JF 4042: Employment Revisions, Migration Slowdown and Multifamily Absorption with John Chang

On this week’s episode of Multifamily Mastery, John Casmon interviews Jack Mullen. Jack shares how his background in banking and his advisory firm, Summer Street Advisors, have positioned him to help both institutional and family office investors navigate due diligence, capital calls, and distressed real estate opportunities. They dive into how LPs should evaluate whether to reinvest in troubled deals, the pitfalls of 1980s vintage multifamily projects, and why execution—not just capital markets—separates successful operators from struggling ones. Jack also offers guidance on scaling from friends-and-family deals to institutional partnerships and emphasizes the importance of professionalism, reporting, and alignment between sponsors and LPs. Jack MullenCurrent role: Founder and Managing Director, Summer Street AdvisorsBased in: Westport, ConnecticutSay hi to them at: https://summerstreetre.com/ | LinkedIn This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Podcast production done by ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of the Best Ever CRE Show, Matt Faircloth interviews Amanda Cruise. In this fireside chat, they dive into Amanda’s journey from a corporate career at Capital One to building a business around manufactured housing and mobile home parks, including her first “Lonnie deals” and lessons on affordability-driven demand. They compare mobile home parks to multifamily, highlighting financing differences, investor demand, and why the mobile home space has seen less distress. The conversation also branches into boutique hotels, self-storage, and the future of manufactured housing, with both hosts weighing in on scalability, investor pitfalls, and what asset classes still make sense in today’s market. This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Podcast production done by ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Passive Income Playbook, Pascal Wagner interviews Peter Sack. They dig into why Chicago Atlantic targets underserved private credit niches, especially state-by-state cannabis lending where limited competition can mean first-lien structures at lower leverage with mid-teens to ~20% returns, plus classic lender protections. Peter explains how regulatory moats, disciplined underwriting, and downside focus beat “sexy” equity stories, and how potential legalization would likely trigger refinancings, prepayment fees, and warrant upside rather than harm. They also compare private funds to public options through Chicago Atlantic’s BDC and mortgage REIT tickers, LIEN and REFI, and outline what LPs should evaluate in credit managers from lien position to non-accruals and third-party administration. Peter SackCurrent role: Managing Partner, Chicago AtlanticBased in: Miami, FloridaSay hi to them at: https://www.chicagoatlantic.com/ | LinkedIn | [email protected] This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Podcast production done by ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Best Ever Show, Ash and Amanda interview Ian Noble. Ian shares how fourteen years of running a family dry cleaning business led to burnout, a brutal COVID revenue collapse, and the realization that passion and systems matter more than social media hype about “boring businesses.” He explains his pivot to real estate as both an LP and fund-to-funds syndicator, why he favors low-risk private lending and mobile home parks, and how he structures deals so investors get equal or better terms than going direct. Ian and the hosts dig into operator due diligence, red flags like wild equity multiples, the realities of depreciation benefits, and why walking every property and backing only trusted teams is non-negotiable. Ian NobleCurrent role: Founder, RunSteady InvestmentsBased in: Austin, Texas Gift to Best Ever CRE Listeners: Passive Investing in Real Estate Cheat Sheet:  https://go.runsteadyinvestments.com/bestevercrepodcastJoin My Passive Investor Mailing List: runsteadyinvestments.com/investor-clubLinkedIn: www.linkedin.com/in/iannoble1/Instagram: @ian_invests This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Podcast production done by ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Best Ever CRE, Ash Patel goes full-send on authenticity in real estate and social media, calling out clickbait growth hacks and the hollow vanity metrics behind them. He unpacks why “generational funds” and decade-long holds often mask weak deals, and why infinite banking is just expensive life insurance dressed up with fancy marketing. Ash also takes aim at sloppy capital raising, urges investors to prioritize net worth over door count or passive-income theatrics, and shares how being real on LinkedIn helped him move capital quickly. The throughline is simple and spicy: authenticity wins, and anything less will cost you. This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Unlimited Capital, Richard McGirr interviews Craig Eppler. Craig shares how he discovered the power of storytelling in raising capital and why investors connect more deeply with relatable narratives than with statistics. He explains how he builds a story library, ties deals to personal experiences, and uses stories to overcome objections in investor conversations. Richard and Craig also dive into tactics for capital raising, from ethical scarcity in debt funds to influencer partnerships and creative approaches like hosting relationship-focused dinners. Craig EpplerCurrent role: Founder, Eppler CapitalBased in: Philadelphia, PennsylvaniaSay hi to them at: https://epplercapital.com/ | LinkedIn This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Horizon, John Chang unpacks where multifamily demand is heading amid conflicting data and shifting migration trends. He explains how the August employment revisions, slower domestic and international migration, and a still-wide rent-to-own payment gap could cool absorption in the near term, especially across high-construction Sun Belt markets. John contrasts those headwinds with steadier fundamentals in supply-constrained “snow belt” metros, notes the growing importance of lease renewals over new leases, and makes the case that cap rates are stabilizing near equilibrium. He closes with a near-term “slow and steady” outlook and a longer-term rebound thesis for select Sun Belt markets once excess supply burns off. This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Multifamily Mastery, John Casmon interviews David Hrizak. With nearly three decades of experience across asset classes, David shares his evolution from Chicago broker to vertically integrated developer and investor. He recounts the pivotal $4M townhome project during the Great Recession, the sudden loss of his partner, and how relationships with community banks helped him pivot, survive, and ultimately thrive. David explains why he shifted from multifamily to commercial—highlighting the stability of long-term leases, the value of tenant credit, and how to structure triple-net leases that pass expenses through to tenants. He also stresses the importance of asking sponsors about their worst deals, vetting relationships, and learning from experienced partners before diving into commercial real estate. David HrizakCurrent role: Principal, Streamline Asset Management & Streamline DevelopmentBased in: Phoenix, AZ Say hi to them at: https://www.streamlinecapitalgroup.net | Linkedin Try Gusto today at gusto.com/CRE, and get three months free when you run your first payroll. This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Next Level CRE, Matt Faircloth interviews J Scott. The two dive into J’s past as a professional poker player and draw parallels between poker strategy and real estate investing, including the importance of game selection, discipline, and knowing when to walk away from bad deals. They also tackle the state of the economy, discussing inflation, potential recession scenarios, and how government spending could shape the next 6 to 12 months. J ScottCurrent role: Entrepreneur, Investor, and AuthorBased in: Sarasota, FloridaSay hi to them at: https://www.jscott.com/ | LinkedIn Try Gusto today at gusto.com/CRE, and get three months free when you run your first payroll. This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this week’s episode of Passive Income Playbook, Pascal Wagner interviews Judd Dunning. In this primer on triple-net sale-leasebacks, Judd breaks down gross vs. modified-gross vs. NNN/absolute NNN, why operating companies sell their real estate and lease it back, and how tenant credit and location drive risk and return. He compares NNN to self-storage, multifamily, office and retail, then outlines how industrial logistics and on-shoring are shaping today’s cap rates, spreads, and refinance outlook. You’ll also hear where LPs go wrong (sponsor vetting, re-lease assumptions) and how bonus depreciation can juice after-tax results on industrial deals with meaningful equipment bases. Judd DunningCurrent role: President, DWG Capital PartnersBased in: Los Angeles, CA & Fort Worth, TX Say hi to them at: LinkedIn | DWG Capital Partners Try Gusto today at gusto.com/CRE, and get three months free when you run your first payroll. This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing. Visit investwithsunrise.com to learn more about investment opportunities.  Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices