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Like many people Shelly Wilfong fell in love with wine by visiting Napa and Sonoma in California and drinking California wine It was after these trips to California that Shelly found her passion for wine and wanted to learn as much as she could about it Living in Dallas Shelly realized that there were award winning wines being made in her home state of Texas Shelly eventually decided to leave a successful career in healthcare to pursue her passion for wine and specifically Texas wine Shelly is now a successful wine writer wine judge and host of the award-winning wine podcast This is Texas Wine Shelly uses her podcast to reach Texas wine lovers all over the world with a focus on promoting Texas wines and travel to the Texas Wine Country Shelly recently received the prestigious Texas Wine amp Grape Growers Association apos s TWIGA 2022 Wine Press Award given to the wine food travel and agriculture writers for outstanding coverage of the Texas wine industry In this interview Shelly and I discuss the main wine grape growing regions in Texas the challenges to growing grapes in Texas the varieties that grow the best in the different Texas climates and of course we discuss the Texas wines that are winning awards in competitions all over the world We also talk about the popular town of Fredericksburg Tx which is one of the most visited wine regions in the country If you want to hear more about Texas wine I encourage you to find This is Texas Wine podcast wherever you get your podcasts You can also go to Shelly s website www thisistexaswine com

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Investing across state lines seems like a big risk but Josh Eitingon and his team have proven that it can be done successfully Josh Eitingon is the co-founder of DXE Properties where he serves as the acquisitions and financing lead He was 25 when he syndicated his first 20-unit property in Cincinnati With his acquisitions analyst background he s able to scale his company and their latest project is a 180 million development out of state in Seattle Listen in as he shares his strategies for analyzing deals investing and managing his business remotely and more 00 01 – 09 39 From A 175 000 to A 180 MIllion Deal Josh tells us about quitting his W2 and finding his first deal Raising capital through promissory notes The advantage of having an acquisitions analyst background Buying rougher C-D class properties vs brand new developments He breaks down their deal across the country and how they made it work 09 40 – 14 47 Challenges in Management and Financing A mistake in property management that cost him time and money Here are the lessons he learned Should you consider bridge financing Josh talks about his partner and the obstacles and opportunities in their 180 million development 14 48 – 17 06 Closing Segment What is Josh curious about right now A book that Josh recommends Reach out to Josh Links Below Final Words Tweetable Quotes If you see something going sideways management-wise operationally you re better off pulling off the band-aid sooner rather than later and rather than trying to fix something that might be unfixable – Josh Eitingon Ultimately we re chasing a story As much as I like to say we re doing anything at a next level That s a lot of the value that we bring to us and our investors that s the backstory of the deal – Josh Eitingon —————————————————————————– Connect with Josh through the DXE Properties website and follow him on LinkedIn Resources Mentioned Powerhouse Principles The Ultimate Blueprint for Real Estate Success in an Ever-Changing Market by Jorge M P rez Connect with me I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns Facebook LinkedIn Like subscribe and leave us a review on Apple Podcasts Spotify Google Podcasts or whatever platform you listen on Thank you for tuning in Email me sam brickeninvestmentgroup com Want to read the full show notes of the episode Check it out below Josh Eitingon 00 00 I think inflation is probably our biggest risk Right now There s a lot of controllable things And then that to me is the uncontrollable one I think what I would cite is just the demand and the same challenges that we re having every developer s having It s just slowing down builder And it s just reading more demand Intro 00 19 Welcome to the How to Scale Commercial Real Estate Show Whether you are an active or passive investor we ll teach you how to scale your real estate investing business into something big Sam Wilson 00 30 Josh Eitingon is the co-founder of DXE Properties a real estate investment company He focuses on acquisitions and business optimization Josh welcome to the show Josh Eitingon 00 40 Thank you It s good to be here Thanks for having me Sam Wilson 00 42 Hey man pleasure is mine Three questions I asked every guest who comes on the show in 90 seconds or less can you tell me where did you start Where are you now And how did you get there Josh Eitingon 00 50 Started 2012 a roundabout way but I am out of New York I was introduced to a property manager in Cincinnati Ohio liked each other He ended up sort of being my boots on the ground found an interesting short sale opportunity 175 000 I syndicated 20 units And it was a suburb of Cincinnati And that was basically my first deal It was held for like a year and a half the property management did the renovation oversight and we sold it I don t know Yeah it was probably less than a year and a half later and I was stuck I was 2012 At that time I was working for a software company was like Oh real estate s the best thing ever So I was committed in my mind to get over to the real estate side save that software company for another year or two left to where real estate investment company as an acquisitions guy slash analyst I learned a lot there was really on the ground and was able to touch a lot of different parts of that business ultimately peeled away from them After five or six years really I think better learning and understanding it and co-founded DXE properties My current partner Donato And my most recent project is actually a big deal It s 180 million development in Seattle we re building 410 multifamily units on top of retail There s a lot in between But that s the then to now in terms of where we started and where we are today Sam Wilson 02 12 Wow let s talk about that first deal for a quick second you indicated that you syndicated that deal how does the 135 000 deal support even the document preparation for syndication Josh Eitingon 02 23 I don t know that I totally did There s lot of takeaways but a lot of the things I had going for me at the time one timing of the market I didn t even know enough to know how good my timing was But I did raise money for that deal in the form of promissory notes So it was really a syndication necessarily But that allowed the economics to make a little bit more sense that I paid everyone 9 and then was able to realize the upside on my own It s difficult like you re alluding to to really syndicate a deal that size and there ll be anything left in it Sam Wilson 02 55 Right Absolutely That s awesome Let s move on from that And let s talk about your five or six years But as an acquisitions slash analyst would you recommend that path to someone Josh Eitingon 03 05 Yes enormously there s no way we would have been able to scale the way we did and have done as a company had I not had that background and direct experience not just learning like the numbers side of it or the mechanics side of it But really just understanding the relationship building the people nurturing cultivation part of the business that was really the fuel to allow I think us to go it s different Everyone s starting at a different point in their life I was 25 or 26 saying let s make a career change no kids no wife at the time So it s easier for me to do that and take that path But I think if you re younger getting into the business the more traditional path I think well it could take time and maybe be frustrating that way really arms you to do a lot more later I think Sam Wilson 03 51 What were some things that you saw that you said Hey we re not going to repeat that when I go out on my own Josh Eitingon 03 57 I think a lot of it probably deal profile And that s taken some time It s not that first deal that made me realize hey this works But I think getting outside of the rougher C class space and getting enamored by higher cap rate deals that on paper make more sense I think we like a lot of syndicators have been saved by some of the market maybe getting into some rougher deals and coming out you know with the big smile on the other side I think now we re still buyers at the end of the day and we re going to try to be buyers even though it s all competitive We want to chase quality and a story behind that quality Sam Wilson 04 32 Yeah that s interesting Do you think if I m hearing you right is that the people holding or buying rougher C minus D class properties are taking on more risk maybe than what they were seven eight years ago Josh Eitingon 04 44 Certainly we re in different markets you and I but still I buy a low three cap C Class deal to maybe take it to an operated at a five which is probably optimistic these days There s no way I want to take that risk on that profile deal and we saw it from COVID Not to say we re going to have that same outbreak or whatever but that flash dramatically impacted those profiles kind of based in terms of service workers losing their job very quickly often being week to week month to month type tenants those who want that were impacted whereas I think even a slight step above was much better insulated to weather a storm or blip Sam Wilson 05 23 Right How do you feel on the other end of the spectrum you guys are building brand new was that 200 or 210 units of multifamily on top of retail I mean development has its own inherent risks as well how do you feel like when you contrast those two how and why do you feel like what you re doing is a safer bet Josh Eitingon 05 41 I m nervous about it Don t get me wrong but I m nervous about everything these days I don t think you should be buying anything and not be nervous about it at any point in time It s probably healthy So it s concerning I think inflation s probably our biggest risk Right now There s a lot of controllable things And then that to me is the uncontrollable one I think what I would cite is just the demand and the same challenges that we re having every developer s having it s just slowing down build-up And it s just reading more and more demand So this was a deal that likely we would not be doing were it not for the story It s something that we ve been working on for years and years we sort of made a bit of like a land bank type of play and I think got lucky with the land that we do own and are developing on But generally I think development while it definitely carries higher risks we are seeing more development than we have in the past because we had the conversation with ourselves about just replacement costs And if you re buying a B class steel for 180 200 something a door and you build it for 200 Something a door makes you scratch your head So as much as I realized the risks where we are being pulled that way more and more right now Sam Wilson 06 48 Talk to us about the story behind this if you can behind this deal Josh Eitingon 06 53 In Seattle Sure So do you know Seattle Sam Wilson 06 57 Roughly Josh Eitingon 06 58 Okay Seattle a big push for them It has been like a light rail expansion project it started down at the airport continuing into downtown and it s sort of spread off from there east-west north the North light rail has been trying to get traction for a long time in terms of its approval Finally in the last few years it was approved but they receive state funding And we focus on one of the likely approval towns that were coming And we put options there s a cul de sac of eight homes put above-market options to buy these houses that were all like pretty rundown houses for I think they re all a year plus So it gave us some flexibility to just see what was going to happen I think we got lucky and bright as part of it But they ended up choosing not like our town directly adjacent to our site which we were hopeful and expecting to happen And as part of that they had to up zone that area to really I think allow for and complement the growth that was going to come with the light rail So these single-family lots went from single-family lots to something that we could build up to 12 stories on So you know I think more than anything as our hedge our land base is so so low there that we just feel very comfortable pressing forward even at this time Sam Wilson 08 13 You guys are in New York you already have a footprint there in Seattle Josh Eitingon 08 16 We do So a good friend of ours who is out of New York also now is from Seattle So that s what pulled us over there Admittedly it s not what we know especially well when I was on the acquisition side I was all focused in the southeast So there s eight or nine cities in the southeast that I know very well Seattle we were hanging out too And we were chasing that story Ultimately we re chasing a story As much as I like to say we re doing anything at a next level That s a lot of the value that we bring to us and our investors that s the backstory of the deal Sam Wilson 08 48 And that s true I think with any of us you know there s a lot of things I ve been involved in and I m like Wait how did I get here Well it s just called you and said Hey I ve got this interesting deal you know in such in such a location let me tell you about it You re like Oh that s really smart I love it Let s go But without that local knowledge that s what I was getting at was like how are you finding eight homes rougher homes and you want to put options on them That s a really nuanced buy you know for a guy living on the other side of the country Josh Eitingon 09 16 It would not have happened were it not for our friend that s out of New York and his family s in real estate has the ties out there and pull this out there But it s difficult like you know whether you re starting or trying to take a leap into a new market it is a challenge I mean newer way larger companies than us do it all the time And even for them they have the same growing pains breaking to new market building the same team and efficiencies and all of that it s a challenge Sam Wilson 09 40 What s been a mistake that you ve made that has either cost you in time or money or both Josh Eitingon 09 45 It s probably on the property management side maybe being slow to remove a property manager I think now with a little bit more we ve definitely seen that with greater size you do get a better caliber of managers to choose from but particularly when I was starting with somewhat smaller deals and your manager options are more like the you know small company guy that s jumping around from place to place and as a small team and still figuring out himself I think the takeaway was that if you see something going sideways management-wise operationally you re better off pulling off the bandaid sooner rather than later and rather than trying to fix something that might be unfixable Sam Wilson 10 24 Yeah there s a quote that I ve often said but it s hard to implement right Because you think you can course-correct Yeah the quote is often when s the right time to fire somebody And the answer is the first time you think about it I ve never had that not be true Like when it comes to staff when it comes to property managers or something else It s like you know you internally know there s a compass somewhere inside of you that goes this is not working and it s not ever going to work Josh Eitingon 10 47 I like it I ll cite you every time I use it But I do like it Sam Wilson 10 51 Right and it s kind of a harsh statement you know but it goes hand in hand with that you know the time and money mistakes The first time you thought about it and you probably were never wrong from that point moving forward until you removed them like oh man I m so glad I finally got that done Josh Eitingon 11 02 I agree And especially now when it s like so difficult to find good people that you re like you re sort of reluctant to remove anyone at any point in time because it s just you don t know what you re gonna get on the other side of the coin It s a balance in that way But I think with making a change from property manager as a whole on that side I just say rip the band-aid and reset and it s probably healthy Sam Wilson 11 24 Very healthy Yep absolutely Love it How are you guys handling your financing right now Josh Eitingon 11 29 We do everything Last year we assumed a HUD loan we have agency financing Fannie and Freddie we have bridge debt which has been mostly like just bank debt fund type bridge debt We ve done local bank financing So I think touched at all we ve even done insurance company financing You know right now I think what s most attractive obviously rates are going up quickly So that s something to be mindful of underwriting for hedge for all those things I think that what we ve seen in the last year has certainly been that bridge financing has been super aggressive And it almost precludes going agency at least for most of the deals that we ve looked at just because of the flexibility to be able to exit from bridge financing versus agency Sam Wilson 12 10 Is there a lending product that you see is risky Josh Eitingon 12 13 I guess historically you would say bridge financing even after I just said how much I like it right now I think that it s still profile-driven My argument always for bridge financing is you can exit it it s easy to exit Whereas in some cases with agency financing if you have long-term and yield maintenance you know you might be in a situation where you can exit in two or three years And if that was bridge you wouldn t be able to exit So you know you could argue that what s traditionally thought of as the safest type of financing may not be Sam Wilson 12 44 Right Yeah And certainly with the tailwinds that we ve experienced here in the last few years a lot of people have paid a lot of prepayment penalties And you know if they were in a shorter-term debt situation that cost them a little bit more on the front end you know they ve been able to exit and save 10s of millions of dollars on prepayment penalties So it s a balancing act Josh Eitingon 13 04 Yeah you know I don t grant it it s way above my paygrade But you would think that Fannie or Freddie would try to compete a little more and perhaps lighten their exit penalties or do something to just make it that much more attractive I think they could pull back a lot of the bridge business that they have since lost Sam Wilson 13 21 Right Yeah And that s just the market filling the gap which is you know what the market should do when there s an inefficiency there Talk to us a little bit about your team I mean building 180 million development is no small feat especially across the country How are you getting that done Josh Eitingon 13 35 Yes so I ve obviously mostly talked about myself but my partner s background is really strictly development mostly high rise development but it s really exactly what he s done And in terms of background and path he took a much more traditional real estate path He went to college as an engineer and then he went to grad school for a real estate development from NYU and then works for developers and contractors that are all real estate focused I sort of bounced around a little more So you know we ve really compiled a team out there to be able to do this and it s a team of 12 different individuals but we have a consultant that s directly working for us That s really our boots on the ground to I think facilitate taking it through today through entitlement in a way that we can t do as efficiently day to day However I will tell you it s by far the most time-intensive of anything that we re involved in We have two standing calls with full team which is 20 plus people at this point every week And then on top of that there s just a lot of weekly activity and we haven t started we hope to break ground middle of next year So it s time in certainly time intensive but you think this is a project just because of its uniqueness and what we re putting together We re super excited about it just elevating us as a company Sam Wilson 14 48 That is awesome Absolutely love it Last few questions for you Tell me something that you are curious about Josh Eitingon 14 54 I assume you want a real estate-centric answer right Sam Wilson 14 58 Show is yours man Josh Eitingon 14 59 You know something I was talking about this morning with my partner here on maybe the more optimistic one than then to not always but you know he was rattling his mind for what s going to cause the reset or how to prices reset I don t want to say we re rooting for a crash but a little shake up a little bit of hesitation in the marketplace we think would be healthy So that s what I m very curious about I have no clue what s going to do that It s probably not something that I could live off That s what I m scratching my head about right now Sam Wilson 15 28 Right Like if we have a correction does it help commodities prices Or does it drive them higher You know if it does that does that reduce demand if commodities prices fall and so we re you know it s now we re worse off than we were before Who knows The great thing to be curious about I love that what s a good book you re reading right now Josh Eitingon 15 43 Not really reading any good books right now I was just gifted a masterclass I don t know Have you heard of those Sort of like Yeah we re excited to listen to some of those A book that I always like suggest which is something I read early on that s always stuck in there for some reason was Powerhouse Principles Have you heard of that It s Jorge P rez He s like he was one of the founders of related companies down in Miami and was sort of like from nothing to building a behemoth company And it s a combination of high level and also getting in the weeds and good easy read if you re looking for a suggestion Sam Wilson 16 17 Absolutely I love it Josh last question for you If your listeners want to get in touch with you what is the best way to do that Josh Eitingon 16 22 The best way is through our website dxeproperties com And you can contact us or schedule a time on our calendar and always happy to connect from any perspective whether it s someone getting started or wants to get involved with us directly or just wants to connect Love to do so Sam Wilson 16 37 Awesome Josh thanks your time today Do appreciate it Josh Eitingon 16 40 Thank you Sam Sam Wilson 16 41 Hey thanks for listening to the How to Scale Commercial Real Estate Podcast If you can do me a favor and subscribe and leave us a review on Apple Podcasts Spotify Google Podcasts whatever platform it is you use to listen if you can do that for us that would be a fantastic help to the show It helps us both attract new listeners as well as rank higher on those directories so appreciate you listening Thanks so much and hope to catch you on the next episode Click here to visit this podcast episode

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My next guest is a orginial kind with lots of talent and spark all day every day This is Jozieh Tek used to be Tekneek We will get a nice catch up talk battling new music and so much more to prepare for If you like what you hear be sure to check out more of his music Link to music and socials https www instagram com joziah tek https soundcloud com user-481983544 https www rappad co users Joziah-Tek tab wall — Support this podcast https anchor fm musically0 supportClick here to visit this podcast episode

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The Anzac landings in Gallipoli quickly descend into chaos as Braund and other commanders try to lead their men to victory against overwhelming odds nbsp In this episode I explore the story of the tragic tale of George Braund Henry Edward White and so many others I interview two experts in the field Brad Manera and Ian Hodges who provide fascinating insights into the battle the legacy of Gallipoli and how it helped forge the Anzac and Australian identities With thanks to Brad Manera Senior Historian and Curator of The Anzac Memorial Ian Hodges Historian from the Australian Department of Veteran s Affairs Advance Australia Fair recorded 1915 courtesy of The British Zonophone Company Public Domain Herbert Asquith recording 1909 Public Domain Simon Jackson as the voice of Lt William Malone Jack Timothy as the voice of the government clerk Sound Effect from Pixabay National Archives of Australia — Send in a voice message https anchor fm daniel-mainwaring5 message Support this podcast https anchor fm daniel-mainwaring5 supportClick here to visit this podcast episode

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Technology is accelerating at a very rapid speed and I think we need an answer for what s next — This episode is sponsored by Anchor The easiest way to make a podcast https anchor fm app Support this podcast https anchor fm isaiah-johnson64 supportClick here to visit this podcast episode

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When two teenage cousins were home alone they received strange phone calls from complete strangers informing them that they knew they were alone Full permission was given to me by Reddit user britterin329 to narrate their story Here is a link to the official post Story link Do you have a horror story that you d like to be narrated on here Submit it HERE https www mchorrorpodcast com submissions Want your voice to be heard in the podcast Send in a voice message here https anchor fm mchorror message Liked this episode Disliked it Submit your feedback to help improve the MC Horror Podcast https www mchorrorpodcast com feedback Join the conversation https www facebook com mchorror22 Follow us on Twitter https twitter com mchorror22 We re trying to do this podcast full time to bring you guys longer episodes and more frequent uploads Support the production of future episodes here https anchor fm mchorror support Music used in this episode Tap by Osker Wyld Pensive Synthesizer by Kyle Preston Intrinsic by Michael Vignola Agitated Swords by Marco Martini Into Midnight by Sid Acharya Check out all the music used in each episode https www mchorrorpodcast com music Buy me a coffee – https www buymeacoffee com mchorror — This episode is sponsored by Anchor The easiest way to make a podcast https anchor fm app — Send in a voice message https anchor fm mchorror message Support this podcast https anchor fm mchorror supportClick here to visit this podcast episode

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