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PODCAST

The LSCRE Podcast

The LSCRE Podcast interviews institutional investors to learn more about their strategies, sponsor and investment criteria, due diligence process, and asset management practices.New episodes every Monday at 9am EST.

business investing

All Episodes

29:43

The Real Value of Real Estate

The LSCRE Podcast ·

2025/10/27

In this episode of the LSCRE Podcast, Craig McGrouther and I tackle whether alpha is dead in multifamily real estate. I explain how institutionalization has compressed returns across the board, but opportunities still exist through vertical integration, market expertise, and innovative strategies. We break down what true vertical integration actually means and how these "one percenters" create the actual value add that generates alpha in today's competitive market. The discussion also cove...

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51:13

How Short-Term Thinking Destroys Real Estate Markets

The LSCRE Podcast ·

2025/10/24

In this episode, Craig McGrouther sits down with Joe Downs, CEO of Belrose Group, who shares his journey from financial advisor to bar owner to self-storage operator. After multiple career reinventions, Joe discovered that 80% of self-storage facilities are owned by mom & pop operators – creating a massive opportunity for professional operators who can bring modern technology, dynamic pricing, and professional management to an outdated industry. Joe explains his investment thesis for sel...

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55:05

The Truth About Building Wealth in Real Estate with...

The LSCRE Podcast ·

2025/10/17

In this episode, Craig McGrouther sits down with Gino Barbaro of Jake and Gino, who shares his 20-year journey from running a restaurant to owning 1,800+ multifamily units. After spending 18 months finding their first 25-unit deal for $675K (now worth $2.5M), Gino explains how he worked full-time while building his portfolio – dedicating 15-20 hours weekly to real estate until 2015. He emphasizes the importance of limiting downside risk and following foundational principles: "buy right, man...

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39:25

Reading the Market Before the Turn

The LSCRE Podcast ·

2025/10/10

In this episode, Craig McGrouther sits down with Casey Stratton, who shares his journey from corporate layoffs during the GFC to building a real estate portfolio using the 1% rule – buying duplexes for $100K that rented for $1K/month. Now focused on Eastern Washington's Tri-Cities (one of the top 20 fastest-growing MSAs), Casey discusses how they're navigating today's 0.75% reality by pursuing true off-market deals and pivoting to development. After securing a 33-unit property from an 86-ye...

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47:03

Why Small & Mid-Size Multifamily Still Works in 2025

The LSCRE Podcast ·

2025/10/03

In this episode, Craig Mcgrouther sits down with Axel Ragnarsson of Aligned Real Estate Partners, who's carved out a unique niche buying 5-20 unit properties direct from sellers in Southern New Hampshire. Since 2016, Axel has built a 525-unit portfolio by maintaining long-term follow-up with sellers, often nurturing relationships for 12-18 months before closing. He explains how 75% of his deals bypass brokers entirely, capturing inefficiencies in the $1-5M deal range where 15-20% disco...

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47:03

The Value of Value-Add

The LSCRE Podcast ·

2025/09/29

In this post-LSC Summit episode recorded in NYC, Craig McGrouther and I reflect on another successful investor event and dive deep into current market opportunities. We share behind-the-scenes insight on why our summit is designed to break even, the power of curated in-person networking, and the culture of accessibility that sets our events apart. We break down why 1970s-80s vintage multifamily is becoming the sweet spot – institutional capital is chasing 2000s and newer assets while retail ...

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42:16

He Lost Everything in 2008… What He Did Next Will...

The LSCRE Podcast ·

2025/09/26

In this episode, Craig McGrouther sits down with Andrew McNair, founder of SWAN Capital, who shares his remarkable journey from saving $62K working at McDonald's and Denny's as a teenager to losing it all in the stock market at 19. After reading Rich Dad Poor Dad at 14, Andrew worked for free at a wealth management firm while maintaining jobs, eventually building a portfolio of 54 rental properties by age 30. The stress of hands-on management led him to pivot toward syndications through Cyg...

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49:38

Rethinking Value-Add in Today’s Market

The LSCRE Podcast ·

2025/09/22

In this episode of the LSCRE podcast, Craig McGrouther, Sam Morris, and I tackle the "hackneyed" concept of value-add investing and why it's been reduced to a one-trick pony of kitchen renovations. We explain how value-add became overused to the point of losing meaning, with sponsors pitching newer construction as "value-add opportunities". We explore alternative value-add strategies: operational improvements, financial restructuring, and amenity additions like in-unit washers that can gener...

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52:01

Blind Pools, Credit Risk and the Three P’s of Real...

The LSCRE Podcast ·

2025/09/19

In this episode, Craig McGrouther sits down with Marcin Drozdz of M1 Capital, who shares his 20-year journey from buying his first property at 19 to raising $300M for Ken McElroy during the 2008 crisis. Marcin reveals how he bought medical amd dental plazas for 20-30 cents on the dollar during the GFC, targeting insurance-backed tenants that remained recession-proof. He breaks down the "3 P's" of fund raising: People, Process, then Property – inverting the typical syndication approach. Rece...

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32:05

What Sponsors Don’t Want You to Know About Underwriting

The LSCRE Podcast ·

2025/09/17

In this episode, Craig McGrouther and I dive deep into the nuances of "above the line" and "below the line" expenses in multifamily underwriting. We explain how the "line" is Net Operating Income (NOI), with operating expenses like payroll and insurance sitting above, while CapEx and debt service fall below. I reveal the art behind these classifications and how a unit renovation could be coded as either R&M (above) or CapEx (below) depending on interpretation, affecting the property's app...

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37:52

Family Offices & Multifamily: Where the Smart Money Goes

The LSCRE Podcast ·

2025/09/12

In this episode, Craig McGrouther sits down with Bernard Pierson, co-founder of EHP Capital, who's been LP investing since 2012 and now focuses on value-add multifamily in Kansas City. Bernard reveals a counterintuitive insight from his 50+ LP investments: deals projecting 15-17% IRRs often outperformed those advertising 30%+ returns. He shares how Kansas City has consistently ranked in the top 5 U.S. markets for rent growth over the past 3 years while avoiding the supply issues plaguing ga...

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27:58

The Tax Secrets Wealthy Real Estate Investors Use...

The LSCRE Podcast ·

2025/09/08

In this episode, Craig McGrouther and I tackle two of the most frequently asked questions from investors: bonus depreciation and 1031 exchanges. With 100% bonus depreciation returning, they explain why this doesn't automatically mean 1:1 depreciation for investors, breaking down how leverage, CapEx, and land allocation affect your actual depreciation ratio. Using our current deal as an example, we can show why conservative 65% leverage yields ~45% depreciation rather than the 90% you'd get at...

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44:46

Fund Friday E93: The Real Estate Playbook for High...

The LSCRE Podcast ·

2025/08/29

In this episode, Craig McGrouther sits down with Bryan Morris, co-founder of Seven Peak Capital, who shares his journey from earning $50K at Pepsi to building a successful fund management firm serving tech sales professionals. Bryan reveals how Rich Dad Poor Dad at age 22 changed his trajectory, leading him to buy his first rental property for $88K with just $17K saved. After relocating to NYC and completing Wharton's real estate certificate, he discovered the power of syndications for high-e...

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45:33

Fund Friday E92: How to Build Trust Without a Deal on...

The LSCRE Podcast ·

2025/08/23

In this episode, Craig McGrouther sits down with Joey Mure from Wealth Without Wall Street, who shares his transformation from earning $300K+ in the mortgage business to building $50K/month in passive income. Joey reveals why traditional financial advice kept him trapped in the "never enough syndrome" despite high earnings, and how a beach vacation where he missed family time for work calls became his wake-up call. He challenges conventional wisdom by explaining why 401(k)s and home equity ...

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28:36

E103: The Danger of Believing Every Return Projection

The LSCRE Podcast ·

2025/08/18

In this episode, Craig McGrouther and I discuss the upcoming Lone Star Capital Summit and why this curated event stands apart from typical real estate conferences. We then shift to market analysis, discussing why Class C properties and 1970s vintage assets are facing extreme pessimism, creating potential contrarian opportunities where capital isn't flowing.We also touch on the dramatic market reaction to weak jobs data on August 1st, which flipped the probability of a September Fed rate cut...

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53:58

Fund Friday E91: How Family Values Guide Every...

The LSCRE Podcast ·

2025/08/15

In this episode, Craig McGrouther sits down with Derek Dombeck, host of Generations of Wealth podcast and veteran real estate entrepreneur with 23 years of experience. Derek shares his story of losing everything in the 2007-2009 crash. Instead of playing victim, he learned to negotiate his own short sales and transformed his approach to real estate, swearing off institutional financing in favor of creative deal structuring. Derek breaks down recent deals including a subject-to purchase at 3...

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36:43

E102: 2025 Tax Bill Brings Bonus Depreciation Back

The LSCRE Podcast ·

2025/08/11

In this episode, Craig McGrouther, Sam Morris and I break down Trump's "Big Beautiful Bill" and its massive implications for real estate investors. The return of 100% bonus depreciation is a game-changer, allowing investors to front-load tax benefits in year one of ownership. We discuss how wage growth has outpaced rent growth for 31 consecutive months (per Jay Parsons), creating a healthier rent-to-income ratio and setting up potential for future rent increases as new supply dwindles. We a...

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46:38

Fund Friday E90: How David Thompson Built Wealth in...

The LSCRE Podcast ·

2025/08/08

In this episode of Fund Friday, Craig McGrouther sits down with David Thompson, founder of Thompson Investing, who shares his journey from corporate executive to full-time real estate investor and capital raiser. David reveals how he pivoted into real estate syndication, what he learned from investing across economic cycles, and why diversification is critical in today’s environment. He discusses timing the market, the role of alternative investments like dental funds, and the importance of ...

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43:21

E101: Why Communication Is Everything in Private Equity

The LSCRE Podcast ·

2025/08/04

In this episode, Craig and I tackle the controversial topic of promote structures and fund manager compensation. We break down the double waterfall structure for fund managers and why projected compensation is never guaranteed. I share the framework for evaluating deal quality across four key factors: location, vintage, leverage, and business plan. We explain why chasing deals with sky-high projected returns often leads to disappointed fund managers earning zero when aggressive underwriting ...

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46:32

Fund Friday E89: Creating Culture & Systems at Scale...

The LSCRE Podcast ·

2025/08/01

In this episode, Craig McGrouther sits down with Hannah Wyatt, Lone Star Capital's Director of HR, who shares her remarkable journey from Executive Assistant to building our HR infrastructure. Hannah reveals how she absorbed HR operations when they brought everything in-house, creating systems that now support over 5,000 units across our portfolio. She breaks down their innovative hiring pipeline using AI-powered resume screening and Culture Index personality assessments to match candidates...

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