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

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. Recently closing a Houston deal at $77K/door with discretionary capital, Marcin explains why having "money in the bank" creates massive negotiating leverage.

Looking ahead, he warns of potential credit tightening that could force a pure equity environment, fundamentally changing how deals get done. His contrarian take: we may be heading into stagflation where assets collapse in real value while appearing to rise on paper.

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