Conner Thomas calls his target properties “industrial apartments.” The idea comes from a mix of limited new supply and demand from many different types of local businesses.
At Greenwich Street Capital, Conner focuses on service industrial properties, including small bay industrial and flex storage. These properties sit between traditional self storage and larger industrial buildings.
Conner explains why new supply can be difficult to build in infill locations. He also talks about the different groups that use these spaces, from contractors and small businesses to people who need more storage than a garage can provide.
The conversation also covers how his background in institutional acquisitions shaped his approach. Conner looks at each property through a risk adjusted lens. He focuses on basis, stabilized yield, conservative leverage, and what could go wrong.
One example is a small bay industrial property in Santa Clara near NVIDIA. Greenwich Street Capital originally expected a medium term hold. After signing leases at rents 20% to 30% above underwriting, the company began considering an earlier sale.
Key Topics and Takeaways
Why Conner describes service industrial as “industrial apartments”
Why limited new supply is part of the investment thesis
How small businesses and service professionals create a broad tenant base
Why Greenwich Street Capital generally stays below 60% to 65% leverage
What happened with the Santa Clara small bay industrial deal
Why Conner discusses risks with investors before focusing on projected returns
Guest Information
Conner Thomas is the founder of Greenwich Street Capital.
His earlier career focused on acquisitions. He mentioned working at Morgan Stanley and DWS, where separate teams handled capital raising.
Greenwich Street Capital invests in service industrial properties, including flex storage and small bay industrial.
Website: greenwichstreetcap.com
Email as spoken in the transcript: Cthomas at Greenwich Street Cap
The full email domain ending was not clearly stated in the transcript.
Call to Action
Visit greenwichstreetcap.com to learn more about Greenwich Street Capital.
Conner said he is interested in connecting with people who want to learn more about investing with the company.
He is also interested in seeing service industrial and flex storage properties that may fit the company's strategy.

Chicago three flats give Lawrence Dunning something he values as an investor and developer: flexibility.
A standard 25 foot by 125 foot Chicago lot can work well for three units. Lawrence says the format creates options because buyers can include owner occupants, local investors, people completing a 1031 exchange, and investors from other parts of the country.
Lawrence also explains why he moved from rehabbing properties into new construction. After a difficult experience with a former partner, he spent time focusing on brokerage before developing a strong relationship with a client who became a friend and project partner.
Today, Lawrence is involved in several new construction projects while also working as a broker. He helps investors look at available opportunities, understand the pros and cons, and connect with property management.
He is also clear that Chicago comes with tradeoffs. Taxes and insurance can be high, and the market is tenant friendly. That is one reason Lawrence places so much importance on choosing the right property manager and screening tenants carefully.
Key topics and takeaways:
Why Lawrence moved from rehabs into new construction
Why Chicago three flats fit standard local lots
How three unit properties can create several possible exit options
Why Lawrence sees property management as a major part of the investment
How Chicago cap rates attract investors from around the country
Why Lawrence believes every real estate market comes with tradeoffs
Guest information:
Lawrence Dunning is a Chicago real estate investor, landlord, broker, developer, and podcaster. He works with investors looking for Chicago real estate and also works with developers building new construction properties.
Lawrence said he can be found by searching for Lawrence Dunning on LinkedIn and Instagram.
Call to action:
If you are looking to invest in Chicago real estate or want to talk about opportunities in the market, Lawrence invites people to reach out to him through LinkedIn or Instagram. He also mentioned helping investors see strong inventory before it reaches the market.

A manufactured home can become a very different asset when it sits on its own land and is properly converted to real property.
Alex Martinsen and the Lotline Homes team are using that idea as they work in the affordable housing space. Their projects typically involve placing a double wide manufactured home on its own parcel, often an acre or more, then adding the septic system, well, power, driveway, landscaping, and other work needed to prepare it for sale.
At the time of this conversation, the team had reached 91 properties in about six months. Fourteen homes were already listed, three were under contract, and the first closing was still ahead of them.
Alex explains why zoning and soil tests can kill a deal, why the team wants to keep the time from land purchase to listing close to three months, and why proper setup matters for buyer financing.
He also shares a lesson from his startup background. Sometimes a bigger and faster goal creates more focus. Lotline Homes set a target of 100 projects in its first 12 months, even though the team had never completed one when it started.
Key topics and takeaways:
How the land home package model works
Why converting the home and land into real property matters
How zoning and PERC testing affect a land purchase
The process from raw land to a finished property listed on the MLS
The team goal of 100 projects in 12 months
Why Alex documents the wins and losses on social media
Guest information:
Alex Martinsen is part of the team behind Lotline Homes. His background is in startups, team building, and launching new businesses rather than real estate.
The company was active in North Carolina, South Carolina, Georgia, and Florida at the time of recording.
Instagram: Alex Martinsen underscore
Alex describes himself there as the Land Home Package Guy.
Call to action:
Alex wants to connect with people who sell land in North Carolina, South Carolina, Georgia, and Florida.
He also invites people interested in business, real estate, and building something new to follow his work on Instagram, where he documents the wins, losses, and behind the scenes work of building Lotline Homes.

Capital raising has become louder, faster, and easier to market. Gregg Gruehl says his team has responded by going back to something much older: trusted relationships.
Gregg brings a background in institutional industrial real estate and now works with Egan Gardner Development. His team recently broke ground on a 70,000 square foot industrial project in Cedarburg, Wisconsin, and is working on a 150,000 square foot project in Madison.
Gregg explains how the team decides whether to build, stabilize, and sell a project or work with capital partners that may hold an asset for seven to ten years.
He also shares what he has seen in the capital raising world. AI and social media have made it easier to create strong marketing, but good marketing does not always mean someone understands the deal. Gregg talks about situations from his consulting work where his team would not put its name behind an underwriting simply because a client could sell the opportunity well.
Key topics and takeaways:
Why Gregg moved from institutional real estate into industrial development
How his brother uses old school land sourcing, including knocking on property owners’ doors
Why their Cedarburg project can serve smaller local businesses and data center suppliers
Why trust matters more to their capital strategy than being the loudest person online
How triple net leases can shift many property expenses to industrial tenants
Why industrial vacancy can create a very different risk than multifamily vacancy
Guest information:
Gregg Gruehl is a partner involved with Egan Gardner Development. His background includes REITs, private equity, institutional industrial real estate, and consulting with industrial developers across the United States.
To connect with Gregg, search for Gregg Gruehl on LinkedIn. Gregg said his name is unique enough that he is easy to find, and he welcomes messages there.
Call to action:
Search Gregg Gruehl on LinkedIn and send him a message if you would like to connect.

A row of burned out RVs and piles of trash can look like one impossible problem. Andrew Cramer learned that the key was breaking that problem into smaller pieces and solving them one at a time.
Andrew is with Bridgeview Asset Management, a company focused on manufactured home communities in the Pacific Northwest. His team looks for properties that often sit outside the institutional market and need real physical work.
Andrew walks through a Northeast Portland community that became one of his favorite projects. His team removed vacant units, cleaned up debris, worked with residents, added new homes, improved streets, installed lighting, added security, and created a playground.
The work also produced a strong investment result. Andrew says the property was purchased for about $2.75 million, received around $1 million in improvements, and sold about two and a half years later for $7.1 million.
Andrew also explains why he believes the stigma around manufactured housing can hurt residents. He sees a connection between improving the community and improving the value residents see in their own homes.
Key topics and takeaways:
Why Bridgeview looks for manufactured home communities other buyers avoid
How Andrew breaks a difficult property problem into smaller, solvable pieces
The Northeast Portland project that went from rough conditions to a stable community
Why street lights, locking mailboxes, security cameras, cleanup, and playgrounds can matter to residents
How older records can sometimes reveal spaces that once existed on a property
Why Andrew sees community improvement and investor returns as closely connected
How the stigma around manufactured housing can affect people considering home ownership
Guest information:
Andrew Cramer is with Bridgeview Asset Management. The company has been focused on manufactured home communities for about 15 years and currently manages around 1,200 units across approximately 23 properties.
Andrew mentioned Clayton and CAVCO as places people can look at examples of manufactured homes being built today.
To connect with Andrew, search LinkedIn for Andrew Cramer. He also suggested searching for Bridgeview Asset Management to help locate his profile. Andrew said he has written many LinkedIn articles about manufactured housing, tiny homes, and related topics.
Call to action:
If you want to learn more about manufactured housing, home builders, real estate investing, or the industry, Andrew invited listeners to connect with him through LinkedIn.

Ray Smith found a real estate niche hiding inside old neighborhood houses.
Instead of buying another standard residential property, he converts old bungalow houses in St. Pete into turnkey restaurant spaces. He designs them, builds them out, handles many of the major requirements, and gives restaurant operators a space that can be much closer to opening day.
Ray started in commercial real estate in 2013 after buying a multi use building for his office. From there, he bought more office properties and eventually began turning some into restaurant spaces.
He explains why he often does not install a large kitchen hood, how newer cooking equipment gives restaurant operators more options, and why he believes the neighborhood setting helps make these spaces attractive.
Ray also talks about his move away from residential properties. He once owned more than 100 residential units and has completed about 350 fix and flips. At the time of the interview, he was down to about 18 residential properties and planned to continue selling them.
Key Topics
Why Ray moved from residential properties into neighborhood commercial real estate
How he turns old bungalow houses into restaurant spaces
What makes a restaurant space truly turnkey
Why he often avoids the cost of installing a large kitchen hood
How triple net leases reduce many of the management headaches he dealt with in residential real estate
Why location, parking, walking traffic, and neighborhood feel matter
How Ray separates properties into a legacy portfolio and shorter term investments
Why he prefers a small group of trusted investors instead of constantly raising money
Guest Information
Ray Smith is a real estate entrepreneur focused on neighborhood commercial properties in and around St. Pete, Florida.
He has completed about 350 fix and flips and previously owned more than 100 residential properties. His current focus includes restaurant spaces, neighborhood retail, mixed use properties, and some warehouse space used for art studios.
Website:
orangebeltInvestments.com
Visitors can see examples of Ray's restaurant and real estate projects on the website.
Call to Action
To learn more about Ray's projects, visit:
orangebeltInvestments.com
Anyone interested in investing with Ray can also complete the investor questionnaire on his website.

What happens when a property is already making money without a website, strong marketing, or a modern booking system?
That is part of the opportunity Rochelle Petersen and her partners saw in an RV park and mixed use property in Chester, California.
Expanded Description
Rochelle has invested in multifamily and development deals, but her current focus is RV parks.
She joins Dave to walk through a property her team was preparing to close on in Chester, California. The property includes nine motel rooms, a three bedroom house used for short stays, and fifteen RV pads.
The business was already operating, but Rochelle says there was no dedicated website, little marketing, no dynamic pricing, and many bookings were coming through phone calls, a Google listing, Airbnb, and camp spots.
That gave the team several areas where they believed better systems could improve the operation.
Rochelle also explains how the team divided responsibilities. Her work included capital raising, insurance, acquisition details, and systems. Other partners handled areas such as seller financing, legal work, the website, marketing, and AI assisted booking.
Key Topics and Takeaways
Why Rochelle moved from multifamily and development toward RV parks
What she looks for in a value add property
How her partners divide responsibilities based on strengths and experience
Why a property with little marketing can create an opportunity
The role seller financing played in the Chester acquisition
Plans for a website, better marketing, dynamic pricing, and improved booking systems
The planned five year refinance for investors
 

Safe is sexy.
That simple phrase sums up a big part of Merrick Lee’s approach to medical real estate.
Merrick is a partner on the funding side of Love Capital Partners, where the group has built a portfolio of 94 properties. Their main focus is medical real estate, especially buildings used by dentists and veterinarians.
Merrick explains why the group chose triple net leases instead of focusing on multifamily. He also shares how he approaches capital raising.
For Merrick, it is largely about real relationships.
He meets people while traveling, at business events, through finance circles, and through existing connections. Instead of leading with a pitch, he gets to know people, learns what they are investing in, and introduces the offering when it fits the conversation.
Key topics discussed:
Why the portfolio focuses heavily on dental and veterinary properties
How Love Capital Partners reached 94 buildings and Series 3
Merrick’s role bringing investors into the deals
Why personal networking works better for him than random LinkedIn outreach
How investor referrals and repeat investors have helped the group grow
Why Merrick and Dave describe the approach as “safe is sexy”
The group’s interest in continued growth and a possible future REIT
Guest information:
Merrick Lee is an online marketer, real estate entrepreneur, and partner on the funding side of Love Capital Partners.
Connect with Merrick:
investwithmerick.com
Merrick also jokes that you can Google “the coolest guy on the internet” to find him.
Call to action:
If you want to learn more about Merrick and the investments he discussed, visit investwithmerick.com.

What happens when the investor relationships you have built over the years start reaching their limit?
In this October 2026 update, Dave Dubeau shares what he has been hearing from real estate operators and capital raisers across 27 recent conversations. One theme is clear: trust still wins, but relying only on the same warm network becomes harder as deals grow and investors become more selective.
Dave talks about the growing attention around data centers, the pressure facing multifamily investors, and why some operators are exploring other real estate asset classes. He also explains why being open about risks, keeping projections realistic, and building personal connections matter more in a noisy market.
Then Dave takes you inside Results Enterprises and explains the three main services the company is working with right now. He also shares the idea he is exploring for a more turnkey podcast-based investor lead generation service.
For this month’s educational deep dive, Dave explains the Bullseye Investor. Instead of targeting every accredited investor with a checkbook, he recommends studying your current investors and looking for common traits such as profession, business background, location, and shared experiences.
You will also hear about Zeke Martinez, a real estate investor focused on notes in San Antonio. Dave compares Zeke’s experience with traditional LinkedIn outreach to the podcast guest approach, where the first conversation starts by offering value instead of asking for a sales call.
To close things out, Dave shares stories from a two-week trip to Turkey with his wife, Miss Max, including food poisoning, underground cities, and the fairy chimneys that became one of his favorite stops.

Managing a 144 unit apartment complex in Texas does not mean Zorya Belanger needs to live in Texas.
From Edmonton, she handles asset management by working closely with the property manager, reviewing the operation through regular calls, and traveling to the property when needed. During a year of renovations, someone from the ownership team visited the property about once a month.
Zorya and her husband started investing in 2013 while both were working as engineers. They hired property management from the beginning because they wanted to focus their time on raising capital and building their portfolio instead of learning every part of being a landlord.
That approach changed after their longtime property manager sold the company. With both Zorya and her husband now working in real estate full time, they took over management of their Edmonton area portfolio themselves.
The conversation also gets into their move into US multifamily. Zorya explains how joining an experienced general partnership team made the transition easier because other partners already brought acquisition experience, legal and accounting relationships, and US lending connections.
Key topics and takeaways
Why Zorya and her husband hired property management from their first two houses
What caused them to take over management of their Edmonton portfolio
Why they are now looking at existing value add properties instead of more new construction
How Zorya joined the ownership team of a 144 unit Houston property
How she manages the asset from Edmonton
How the three tier limited partnership structure works at a high level
Why mixing Canadian and US investors created more administrative work
Why buying back time is now a priority for Zorya and her husband

A USDA loan does not have to mean farming. Jordan Blanchard works with businesses and investors using USDA backed financing for commercial projects in smaller communities across the United States and its eligible territories.
Jordan explains that the USDA definition of rural generally covers a town, city, or census tract with no more than 50,000 people, as long as it is not contiguous with another urban area.
That creates room for many types of projects. Excalibur Rural Capital has financed businesses ranging from almond processing to a sand terminal. The company also works heavily in hospitality and can finance commercial real estate purchases, construction, and equipment.
Jordan also walks through what his team looks for before approving a project. Ownership experience comes first. They also want to see equity already available, a source for more equity if challenges arise, and collateral that supports the loan.
Key topics and takeaways:
What the USDA considers a rural community
Why USDA business lending is focused on economic development rather than farms
The types of commercial projects Excalibur Rural Capital finances
Why ownership experience matters in underwriting
Why all equity must go into the project before the loan funds
How hospitality became a major part of USDA and SBA lending
Why properties with more than one possible use can be attractive

An 18 unit condo building bought for about $90,000 a door was later appraised at roughly $131,000 a door after being brought back together as one apartment property.
That is the condo deconversion strategy Bryce Kander is focused on right now.
Bryce explains how he purchased all 18 units in an Edmonton property from 17 different owners. His offers were conditional on getting all of the units, possession happened on the same day, and he arranged a blanket mortgage across the property.
The opportunity came from a shift Bryce has been watching. Condo prices had dropped while rents had moved higher. He saw a chance to reverse the old strategy of converting apartments into individual condos.
Bryce also talks about another way these deals can happen through the condo board and court process when there is a strong reason for the building to sell, such as a major cash call.
Key topics and takeaways:
Why Bryce is focused on condo deconversions
How he purchased 18 units from 17 owners
Why some owners accepted prices above recent individual condo sales
Using conditions so the purchase only moves forward if the whole building comes together
Working with condo boards and the court process
How appraisals can look different using an income approach
Financing the Edmonton property with private money
Why Bryce expects a long hold before moving into MLI Select financing
How operating expenses can affect the value per door

Knowing what to do is not always the same as being able to do it.
Dr. Jacquie Leone and Shawna Eischens, ND built Aligned Abundance around that gap. Shawna works with the subconscious and emotional blocks that can show up around money, pricing, overextending, and change. Jacquie works on the practical business side, including numbers, operations, automation, margins, and delegation.
They explain how their ten week program moves back and forth between both areas. A client may clear one internal block, start looking at the business differently, then discover something else that needs attention.
Jacquie also shares the story of a doctor who had been in business for about 15 years but was exhausted and working around 60 hours a week. When they looked at the numbers, she realized she was not fully including overhead and staff costs when pricing services such as IVs and peptides. Making those changes helped her reduce her workload while improving the financial side of the business.
Key topics and takeaways:
Why the perfect business plan can fail when someone is not ready to implement it
How Shawna works with subconscious blocks around money, pricing, and overextending
How Jacquie helps clients understand P&L statements, margins, operations, automation, and delegation
Why their program alternates between internal work and practical business work
The type of client they believe is most ready for their approach
Why trust and real human connection matter when selling a high ticket service

A single hard money loan made with unused fund cash helped change the direction of Will Harvey’s business.
Will originally started his first fund to invest in private real estate syndications. After completing one hard money loan, then a few more, he looked at the returns and risk profile and decided to put much more of his attention into private lending.
Today, his business has two sides. He needs good borrowers who need capital, and he needs investors who can help fund those loans.
Will describes that challenge as a seesaw. At different times, he has had more deals than money or more money than deals. Over time, he has learned to work on both sides at once.
He also explains why his ideal borrowers are often experienced BRRR investors doing around 5 to 20 deals per year. He looks for people with experience, cash reserves, and a balance sheet that can handle problems when they come up.
Key topics and takeaways:
How Will moved from mortgage lending and rental properties into private lending
Why his first hard money loan happened almost by accident
The seesaw between finding borrowers and raising capital
Why relationships have been his strongest source of repeat borrowers
How Google Ads have also produced leads and closed loans
Why many of his borrowers are BRRR investors instead of only flippers
How loan participations can return capital while keeping exposure to a loan
Why speed, technology, and AI are part of his borrower experience

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