No Cap by CRE Daily

Vikram Raya, a former cardiologist turned CEO and co-founder of Viking Capital, shares his transformative journey from medicine to real estate. He discusses the challenges of shifting careers and the vital lessons learned from rocky partnerships. Vikram dives into the importance of timing in investments and why specialized professionals like doctors often struggle as investors. He also touches on his secrets to quality sleep and biohacking, all while emphasizing the significance of mentorship and adaptability in navigating the real estate landscape.

Season 1, Episode 6: Sanjay Chandra is the Principal and Managing Partner at Trinity Investors, a Texas-based private equity and real estate firm he co-founded in 2006. Sanjay has led Trinity investors to over $7 billion in deals, building a portfolio that includes 160 commercial real estate assets and 19 operating companies.   But Sanjay’s journey didn’t start in real estate. As a first-generation immigrant with an engineering background, he began his career founding American Leather before transitioning into private equity. In this episode of No Cap by CRE Daily, Jack and Alex peel back the curtains on one of Texas's most recognized investors, exploring Chandra’s entrepreneurial journey and his transition into real estate.   TOPICS 0:38 — Sanjay’s background 7:59 — Moving into private equity and founding Trinity 14:08 — The private equity business today 16:48 — How Sanjay is approaching portfolio allocation  22:45 — What makes a good OpCo investment? 25:30 — What makes a good real estate deal?  28:00 — What Sanjay looks for in partners 31:50 — The risks of the past few years Sanjay wasn’t prepared for 36:30 — The effect of current market conditions on Sanjay’s business 38:25 — Is there a rate cut coming? 41:33 — Sanjay’s thoughts on bank liquidity 45:18 — Sanjay talks UT and why Austin might be a better living city than Dallas 47:59 — Sanjay’s thoughts on Miami 51:09 — Conclusion    We want to thank our sponsor Viking Capital.    For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/   About Our Guest SANJAY CHANDRA Sanjay serves as a principal and managing partner at Trinity and its affiliated companies in a variety of roles and responsibilities on a full time and active basis. Sanjay brings to Trinity over 30 years of experience as a successful entrepreneur and an active private investor. In addition to his day to day role at Trinity, Sanjay serves as a board member for American Leather, which he co-founded in 1990, and where he was formerly president and CFO. He is a board member for Robokind LLC, ELB Learning, Nuclein LLC, Falcon Structures LLC, Bentwood Kitchens Inc and other affiliate companies, as well as the Longhorn Council of the Boy Scouts of America, where he serves as Vice President of Development. Sanjay is a Special Advisor to Urban Genesis, Capital Boutiq and AllTrades, and serves as Chairman on the Engineering Advisory Board for the Cockrell School of Engineering at the University of Texas at Austin.   About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.   About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.  

Season 1, Episode 5: In this episode of "No Cap by CRE Daily," we sit down with Michael Mandel, a former broker and the visionary founder of CompStak, to dive into the power of data and AI in the commercial real estate industry. Michael shares his journey as a broker and the issues he encountered that led him to build CompStak. We also discuss how AI and machine learning are revolutionizing data collection, analysis, and utilization in the CRE industry.    TOPICS 0:31 — Introduction 6:55 — How Compstak incorporated AI & machine learning tech into their stack 11:31 — Making brokers' lives easier using technology 13:40 — How the data verification process works 17:31 — The scoring and credit system to incentivize people to contribute data 18:05 — What will the actual effects of AI be on the real estate market? 22:46 — Pet peeves as a broker 24:59 — AI tools for architecture 28:34 — New insights into client data 30:11 — Are we going to be “owned” by AI? 33:10 — Jack & ChatGPT  35:53 — What are use cases of AI & what’s the effect of deep fakes? 37:15 — Will the vast majority of real estate jobs be automated? 42:50 — Conclusion   We want to thank our sponsor Viking Capital.    For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/   About Our Guest Michael Mandel https://www.linkedin.com/in/mmandel/ Michael is the Co-Founder & CEO of CompStak, a marketplace for commercial real estate information. CompStak uses a crowd-sourced model to gather real information that is hard to find, difficult to compile or otherwise unavailable. Our first product is a marketplace for the exchange of commercial lease comparables. Users add the comps they have to find the comps they need. CompStak was born out of Michael's experience as a commercial leasing broker in Manhattan. He has been recognized for his success as Grubb & Ellis’ National Rookie of the Year in 2007 and Real Estate New York’s 30 under 30 in 2008. CompStak has been featured in The Wall Street Journal, The Real Deal, Forbes, Bloomberg, AG Beat and more.   About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.   About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 1, Episode 4: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik dive into the journey of Brad Sumrok, famously known as the "Apartment King" in the multifamily real estate world. Starting with his first investment in a 32-unit apartment building in 2002, Brad replaced his 9 to 5 job income by 2005 and retired at the age of 38. Since then, he has invested in over 4,200 apartment units, and his mentoring students have collectively purchased over $2 billion worth of apartment buildings. Brad shares his transition from a career in chemical engineering to becoming a prominent investor and coach in multifamily real estate. He discusses Tony Robbins's influence on his mindset and reveals how being fired from his corporate job spurred him to become a public speaker in real estate. Brad also shares his thoughts on handling the haters and provides insights into the risks associated with investing in syndication.   TOPICS 1:15 — Brad’s transition from chemical engineering to real estate 5:20 — Getting fired from corporate America 6:25 — Breaking into the world of real estate through seminars 8:34 — Brad’s first property 13:07 — Are motivational speakers and business coaches cheesy, or authentic? 15:17 — Becoming the Tony Robbins of the multifamily syndication industry 16:54 — Mentoring at Lifestyles Unlimited 20:18 — Surviving 2008-2011 24:07 — What's a “good project for Brad” in 2024? 26:11 — How many investors & LPs does Brad have on a typical deal? 34:20 — What brings investors to the table 36:52 — Effects of the presidential race on the economy and tax code 37:38 — WSJ article on Brad & former students 41:43 — Closing remarks from Brad    We want to thank our sponsor Viking Capital.    For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/   About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.   About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.        

Season 1, Episode 3: Jack and Alex delve into the latest commercial real estate headlines, including Biden's Rent Control Proposal, which aims to introduce a 5% annual cap on rent increases for major apartment landlords in order to maintain federal tax breaks. Plus, delinquencies and special servicing of multifamily loans backed by commercial mortgage-backed securities surged 185% in the past six months.    TOPICS 0:20 Introduction 4:03 Multifamily loans have surged 185% 7:27 Tides Equities' recent foreclosures 11:06 Student housing pre-leasing for Fall 2024 13:34 The effects of reevaluating college degrees 15:01 Vacancies in the retail market 18:10 Brookfield's future CEO 19:36 The effects of Joe Biden stepping down 26:15 How do owners react to a 5% cap? 28:54 SASB loans 37:14 RealPage forecasts rent growth 46:32 Federal Reserve's likely rate cuts   We want to thank our sponsor Viking Capital.             

Season 1, Episode 2: Welcome to No Cap by CRE Daily. Today, we're joined by Josh Sasouness, co-CEO of Dwight Capital, the nation's leading multifamily FHA/HUD lender.In this episode, we dive into Josh’s family background and upbringing, exploring the origins and rapid growth of Dwight Capital. We discuss the differences between HUD and agency financing and Josh’s transition from Greystone to Dwight, including personal stories about the two worst days of his life. Josh shares insights into Dwight Funding, the current market state, and opportunities in multifamily, healthcare investments, and development. We also cover geographic markets Josh is bullish on, predictions for the American economy, and media coverage.  Key takeaways in the episode:   01:29 — Intros 02:20 — Josh’s family background and upbringing 04:16 — Origins of Dwight Capital 07:19 — The secrets to growing Dwight Capital 08:39 — Difference between HUD and agency financing 11:24 — Transitioning from Greystone to Dwight 12:32 — The two worst days of Josh’s life were… 16:29 — What was day one at Dwight Capital like? 20:18 — Behind the magic of Dwight Funding 21:56 — State of the market and areas of opportunity 27:52 — Anticipating rate cuts and state of the American economy 31:22 — Performance of multi-family and healthcare investments 31:56 — Emerging opportunities in the development space 34:43 — Geographic markets Josh is bullish on 36:37 — Is media coverage overly negative? 42:51 — Predictions for the next 18 months 46:04 — Conclusion  We want to thank our sponsor Viking Capital. Tune in for insights, expert opinions, and a deep dive into the stories shaping commercial real estate today and tomorrow. 

Season 1, Episode 1: Welcome to No Cap by CRE Daily, the commercial real estate podcast that gives you an unfiltered look into the biggest trends in the industry and the money game behind it. Each week, co-hosts Jack Stone and Alex Gornik will break down the latest news from CRE Daily with some of the most influential and entertaining figures in commercial real estate.   Topics discussed:  0:00 - Introduction and Expectations 0:52 - Thoughts on “No Cap” 1:47 - The Goal of the Podcast 3:02 - KKR in the Market 4:55 - A huge hit for multi families 7:19 - Spending on Rent vs Owning 11:40 - Viking Capital 12:46 - Thoughts on underperforming CRE loans 15:11 - Pretend and extend 17:56 - San Francisco Office Market 23:48 - Viking Capital 24:14 - Goldman One’s Fundraise 28:57 - Dallas Office Market 31:21 - Work from Home Dynamics 35:47 - Bankruptcy of National Trucker U.S Logistics 39:12 - US Retail Leasing Market 43:34 - Fed’s Stress Test We want to thank our sponsor Viking Capital. Tune in for insights, expert opinions, and a deep dive into the stories shaping commercial real estate today and tomorrow.