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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

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.

What changes when an apartment is rented one bedroom at a time instead of one unit at a time? For Zach Feldman, that is one of the big ideas behind a student housing portfolio that has grown to thousands of beds across the country. Expanded Description Zach’s firm has built more than 5,000 student housing beds and currently owns and operates about 4,300, with another 1,000 under construction. He explains how purpose built student housing differs from traditional multifamily. Residents sign individual bedroom leases, units come fully furnished, and the best locations are close enough to campus that students can walk there in minutes. Zach also explains why the business is not easy. Development approvals are becoming more costly and difficult. A soft cost package that may once have cost around $50,000 can now reach $500,000 or even $1 million before the developer knows whether a project will move ahead. He also shares how annual turnover and preleasing affect the business, including why leasing can begin a full year before a building opens. Key Topics and Takeaways Why student housing is rented by the bed How four bedroom units change the revenue per square foot Why pedestrian access to campus matters How large institutional buyers participate in student housing Why entitlement costs have become a major barrier How student housing can be preleased before construction is complete Guest Information Zach Feldman is a student housing developer and owner operator. His firm has built more than 5,000 student housing beds across markets ranging from upstate New York to Arizona. Email: [email protected] Website: aptitudere.com Call to Action Zach invited anyone interested in discussing student housing, upcoming opportunities, or real estate in general to contact him directly. Email: [email protected] Website: aptitudere.com

A single family rental was making Katrina Robinson about $200 a month in profit. After she started renting the same home by the bed, the numbers changed in a big way. Katrina now operates three co living homes in San Antonio while living in California. Her residents often receive income through SSI, SSDI, or the VA and can handle their own daily activities. The homes provide housing only. Katrina and her company do not provide personal care services. She explains how a typical four bedroom property can work, why she brought in an operations manager after her second home, and why that manager is paid based on occupied beds. Katrina also talks about the harder parts of the business. Rent collection needs to stay inside the system. Maintenance reserves matter. Vacancies can quietly become expensive. At one point, six empty beds represented about $4,000 in lost monthly revenue. Key topics and takeaways: Why Katrina rents rooms and beds instead of the whole home The numbers behind an eight bed shared home Why she recommends at least four bedrooms How an operations manager helps keep the homes running House rules that reduce resident conflict Why cameras are used in common areas How Katrina builds referral relationships with caseworkers and social workers Why she reviews the business numbers every Monday during her CEO hour Guest information: Katrina E. Robinson operates three co living homes in San Antonio, Texas, while living in the Los Angeles area. She also teaches other property owners how to use this housing model. Website: co-livingbusiness.com Tools and platforms mentioned: RentReady PadSplit Call to action: Katrina is looking to connect with people who already own single family rentals, especially properties with at least four bedrooms that may only be producing a few hundred dollars in monthly profit. Visit co-livingbusiness.com to connect with Katrina and discuss whether that property could be changed to a co living home.

Real estate does not have to produce a home run every time to make sense. For Dipesh Sitaram, years of investing across different real estate sectors led him back to the field he understood best: healthcare. Dipesh has spent 20 years in healthcare. That experience gave him a close look at how practices and surgery centers operate, what their real estate needs look like, and why many healthcare tenants are willing to sign longer leases. He tells Dave that the COVID period became a real litmus test for him. While he watched other areas of real estate struggle, his experience in healthcare looked different. Healthcare tenants kept paying rent and business carried on. That helped shape a simple philosophy: real estate is a long game. Dipesh is not focused on speculative deals that need huge appreciation in a short time. His preference is the kind of steady approach he describes as hitting doubles rather than expecting a home run every time. He also walks through one of his favorite properties, a 20,000 square foot Midwest surgery center. After revitalizing the building, the tenants saw enough value in the improvements to enter into a long term lease. The property remains in the portfolio. In This Conversation Why Dipesh focuses on healthcare and healthcare adjacent real estate What his experience in hospitality, multifamily, and condos taught him Why COVID became his personal test for real estate stability How revitalizing a surgery center helped strengthen the tenant relationship Why higher interest rates, lower tenancy, and higher operating costs created problems in multifamily Why investors should study both the property and the operator Why subject matter expertise, experience, and a clear exit plan matter to Dipesh About Dipesh Sitaram Dipesh Sitaram has spent 20 years in healthcare and brings that operating experience into real estate. His current holdings are mainly specialty surgery centers, with investments concentrated in the Midwest and Central Texas. He describes his approach simply: slow and steady wins the race.