The Passive Income MD Podcast #288 Why Now Could Be the Best Time in Years to Invest in Real Estate
Nov 3, 2025
Join Jonathan Spitz, Head of Capital Formation at Lightstone Direct, as he shares his journey from banking to revolutionizing real estate investments for everyday investors. Learn about the current market dynamics and the long-term potential of industrial real estate driven by e-commerce and reshoring. Spitz also outlines common pitfalls physicians face when investing, emphasizing the importance of understanding risks and costs. Discover how Lightstone uniquely aligns investor incentives through co-investment strategies that open the door to institutional-quality deals.
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From Brokerage To Building Lightstone Direct
- Jonathan Spitz described his career from brokerage to Origin and then joining Lightstone to build Lightstone Direct.
- He explained Lightstone historically used mostly its own capital and is now opening institutional-quality deals to outside investors.
Extend And Pretend Explains Few Distressed Sales
- Jonathan explained lenders often 'extend and pretend' when loans are current but valuations have fallen due to higher rates.
- That makes distressed sales rarer and forces selective buying rather than broad acquisition activity.
Valuations Reset Creates Multi-Year Opportunity
- Valuations have largely reset 20–30% and supply-demand fundamentals improved, creating a more compelling 3–5 year opportunity window.
- Jonathan warns recovery will be slow and we are still in the early innings of the market rebound.