Property Profits Real Estate Podcast

Getting through a tough multifamily cycle has not been about buying more for Candice Muldrow. It has been about tightening operations, building repeatable systems, and leading the people responsible for carrying those systems out.
Candice and her husband, Corey, are the cofounders of MGroup Capital and MGroup Residential. Their portfolio includes more than 700 units across Dallas Fort Worth, with most properties around the 200 unit range.
During the last couple of years, they slowed acquisitions and focused heavily on operations. Candice explains how that work helped them build repeatable systems and create a management company that she says is now largely scaled and running without them.
She also explains why they chose to bring management in house. For Candice, it came down to execution, speed, and control over the business plan.
The conversation also looks at current acquisition opportunities. Candice shares that they bought their first 18 unit property in 2017 for about $70,000 per unit. Today, she says they are seeing some similar B and C multifamily assets priced in the $60,000 per unit range. But she warns that today's expenses are also much higher, so lower pricing alone does not make a deal work.
KEY TOPICS
Why Candice focused on operations instead of buying more properties
The two sides of operating a company: systems and people
Why MGroup moved away from third party property management
Why lower multifamily prices still require careful expense underwriting
How Candice and Corey built their investor network over about 10 years
Why MGroup plans to bring even more operational services in house

A retail store is no longer just a place where someone walks in and buys something. Jeff Rosenberg explains why physical locations can also support online sales and help retailers reach customers in several different ways.
Jeff is part of the third generation of an 80 year family business focused on retail real estate. Big V owns and operates open air shopping centers across the United States, with an approximately $2.5 billion portfolio and roughly 55 to 60 assets.
Jeff explains what open air retail looks like today, including large centers such as The Rim in San Antonio. He also talks about new construction in Anna, Texas, where Big V is developing projects that include Kroger and Target.
A big part of the conversation focuses on how retail has changed. Jeff describes how stores now work as part of a larger system that includes online ordering, delivery, store pickup, and curbside pickup.
He also explains why Big V recently opened its business to accredited investors through Big V Direct.
Key Topics and Takeaways
What Big V means by open air retail
How Big V manages acquisitions, leasing, construction, property management, legal work, and capital markets in house
Why limited new retail construction has created development opportunities
How Target combines physical stores with online ordering and fulfillment
Why Jeff says physical stores can support online sales and customer acquisition
How accredited investors can learn about and invest in Big V opportunities through Big V Direct
Guest Information
Jeffrey Rosenberg is a third generation leader at Big V, a retail real estate company with more than 80 years of history.
Big V Direct:
BigVDirect.com
Company information and properties:
BigV.com
Call to Action
Visit BigVDirect.com to learn more about the company, view educational material, and sign up for the newsletter.
You can also visit BigV.com for more information about Big V, its properties, and its retail real estate business.

A rental property did more for Cameron Philgreen than create monthly income. Real estate eventually gave Cameron and his wife the money to open a business they had dreamed about building.
Cameron started investing in 2020. He and his wife began with their own home, rented rooms, used Airbnb, and completed a BRRR property. They also wrote down a goal of reaching 25 units by 2025.
A few years later, selling a former home in Lawrence, Kansas, gave them around $100,000 to $110,000 that Cameron says they put into a commercial building in Waco. With an SBA loan and a major renovation, that building became For Keeps Coffee and Bakery.
Cameron shares why he has moved away from much of his short term rental activity, why he likes furnished midterm rentals, and why he now believes investors can benefit from having both rental cash flow and larger chunks of income from flips.
He also talks about a new 50,000 square foot commercial property he purchased with two partners. The property needs major work, and their goal is to make the area more beautiful, family friendly, and inviting.
Key topics and takeaways:
Setting a goal of 25 units by 2025 with his wife
Starting with house hacking and the BRRR method
Moving short term rentals into midterm or long term rentals
Using proceeds from a home sale to help create For Keeps Coffee and Bakery
Cameron's barbell idea of combining rental cash flow with flip income
Renovating a distressed 50,000 square foot commercial property in Waco
Delegating daily coffee shop operations to an empowered staff
The Legacy Investor Podcast and its move to the name The Good Steward Podcast

A builder may want thousands of future home lots without wanting to own all of them today. Suraj Reddy explains how East Avenue Investments steps into that gap by purchasing the land and giving the builder an option to take it down over time.
One Austin area example involved about 2,000 lots purchased for $30 million. The builder put up $4.5 million for the option and paid a monthly fee based on a 13.5% annualized rate on the remaining amount. The builder could then start taking down additional lots after getting the first part of the community moving.
Suraj also explains why East Avenue Investments focuses heavily on risk. The company looks at the builder, the amount of cash committed, corporate guarantees, required takedowns, and whether East Avenue would be willing to own the land if the original builder walked away.
The conversation then moves into land repositioning. Suraj describes buying roughly 200 to 300 acres in areas where growth already exists, solving problems such as access to infrastructure, and working toward mixed use master planned communities.
Key topics and takeaways:
Why home builders use outside land banking partners
How a $30 million deal involving about 2,000 lots was structured
Why the builder paid monthly to keep its option alive
How deposits, guarantees, and takedowns help manage risk
The difference between land banking and land repositioning
How East Avenue looks for growth that is already happening when repositioning land
Guest information:
Suraj Reddy started East Avenue Investments. The company focuses on land banking and land repositioning and works with home builders in different markets.
Website:
https://EastAvenueInvestments.com
Suraj said listeners can use the Contact Us page or the company info email. The exact email address was not stated in the transcript.
East Avenue Investments also has an ebook about land banking available through the website.
Call to action:
Visit https://EastAvenueInvestments.com to learn more about land banking, download the ebook, or contact the team. Suraj said he is interested in speaking with investors and with home builders that may have deals East Avenue Investments can underwrite.

Nathan Schiess spent years doing real estate deals without making much noise about them. Then he liquidated his portfolio after a divorce and realized how little public history he had built around all that experience.
That changed his view of personal branding.
Nathan now sees a personal brand as much more than professional photos, logos, and social media posts. He believes the real value comes from building a sphere of influence and becoming a hub that connects people.
Nathan explains how starting the Idaho Real Estate Investors Association helped him build relationships inside the investment community. He also shares why groups do not always need to be directly about real estate. A golf league, social group, date night, or whiskey and wine society can also create real relationships with the people an investor wants to know.
Nathan also breaks down how he approaches a personal brand. He starts with the goal, identifies the ideal client profile, looks at that person's problems and concerns, and then creates content that helps build familiarity and trust.
Key topics and takeaways:
Why Nathan originally avoided talking publicly about his investing
What liquidating his portfolio taught him about reputation
Why a logo and professional photos are only the frosting
How a REIA can grow your sphere of influence
Why your personal brand should be built around your ideal client profile
How personal interests such as pickleball can belong in business content
Why Nathan recommends combining personal and professional content
How social groups can help an investor become the center of gravity in a community
Guest information:
Nathan Schiess is an active real estate investor and the founder of the Idaho Real Estate Investors Association. He also helps investors and agents build personal brands, REIAs, masterminds, and other groups that connect them with their communities.
Website:
repersonalBranding.com
Call to action:
To learn more about Nathan and his personal branding work, visit repersonalBranding.com.

A real estate fund sponsor had gone quiet for two years, leaving an advisor with very little information to explain what happened to a client. Daniel Erb shares how his team used limited reports and public records to rebuild part of the story.
Expanded Description
Daniel Erb started in traditional investment banking before moving into real estate investing, fund raising, underwriting, and market research. That experience eventually brought him to the allocator side of the table, where his work now focuses on family offices, independent registered investment advisors, and wealth management groups.
Daniel explains why private market investing can be difficult to evaluate. Private funds do not all look the same, and the information around them can be much less transparent than information in public markets.
His work includes underwriting support, comparisons between funds, and monitoring previous investments. That can mean looking at how a fund is performing against its original target, other private funds, similar REIT indexes, or the S&P 500. It can also mean asking whether strong past results came from the sponsor or simply from being in the right market at the right time.
Key Topics and Takeaways
Daniel’s move from investment banking into real estate and fund raising
Why Daniel says private funds are like snowflakes
The gap between growth in private funds and investment in research
How existing private market investments can be monitored
Comparing results with original targets and other investment choices
The case of a sponsor that stopped communicating for two years
Guest Information
Daniel Erb works with family offices and independent registered investment advisors that have significant exposure to alternative investments.
He also works with advisors leaving larger firms who want private market support without building a complete alternatives desk inside their new firm.
Website: EMCAPLLC.co
LinkedIn: Search for Daniel Erb. Daniel said his LinkedIn domain includes Daniel Patrick Erb.
Daniel also discussed EM Capital and an AI research agent that covers commercial real estate asset classes. The transcript gives two different spellings for the agent’s name.
Call to Action
If you run a family office or registered investment advisor with significant alternative investments, Daniel welcomes a conversation to compare notes and discuss his firm’s monitoring work.
If you are building an alternative investment capability and want to compare the cost of building it internally with working with EM Capital, Daniel also invites that conversation.
Visit EMCAPLLC.co or find Daniel Erb on LinkedIn.