Multifamily Syndications Explained for Beginners

In this episode of Paging Financial Freedom, Dr. Daniel Shin, a surgeon and real estate investor, and Lila Kaplan, a former Wall Street professional and certified financial planner, sit down with Jeremy Dyer, VP of Capital Formation at Rise48 Equity, to discuss real estate syndications, passive investing, and how busy physicians can build financial freedom through multifamily real estate. 

Jeremy shares his journey from tech sales into real estate investing, how passive syndications helped him reclaim time with his family, and why long-term investing, not chasing quick wins is the key to sustainable wealth creation.

The conversation explores how syndications allow high-income professionals to invest passively in large apartment complexes without handling day-to-day operations. Daniel, Lila, and Jeremy also discuss real estate professional status (REPS), how passive losses can offset taxes, and why vetting the operator is far more important than flashy projected returns. Additionally, they break down current multifamily market conditions, the impact of rising interest rates and new supply, and why markets like Dallas and Phoenix may present strong opportunities in the coming years.

Key Takeaways:

•  02:09 – Jeremy shares his transition from tech sales into active real estate investing during the financial crisis. 
•  10:11 – Discussion on real estate professional status (REPS) and how it can dramatically reduce tax exposure for high-income earners. 
•  13:28 – Why real estate acts as a hedge against inflation and creates long-term wealth through appreciation and cash flow. 
•  18:14 – Jeremy breaks down the role of a sponsor and what operators actually do behind the scenes. 
•  24:19 – Insights into the current multifamily market cycle, interest rates, supply trends, and future opportunities. 
•  31:33 – Jeremy’s advice on evaluating operators and why investors should focus on people before deals. 

Daniel, Lila, and Jeremy emphasize that building financial freedom through real estate requires patience, disciplined investing, and partnering with trustworthy operators who have strong systems and proven experience. They highlight that for busy physicians and professionals, passive syndications can create a path toward greater time freedom, tax efficiency, and long-term wealth without sacrificing family life or career priorities.

Links Mentioned in the Episode:

• Paging Financial Freedom Podcast on Spotify
• Paging Financial Freedom Podcast on Apple Podcasts
• Learn more about Dr. Daniel Shin’s Real Estate Fund: CereusRealEstate.com
• Learn more about Lila Kaplan’s Real Estate Investment Management Company

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Transcript

00:01
Welcome to Paging Financial Freedom, a podcast about doctors and spouses and the journey to financial freedom through real estate and tax savings.  I'm Dr. Daniel Shin, a surgeon and real estate investor.  might know me on social media as the Doreenian Doctor or the founder of Sirius Real Estate.  And I'm Lila Kaplan, former Wall Street professional, certified financial planner,  and the person on a mission to retire my orthopedic surgeon husband in the next five years. I specialize in apartment investing.

00:29
helping doctors and their families build true financial freedom beyond their  W-2 incomes.  If you're interested in achieving tax-efficient financial freedom through real estate, you're in the right place.  Let's get started.

00:45
Welcome back everyone to the Paging Financial Freedom podcast. Really happy to be joined here by our first official guest, Jeremy Dyer. You know, and the theme of today's talk is really real estate syndications and scale. So for many busy doctors, the idea of owning something like a 200, 300 unit apartment building, it seems impossible, but today we're going to demystify that. Jeremy's going to help us kind of get down to the brass tacks of how that happens in multifamily syndications.

01:14
So  to introduce our guest today, we're very, thrilled to have Jeremy Dyer, the VP of Capital Formation at Rice 48 with us. Jeremy is an experienced, active, and passive investor with personal equity in over 5,000 multifamily units. His firm, Rice 48, is a major player in the multifamily space, particularly in the high-growth markets like

01:41
Phoenix and Dallas, which I also invested. Jeremy, welcome to the show. I think Rise 48 now recently surpassed over $2 billion of assets under management. So congratulations. You've had a successful career in sales before moving into real estate. can you just, let's get back to that a little bit. What was the catalyst for that pivot? Let's get back to that kind of origin story. Yeah, no, I appreciate that. And thanks so much you guys for having me on your show here.

02:09
It's been a pleasure to see you guys again and to meet your listening audience. I have been with Rise 48 now for the past couple of years as their VP of capital formation. I largely cut my teeth in the real estate investing space back during the global financial crisis. I was in technology sales for a number of years, really chasing after the next commission check, the next bonus check, and things were going really well for my wife and I at the time. We built our dream house.

02:38
By the time we were 23 years of age, we were completely debt free at a very young age, was able to max out the 401k by the first quarter of every year. So we're really in a position where we wanted to scratch our entrepreneurial itch and really find a different way to diversify outside of Wall Street and into Main Street. And so was really during that time, 2007, eight, nine, where my wife and I started to purchase single family homes.

03:05
where we were buying houses at 90K a door, we were sticking 30K into the improvements, and we were selling these houses after renovations for about 200 to $300,000. And that process was working really well for us. We were having a lot of fun doing it. The challenge for us came in 2015. In 2015, my wife and I decided to double down on children. Okay, so we went from two kids to four kids.

03:32
And if you're reading between the lines, number three and four were yes, twins. And so I found myself in a really tough spot back in 2015.  was arguably riding two horses at the same time. Horse number one is I was grinding after the next commission check, you know, working 50 to 60 hours per week in my tech sales job. While at the same time, I was also building up a successful real estate company.

04:00
by acquiring single family homes that was largely occupying my five to nine and my weekends, right? So I spent my time in my W2 job from the nine to five and then my five to nine was largely spent as an entrepreneur trying to build up this real estate company. So in 2015, my wife and I made the difficult decision to step away from the active real estate business to focus on my day job so that I could also try to be the best husband and father I could be.

04:29
because of course by that point I had a couple of older boys and they wanted coach dad, right? They wanted coach dad to be on the football field, the baseball field, the hockey arena, you know, out there with them. And most of those youth sports and activities for children, they occur in the evenings and on the weekends, right? Which is where I was traditionally spending my time actively managing my own real estate portfolio. So 2015, we made our first investment in a passive real estate syndication.

04:56
If you had asked me what the word syndication meant back then, I wouldn't have really been able to even tell you other than the fact that I know that the Green Bay Packers are a syndicated football team. That's about the extent of my knowledge. So I honestly, in 2015, I held my breath, I plugged my nose, I sent my wire transfer into a deal that I had heard about through a friend. 2015, now until today, my wife and I have invested in over 75 different real estate projects.

05:25
with a dozen different operators, a dozen different asset classes from commercial multifamily to assisted living to self storage.  We've even invested in industrial deals and RV parks and boat marinas. You kind of name it, right? There's a lot of different asset classes that investors can uh choose to diversify into outside of Wall Street and outside of other asset classes. So that was really the extent of our journey. We learned a lot.

05:53
through that process. We had learned so much that I was constantly being asked, Jeremy, you need to write a book about all your experiences. And so two years ago, I spent 600 hours of my time, a complete labor of love, authoring a book called The Fundamental Investor Now, which is consumed by a lot of passive investors that are first looking to get involved with  passive real estate investing for the first time. And they're able to really learn a lot about how to vet a sponsor, how to vet a deal and investment.

06:21
You know, what are some of the risks associated, you know, with investing passively through real estate syndications, et cetera. So, you, so when did you quit?  Great, great question. Yeah. I held on to my uh technology sales job as long as I could. Okay. That separation occurred about two years ago where I got to the point where I realized that the cashflow distributions from the investments that I'm in

06:49
and the deals that I had had previously go full cycle and the deals that I know are going to continue to go full cycle in the future, it got to the point where I didn't need the income anymore.  I was receiving enough income from my investments to be able to fully support our lifestyle because as I mentioned before, at 23 years of age, I was debt free.  So now the income that I'm receiving from our investments now is fully able to support our lifestyle living.

07:19
That's so amazing. know, and I, uh, before we move on to sort of the basics of syndication, I just want to mention that I think that story is so relatable to a lot of physicians who have gotten into real estate because so many physicians face the same sort of our crunch and turns to entrepreneurship and investment into real estate  to really gain that freedom. But in my own experience, I can say it ended up exactly the same where, you know, it was seven to five.

07:47
at the hospital and then five to midnight emailing contractors and talking about renovations and filing paperwork. So the active lifestyle of a real estate investor, it can be very substantial. So, uh, totally get that, that pivot. Well, good thing my husband has me.  Um, I am his active investor. I'm also a rep status as well. So I actually quit my W-2 job just to pursue the journey of retiring him.

08:15
And so that's really the whole premise of this show is how to showcase how a single surgeon like Daniel can be semi-retired or go on full retirement through passive or active investing, or how the spouse can be a participant to help the physician in that journey. Yeah, and Laila, I'm so glad that you brought that point up because my wife and I did the exact same thing, okay?

08:43
My wife actually homeschooled our four children.  All of our children are kind of in their late, yeah, they're in their late teen years, you know, now. And so my wife actually stayed, you know, as an active owner operator.  Once we released, you know, that kind of active ownership, we still were managing a few properties actively  just so that she could check that box, right? Of being a rep status or a real estate professional status, right?

09:12
And so I'm glad that you mentioned that because we have a number of investors that have invested into our projects before where once they realize that you can use passive depreciation loss activity to offset active ordinary income if one or the other spouse qualifies as a real estate professional, right? That's an utter game changer. I I personally went from the 37 % federal tax bracket down to zero when my wife was able to leverage that status. Of course,

09:42
I don't think anybody on this podcast recording is a CPA or a tax professional. So obviously seek your own  advice in that regard, but it can be a true game changer  for a couple if one of them is able to check that real estate tax professional designation to be able to help the other spouse who maybe is the larger breadwinner in the family, right? Is able to help reduce their tax exposure. Yeah, I used to be the breadwinner of the family, but...

10:11
Then my husband got a real job becoming an attending.  So then he made a lot of money. And so I took a step back and became a real estate professional status. And that really, like you said, was a game changer for us because we're able to save hundreds of thousands of dollars.  So it wasn't even worth for me to be in corporate anymore. I am a mom of three as well. That also give me the flexibility of being home with my kids, but also run the business as well. So I can definitely relate to that.

10:40
But Jeremy, one of the things that you did say  early on is you didn't know how to define syndication. So  how would you define syndication now  and how does it allow a busy doctor to passively own a piece of a large apartment complex? Yeah, it's a great question. Really syndication sounds like a fancy word, but it's really group investing. That's basically what  syndication means. And kind of a bigger picture here.

11:07
If the main operator or the active real estate investor is looking to acquire a large commercial real estate property or properties, right? Where they need to raise money from outside investors to partner with them  on that project, that in and of itself is a syndication, right? So an operator may choose to either advertise publicly, okay?

11:35
or advertise inside of their own individual network that there is a investment opportunity that maybe they have under contract and maybe they need to raise $10 million to buy the property, right? And so they're going to make that investment opportunity available to the public or to their own direct network and maybe they'll set a minimum investment of $50,000 or $100,000, right? So now investors,

12:04
active, busy physicians  or anybody else could choose to invest into a large commercial multifamily investment opportunity at a smaller minimum investment size and basically own a fraction of that project. So that physician now that's listening to this doesn't have to go find $10 million to invest in a large commercial multifamily.

12:31
investment or go buy a single family home. Instead, they can own a fraction or a slice of a larger investment project where someone else is actively managing  and  operating the property and the day-to-day.  So now they're a passive owner and they own a percentage of the interest of that property at a much lower entrance point.

13:01
and they're also able to receive the same benefits as a direct owner would.  So they're receiving benefits like monthly cash flow distributions.  They're receiving appreciation  as the asset itself appreciates over time. They're receiving an equity profit split or upside.  When the project sells, whatever remaining profit is left over at the time of sale is split.

13:28
amongst all of the passive and active owners that are partnered with the operator on that project. And one of the big benefits to a lot of physicians that are looking to diversify outside of Wall Street and into Main Street, a lot of them are really honestly, they're after a hedge against inflation. We don't talk about the inflation monster as much as I think we should, but it's actively uh eroding many people's nest eggs, right?

13:57
You know, I like to  use the story with my children that when I was their age, right, we like to do that as parents, right? When I was your age, right, a McDonald's value meal was $3. Today, 30 years later,  a McDonald's value bill is nine to 10 bucks.  And in 30 years from now, it's going to be 27 to $30, right, for the same McDonald's value meal. My point being is that real estate acts as a hedge against inflation.

14:24
So as inflation continues to be sticky, the dollar continues to deteriorate and erode, right? Real estate, because it's a hard asset and it's a cash flow investment, they operate a lot like a business does, right? Where there's income coming in, right? And as the income increases, the sellable value of that property also increases in tandem, okay? And so that's really what a lot of physicians that I've talked to over the years are really after.

14:52
Is there after that diversification from Wall Street into Main Street? And they're really after things that they can invest into that produce consistent cashflow, appreciate in value over time. They have equity in those investment projects and they act as a hedge against the inflation monster. right. And Jeremy, do you mind just giving us a little bit more about that relationship between depreciation and, you know, passive deals and real estate professional status? I know it's complicated, so maybe you could just give us a little bit more there.

15:21
Yeah, I'd be happy to do it. So it's wonderful if you can leverage that real estate tax professional status.  However, if you're not able to get to that point, the benefit itself is not lost. It just comes down to when you can actually leverage the passive tax benefits of depreciation.  So if you  can check the real estate professional tax status box, you can use that depreciation to offset immediate ordinary income

15:51
the year in which you invest in the project.  If you're not able to leverage that, it's not lost and here's why. uh What happens is you will still receive tax depreciation as a benefit through your investment because remember, you are a limited partner owner in the project. So you're going to receive  your pro rata share of passive tax depreciation benefits. You can then use

16:20
that depreciation to offset passive income. Okay. So if you think about it, passive depreciation, passive income go hand in hand. Well, in most cases, passive investors are not able to use  all of the depreciation that they receive on their annual K-1 at the end of the year to offset  all of their passive income. And the nice thing about depreciation

16:48
is it suspends or carries forward into future years when you can use it. Okay, so for example, let's say in three to five years, you have a project that you invested into this year that now went full cycle and you have a profit, a large profit now on the exit of that investment. You can now call up the suspended depreciation that you received over the course of that investment hold period.

17:17
to help offset the capital gains tax consequences on your profits, okay? I mentioned before that I'm in 75 different syndications right now as a passive investor, and I have yet to pay a single dollar in capital gains taxes on any of the distributions and any of the profit splits that I've received across all of those deals. That's a great explanation, and thank goodness for CPAs, right? Because...

17:46
That must be complicated with 75 deals. So do you mind if we kind of pivot a little bit here? And so you're now on the sponsor side of the deal with Rise 48. So could you just kind of explain what that means? So what are the key responsibilities of a sponsor as opposed to the limited partner who's a passive investor? Yeah, it's a great question. And really, it really comes down to the day-to-day management, right? So the operator.

18:14
or the sponsor, in this case, Rise 48, our responsibility is to underwrite deals, find deals, which is like finding a needle in the haystack, right? You know, not all deals fit our buy box, and there's a strict process that we go through to identify which projects make sense, right, for us and our investors to acquire. So our job is to acquire, our job is to asset manage, right? Asset management includes things like

18:43
executing the business plan. In our case, we're a value add operator. So we like to acquire properties that were built in the  1980s,  1990s, early  2000s, right? Where the business plan is to renovate the interiors, increase the rents, which increases the value of the property, right? So we do that through a vertically integrated property management team.

19:06
where all the onsite employees are all our own in-house W-2 employees with full benefits. Their compensation plan is directly tied  to the performance of that specific property. We also do that through our vertically integrated construction management team.  So number one,  acquire. Number two, asset manage. And then number three is of course knowing when to sell and pull the trigger and ultimately sell the property.

19:34
you know, which is upon exit. So if you think about a real estate syndication, it's really like a three legged stool. Okay. You have the acquisitions team, you have the asset management team, and then you have the equity and the debt team, right? The equity and the debt team are the teams that are responsible for securing the debt from the lender, in addition to finding and sourcing investors that want to partner with us on the project. Jeremy, you  set this term

20:04
couple of times vertically integrated. you know, our listeners might not be familiar with uh what does that mean and why is it a significant advantage for your investors? Yeah, it's a great question, Laila. And really at the end of the day, the opposite of being vertically integrated is using third party management. And when it comes to third party management, that would be where an operator actually hires another company.

20:33
to perform all of the on-site functions. So for example, if you think about any property, right, you're gonna have key employees that are there every day of the week, okay? Those employees are going to be individuals like a maintenance technician, right? A leasing agent, a property manager, a community manager, right? They're responsible for the day-to-day. So operators can either choose to hire a third-party management company that brings in their employees

21:02
to perform the day-to-day operations at the property level, or the operator can hire their own employees in-house, where those employees are now being managed by the operator, okay? There are a lot of different types of sponsors or syndication firms out there. Some of them are two men in a truck, some of them are teams of 20, and some of them have teams of 300 plus, right?

21:29
and they own multiple properties across multiple different markets. So really from an investor's perspective, you're really trying to reduce what I call three main risk factors when you're evaluating operators and when you're evaluating a deal to invest into. Risk factor number one is operational risk, right? Is the sponsor vertically integrated? Do they control the day to day, right? If they don't, what's the likelihood that they might have to

21:58
terminated contract with a third-party property management company, which would be a massive disruption to that day-to-day, right? As opposed to maybe terminating a bad Apple employee, for example, right? So that's operational risk is number one.  The next risk factor is execution risk. Well, execution of what? Execution of the business plan itself. So what is the operator's  business plan, right, in order to take the asset that they're acquiring

22:27
to renovate it or repurpose it and to sell it someday. There's a tremendous amount of execution risk involved in that strategy and has the operator performed that strategy in the past with other acquisitions that they have, right?  And what is ultimately that risk? Is it a situation where maybe they're just rebranding the asset and repainting the exterior or are they renovating all of the interior units and stripping those units down to the studs?

22:54
That's a massive difference when it comes to execution risk. And do they have the team in place, both on the property management side and the construction management side, in order to reduce that  risk exposure? And the third and final risk factor is what I call market risk, right? This is the one that nobody can control, but we can certainly do our best to mitigate against. Market risk includes things like uh higher interest rates, for example, a glut of new supply, you know, hitting

23:23
a particular major market in this country.  The impact of tariffs, the impact on wars, right? There's all these different black swan events, right? These different market risk factors, you know, that are at play that the operator, if they've been there, done that before, and they've underwritten the deal appropriately, they know how to mitigate against some of those, you know, I'll call them headwinds, right? That we don't oftentimes  know are going to present themselves in the future.

23:51
but we try to protect and preserve investors' capital in the event that those types of events occur in the future. Amazing detail there. So  maybe we could just take a step back and talk a little bit about market and sort of where we were and where we are now. Because when you look back  in Rise's history, actually, there's been some incredible returns, especially sort of early on.  things are a little different now, right, in terms of market risk and interest rates.

24:19
So how has that affected your strategy when you're looking at deals right now? And where are we in terms of opportunity and in your opinion? Yeah, great question. So  what your listening audience doesn't know about me is I'm actually a hockey coach. I've coached now over 30 hockey teams for youth kids. Um, and I tell my, my, my players all the time that during the course of a hockey game, you need to keep your head on a swivel. Okay. Well, the same thing is true when it comes to real estate and timing and time in the market. Okay.

24:49
One of the things that people don't oftentimes understand is there is no investment that always goes up and to the right. Okay. There are time periods, what are called market cycles, where there's better times to invest and there's better times to pump the brakes. Okay. So if you go, go back the last 10 years, okay. From 2015 until 2021, real estate experienced a boom. Okay.

25:18
This was by the way, during a time period, I remember back in 2015 and 2016 that the prognosticators were screaming that a recession's coming. Well, guess what never happened? A recession. So if you had sat on the sidelines in commercial real estate from 2015 until 2021, you missed out on a five year or six year bull run. Okay. Well, what happened in 21 and 22 coming out of COVID is the cost of debt capital was incredibly inexpensive. Okay.

25:47
the federal funds rate was almost zero, right? Monetary policy was very light, okay? And you had a lot of people migrating into growth markets. You had in-migration and you had migration or immigration  happening all at the same time. And so you had a glut of new supply that was hitting a lot of the major markets. You had interest rates now that were being increased at a historic pace to help tame inflation.

26:16
which caught a lot of operators off guard and it caused transaction volume to fall off a cliff. When transaction volume falls off a cliff and the only sellers that are selling are selling because they're distressed, that decreases the value of properties. So 21 and 22 were a time period that there was a lot of emotional investing, a lot of speculative investors that were investing at that time.

26:44
because there was a lot of people that were making a lot of money from 2015 up into 2021. Well, that music stopped, okay? So in the back half of 2022,  up until now, we've largely been in a down market, okay? So we're now no longer at the peak, but we're really at  the valley of the market, okay? So some of the signs that we're looking for right now to see where we go next are things like trends in occupancy, trends in concessions, delinquencies.

27:14
trends in supply, right? Supply has a big factor. Interest rates are gonna always do their thing, okay? That we cannot control, right? But we know what the new supply picture looks like in three years from now. How we know that is because it takes a new developer at least three years from the time that they pull a permit until the time that they're able to lease up that new property. So we know with some certain sense and degree as to what that new supply picture is gonna look like in the future,

27:43
And what we can tell you in terms of the markets in which we choose to operate in, that the new supply picture is largely falling off a cliff. And supply demand or supply absorption, it's economics 101.  If you have a limited amount of supply, but you still have strong demand or strong absorption of that new supply, what's going to end up happening is you're to have stronger or organic rent growth in that market. You're going to have an increase in occupancy.

28:10
You're going to have less concessions, less delinquencies, because now you can evict tenants that aren't paying, right? Not just looking to get butts in beds, right? So from an economic perspective, we're very bullish in terms of where the market is headed in 2027, 2028, and 2029. We don't have a crystal ball, but we still are able to leverage data from some of the forward-looking prognosticators, like for example, CoStar and RealPage.

28:40
to know where that new supply is going to look like in any major market in this country. All right. So let's bring it back a little bit to sort of our core audience here, which are physicians and physician spouses or other medical professionals. do you think, you touched on this earlier, but do you think that investing in something like a syndication can really play a role in allowing a high income professional to retire or semi-retire? ah How feasible is that?

29:10
Yeah, know it's a good question. You know, because I've been in this business investing as a passive investor now, you know, for over a decade, I have the benefit of having just been invested longer. Okay.  People like to say that the best time to get involved in real estate investing was 10 years ago. The next best time is today. The point being is that more time in the market is going to help you on your path to financial freedom.

29:39
Okay. Or more time freedom or whatever it is that you're after. But my point being is that  as you start to get involved and you dollar cost average your way into multiple investment opportunities over an extended period of time, the idea here is you're looking to invest into projects that are conservative with a best in class operator that. That's that that is investing into something that is designed to double.

30:08
your investment approximately every five years. Okay. So the idea behind this is if I can get involved in a project today, okay, that's expected to double my original investment in the next five years. In five years from now, now I'm taking my original hundred thousand dollar investment. Now it's 200,000. And  it's also a tax advantaged investment because it largely grew tax free because of the power of depreciation, right?

30:36
And so the idea here is to really try to stack investments on top of each other, right? Every year I know that I'm going to have exits  because I'm in 75 deals, right? And I've invested in projects that I got involved with four or five, six years ago that are now coming full cycle. So the idea here  is to not try to accelerate that path, but to dollar cost average your way into real estate over an extended period of time, knowing

31:04
that nobody has a crystal ball, I can't tell you if you're investing at the peak or the valley of the market cycle, because I can only tell you what the rear view mirror says. I can't tell you what's out the front of the windshield, right? So my point being is that as a prudent investor, what I'm looking to do outside of diversifying from Wall Street into Main Street through passive real estate investing, is I'm trying to dollar cost my way into real estate over time versus sticking all of my eggs

31:33
in one basket, if that makes sense. Yes. So what you're saying is, is a long-term game and not a get rich quick game. Yeah, that's a hundred percent. If you're looking to get rich quick, real estate is not the vehicle for you because we cannot day trade apartment buildings. Absolutely. So for listeners who are high income, but are time poor, what are some of the practical steps for them to get started? There's a lot of syndications out there.

32:02
You know, I've been using Instagram to, you know, look at different deals and all of sudden I go down this rabbit hole of algorithm and all of sudden I get all these deals pitched to me, IRRs 20 to 30%. It's definitely very, very overwhelming. So how should somebody who is like a physician, who's super busy get started and look for deals and do their due diligence? Yeah, it's a great question and you need to...

32:31
not perform due diligence on the deal, you need to perform due diligence on the operator. Okay. I have never in my life seen a bad pitch deck. Okay. I also know that when an operator presents a projected return, that's based upon the inputs and their underwriting model. Okay. One little change in the underwriting model can have a massive impact upon the potential return projections. Okay.

33:01
So how conservative is that operator actually being on the inputs in the model to produce the expected outcome, you know, for those investors and understand that real estate  is, I like to use the analogy that birds fly, fish swim, real estate falls apart. It's just what happens in the business. Okay. There's always challenges every single day. There's a new challenge, right?

33:29
whether it's evictions or delinquencies or there's a death on the property, a murder on the property, a fire in a unit, right? There's always challenges in real estate. It doesn't matter the asset class. It could be retail, flex office, self storage, assisted living, right? There's always challenges around it. So when you as an investor are choosing to deploy your hard earned money into a real estate investment, just know that you're investing in the operator first,

33:58
and the deal second. So how do you do due diligence on the operator? There's a lot of different ways you can do that. Probably a different podcast episode at this point, but I'm gonna go right to the finish line, okay?  Number one is the heart of the operator for me, okay? I wanna know the heart of the person that's leading the organization, okay? I wanna know about their culture, their values, their vision. How do they lead an organization? The types of talent they acquire.

34:27
they acquire? they are they sourcing best in class talent? Do they want a players on their team? Right? Those are the types of things that I traditionally look for outside of the fact that I want them to be, you know, high level of integrity, that they're trustworthy, that they've executed this business plan before that they have a strong track record, that the relationships with their lenders are strong, their corporate staff is strong, their  employee engagement is strong.

34:56
Right? All those things matter because at the end of the day, it's that operator that's going to make the decisions day in and day out as they face headwinds, as there's challenges when it comes to executing, you know, that business plan. And that's why I personally like to invest with operators that are vertically integrated on the property management and the construction management, because then they control that entire timeline from acquisition all the way through what's called disposition.

35:25
or the time that they ultimately sell that investment and return those profits to their investors. Amazing. So this has been so insightful, Jeremy. Thank you for spending the time with us today. For doctors and other professionals and spouses who'd like to learn more about Rise 48 and what you do over there with their passive investing, what is the best way for them to contact you or get in touch with your team? Yeah, I appreciate that. And outside of the fact that they should connect with the two of you,

35:54
You can certainly connect with me  directly. You can find my oh contact information at rice48equity.com. I mentioned earlier that I wrote a book. You're welcome to grab a copy on Amazon. It's called The Fundamental Investor and certainly welcome to connect with folks on other platforms like LinkedIn. And you can find me there just simply by searching my name, Jeremy Dyer.

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Amazing. Well, thank you so much for the time.  So just as a reminder, today we kind of went over syndications, we went over vetting the sponsor, we went over a ton of information about vertical integration and tax benefits.  So  thanks so much for your time today. Lila, want to take us out? Yeah, thank you listeners.  And if you need any information, definitely check out our show notes for Jeremy's contact information. And we just want to thank Jeremy for being

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on our podcast  and  hopefully down the road we can collaborate on some deals together. Yeah. Thanks for having me on the show and look forward to talking to you soon. Thanks for tuning into Paging Financial Freedom, where we help doctors and spouses like you take control of your finances, invest smarter, and build a life by design.  If you enjoyed today's episode, don't forget to subscribe,  leave us a five-star review,  and share this with someone who needs to hear it.

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And remember, financial freedom isn't just a dream, it's a decision. So let's get there together.