Masters In Real Estate – Details, episodes & analysis

Eli Mills' journey from real estate broker to strategic investment expert. In this episode, the former executive reveals his transition to Chief Investment Officer and his focus on long-term value creation. Mills shares valuable insights on investment committee dynamics, raising LP equity, and the critical factors influencing property decisions in today's market.

Key Timestamps:
00:20:30 – Chief Investment Officer responsibilities
00:21:39 – Shifting to LP equity fundraising
00:23:14 – Investment committee decision-making process
00:24:09 – Family offices vs. institutional investors
00:25:33 – Deal structures: equity and waterfall models
00:28:09 – Accessing institutional capital
00:30:56 – Identifying promising deals in current markets
34:42 – Construction market opportunities and cost reduction
36:12 – Evaluating deals with tight profit margins

This episode offers a glimpse into the strategic thinking behind major real estate investments. Learn how industry leaders make high-stakes decisions and adapt to market changes.

Like, subscribe, and share for more expert real estate insights!

Tyson Williamson joined me in the studio to talk about the hottest asset class of 2024, Data Centers. We talked about how they work, where to find them and much more.

We also discussed the business of real estate development, building a variety of asset types including multifamily, Industrial, retail, and office products.

[00:00:00] Tyson Williamson's background in construction and education.
[00:02:08] Transition into data centers and real estate development.
[00:05:38] Founding The Will Group with integrated services.
[00:09:22] Evolution of data center development and requirements.
[00:11:25] Complexity and types of modern data centers.
[20:08] Advancements in data center power efficiency.
[21:47] Power grid challenges due to AI and data center growth.
[23:22] Difficulties in securing power for new data centers.
[26:07] Load ramp process and regional power negotiations.
[28:10] Shift towards smaller, boutique office spaces.
[33:25] Profitability and appeal of data centers and multifamily projects.
[00:39:15] Comparison of tilt-up construction with alternatives.
[00:41:49] Trends in apartment development types.
[00:42:58] Developer's focus on quality projects in Utah.
[00:44:05] Importance of in-house construction expertise for developers.
[00:46:10] Role and importance of owner's representatives in construction.
[00:48:16] Compensation structures for owner's representatives.

Ronald Rohde, a lawyer and commercial real estate investor, discusses his experience in the industrial outdoor storage space. He shares insights on finding deals, financing properties, and the benefits of partner's equity. Ron also talks about the importance of having an attorney in commercial transactions and the value of over-consuming third-party resources. He discusses his future plans of balancing both his law practice and real estate investments. 

Ron's youtube: https://www.youtube.com/@RonaldRohdeLaw

Josh Romney- CEO of Intercap lending and real estate development company The Romney Group, joined me in the studio to covering a wide range of topics from ranch land deals, buying mortgage companies, owning thousands of apartments, and joint ventures with prologis.

Camp North End started in 2014 with the acquisition of a 76 acre site of industrial buildings dating back to the early 1920s, a formerly blighted are that would be transformed with thoughtful, and walkable design. I was joined by Damon Hemmerdinger and former pro soccer player Tesho Akindele to discuss the makings of such an impressive project. 

Chapters
00:00 Introduction and Acquisition of the Site
08:17 Preserving Historic Buildings and Fostering Economic Activity
25:41 Transforming a Former Industrial Site
38:27 Expanding the Project and Fundraising
45:54 Advice for Retail Developers

Camp North End: https://camp.nc/

Drew Breneman discusses his real estate investment strategies, focusing on his experience investing in multifamily apartments in Chicago and the Midwest. He emphasizes the importance of understanding local markets and dispels the notion that blue states and cities are not good investment opportunities. Drew also shares insights into financing strategies, including the use of agency loans and refinancing to maximize returns. He discusses his approach to expanding his capital base and attracting investors, highlighting the value of personal connections and providing educational resources. In this conversation, Drew later discusses his experience in building an investor network and the importance of referrals. He also shares his approach to long-term holds and the benefits of refinancing. Drew emphasizes the significance of cash flow and long-term compounding in real estate investing. He discusses the pros and cons of in-house property management versus third-party management. Lastly, Drew highlights the importance of focusing on doing good deals rather than setting specific goals for growth.

00:00 Introduction and Background
01:42 Investing in Chicago
05:04 Operational Focus
07:12 Market Selection
09:15 Investing in the Midwest
13:16 Different Business Plans
22:37 Expanding Capital Base
24:11 Building an Investor Network
27:02 Long-Term Holds and Refinancing
30:11 Focus on Cash Flow and Long-Term Compounding
34:45 Property Management: In-House vs. Third Party
39:23 The Role of the Operator
46:29 Focus on Doing Good Deals

Drew's Link https://www.breneman.com/downloads

I was joined by Bobby Fijan,  the Bill James of Floorplans, to talk about the science of floorplans. Not only from a feasibility and quantitative standpoint, but also regarding the lack of apartments being built for families instead of just roommates in today's environment. We also discussed long term financing, and build to own rather than build to sell. 

Michael King, JT Redd and I discussed the current state of the investment sales market in Salt Lake City. JT and Michael are my go-to resource for all things Investment Sales in. Their team currently has $500M of commercial real estate for sale and under contract, and nobody spends more time talking to buyers, sellers, developers, and LP equity than these two. 

Timestamps
00:00 - Mini Perm Construction
06:24 - Building in Downtown SLC
09:27 - Strategies in Current Market
12:14 - Preferred Areas/ Amenities
16:35 - Townhomes
18:20 - Construction Costs
20:45 - Industrial Market
28:36 - Conversions
34:13 - Who Is Buying Right Now
35:55 - Ground Floor Retail on Apartments
39:28 - Office & Retail
42:18 - Class A Strike Prices

I was joined in studio by my friend Tyler Alley of Rose City Partners. I aspire to have Tyler's level of sophistication when it comes to building strip malls. We go through the entire cycle:

Acquisition 

Entitlements

Financing

Construction

Leasing 

To Drive Thru or Not To Drive Thru

The whole nine yards! Tyler is giving PHD level advice here, and I'm just happy to be along for the ride

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Links:

Tyler on twitter/X: LINK 

Tanner on https://www.linkedin.com/in/tanner-webster-76b182193/

Tanner on Twitter/X: https://twitter.com/twallyweb

Masters In Real Estate: https://www.youtube.com/@WebsterRealEstate/videos

Masters in Real Estate is produced by https://www.zuumpost.com/

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