Working Capital features in-depth conversations with guests from a variety of areas in real estate, economics, education, investment and more. Host Jesse Fragale and guests discuss information about real estate investing that will actually help the average aspiring investor take the steps necessary to start and grow their real estate business.
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Have We Passed the Bottom in Commercial Real Estate? With Rob Kumer | EP190
Friday, February 20, 2026 • Duration 38:53
Rob Kumer is the Chief Executive Officer of KingSett Capital, a prominent Canadian private equity real estate investment firm managing approximately $18 billion in assets. Joining in 2004, he became CEO to lead the firm's strategy, investment committee, and mortgage lending, with a focus on sustainable growth, urban development, and decarbonization.
In this episode, we talked about:
• Rob’s path to CEO of KingSett. • How KingSett grew from a $220M fund to a $20B platform. • 2008–09 crisis vs. today’s post‑COVID real estate downturn. • Trophy office, strong malls, solid industrial, stabilising rentals. • Why global capital may increasingly prefer Canada over the U.S.
A History of Rent Control in New York City with Richard Epstein | EP189
Wednesday, November 5, 2025 • Duration 39:39
Richard Epstein is our returning guest. Richard is an American legal scholar known for his writings on torts, contracts, property rights, law and economics, classical liberalism, and libertarianism. He is the Laurence A. Tisch Professor of Law and director of the Classical Liberal Institute at New York University, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution
In this episode, we talked about:
- Richard’s View on Rent Control
- Rent Stabilisation VS Rent Destabilisation
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.
Jesse (22s): And what was characteristic of Justice Holmes and most of the scholars at that time is they were not always focused on the essential difference between competitive markets on the one hand, and monopolistic situations on the other. And so he said, rent control is dealing with this instability of one form or another. And you could never conceive about the fact that the instability is something that would induce new entry by other people, which bring the market back into equilibrium, and that the regulation that you wanted to put into place would in effect, stop that from ever happening.
Okay, well first of all, strict rent control, as it was originally defined, was you put a price in at a given point in time and you do not change that price at all. And so the control is very fixed. What then happens is the variation on that could be one of two. One is when the unit turns over to an independent person, you can then raise the rate.
Jesse (1m 22s): Hey, my name's Jess Golin. You're listening to Working Capital, the Real Estate Podcast. Today we're diving into one of the most enduring and controversial policies in American and Canadian housing Rent control. New York City first adopted rent control regulations over 70 years ago in the aftermath of World War II when policymakers sought to stabilize housing costs amid shortages. Since then, rent control and rent stabilization have become fixtures of the city's housing market. Defendant has protections for tenants, but also criticized for discouraging new development, distorting prices and reducing housing quality.
Few places embody this tension more than New York, where some tenants pay well below market rents well just across the hall. New renters pay multiples more for landlords, investors, and policymakers. This creates one of the most complex operating environments in US real estate. And now with New York elections on the horizon, the future of these policies is once again in question, will the political wins bring more restrictions or will there be a push to liberalize the markets and incentivize new housing supply? The outcome will have profound implications, not just for renters, but also for property owners, developers, and the broader investment landscape.
To help us unpack the history of the economics and legal framework of rent control, I'm joined by Professor Richard Epstein of NYU School of Law, one of the most respected voices in his field, known for his work on law and economics, property rights and regulation. This is a conversation that goes beyond the surface level talking points. It gets into the real consequences for housing markets, investment and urban development. So without further ado, my conversation with Richard. Richard, it's, it's been quite a while since we last spoke. As usual, a lot's transpired over the past year.
How are you doing today?
Richard (3m 4s): Well, I'm doing fine. Very busy. I have to go and teach property law in a couple of hours. And one of the topics which will co
The State of Industrial Real Estate with Chad Griffiths | EP180
Monday, June 17, 2024 • Duration 42:05
Chad has been in the industrial Real Estate industry since 2005 as a global commercial Real Estate company member and a partner with his local firm. Chad has completed over a thousand deals with clients ranging from small companies to large institutional owners as an active investor. Since 2014, Chad is co-owner of 150,000 square feet of industrial properties. Chad and Jesse also speak with Tyler Cobble once a month or once every two weeks on his podcast.
In this episode, we talked about:
• Chad’s Bio & Background • First Steps in Real Estate Space • Asset Classes Outlooks • Investing Side of Business • Financing Deals Structure and Challenges • 2024-2025 Opportunities in Real Estate
Self Storage Investing for Beginners with Paul Moore | EP85
Wednesday, January 19, 2022 • Duration 36:50
Paul Moore is an amazing contributor to BiggerPockets. Paul has launched multiple investments and developed companies appearing on HGTV and completed over 100 commercial & residential investments & exits in Real Estate. He has contributed in Fox business and Real Estate Guys™ Radio and is a regular contributor to BiggerPockets Producing live video and blog content. Paul also co-hosted wealth building podcast called “How to lose money” and he has been featured on a number, over 200 at this point. Paul is a 3 time Real estate author. His new book is “Storing Up Profits: Capitalize on America's Obsession with STUFF by Investing in Self-Storage Paperback”
In this episode we talked about:
Paul’s Bio & Background
Entering Commercial & Multifamily Space
Going Vertical in Self-Storage
Rent Control
Breaking into Self-Storage
Self-Storage Performance and Risks within the recent 2 years
So that's, that's what got me into real estate in the beginning. And then commercial, I ended up building a multifamily and operating it in the buckin oil rush of North Dakota. It was a multifamily quasi hotel. We did that for years. It was a lot of fun.
Jesse (4m 34s): That's great. So you, like, I'm not dissimilar from, from some stories and multifamily is you started with these properties, realize that you can make a dollar to two going that way. And then at what point did you end up going into the commercial space or the multi red space?
Investing in Real Estate; A Global Perspective with Colin Lynch | EP86
Wednesday, January 12, 2022 • Duration 52:29
Colin Lynch os the Head of Global Real Estate Investments at TD Asset Management. Colin is responsible for Global and Canadian Real Estate Strategy, overseeing fund design and structuring, implementation and oversight of acquired assets for the Global Real Estate Strategy. In this role Colin manages Investments in over 1000 properties located in over 20 counties worldwide.
In this episode we talked about:
• Colin’s Bio & Background • Financial Crisis • The Canadian Market from a Global Perspective • Post-COVID Real Estate Market Overview • Pricing & Affordability • Effects of Inflation • Commercial Real Estate Culture • Mentorship, Resources and Lessons Learned
Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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, welcome to working capital the real estate podcast. My special guest today is Colin Lynch. Colin is the head of global real estate investments at TD asset management.
Colin is responsible for global and Canadian real estate strategy, overseeing fund design and structuring implementation and oversight of acquired assets for the global real estate strategy. In this role, calling manages investments in over 1000 properties located in over 20 countries. Worldwide. We just updated that now. Colin, how's it going
Colin (53s): Kid. Good. Thank you for having me here.
Just Ask Jesse - How To Hire The Right Property Manager
Friday, January 7, 2022 • Duration 10:13
Hiring the right property manager to manage your real estate investments can truly make or break your business. You've probably heard horror stories of nightmare property managers leaving your rental property vacant, destroyed, or simply taking your money and running. In this Just Ask Jesse I share the pros & cons to property managers & tips for hiring the right one to manage your rentals!
How Brie Schmidt Grew her Real Estate Portfolio by 50 units in 1 year | EP85
Wednesday, December 29, 2021 • Duration 44:06
Brie Schmidt acquired her First Investment Property in 2011 and left the Corporate World in 2014 when she became a Full Time Real Estate Investor. Brie is the Managing Broker of Second City Real Estate, a Full Service Brokerage Working with new Investors and Seasoned Investors Looking to Expand their Knowledge of the Industry and their Portfolio.
In this episode we talked about:
Brie’s First Steps in Real Estate
Switching to Real Estate on a full-time basis
2021 Portfolio Review
Capital Deployment
The Difference Between Chicago and Milwaukee Property
The Active Investment Strategy
Property Management
1031 Exchanges
Regulatory Environment from the Landlord-Tenant Prospective
Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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. Hey, my name is Jesper galley and you're listening to working capital the real estate podcast. We have a special guest today that is Brie Schmidt. Brie acquired her first investment property in 2011 and left the corporate world in 2014.
When she became a full-time real estate investor is the managing broker of second city real estate, a full service brokerage working with new investors and seasoned investors, looking to expand their knowledge of the industry and their portfolio. I had the special pleasure of being on a panel with Bree in new Orleans at the bigger pockets conference. Bree, how are you doing I'm
How to Use Real Estate to Reduce Taxes with Amanda Han | EP84
Wednesday, December 22, 2021 • Duration 43:48
Amanda is a CPA Specialising in Tax Strategies for Real Estate, Self-Directed Investing, and Individual Tax Planning for over 18 years. She’s been Investing in Real Estate herself for over 10 years with a Focus on Long-term Hold Residential and Multifamily Assets across Multiple States.
As both a Tax Strategist and Real Estate Investor, Amanda Combines her Passion of Real Estate Investing with her Expertise in Tax. Her Goal is to Help Investors with Strategies Designed to Supercharge their Wealth-Building Using Entity Structuring, Self-Directed Investing, and Income Offset Opportunities
Real Estate Market Analysis with Shaun Hildebrand of Urbanation |EP83
Wednesday, December 15, 2021 • Duration 45:03
Shaun Leads the Team at Urbanation, Armed with a Background as an Economist and 15 years of Experience in Residential Market Analysis. Shaun is a Thought Leader in the Residential Development Industry and his Unique Perspectives on the Market Guide Urbanation's insights, Analytics and Research Strategy
In this episode we talked about:
• Urbanation Background
• Shaun’s Bio and First Steps in Real Estate
• Overview of Toronto Condo Market
• Shaun’s Thoughts on Purpose-built Rental Housing
• Rent Control
• The Size of Toronto Condo Market
• The Outlook on How Immigration Will Impact the Real Estate
Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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. All right, ladies and gentlemen, my name's Jennifer Gallan. You're listening to working capital the real estate podcast. My guest today is Shawn Hildebrand. Sean is the president of urban nation, Inc.
Raising Private Capital: Build Your Real Estate Empire Using Other People's Money with Matt Faircloth | EP82
Thursday, December 9, 2021 • Duration 44:01
Founder and CEO of DeRosa Group Matt is a Regular Contributor and Podcast Guest on Bigger Pockets.com, Has an Active YouTube Channel Dedicated to Educating Investors, and the Author of the Amazon Best Seller, Raising Private Capital, how to Build your Real Estate Empire with Other People's Money
In this episode we talked about:
• Matt’s First Steps in Real Estate
• Scaling: the jump from 49 Units Up
• Raising Private Capital
• Advice to Individuals Who Haven’t Raised Capital yet
Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper 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. All right, ladies and gentlemen, my name's Jesper gala and you're listening to working capital the real estate podcast. My guests today are returning guests, Matt fare, cloth, founder, and CEO of the DeRosa group.
Matt has been a full-time investor for over 15 years. Just talked a little bit about the deal volume here over a hundred million in real estate transactions and controlling over 1000 units in multifamily mats, a regular contributor and podcast guests on biggerpockets.com has an active YouTube channel dedicated to educating investors and the author of the Amazon bestseller. Highly recommend raising private capital. How to build your real estate empire with other people's money. Matt, how's it going?
Paul (4m 50s): Yeah, so that was 20. So in 2010 we threw a bunch of friends and I threw over a million dollars to the bottom of a hole in the ground expecting about 50 times as much oil to come back out and nothing came out. And so I don't think we, I can almost certainly say we didn't think it through as well as it might sound now, but we thought, well, who made money in the gold rush? Well, those who sold the picks and shovels. So we noticed that there was a massive, massive housing shortage in North Dakota. I mean, like 10 or 20,000 people in a town of 3000, you know, sleeping in their trucks.
So we created this multifamily, which, which we ran as a, you know, sort of an extended stay hotel in 2011. And that was our entree in. And I ended up writing a book on multifamily about five years later and I was off to the races.
Jesse (5m 42s): Yeah, fair enough. I'm sure the, the Western Canadians can, can appreciate the throwing money in a hole in terms of the, so that moved from initially in Detroit, working with Ford motor
Jesse (56s): Thanks for, thanks for being on the show. I'm really excited to talk with you today. I think there's a number of things that we'd like to cover, but before we do, as with every guest that we have on the show would love to get a little bit of more information on your background, how you got into real estate. We talked a little how it was a bit of an unconventional approach or entrance into real estate. So take us back, take us back and give us a little bit of a, of your background.
Colin (1m 23s): Absolutely certainly unconventional approach to real estate. So first things first, I actually grew up as very much into music as a musician. And so I was one of those children that was in every sort of music class. By the time it got to high school was performing in a ton of ensembles through the, by the a hundred concerts a year, got to the end of high school, said time to explore something else.
Cause I figured I, I had learned all that I could possibly learn in music, which was incorrect, but I figured I'd at least explored app. And so I went into a business and history. So I did three things in undergrad. I did the world concerned for a music. I did a bachelor of commerce at Queens, and I did a bachelor of arts in history at Queens. And, and then, you know, graduated and it was the heyday of the leveraged buyout, boom. And my mom who said, I was way too all over the place said, you got to get a skill.
You've got to focus and you should go work for those banks because they never run into any issues, their board to stability. And so that's what I did I do to fleet, went out to investment banking and went
Brie (54s): Dan. Great. Thanks. How are you?
Jesse (56s): I'm doing fantastic. Well, I appreciate you coming on the show. I thought just, you know, we were talking before the show. I think it would be really interesting to have you on because we talked a lot, but you know, across that panel and I think it would be a treat for listeners to talk not just about multiple larger units when it comes to multi residential, but to talk about the mid and lower size units or smaller size units and kind of approach it from the perspective of the kind of unique markets that you're in. So maybe to kick us off, why don't you give us a little bit of a, of a background for yourself, for listeners, how you got into real estate?
Brie (1m 35s): So I always say I used to be a normal person. I used to have like a normal job and normal, you know, grind go to the grind kind of goals in life. So I used to work in advertising sales. I used to work in business development and advertising sales never really saw myself doing anything different. You know, it was really had aspirations of being a female CEO one day. So I live in the Chicago market, which we were talking about before show is a somewhat unique market, as far as housing stock.
There's very few cities in this country that have a large portion of two to four unit multi-units. So depending on the neighborhood in Chicago, it can be between 50 and 70% of our housing stock is two to four unit properties. And they're generally about a hundred thousand dollars, less than a single family home. So at the time I was think I was just getting engaged and my fiance and I were talking about, and you're like, what are our
For those that don't know, urban nation was founded in 1981 by Eve Lewis, an industry leader and visionary. That's an emerging market opportunity for high rise condominiums in Toronto at a time when they were considered a niche product, how's it going? I'm doing great, Sean. We we're just chatting a little bit before the podcast and wanted to have you on for a little while for those that don't know urban nation. Maybe you could give a little bit of a background as to what you guys do and kind of how that company has evolved over the years with your involvement.
Shaun (1m 7s): Sure. Yeah. So as you mentioned, Urbanation was founded basically 40 years ago and began actually from Eve Louis's graduate thesis at the time. So condos were sort of a new product in the housing market in Toronto, and, you know, she studied the market, collected all the data and realized that there was a business at that could be formulated out of this research. And over the years, Urbanation continued to collect on a quarterly basis, new condominium apartment market activity by serving directly the developers that were active in the market, putting out our quarterly condo market survey publication.
And eventually over time, as, as technology evolves, moving the data and reporting into an online format. I joined the company almost nine years ago in early 2013. So at that point we were, we were just sort of really launching the full database. So that was kind of my first initiative as I, as I began to take over leadership in the company. And over the years, we've, we've continued to expand that database and the technology behind it.
We've also sort of branched out our research into more than just condominiums, but now tracking what's happening in the purpose-built rental markets. That
Matt (59s): Good. I'm good, Jesse. It's great being here, man. Am I, did I, did you tell me a bit at BiggerPockets conferences? This is that I'm your first repeat appearance on your podcast?
Jesse (1m 8s): No, the first repeat appearance was definitely the BR Brandon Turner. So
Matt (1m 13s): Yeah, you're right. Yeah,
Jesse (1m 15s): But you're there though. You know, you're very generous in the, the first, first few episodes. I think you were you're right on. I think that was right when you started marketing the book, but you know, I think at that point I read half of it completed it a long time ago. A great book. I thought it was, I thought it was just for us, at least it was very perfect timing, which is fine.
Matt (1m 37s): I gotta be here, man. I should get like, we should do like the SNL jacket thing, like finding it loud when there's repeat guests, you know, like we should do like the, like the special, like the number five collab or whatever it is. I'm in the number two clubs now at Brandon. So I want to, I'm glad to be back here with you, man. Thanks for that.
Jesse (1m 52s): It's great to have you, you know what, I didn't even ask before we started. Are you still, are you still in out of Jersey right now or
Matt (1m 59s): So we have an office building in Jersey, but we, we work, but my
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