PassivePockets: The Passive Real Estate Investing Show

Josh McCallen is a nationally recognized capital syndicator, hospitality investor, turnaround specialist, conference speaker, innovator, builder & developer with a track record for the development of exceptional resort properties and growing world-class operational teams.  Josh was also a guest on Episode #2 of the Passive Investing from Left Field Podcast. In this episode, Josh talks about forcing equity through resort investing and service that revives the soul!Josh explains his two companies – Accountable Equity which is investor focused and raises money for investing in resorts and Vivamee which is hospitality focused on the guests that stay in the resorts. Josh mentions that there are three ways to invest with Accountable Equity: an equity position in the resorts, heavy cash flow from Efficient Income Funds (EIF's) which offer a return combined with tax efficiency and notes through a private REIT with a collateralized debt fund. Josh talks about the difference between Marriott and other name brand hotels and resorts operated by Vivamee.  He explains that business hotels have really struggled through Covid, but the “drive-to” resorts with lifestyle experiences have thrived through the pandemic.   Josh discusses the decision to purchase Airbnb properties nearby to his resort properties and his plans to expand the operation to build additional duplexes or fourplexes to rent to wedding parties. Josh talks about the structure of the equity investments in the resort properties and that cash flow can be expected by year two, capital will be returned within five years and investors will maintain ownership in the resorts. Josh discusses the Efficient Income Fund which is optimized to offer full tax depreciation while also providing a cash-on-cash return to the investor.  The EIF allows Josh to buy capital improvements like golf carts and kitchen equipment and rather than leasing the equipment they use the investors’ money to buy these assets and provide a return and depreciation write-offs to investors. Podcasts recommended by Josh:Cash Flow NinjaBigger Pockets Listen to Josh on his podcasts:Wealth Building with FriendsCapital Hacking Efficient Income Fund Webinar  Contact Josh and Join his Community at AccountableEquity.com. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.    

Dan Bartholomew is a financial advisor and a beginning passive investor.  He invested in his first two deals with a group using Tribevest.  He has been listening to the podcast and making a list of questions and agreed to be a guest on the show to get his questions answered – in order to help us all become better investors! Questions asked and answered in this episode:·       What is the difference between Cost Segregation and Bonus Depreciation? What is Depreciation Recapture?·       What is a Real Estate Professional (REP) and what are the benefits of being an REP?·       What is Cash on Cash return and IRR? For ATM’s, Cash on Cash return is greater than IRR in the proforma – why?·       What is Forced Appreciation? Is it different from Forced Equity?·       What is velocity of money as it relates to passive investing.  How can you get your capital returned and still own the asset?·       What is a cap rate and why is it important?·       When you are new to passive investing and you don't know how to digest all the information a sponsor sends for a deal, what should you focus on?·       How do you know if a deal is geared towards cash flow, appreciation or tax advantages?  Is it possible to get all 3 in one deal? ·       What is Economic Vacancy?·       What is the Capital Stack?·       What is Preferred Return (Pref)?·       What is the difference between Class A and Class B shares?·       Why would a company like Walgreens or Dollar Tree choose a triple net lease arrangement?·       What is Break-Even Occupancy?·       What is an acceptable GP/LP split?·       What is the Equity Multiplier?·       Is there one deal or one mistake that you made that changed the way you invest?  Podcasts he recommends:Tim Ferris Jocko Podcast  Passive Investing from Left Field  If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors' Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

Spencer Hilligoss is the CEO & Co-Founder of Madison Investing, a real estate syndicator partnering on over $800M in multifamily and self-storage assets under management. He is both a passive investor and active syndicator with a history in the financial technology industry. In this episode, Spencer discusses matching your investment strategy to your strengths, building your own investing criteria, and understanding the structure and value of the general partners in a syndication.Spencer discusses financial offense and defense. He thought two large W2 incomes was enough but realized that multiple income streams would help insulate his family against the unknown.  That’s what he calls financial offense – things like adding income streams and setting clear financial goals.  Financial defense is thinking about creating maximum tax efficiency and expanding ones means rather than being completely focused on cutting costs.Spencer explains how his fintech experience helped him prioritize personal finance and to see money as a tool.  This perspective also led to his transition from SFH’s to syndications. He also mentions that the operator, the market, and the deal are three critical things to look at for each syndication investment. He mentions that he thinks the strength, structure and experience of the operator are the most important parts to evaluate. Spencer stresses the importance of understanding the structure of the management group and what value each general partner is adding. He recommends third party evaluation of sponsors either through your network or getting references from people who have invested with them before. He discusses the importance of building your own criteria for what is important to you to get from the sponsor.Podcasts he recommends:Old Capital Bigger Pockets Financial Freedom with Real Estate Investing  To connect with Spencer, go to www.madisoninvesting.com or LinkedIn. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investors Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

Liz Faircloth is the Co-Founder of The DeRosa Group, a developer of commercial and residential property with a mission to revitalize urban America. She is also the co-Founder of The Real Estate InvestHER community - a platform to empower women to live a financially free and balanced life on their own terms. She is co-Host of the The Real Estate InvestHer podcast and author of an Amazon Bestseller – “The Only Woman in the Room – Knowledge and Inspiration from 20 Successful Real Estate Women Investors!" In this episode, Liz discusses the importance of transparency from general partners when explaining who is involved in the management of a deal, why being comfortable with the sponsor is key to success and why she started a community for women investors.Liz talks about analyzing your own success so you can let go of what isn’t working. She mentions that she started syndicating in NJ and Philadelphia but markets became overheated so she needed to find new markets. Initially she started investing in Lancaster, PA before moving on to markets in NC and KY.Liz discusses the importance of understanding the focus and strengths of the sponsor and making sure that matches what they are actually doing. She talks about investing in C class neighborhoods and properties and the importance of knowing the market and targeting the assets that meet her investing thesis.Liz talks about being a GP and the importance of the sponsor's transparency regarding who is involved in the deal.  She stresses that if a sponsor is vague or evasive about their team then that can be a huge red flag.  It should be clear who is on the team and what their role is.Liz discusses the InvestHer Community and why she started a network for women investors.  She also talks about how the Community works on building each other up and helping women grow confidence in their investing.Podcasts she recommends:The Real Estate InvestHer Show Brene’ Brown PodcastTo connect with Liz go to www.derosagroup.com or therealestateinvesther.com. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

Peter Badger is the Chief Strategy Officer at Farmfolio.  Their mission is to make farmland ownership easy for everyone. Peter has been an avid real estate investor for years and educator with a current focus on overseas farmland. In this episode, Peter discusses why overseas farmland is a worthy investment, how it works and why the returns are better than U.S. farmland.Peter talks about multifamily and overseas farmland – the two asset classes which thrived for him during pandemic.  He also discusses the importance of real assets because the stock market is so cyclical and the benefit of investing in farmland as an asset class that is completely non-correlated to other assets.  He mentions that the core of his wealth is in real assets like multifamily and farms.Peter talks about his multifamily portfolio and the why he still invests in apartments but has now changed his focus to farmland as he can have more control and no tenant related risks. He mentions that many high wealth people have up to 25% of their wealth in farms and forestry. He likes the Farmfolio approach because the farms are managed in the entirety but can be broken into individual lots and can be sold individually and managed under a Farm Owners Association.  The returns are combined with all plots on the farm, so you get the average of the whole farm rather than just from your plot. He also mentions that there is a secondary market for the farms, so you can sell a performing farm plot to a new investor.He explains that farmland and labor in the United States are more expensive than overseas which lowers returns significantly.  There are also improvements that can be made to the land and processes because many overseas farms are not as sophisticated and the farmers don’t have the expertise to export to the U.S. where they can get higher prices for their products.Peter talks about the importance of choosing the right country, making sure that you understand the property rights, how to take title, foreign ownership rules and capital controls of money coming in and leaving the country. He also discusses how to analyze the deal, concentrating on sponsor, market and asset class. Podcasts he recommends:Old Dog Real Estate Podcast  Risk Matrix he mentioned can be accessed here: https://tinyurl.com/farmlandanalysismatrix To connect with Peter email him at peter@farmfolio.net or go to www. farmfolio.net. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.   

Ivan Barratt is a multifamily owner, manager, and syndicator who specializes in large apartment communities in the Midwest. Since 2015, he has raised nearly $150 million in equity and acquired over 5,000 multifamily units. Today, Ivan focuses his time on equity finance, acquisitions, and company strategy. His company, BAM Capital, manages nearly $593 million in syndicated assets. In this episode, Ivan discusses why he prefers multifamily apartments, why structuring debt effectively is critical and how a refinance with infinite returns might not be the best way to increase returns.Ivan talks about the strength of multifamily in the current market and the risks of both inflation and deflation.He discusses the difference in debt structures, the importance of properly structured bridge debt and efficient long-term debt.Ivan talks about the benefits of selling an asset rather than refinancing and why the infinite return model may be less effective than selling an asset and recycling the funds into a new deal.Ivan discusses why he prefers a fund model rather than an individual asset investment and why a fund is better for the sponsor and the investor.Ivan explains how to analyze a sponsor who is managing a fund and importance of finding a fit between investor and fund manager and if there is no fit. It’s ok for both parties to move on.  He also talks about the importance of referrals when analyzing a sponsor.Podcasts he recommends:Real Vision  To connect with Ivan, go to https://capital.thebamcompanies.com or call him at 317-762-2625.If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

Tania Mirchandani is the Vice President of Capital Markets at Clear Capital. She worked in wealth management for nearly 15 years at Goldman Sachs. She has been involved in multifamily real estate management, operations and acquisitions for 5 years and she joined Clear Capital at the beginning of this year. In this episode, Tania talks about the importance of trust and confidence in a sponsor, the different information needs that individual investors have and some important deal metrics to analyze when reviewing a deal.Tania talks about the illiquidity of syndication investments and the importance of general partners investing in their own deals.Tania explains the importance of trust and confidence in people you are investing with and how that trust can be transferred through referrals and word of mouth.  She also talks about different investors and their needs for depth of information when they are reviewing deals. She encourages everyone to figure out how they want to pursue an investment opportunity and to get comfortable with whatever level of information they need before investing.Tania mentions some of the metrics that are important to her when analyzing a deal. Podcasts she recommends:Focus On Facts Super Soul  To connect with Tania go to www.clearcapllc.com or email her at tania@clearcapllc.com. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

Whitney is a real estate investor and personal finance trainer working to help others on their path towards financial independence. She is the founder of ASH Wealth and the Investor Accelerator Program which helps investors develop a plan to reach their real estate and financial goals. Today, Whitney is a partner in $700M+ of real estate assets, including 5,000+ residential units (SFR, MF, MHP, and assisted living) and 1,430+ self-storage units. She has been a guest on multiple podcasts, including Bigger Pockets Episode #340. In this episode, Whitney discusses managing your investments like a business, the five wealth centers of real estate and recycling money with velocity to grow your business.Whitney talks about the importance of the equity build and accumulation phase to build capital. For those starting out with a small amount of money, she recommends starting with single family homes, but if you have significant capital to start, you can leverage other people’s expertise and invest in other their deals through syndications.Whitney discusses the wealth centers of real estate – cash flow, leverage, tenant paydown, inflation reducing the debt, depreciation and tax benefits of real estate. She also talks about the BRRR (buy, rehab, rent, refinance, repeat) method vs turnkey investing and relates it to return on time.  She talks about an investor’s need for capital, time or hustle and depending on which of those you have, that can guide the investing strategy you choose.Whitney mentions the importance of treating your passive investing as a business that you are building and talks about the benefits of qualifying for the real estate professional status.Whitney discusses the 1031 exchange compared to the “Lazy 1031” and some of the challenges of the standard 1031 as it can force you into a transaction that might not fit your overall business strategy.Whitney talks about velocity of money, which means putting cash flow back into the business to produce more cash flow to grow your business at an exponential rate.Whitney discusses the evaluation of a sponsor and some of the red flags she looks for when vetting a sponsor as well as some deal metrics that are critical to her in evaluation of a deal.Podcast she recommends:Get Rich Education To connect with Whitney you can email her at  ashwealthco@gmail.com or go to www.ashwealth.com. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com. Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.   Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.  

Jeff Anzalone is the Debt Free Doctor. He is a periodontist and became concerned that his family only had one source of income – so he learned how to build multiple streams of passive income and now he is helping others to learn as well.  In this episode, Jeff discusses how he started learning about finance from Dave Ramsey and then moved on to learn from Robert Kiyosaki, how he screens sponsors and the importance of taking action.Jeff talks about his research that showed him that 90% of millionaires own real estate and have at least seven different income streams. This led him to determine he needed real estate and needed more than his paycheck as an income stream.  Jeff mentions how he followed Dave Ramsey early in his journey and it helped him get out of debt and how he moved beyond Ramsey and the scarcity mindset to an abundance mindset that led him to real estate syndications. Jeff discusses the three things he always asks sponsors when he is on a call screening an operator. He also mentions the importance of taking action – if you never take action you will never move forward. Jeff explains how after the initial stages of the pandemic, hotel values dropped and he took advantage of the market conditions to invest in several hotels and through this he learned the value of being opportunistic. Jeff also talks about some of the important metrics he looks at when evaluating a multifamily deal.Podcasts he recommends:Passive Investing from Left Field Cardone Zone Podcast Wealthability   Videos Jeff recommends during the podcast:Hotel Investing Explained (Part 1) Hotel Investing Explained (Part 2)How to Legally NOT Pay Taxes - Tax Free WealthJeff mentions The Ultimate Passive Income Guide and recommends The Hands-Off Investor by Brian Burke.To connect with Jeff, you can email him at jeff@debtfreedr.com. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.    

Kathy Fettke is the CEO of Real Wealth Network, host of the Real Wealth Show and author of Retire Rich with Rentals.  She helps people build wealth with cash flowing real estate through single family rentals, syndications and more.  She has grown an amazing network and built a great Community and shares our focus on networking and education. In this episode, Kathy talks about how she got started in real estate, the value of quality property management and the power of a network and community.Kathy talks about how she got started in real estate through creative house hacking followed by monetizing her radio show in an unexpected way and how that eventually grew into the business she has today. Kathy mentions booking Robert Kiyosaki on her radio show and that led to him recommending she get out of some of the overpriced markets and start buying in Texas.  She followed his advice, as did her growing community, and they not only made money in Texas but avoided losing money when the over-priced markets tanked.Kathy discusses taking advantage of opportunities in a down market and buying assets when most people are fearful.  She also talks about property being overvalued now in some areas, but that doesn’t mean there isn’t still opportunity out there.  She discusses demographics and the effect that will have over the next few years which leads her to markets in the Southeast.Kathy talks about single family turnkey operations and the importance of understanding that means different things to different people and it’s essential to get on the same page as those you are doing business with.  To accomplish that, she established guidelines for all of her operators so that her network gets a similar experience regardless of the operator or market. Kathy discusses property management and its importance to the bottom line for all real estate - “Success of your real estate depends on your property manager”.Kathy mentions that there are ways to get started with limited funds and that wealth can grow steadily through investing in real estate on a regular basis.  She also talks about the network effect and how pushing her providers to share information has improved the performance for everyone. She discusses how the strength of a network is to find problems early and share in the solutions as well as to help each other find opportunities and the importance of learning from each other and using the leverage of a network.Podcasts she recommends:Real Wealth Show Real Estate News for Investors New Home Insights Podcast To connect with Kathy go to www.realwealthnetwork.com. If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.