Moses Kagan has a unique take on real estate development and investing – and he’s influenced my thinking substantially over the past couple of years.

He is a highly successful syndicator, investor and developer with over $200 million in assets under management. He runs Adaptive Realty, having renovated over 100 multi-family buildings in Los Angeles, managing them in-house while specializing in the "indefinite hold” strategy for long-term wealth building.

He is the Co-Founder of ReSeed, a platform offering long-term GP and LP capital, along with mentorship for emerging real estate operators nationwide.  He also hosts Reconvene, a highly regarded annual “unconference” for real estate operators and passive investors to connect and share knowledge. I attended last year, and it was awesome!

And lastly, he is a Twitter personality and avid blogger, sharing valuable insights on real estate and business. I highly recommend you follow him.

This is an excellent conversation about practical investment and real estate development philosophy, and I hope this conversation has as big of an impact on you as meeting Moses has on me!

TAKEAWAYS

• Holding real estate indefinitely often leads to better investment outcomes than IRR-driven flipping.

• Traditional real estate models incentivize risky short-term decisions, while sustainable strategies benefit both investors and communities.

• Investors should focus on post-tax returns rather than pre-tax IRR, as tax considerations play a crucial role in long-term profitability.

• Wealthy families and patient capital partners are more aligned with indefinite hold strategies than institutional investors.

• Unlevered yield on cost and all-in price per square foot are key financial indicators for long-term real estate success.

• Building direct relationships and trust at scale is essential for securing capital, especially for indefinite hold investments.

  
  

• CHAPTERS

  00:00 Introduction to Real Estate Development Philosophy

  06:06 Understanding IRR and Its Implications

  11:55 The Importance of Long-Term Thinking in Real Estate

  17:59 Finding the Right Investors for Long-Term Strategies

  25:50 Investing with Wealthy Families and Professional Money Managers

  40:20 Understanding Capitalization and Investor Liquidity

  46:11 Building Trust and Relationships in Real Estate Investment

  55:41 Building Trust at Scale in Real Estate

  58:01 The Democratization of Capital Raising

  01:04:29 New Urbanism and Walkable Neighborhoods

  01:06:00 Challenges of Ground-Up Development

  01:09:03 Zoning and Building Code Challenges

  01:11:57 The Impact of Bureaucracy on Development

  01:14:07 Introducing ReSeed: Supporting Emerging Operators

  01:17:08 The Importance of Community in Real Estate

  
  

  CONNECT WITH MOSES

  X:https://x.com/moseskagan?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

  LinkedIn: https://www.linkedin.com/in/moses-kagan-2638ab2/

  Adaptive Realty: https://www.adaptiverealty.com/ 

  ReSeed: https://reseedpartners.com/

  Moses Newsletter: https://kagansblog.com/blog/

  
  

  MENTIONED RESOURCES

  The Fort Podcast Interview on ReSeed: https://www.thefortpod.com/videos/moses-kagan-rhett-bennett-co-founders-of-reseed-partners-the-y-combinator-for-re-operators/

  
  

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