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So Im a big boy, the markets went south, and I can handle losing money. Michael Episcope: Thats a little bit on the equity amount. Ep #79 Tom Wheelwright CPA, author of Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) discusses the greatest financial benefits to multifamily real estate investing. Michael Episcope: On a syndicator deal, what they will do is that they dont charge on committed capital, they charge on acquisition fee because for every deal that they do end up finding, theres probably 20 deals that they didnt find that they had to pay their expenses. With Michaels leadership, Origin has $1 billion in equity under management and has executed more than $2.6 billion in real estate transactions in fast-growing markets throughout the U.S. Parking revenue was a big one there Just fixing everything that weve identified from day one. The Estate of Michael Jackson is a legal entity established following the death of American singer Michael Jackson for the purpose of administering the property of Jackson, . Since moving here in 2003, He has taken the opportunity to enjoy a wide variety of food and activities that the city has to offer. Following his time at MB and prior to joining Origin, Ken worked as a project manager for Landmark Building Group. He enjoys keeping up with the local music scene and cheering on Minnesota sports. Sometimes its hard when youve got that screaming deal and youve got enough capital to do it yourself. Isabela still enjoys playing soccer and staying active as well as volunteering, reading and traveling. If youve enjoyed the show, please take a minute to visit iTunes and leave your comments. But it was, I think, at that time when we were 60% leveraged. Its certainly not as easy today as it was a couple of years ago when the capital had so much more leverage. Thats one of the distinct advantages but it comes down to creating structures that we want to invest in. He made sure the tennis courts were great. North Hills, CA. Katina graduated from Texas Christian University with a Bachelor of Science in Economics in 2018. Rod Khleif: Just let me stop you for a second. You shouldnt be comparing returns. Michael Episcope: I mean a lot of people, Im probably guilty of it as well, but a lot of people correlate, because they have money, they know more than the other person. No, its critical, anytime these relationships fail, its through a lack of communication, so thats absolutely a great point. Thats not what happened here; what happened here was that he was an individual syndicator without a lot of money of his own. We had a deal that we kind of We ended up buying a distressed pool of debt from a bank and it was one of these crazy days when the market was down 800 points, and you know, everything was down. In this role she led cross-functional project teams responsible for reorganization of legacy business functions within the firm. Rod Khleif: As a passive investor in other deals. He was awarded the MSU Evans scholarship for an outstanding caddie record and academic excellence; Graduating from Michigan State in 2019 with a Bachelor of Science and minor in international business. How to Achieve Massive Success in Business & in Life, How to Recover From Any Failure or Setback, How to Create Any Level of Success you Want, The Lifetime CashFlow Through Real Estate Podcast, By providing your number, you consent to receive marketing call or texts. In his current role, Ken is responsible for the execution of asset-level strategies and business plans and oversight of development projects from the time of acquisition throughout the deal lifecycle to disposition. . Before joining Origin in 2022, Michelle previously worked at Sovereign Brands, a wine & spirits company. Its for our acquisition team who are in their markets. He received a Bachelor of Business Administration with a major in Real Estate and Urban Land Economics from the University of Wisconsin, Madison. Michael has an estimated net worth of $65 million, according to Celebrity Net Worth. And you look at all the low hanging fruit that the management team wasnt charging for, and so Ill take it. In her role, Tijana is responsible for analyzing asset performance, evaluating competitive market conditions, and collaborating with the acquisitions team on the underwriting and due diligence efforts during for the new multifamily investment opportunities. Before ELS, she worked at Lilis Energy in Dallas, Texas, as an analyst cross-specializing in investor relations and transaction work. She also likes to watch Netflix and going out to eat sushi. Guys, if you wanna reach out to Michael, hes at OriginInvestments.com. Michael Episcope: Theres probably a lot of investors out there who have invested passively, and done things wrong. We can borrow from one asset to fix another and shore up. Prior to joining Origin in 2020, Jonathan worked at Lakeside Bank where he provided financing solutions for commercial real estate projects throughout Chicago. Steve is an Investor Relations Associate whose responsibilities include expanding the firms investor base and serving the needs of our high-net worth individual investors. A year later, we started our first fund, if you will, and all of those investors came onto that fund [overlap talk]. Rod Khleif: Oh, gotcha. Justin graduated from DePaul University in 2019 and earned his Bachelor of Science in Finance. We got this thing for a song. Again, I came from the commodities trading world where they say being a good trader was more about risk management than trying to make money. Rod Khleif: Thats brilliant, guys. He is an avid outdoor hobbyist and ultramarathon runner. I mentioned earlier in the podcast, I had done some passive investing even prior to Origin. Michael is a urologist, while his mom, Isabella, is an anesthesiologist. In her free time, Tijana enjoys to workout, read books, and spent time with her family and friends. He primarily oversees investor relations, marketing, and company operations. Its very unusual. We dont have any acquisition fees in our fund. While there, he completed the banks Leadership Development Program and was promoted to commercial banking officer, responsible for the development of new business relationships and the management of credit risk within a roughly $100 million loan portfolio consisting of both revolving industrial debt and real estate term facilities. But we talked about the buy-fix-sell, thats more of a buy-fix-hold and sell in about four years. Prior to joining Origin Investments, Kevin worked at Stony Point Development Group, a developer and investor focused on direct developments, limited partner investments and core acquisitions in Virginia and the Carolinas. Rod Khleif: Let me ask you this, maybe its just because of the way the fund is structured but if its a quality asset like that, and youve raised the value obviously significantly, you could probably refinance and cash out Well, I get it. In his free time, Ryan enjoys traveling, running and cooking. The importance of risk management I mean, with an Excel spreadsheet, you can make any deal look great. Since 2003, Dave has been involved with the sourcing, closing and execution of more than $1.9 billion of commercial real estate acquisitions, dispositions and development projects. I was sort of the 35 years of age, I was the old guy in the class, which was kinda fun as well but I just believe in continuing education, learning and things like that. When we walked into these units, the 264 that we did acquire It was like waking into a time warp. Currently, he is pursuing a Masters in Information and Data Science at the University of California, Berkeley. I think Class C might be generous in some of that stuff. She also appeared in the romantic comedy How to Lose a Guy in 10 Days and in the Academy Award . Rod Khleif: But you realize the long-term value of blowing these investors minds with these incredible returns. Steve graduated from the University of Iowa in 2020, where he studied Business Administration, Economics, and International Relations. Cause this is, its a little new to me. Michael Episcope: Yeah, this idea that you actually think that you know what youre doing In the long run, the law of large numbers will prevail, and youre gonna lose money. Ill tell you though, I wouldnt trade it for anything, even though I made a ton of mistakes, and I learned a ton, but it has really helped shape me as an investor and what I am today, and why I do what I do. Jimmy received his Bachelor of Arts Degree in Business from the University at Buffalo. Michael Episcope: And its definitely helped kind of launch, and propel the firm. Melissa leads a team focused on growing our high-net-worth investor base through various marketing efforts. Michael Jordan's net worth is $2.2 billion. Click the play button above to listen to our conversation with Michael. Michael Episcope unpacks opportunity zone investing misconceptions and explores the potential benefits of adding alternative assets to a portfolio. Regina received her Bachelors in Accounting from the University of Illinois at Chicago. Ep #183 Grant Cardone Controls Over 4,000 Apartments Worth Over a Half a Billion Dollars. Bills experience includes a variety of product types, such as high-density wood frame and high-rise concrete products in markets throughout the country, such as Boston, Southern California, South Florida, the Mid-Atlantic, and the Midwest. It was very challenging to find good quality deals, good quality managers. Michael Episcope is a Principal at Origin Investments based in Chicago, Illinois. He paved the parking lot. We dont have any debt placement fees. Theres no financing available. Rod Khleif: Awesome. Maria serves as a marketing associate at Origin, working with and supporting all marketing channel owners. If you can build value and continue to build cash flow in the asset, we leverage two to one to equity. Christopher enjoys playing basketball, board games and video games. Cardone currently owns more than 4,000 multifamily units with a current portfolio value of $350,000,000. It was in the late 90s, early 2000s that I began passive investing. Rod Khleif: Yeah, I mean thats why the index funds are the largest on the planet. Kevin is responsible for driving performance of the companys multifamily development projects & partners. Preceding her most recent experience she was in the Mortgage Servicing Industry at Fay Servicing, Energy Monitoring & Consulting at Mad Dash, Inc. In any deal, first of all, theres nothing more expensive than low cost real estate, so investors have to be careful about making determination based on fees alone. How you got to this incredible success that youre at right now? There are deals to be had but not as easy. Rod Khleif: This has been a real high-level conversation and some of you guys heads are probably spinning from this but lets go back to when you first And I know you invested your own equity to get started. Tom has worked with the Origin team for over ten years and has fifteen years experience in the commercial real estate sector. Her current net worth is $8 million. He has more than 30 years of experience in real estate investing, finance and asset management. Can we actually improve it and get what we think? In her roles, Gina specialized in Front Office operations where she was responsible for managing guest feedback and supporting the team to deliver personalized service from arrival to departure. Earlier positions include opinions editor and copy chief at Crain's Chicago Business, and global director of public websites at Arthur Andersen. Get contact info, address & run background checks for Michael Sims. Note that Michael Episcope frequently shares his knowledge with all individual investors on Origin's blogs and Forbes. He currently resides in the Lincoln Park neighborhood of Chicago and in his spare time enjoys golfing, skiing, and spending time at the lake in the summer. Whether you're a first-time or seasoned investor, you've probably heard your peers discuss some of the great deals they've made by investing in distressed real Michael Episcope: Were in Chicago, Denver, Dallas, Austin, Houston, and then Charlotte, Raleigh, and Atlanta. We try to make it better and look at the things we do well, things that we can improve on and things, and things like that. David is co-CEO, co-chairs the investment committee and oversees acquisitions and asset management. Now let me ask you this, what are your thoughts on the looming contraction? Tommy graduated from Northwestern University in 2018 with a Bachelor Communications and Business Institutions. There was this big gap between the large institutions, family office, those who had a lot of money, an investor looking to put in half a million, one million, five million, even $10 million, with a manager. Gina graduated from DePaul University with a Bachelor of Science in Business with a major in Hospitality Leadership. She received her BBA degree in Finance and Management from Florida International University. Chris received his undergraduate degree in Accounting & Finance from Saint John's University (MN) and a masters degree in Real Estate from DePaul University. In order to finance his lifestyle, at one point Michael took a $380 million loan from Bank of. In his free time, he enjoys spending time at the lakefront, trying new foods, and traveling. Net Worth: Relationship: Kids: Edit this Information. Aaron is responsible for driving performance in the companys multifamily portfolio. What were trying to do is really take, what we call, core plus risk and deliver value add returns. I has some okay experiences, I had some not so great experiences, as well. What is the proper cap rate? I would caution Anyway, like find out what happened, when things went wrong, and find the references for the people who they arent giving you. Prior to joining the Origin team in late 2021, she worked as a Real Estate Paralegal at the Segel Law Group, Inc. During his tenure, he was involved with the acquisition of more than $500 million of multifamily, office, industrial and retail assets throughout the U.S. on behalf of the firms pension fund clients. Vestibulum in sem nunc. Michelle works directly with marketing and business development team members to produce a wide range of digital and print designs. Take care. Suburban multifamily has been sort of all out of favor and we saw the cranes that are happening downtown and everybody believes that every millennial is gonna live in the city. He is a runner, frequent traveler, amateur tennis player, and beach/pool enthusiast. Reputation Score: 2.59 - 3.76. I assume theres an asset management fee What other sorts of fees can a person expect in a vehicle like yours? So if things do happen, youll be able to ride the ship. He previously worked at Mark Anthony Brewing where he was responsible for leading the accounts payable process for over 50 vendors relating to co-packers, raw materials and packaging for Mikes Hard and White Claw. He has more than 25 years of investment and risk management experience. Before joining Origin in the Fall of 2018, Bill worked as an independent graphic designer. His clients included agencies, startups, non-profit organizations in the arts, higher education, healthcare, social welfare, as well as entrepreneurial individuals. But going forward, were actually, as much as I love the strategy of that buy-fix-sell, it also has its limitations, which is real estate is incredibly tax efficient, but when you sell, you have to pay long term capital gains. Prior to that, he managed an owner-operated portfolio concentrated in Atlanta (Avila Real Estate), and a vertically integrated firm sponsoring multifamily focused investment funds in the Southeast, mid-Atlantic, and Northwest regions (Merion Realty Partners). She lives with her husband and son in Hinsdale. When I transitioned out of commodities trading in 05, I went back and I went and got a Masters in real estate at DePaul University as well. You should be comparing the people behind the returns. She enjoys creating bold, minimal styles by focusing her layout skills using typography and grids. What we try to do here, risk management is a huge component of what we do. Prior to joining the Origin team, Jacob worked at KPMG as a Real Estate EVS Senior Associate where he performed over $15.0 B in property and portfolio level valuations across all asset classes. A buy-fix-hold and sell in about four years a Masters in Information and Science. 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