.
• The foundation and growth of MSF Capital Advisors, serving family offices globally.
• Insights into cross-border investment strategies, including the importance of local partnerships, understanding cultural nuances, and navigating legal and tax implications.
• The role of family offices in today's global investment landscape, emphasizing long-term relationships over immediate transactions.
• Michael's unique approach to building trust with international clients, underscoring the value of personal connections in business dealings.

Whether you're a seasoned investor looking to expand your horizons or new to the realm of family office investments, this episode offers valuable perspectives on navigating the global real estate market. Michael's experiences and insights shed light on the complexities and opportunities that lie in cross-border investments, emphasizing the importance of patience, diligence, and strong relationships in achieving success. Don't miss out on this engaging conversation that bridges the gap between local expertise and global investment ambitions. Subscribe to Family Office Real Estate Insights for more episodes that explore the latest trends and strategies in real estate investments.

Guest: Jack Ablin - Founding Partner and Chief Investment Officer at Cresset

Join us on another enlightening session of Family Office Real Estate Insights, where we have the privilege of hosting Jack Ablin, a distinguished figure from Cresset Partners, frequently seen on CNBC and Fox Business, and an accomplished author of numerous books. In this engaging conversation, Jack delves into the turbulent changes witnessed in the real estate market over the last year, including the expansion of cap rates and the rise in interest rates, affecting both private and public markets. Discover Jack's insightful analysis on how these shifts impact various sectors, from REITs to commercial office spaces, and learn about the implied cap rates that are pushing into double digits. Jack brings his vast experience of nearly 40 years in the market to discuss the potential future of real estate investments and the economic outlook amidst these challenging times. Further into the discussion, we explore the dynamics of debt in the real estate sector, the strategic importance of maintaining lower leverage, and the emerging opportunities on the debt side compared to equity. Jack also shares valuable tax strategies for families in the current environment, highlighting the benefits of private placement life insurance and the incredible potential of Opportunity Zone investments. This episode is a treasure trove of knowledge for anyone interested in understanding the real estate market's complexities and navigating through its cycles with informed strategies. Whether you're a seasoned investor or just starting, Jack's expertise and insights offer valuable guidance for making informed decisions in real estate investments. Don't miss out on this insightful conversation with Jack Ablin. Subscribe for more Family Office Real Estate Insights and stay tuned for our next episode, where we continue to explore the fascinating world of real estate investing.

Guest: Ethan Penner - Author and Creator of The CMBS Market

In this enlightening discussion, DJ Van Keuren sits down with Ethan Penner, author and real estate financial pioneer, to dive deep into the themes from Penner's new book Greatness is a Choice. Ethan Penner delves deep into the concept of contrarianism, emphasizing the profound power of self-esteem and trusting oneself. In his book, Penner addresses the importance of real confidence and the continuous journey of self-reflection, suggesting that true self-worth isn't stagnant but is earned and reassessed daily. Drawing from personal experiences and valuable life lessons, he explores the nuances of wisdom, the role of youthful fervor in the world, and the significance of remaining open and ever-eager to learn. Penner's perspective, encapsulated in 70 thought-provoking chapters, is not just a guide for business but a profound exploration of life, growth, and finding one's true self.

Guest: Peter Linneman - Professor Emeritus, Wharton School of Business

In a podcast with DJ Van Keuren, real estate expert Peter Linneman advocates for long-term holding and low leverage to minimize market risks. Drawing from his experience with Sam Zell, Liniman emphasizes understanding downside risks and adjusting leverage based on property types. The discussion also explores emerging trends like real estate tokenization and Opportunity Zones, both offering benefits but requiring caution. Both hosts stress the importance of fully understanding an investment and see real estate as a means to preserve family wealth The podcast is a treasure trove of information for anyone—from family offices to individual investors—interested in the real estate investment landscape.

Guest: Louis Dubin - Managing Partner at Redbrick LMD In the upcoming episode of Family Office Real Estate Insights, we're joined by Louie Dublin from Redbrecht to discuss the current landscape of real estate investment. Louie shares his company's focus on developing nearly 2,000 residential units in Washington, D.C., most of which are market-rate housing. Amid rising interest rates and economic uncertainties, Louie emphasizes the importance of low leverage in their investment strategy. He reveals that Redbrecht typically leverages less than 40% for construction debt, a conservative approach that has enabled them to secure a non-recourse construction loan over $100 million. The conversation also delves into Opportunity Zones, where Louie highlights the benefits and challenges. With insights from one of the largest family office real estate studies, this episode promises to offer valuable perspectives for both family offices and individual investors considering multifamily real estate. Don't miss it!

Guest: Andrew Pitcairn - Family Council Chair/Director | Pitcairn MFO

In this enlightening conversation, we explore the multifaceted role of education in wealth management and legacy planning with Andrew Pitcairn of Pitcairn, emphasizing that it goes beyond financial literacy to include understanding one's family history and values. We discuss the holistic approach of a true family office, which encompasses investments, family dynamics, and transitions. The conversation also delves into the complexities of transitioning from a single-family to a multi-family office, the importance of Family Councils, and the role of governance in maintaining family unity. We wrap up by discussing the significance of real estate as a hard asset in legacy building, underscoring the idea that a strong investment portfolio and good governance are interdependent. This discussion aims to provide valuable insights for families looking to preserve their wealth and legacy for future generations.

Investing in a Dislocated Market

Guest: Rick Courtney - CEO of Essential Realty Partners

Rick Courtney from Essential Realty Partners discussed the concept of a dislocated market," which occurs due to financial system stress that causes mispricing of assets.

Increasing interest rates have caused significant distress in the marketplace and shifted the need for organizations to hedge their debt.

The shift has caused a shockwave among organizations whose budgets did not anticipate the magnitude of change, while also creating negative leverage situations for multifamily operators.

In order to prepare for future capital stacks, it is important for organizations to take into account worst case scenario sensitivity analysis in order to mitigate downside risk.

THE CURRENT STATE OF THE DEBT MARKET PLACE

David Turley – Principal of Cronheim Mortgage.

Discover the current state of the debt marketplace with David Turley of Cronheim Mortgage. He has been in the business for 23 years and shares valuable insights on where institutional capital sources and securitized sources are headed. Plus, find out why some banks have stopped lending after being "flushed" with cash during the pandemic. Get all the latest information from this thought leader and industry expert!