Masters of Moments

As the CEO of BTI Partners, Noah brings over 30 years of real estate finance, construction and development experience to the table with over $3.5 billion in transactions across a wide variety of asset classes.This episode was originally released November 2023On this episode, Jake and Noah discuss:- Spotting patterns in cycles to take advantage of- Debt positioning- Identifying great locations- Biggest makes for folks getting into the land businessLinks:BTI Partners: https://btipartners.com/Noah on LinkedIn: https://www.linkedin.com/in/noah-breakstone-97ba576/Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:01:41) - Noah’s background and career in development(00:11:31) - Spotting patterns in cycles to take advantage of(00:14:43) - Hold periods and investment horizons(00:17:02) - Asset class approach(00:22:53) - Debt positioning(00:25:49) - Finding the right partners(00:27:51) - Why did you choose to only operate in Florida?(00:31:02) - Identifying a great location(00:32:50) - Long-term concerns for Florida(00:35:37) - Build for Rent opportunities(00:41:28) - Does education play a role when looking at land?(00:44:34) - Housing(00:56:30) - The impact of distribution centers(00:59:28) - Biggest mistakes people make getting into the land business(01:05:01) - How do you know if you’re overpaying or getting a great deal?(01:07:21) - Identifying a slow-down(01:16:47) ) - How has your leadership style changed over time?(01:21:25)- What’s your favorite hotel?

Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant light industrial and related business parks. The Company is highly focused on a specific market sector, enabling it to generate favorable risk-adjusted returns.Formed in 2012 as an independent company, the firm carries in its DNA the successful 50-year track record of acquiring and operating multi-tenant commercial real estate assets of Matthew Adler’s legacy family business, the Adler Group.This episode was originally released December 2023On this episode, Jake and Matt discuss:- How the fund investing model has changed risk appetite- Adding value as an operator- Matt’s investment strategy- Creating incentives and deal structures- Surviving without a promote- Raising capitalConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoLinks:Adler Real Estate PartnersSolo Ep on feesFour Seasons Golden Triangle ThailandTopics:(00:00:00) - Intro(00:02:00) - The post-covid industrial space(00:05:02) - Key moments in Matt’s career(00:08:40) - Gross-to-Net spread(00:09:59) - How the fund investing model has changed risk appetite(00:14:11) - Adding value as an operator(00:16:54) - Matt’s investment strategy(00:26:10) - Creating incentives and deal structures(00:38:05) - Surviving without a promote(00:42:29) - Raising capital(00:50:34) - Characteristics of a successful reporting memo(00:53:43) - Managing the business weekly(00:57:13) - Acquisitions people vs. asset managers(01:02:12) - The 3 KPI’s that determine whether to pursue a deal(01:06:57) - Acquisitions and investment size(01:09:24) - Sourcing deals(01:11:54) - Thoughts on debt(01:13:35) - What’s your favorite hotel?

Jake, a seasoned expert in preferred equity investing, dives deep into the nuances of this financial strategy. He explains the structures and benefits of preferred equity, highlighting why it often outperforms private credit. The discussion includes vital topics like returns, control rights, and the importance of understanding terms. Jake also addresses common objections and shares insights on deal sizes and pitfalls to watch out for. The episode wraps up with an engaging Q&A session, allowing the audience to gain clarity on pressing investment questions.

Glenn Alba, a seasoned real estate expert and former Managing Director at Blackstone, shares insights on his transition to entrepreneurship with Opterra Capital. He discusses the intricacies of hospitality investments, particularly the dual focus on maximizing returns while navigating post-COVID challenges. Glenn emphasizes the importance of a 'no-assholes' policy in team culture, balancing optimism with realism in investment, and the unique metrics essential for hotel asset management. His personal anecdotes add charm to the complex world of real estate.

Mahavir Patel, President & CEO of Aatmos, discusses the exciting blend of tradition and innovation in family-run hotels. He shares insights on transforming tired motels into vibrant lifestyle destinations, emphasizing the challenges of pleasing both guests and major brands like Marriott. Mahavir dives into the underestimated aspects of hospitality, the balance between personal service and technology, and how local heritage influences modern designs. He also explores effective strategies for making smaller hotels profitable while enhancing guest experiences.

Cyrus Vazifdar, a Managing Director at Hodges Ward Elliott, specializes in high-end hotel and resort investments across North America. He shares insights on the significant differences between Miami and D.C. real estate markets, emphasizing Miami's resilience post-crisis. Vazifdar discusses the transition to ultra-luxury hospitality, the essential role of brand identity, and strategies for profitability in a competitive sector. He highlights emerging trends, such as exclusivity in membership programs, and reflects on the balancing act between exceptional service and operational costs.

Austin Allison, CEO and Co-Founder of Pacaso, shares his journey from founding Dotloop to revolutionizing luxury second home ownership. He discusses how co-ownership democratizes access to vacation homes and fosters community engagement. The conversation delves into the complexities of managing luxury properties, innovative financing structures, and addressing customer concerns in this emerging market. Austin also touches on the challenges faced in traditional real estate and the transformative effects of technology in enhancing co-ownership experiences.

On this solo episode, Jake dives into GP fees. He explains why GPs should charge fees, the differences between deal shops and Real estate private equity firms, how to build great returns, the types of fees you will see from GPs, what to charge as a GP and more. Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/ Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTimestamps(00:00:00) - Intro(00:01:02) Why are we talking about Fees?(00:03:39) Why GPs charge fees(00:09:02) Deal shops vs. Real Estate Private Equity Firms(00:10:23) Charging market fees to build great returns & borrowing costs(00:14:45) Real Estate Operating Companies vs. Assets(00:17:15) Understanding where your company is at in it’s life cycle(00:18:42) Primary components and fees you’ll see(00:20:04) What to charge for and include in fees(00:22:10) Do not operate at a loss(00:23:08) Project Management vs. Asset Management(00:29:24) Final Thoughts

Isaac Toledano, Co-Founder of BH Group, has extensive experience in luxury residential projects across Florida. He discusses his journey from Israel to the booming luxury market in Florida, highlighting the strategic importance of partnerships and clear communication. Isaac reveals insights on navigating high-stake transactions, emphasizing risk management and profitability. He also explores the appeal of luxury condos, the competitive landscape, and the significant investments his firm is making, painting a promising picture for Florida's real estate future.

Sean Hehir, CEO of Trinity Investments, shares his extensive expertise in hospitality investment. He discusses his journey from Botswana to Hawaii, emphasizing the importance of adaptability and relationship-building in the luxury hotel sector. Sean highlights the execution of $500 million in renovations, strategies for raising capital, and the significance of a 'no-asshole culture' within teams. He also examines evolving investment opportunities post-COVID and the critical role of partnerships in navigating the complex hospitality investment landscape.