The Mastering Commercial Real Estate Podcast

In the season finale, Ashcroft Capital founder and “Best Ever” host Joe Fairless shares the real story behind his leap from four single-family rentals to large-scale apartments—including a painful first deal, what he fixed afterward, and why partnering for complementary skills changed everything. We unpack how to pace risk (don’t skip stages), the one question he uses to start investor calls, and how to build long-term relationships that endure rate shocks, capital calls, and market setbacks. Joe also drops a mindset gem—“nothing has meaning until you decide to give it meaning”—plus a lightning round on daily habits (yes, wheatgrass), favorite book, and how he recharges. If you’re raising capital, operating through turbulence, or planning your next move in multifamily, this one’s a masterclass in humility, systems, and listening.

Founder of Vive Funds, Veena Jetti, has transacted over $1B in Class-B value-add multifamily across TX, FL, GA, NC, SC, and AZ. In this episode, she shares how she moved from single-family into syndications, why 506(b)/(c) changed her trajectory, and how to assess risk the right way—by “over-disclosing” in the PPM so only truly aligned investors come aboard. Veena breaks down a recent $52M, 168-unit Addison, TX acquisition with an assumed 2.59% fixed rate, explains why long tenant tenure and country-club adjacency matter, and makes the case that diversity at the decision-making level is an alpha driver, not a box-check. We also dive into her AI-everywhere stack (from underwriting to custom investor GPTs), strength-based hiring, and leadership through transparency. If you’re an LP, syndicator, or CRE pro looking to scale responsibly in a choppy market, this one’s for you.

In this episode, Cory sits down with Andy McMullen of Legacy Acquisitions to unpack how to win in build-to-rent and multifamily — especially when market cycles shift. Andy shares how he built his company around trust, team, and clarity — starting with the one hire that changed everything: a top-tier executive assistant. They break down the yield on cost test (NOI ÷ total project cost) as the most critical metric for development success and discuss how to evaluate spreads between your costs, cap rates, and debt. You’ll also hear why younger renters are choosing flexibility and experience over homeownership — and what that means for long-term demand. From creative deal structures like seller financing to finding your unfair advantage in local markets, this episode delivers frameworks you can apply immediately.

Alexey Chernobelskiy—principal at Centrio Capital Partners and creator of GPLP Match—joins to unpack how limited partners should truly evaluate private real estate deals, why today’s rate environment makes raises harder, and how transparency + targeted matching can bridge GPs and LPs without broker-dealer intermediation. We cover his “three pillars” framework (execution, alignment, property), baseline terms LPs expect, the single waterfall red flag he actually treats as a pass, and why consistent, value-first social posting still matters more than playing the algorithm.

In this conversation, Zane Schartz shares his path from pro hockey to running Freedom CRE’s investment-grade, single-tenant NNN funds. He explains why fewer variables can mean better sleep for LPs, defines how NNN vs. NN shifts risk and cap rates, and walks through value levers like early lease extensions with national tenants. We get candid on multifamily’s recent pain (floating rates, rising costs), how that contrasts with fixed-debt NNN stability, and where cap rates may head next. Zane also opens his marketing playbook—consistent LinkedIn education, trust building, and structured first calls—plus leadership philosophy, team structure, and routines that keep his firm executing.

In this episode of The Mastering Commercial Real Estate Podcast, host Cory Mortensen sits down with Chris Affinito, Managing Partner of Notional Development Partners, to uncover how he’s thriving in Austin’s competitive development landscape. Chris shares how he carved out a niche in “affordable luxury” workforce housing, leveraging tax exemptions and cost-saving construction techniques to create Class A assets in prime locations. From navigating the politics of development to structuring deals in challenging capital markets, Chris offers invaluable insights for developers, investors, and anyone looking to scale their real estate career. Whether you’re a seasoned pro or just starting out, this episode is packed with strategies, lessons, and real-world stories you won’t want to miss.

In this episode, Steven Richards of Streamline Capital Group shares how he transitioned from property management and brokerage into acquisitions and capital raising—closing over 110 units in Utah in under a year. Steven unpacks the skills that helped him stand out: relentless follow-up, creative problem-solving, and a people-first approach to broker relationships. You’ll hear boots-on-the-ground insights into how he sourced deals before they hit the market, managed investor relations, and built a CRM-powered capital funnel. Steven also shares mistakes he’s made in operations, why he underwrites every deal with rising cap rates, and how being transparent with investors is the ultimate differentiator. Whether you’re looking to improve your acquisition process, raise more capital, or just stay in the game during hard times—this conversation delivers.

In this episode of The Mastering Commercial Real Estate Podcast, host Cory Mortensen sits down with Jack Sorenson—former NFL wide receiver turned investor relations lead at Four Mile Capital. Jack opens up about his journey from pro football to multifamily syndication and the powerful lessons he’s carried with him—like delayed gratification, managing expectations, and the underrated superpower of vulnerability. He shares tactical insights on how to turn passive investors into raving fans through world-class communication, timely updates, and relationship-first service. Learn how Jack implemented systems to track capital raise performance, why transparency is Four Mile’s secret weapon, and how he balances his ambitious goals with grounded gratitude. Whether you’re new to capital raising or looking to build investor loyalty, this episode is packed with practical wisdom and fresh perspective.

In this episode of the Mastering Commercial Real Estate Podcast, Cory sits down with Rick and Crystal Rumer—the dynamic duo behind Texas Secured Notes. With over a decade of experience, they break down their land-based owner-financing model that delivers double-digit passive income returns with minimized operational headaches. You'll learn how they buy large tracts of rural Texas land, subdivide them, and create notes for hands-off investors looking to cashflow like a bank. The Rumers share the challenges that forged their entrepreneurial path, the systems they use to vet borrowers, and how their family-first values guide their business. Whether you’re curious about notes, land, or building a business with your spouse, this episode delivers actionable advice, behind-the-scenes insight, and heart. Learn more at One-9 Holdings Website

Ryan Twomey raised $9M, returned $10M to investors—and turned the whole thing into an HGTV show. In this episode, host Cory Mortensen dives into the story behind “Cabin Wars: Flip It to Win It,” Ryan’s first real estate syndication deal involving a 435-unit RV park in Louisiana. Learn how he landed the TV deal, scaled to 574 units, quit his W-2 in 16 months, and built a disciplined system for growth. Perfect for investors, syndicators, and anyone looking to raise capital with creativity and confidence. #HGTV #syndication #commercialrealestate #passiveinvesting #ryantwomey #mcrepodcast 🛠 Timestamps: 00:00 – Intro & Ryan’s Background 05:25 – Strategic Networking Framework 13:25 – The Eviction That Sparked a Pivot 21:26 – The HGTV Cabin Wars Deal & $10M Return 25:30 – Structuring Deals in Today’s Market 32:00 – Investor Nurture Systems 48:50 – Final Advice & Mindset Mastery 🔗 Learn more at [your website]

In this powerhouse episode of the Mastering Commercial Real Estate Podcast, host Cory Mortensen sits down with Mike Sowers, author of Commercial Real Estate Investing: A Step-by-Step Guide and founder of Commercial Investors Group. Mike reveals how he scaled from flipping houses to building a $100M commercial real estate fund, sharing his exact playbook for creative deal structuring, off-market sourcing, and scalable operations. 🎯 What You’ll Learn: Structuring funds, DSTs, and tax-advantaged exits Marketing systems for leasing & acquisitions Value-add strategies for industrial real estate How to build without employees Tools, tech, and AI Mike uses to scale 📍 Chapters & Timestamps: 00:00 – Intro: Who is Mike Sowers? 01:05 – Early days: House flipping burnout & pivot to commercial 06:25 – Why flipping isn’t wealth building (& what is) 09:15 – Launching a fund: From joint ventures to scalable capital 13:50 – The “Bill” example: Solving problems for tired landlords 18:55 – DSTs, funds, and 721 exchanges explained 23:30 – How Mike structures deals across his portfolio 28:40 – Value-add strategies for warehouses and office 38:15 – The marketing engine: filling space faster than brokers 44:25 – EOS, processes, and creating scalable systems 50:00 – Mike’s tech stack & how he analyzes thousands of scenarios 56:00 – Staying focused: Time blocking, execution, and mindset 1:03:48 – Mentorship, gratitude, and purpose 1:06:08 – First job + what shaped Mike’s entrepreneurial journey 1:08:02 – Final thoughts and closing 🎧 If you’re a syndicator, investor, or business owner ready to scale smarter—this is a masterclass you won’t want to miss. 📚 Get Mike’s Book: Commercial Real Estate Investing: A Step-by-Step Guide - https://a.co/d/6ixodln🌐 Learn more: https://www.linkedin.com/in/mikesowers/ 📩 Subscribe for new episodes on the 1st & 15th of every month.

In this episode of The Mastering Commercial Real Estate Podcast, host Cory Mortensen interviews Alex Burch, multifamily investor and co-founder of Veritas Equity Partners, who shares how he scaled from a single 8-unit property into a $50M+ real estate syndication business in the Pacific Northwest. You’ll learn how Alex transitioned from a full-time career in tech sales at AWS into real estate investing, building a strong portfolio through value-add multifamily deals, off-market acquisitions, and strategic partnerships. He breaks down how his data-driven approach, high EQ, and commitment to integrity have fueled his success. Alex also dives deep into: How to build a scalable real estate investment business Tips for raising capital from institutional and private investors The importance of underwriting multifamily deals with precision How to use tech systems and automation to streamline operations Building long-term relationships with brokers and direct-to-seller outreach Discover the behind-the-scenes of a recent 33-unit acquisition with an $800M capital partner and why month-by-month forecasting and detailed underwriting helped close the deal. Whether you're just getting started in multifamily syndication or looking to scale your existing real estate portfolio, this episode delivers powerful insights from someone who’s done it — the smart and sustainable way. Keywords: multifamily investing, real estate syndication, apartment syndication, value-add real estate, passive real estate investing, underwriting real estate deals, raising capital for real estate, Veritas Equity Partners, Alex Burch, Cory Mortensen, commercial real estate podcast

In this episode of the Mastering Commercial Real Estate Podcast, Cory Mortensen sits down with Mac Shelton, co-founder of Sweet Bay Capital, to explore his journey from private equity into multifamily investing. Mac shares how he scaled from student housing house hacks to syndicated deals across the Southeast, raising millions in investor capital with a data-driven, risk-conscious approach. You'll learn what separates winning operators in volatile markets, how to underwrite conservatively, raise investor trust, navigate cap rate exit assumptions, and build a real team of reliable vendors. Whether you're raising your first fund or fine-tuning your next acquisition, this episode is packed with tactical insights for commercial real estate success. 1:28 – Mac’s transition from private equity to real estate 5:00 – The first 2x deal and how it lit the path to syndication 8:39 – Underwriting risk and overcoming fear of first value-add project 11:32 – How Mac answered tough investor questions in his early raises 14:03 – Why being ultra-conservative with insurance, taxes, and vendors matters 17:48 – The biggest near-miss on a deal due to last-minute insurance change 21:12 – How to talk with contractors (even when it’s a pain) 24:20 – Tools Mac uses to track projects and manage reno budgets 27:47 – Mac’s true strength: critical thinking and execution 30:44 – The 25% exit spread rule + price-per-door math explained 35:13 – How to think about exit cap assumptions and buyer psychology 39:02 – Why CoStar cap rate projections might be misleading 42:46 – Deal sourcing vs. investor sourcing (brokers still rule) 45:57 – How referrals became their #1 investor growth channel 47:52 – Advice for new & experienced investors: be patient, do the right deal 50:07 – Favorite data sources and newsletters for market pulse 52:35 – The software stack: Agora, Yardi, Mailchimp & more 54:08 – Fun questions: janitor job, cover band dreams & real talk

In this episode, Cory sits down with Harrison Hoy, Director of Acquisitions at Cantrell Investment Company, to unpack his journey from tech startups to leading Texas-based multifamily deals. They dive into Harrison’s experience across brokerage, banking, and capital raising — and share hard-won lessons about underwriting in today’s market, relationship building, and scaling acquisitions. Whether you're raising capital, sourcing deals, or just trying to make sense of 2025’s real estate landscape, this conversation is packed with insights! Timestamps: 0:00 - Intro 3:00 - Harrison’s Real Estate Career Path 10:15 - Capital Raising from Tech to CRE 18:20 - Acquisitions Strategy + Due Diligence Tips 29:00 - Building Broker Relationships 40:00 - Real Talk: The 2025 Market Reality

In this episode of The Mastering Commercial Real Estate Podcast, Cory sits down with Bibi — a rising force in the multifamily space — to unpack her real-world strategies for sourcing and closing deals, handling tough negotiations, structuring investor partnerships, and navigating the emotional rollercoaster of capital raising. From letting money go hard with confidence, to building broker relationships that lead to off-market wins, to her honest take on social media, education-based outreach, and future trends in CRE, Bibi keeps it real. Whether you're in your first deal or your fiftieth, this episode is packed with insights, mindset shifts, and tactical gems to help you grow. Don’t miss Bibi’s journey, lessons, and the behind-the-scenes of her latest acquisition!

We have had an amazing launch to the podcast with all of you! We are taking the month of December to reflect on the podcast and look at ways of improving things even further for you as a viewer and listener and bring more value to you each show. Take this time to get caught up on our previous shows and share and subscribe so you don't miss our next episodes. Thank you for all of your support and we look forward to a fantastic launch in 2024! Cheers,Cory Mortensen

Hello Everyone, On today's episode I go over some of the National and Macro trends happening today in commercial real estate and take a deep dive into what I am seeing as a boots on the ground investor. Lot's of key changes happening, so tune in! Link to Summary of Reports https://drive.google.com/drive/folders/1H5UChyOZWJVtmBV7Dahvaf8ack2giqP8?usp=sharing

Cory interviewed Natasha from Radlett Capital about her journey into real estate. Natasha started investing in real estate in 2019, drawn by its potential as a secure asset class for investors. She discussed her company's approach to real estate investment, focusing on understanding local markets, and the importance of character judgment in partnerships. Natasha shared her experience of making investment decisions, conducting due diligence, and the importance of always having a financial buffer for unexpected issues. She also highlighted the benefits of creating new value for their new purchases and being conservative with underwriting and cash reserves. Natasha and Cory also discussed their strategies for market analysis and underwriting, emphasizing the importance of familiarity with the market and underwriting assumptions, while also mentioning the some of the tools they both use to get deals done. Natasha's Links: Linkedin Radlett Capital

Bibi Ofiri of Blue Ocean Equity joins us on The Mastering Commercial Real Estate Podcast and tells us about her truly inspiring story of coming to America and building her business through grit, hard work, being curious, and never giving up. Her company owns and operates over $50MM in AUM and she has completed and closed on several projects and is a forced to be reckoned with. She is a proponent and leader of women and immigrant entrepreneurs and has written books on the subject as well. Listen to the whole interview today! Bibi Ofiri Links

Join me on a dive into an initial analysis for an 80-unit apartment complex. This is a glimpse into how I and other syndicators take a look at these types of investments. While this is not a thorough and complete underwriting, this shows the foundation and "first pencil" of how I approach underwriting.