Preferred Equity is one of the best opportunities in Real Estate Right now. This is a time when you can earn equity-like returns with debt-like risk. They don't come often.On this episode, I do a solo-deep dive on Pref Equity and some Q&A done with a live audience! Enjoy.Links:Deal Reward ProgramHospitality Investing MasterclassFollow Jake on XTopics:(00:00:00) - Intro(00:02:32) - Explaining Preferred Equity(00:05:27) - Pref equity vs. mezzanine financing(00:11:27) - Asymmetric returns(00:13:49) - An example of using Pref Equity(00:18:39) - Uses for Pref Equity(00:22:33) - What Pref Equity is NOT used for(00:24:23) - Where the magic happens: Structuring a Pref Equity deal(00:37:49) - The Hospitality Investing Masterclass & Deal Rewards Program(00:39:16) - Audience Q&A

Homi Vazifdar discusses building ultra-luxury resorts, selling brands for $2m/key, and making experiential luxury work. Topics include reinventing oneself, creating profitable assets in remote Utah, and transitioning to an experiential model in the hospitality sector.

Ben Wolff, Co-founder of Onera, talks about utilizing overseas talent, fundraising, and building unique luxury treehouse resorts. They discuss the intersection of Tech and Real Estate, creating memorable guest experiences, and the evolution towards experiential accommodations in the hospitality industry.

With the help of its carefully-selected operating partners, Macfarlan intends to aggregate a strategic portfolio of small to mid-sized high-yielding agricultural assets reaching a target size of ~50,000 acres, operate for targeted cash on cash return over 6-8%, and exit to an institutional investor achieving a projected 13-15% project-level IRR over the anticipated hold period of 8-10 years.On this episode, Jake and Trevor discuss:- The importance of a company mission- Investing in Farmland- Deal structures- Raising Capital- The importance of mentorshipLinks:Macfarlan Capital PartnersTrevor on TwitterTrevor on SubstackConnect & 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(00:02:07) - The impact of the Military on Trevor’s career(00:08:41) - The importance of a company having a Mission(00:10:53) - Choosing real estate as a career(00:18:17) - Lessons learned from the GFC(00:20:46) - Can you create generational wealth without significant leverage?(00:24:02) - Investing in Farmland(00:32:25) - The value of experience in RE(00:39:52) - Finding great operators(00:42:19) - Deal structures on Farmland acquisitions(00:49:25) - Crop share vs. lease models(00:51:15) - What’s surprised you most in doing due diligence on a farm deal?(00:53:27) - What does value-add look like in this asset class?(00:56:56) - Where have you seen things go wrong in your acquisition process?(00:58:52) - How are you fundraising?(01:00:06) - The experience of working in a father-son business(01:05:13) - The importance of reputation(01:13:41) - Mentorship(01:07:14) - What is your favorite hotel?

Discussing the post-covid industrial space and key moments in Matt's career. How the fund investing model has changed risk appetite, adding value as an operator, and Matt's investment strategy. Creating incentives and deal structures, surviving without a promote, and raising capital. Plus, a memorable hotel experience in Northern Thailand with elephants

Sky is the Founder and CEO of Basecamp Resorts, a hospitality brand headquartered in Canmore, Alberta, Canada. It currently operates 11 hotel and resort properties across Western Canada’s most spectacular mountain ranges.Jake and Sky discuss:- The state of experiential travel- Finding great locations- A walkthrough of a deal- Nordic spas- Advice for folks in hospitalityLinks:Basecamp ResortsSky on LinkedIn 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(00:02:30) - Sky’s career and the Airbnb experience(00:16:30) - The state of Basecamp today(00:19:37) - Balancing chasing easier opportunities in real estate and complex hospitality projects(00:22:02) - Finding good locations(00:23:12) - The change in experiential travel(00:24:43) - How are you capitalizing and structuring deals?(00:33:51) - Sky’s competitive edge(00:36:49) - How to know if you can make a property work(00:38:17) - Spending money on things a guest sees vs. things they won’t see(00:39:27) - F&B(00:41:24) - Walkthrough of a deal(00:52:14) - How do you approach design?(00:55:14) - Nordic spas(00:58:37) - Townhouse-hotels & alternative lodging(01:02:41) - Sky’s worst deal(01:04:53) - Advice for folks in hospitality(01:06:23) - Building culture(01:09:29) - What is your favorite hotel?

An active investor for 20 years, Jonathan has been involved in over $10 billion of real estate transactions worldwide in the hospitality, office, and residential sectors, focusing on hotels. Prior to founding EOS in 2017, he was with Northwood Investors from 2007 to 2016, where he served as a Managing Director from 2009 to 2016, overseeing the acquisition and asset management of its hotel portfolio. Jonathan oversaw the hotel investment process for Northwood Investors, which included over $940.0 million of equity.On this episode, Jake and Jonathan discuss:Finding and structuring dealsGauging riskDebt strategiesRate ceilingsStrategy sessionsBuilding a vertically integrated organizationSetting incentivesLinks:EOS InvestorsJonathan on LinkedInGirls Like Us by Cristina AlgerThe Great Game of Business by Jack StackIsla Bella Beach ResortConnect & 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(00:02:01) - Jonathan’s career hospitality(00:05:52) - How are you finding and structuring deals?(00:10:05) - Gauging risk(00:14:18) - Succeeding in hospitality as an outsider(00:20:46) - Debt strategies(00:25:51) - Evaluating market supply(00:28:12) - Rate ceilings(00:31:50) - Why Jonathan chose hospitality(00:33:49) - Most important learnings about hospitality(00:37:49) - Rationalizing having a diverse portfolio(00:45:06) - Strategy Sessions(00:50:15) - Improving communication flows(00:57:20) - Building a vertically integrated organization(01:03:17) - Building EOS(?)(01:09:01) - Incentivizing people(01:14:38) - Where investments go wrong(01:17:13) - What is your favorite hotel?

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.On 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?

Hotel industry veteran John Flannigan shares insights on becoming a GM at 26, building great hotel culture, concepting new builds, and sourcing deals. They discuss rate ceilings, doubling revenue, making a great hotel website, and the importance of building a strong hotel culture.

Scott Lewis is the co-founder and Chief Executive Officer of Spartan Investment Group, LLC (SIG). As the CEO, Scott is responsible for the strategic direction of the company and ensuring it aligns with SIG’s mission to Improve Lives Through Real Estate. Prior to Spartan, Scott held positions as a regional sales manager for a biotech firm, various positions in strategic and project management for the federal government culminating at the GS 15 level, and was on active duty in the US Army as an Infantry Officer. On this episode, Jake and Scott discuss: Leadership in the military vs. business Scaling Spartan Holding people accountable Vertical integration The Self-storage landscape Links: Spartan Storage Scott on LinkedIn No Rules Rules by Erin Meyer & Reed Hastings The Great Game of Business by Jack Stack The 4 Disciplines of Execution by Sean Covey Scaling Up by Verne Harnish Scaling up tools PDF The Conrad Thailand   Connect & Invest with Jake: Follow Jake on Twitter: https://twitter.com/jwurzak Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/ Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo   Topics: (00:00:00) - Intro (00:02:17) - Scott’s military experience (00:07:27) - Leadership in the military vs. leadership in a company (00:10:51) - Getting into real estate (00:18:01) - Scott’s first deal (00:19:31) - Scaling the business (00:29:57) - Holding people accountable (00:36:08) - Meeting structures (00:39:43) - Mistakes made early in the business (00:42:33) - Vertical integration (00:46:13) - Hold strategies (00:46:53) - Scott’s $100m deal (00:52:00) - The Spartan Fee structure (00:57:40) - The self-storage landscape (01:01:58) - Adapting to the new RE cycle (01:07:50) - Investment and underwriting processes (01:11:54) - Scott’s book recommendations (01:17:12) - Advice for inspiring performance (01:20:54) - What is your favorite hotel?