RE #185: Moses Kagan - Part 1| On Value-Add MF, A New Core Strategy, ReConvene, Los Angeles, and How He's Looking at The World
12/07/21 • 43 min
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Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development, and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. Moses joins Chris for his third appearance on The FORT Podcast.
In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here....
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
Watch this episode on YouTube: https://youtu.be/Ci-4AXwSZOI
(2:51) - Moses’ journey through ReTwit
(4:24) - What do you think the next 2-3 years look like for you in this online journey?
(6:35) - How do you explain this Twitter world you’ve built to people not in the know?
(8:04) - What your experience putting on ReConvene and what does it mean for the greater RE industry?
(12:54) - Was there anything that stood out from the feedback you got from the event that you’ll be implementing going forward?
(14:47) - Thoughts on ‘Quality’ when it comes to Moses’ expectations for doing a deal to lead into his new buy strategy
(21:28) - Bank’s attitude toward owning an asset for a year vs. having a loan on the asset
(25:36) - Spreadsheets vs. reality: experienced investors are losing out to inexperienced investors
(27:07) - How are you processing all of the craziness in the CA real estate market?
(29:52) - Moses’ Fund and the investor reactions to not spending any of it over Covid
(35:20) - Dealing with the eviction moratorium in LA
The FORT is produced by Johnny Peterson & Straight Up Podcasts
Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development, and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. Moses joins Chris for his third appearance on The FORT Podcast.
In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here....
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
Watch this episode on YouTube: https://youtu.be/Ci-4AXwSZOI
(2:51) - Moses’ journey through ReTwit
(4:24) - What do you think the next 2-3 years look like for you in this online journey?
(6:35) - How do you explain this Twitter world you’ve built to people not in the know?
(8:04) - What your experience putting on ReConvene and what does it mean for the greater RE industry?
(12:54) - Was there anything that stood out from the feedback you got from the event that you’ll be implementing going forward?
(14:47) - Thoughts on ‘Quality’ when it comes to Moses’ expectations for doing a deal to lead into his new buy strategy
(21:28) - Bank’s attitude toward owning an asset for a year vs. having a loan on the asset
(25:36) - Spreadsheets vs. reality: experienced investors are losing out to inexperienced investors
(27:07) - How are you processing all of the craziness in the CA real estate market?
(29:52) - Moses’ Fund and the investor reactions to not spending any of it over Covid
(35:20) - Dealing with the eviction moratorium in LA
The FORT is produced by Johnny Peterson & Straight Up Podcasts
Previous Episode
RE #184: Kendal Harazny - Co-Founder/Principal of Wexford Developments - Developing amazing urban projects in Canada & US
Kendal Harazny is a Principal and Co-founder of Wexford Developments, a real estate development, investment, and management company. Wexford has completed over $500 million of development, currently has $500 million in assets under management, and has an upcoming development pipeline exceeding $400 million, including over 900 units breaking ground in 2022. Focused on Western Canada and the Southwestern United States, Wexford is primarily involved in urban mixed-use residential projects but has also developed substantial land, retail and industrial assets.
In this episode, Kendal and Chris discuss an array of topics such as the differences in Canada vs. the United States and what it takes to develop a generational asset. They also chat about how Wexford identifies and selects projects to work on and why design matters and how to communicate to neighboring stakeholders and much more!
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
Watch this Episode on YouTube: https://youtu.be/DN61kAEFq-4
(02:08) - Kendal’s Background and Career
(04:10) - What are the top things that create bad deals in development?
(06:10) - More on Kendal’s Background
(10:44) - What are the biggest differences between Canada and the United States?
(13:02) - Getting Project Approval in Canada
(15:25) - How do you handle emotional opinions from the community when doing development?
(17:53) - Incorporating Feedback From the Community & Rezoning
(19:48) - How long is the process from submitting to the city for approval?
(21:45) - Is everything you do for rent or do you have for sale opportunities?
(22:13) - How do you capitalize deals and think about debt?
(24:00) - Why don’t you bring US debt into Canada?
(25:07) - Cultural Differences in Lending
(26:54) - How is recourse structured?
(28:28) - How do you think about parking for your projects?
(31:35) - Thoughts on Building EV Stalls
(33:49) - Is a lot of your equity coming from Canada or is it global?
(34:50) - The Toronto & Vancouver Real Estate Market
(36:52) - What experiences are you having as it relates to building and the supply issues we’re seeing?
(40:27) - What do you look for in markets before entering?
(43:16) - How do you know you’re going into the best location?
(45:07) - How do you think about hiring architects?
(48:49) - The Importance of the Cohesion Between Architects, GC’s and Engineers
(52:02) - What matters to you when picking General Contractors?
(54:39) - What is ‘crystalizing the promote?’
(1:00:08) - Kendal’s Hunt for an Acquisition Manager
The Fort is produced by Johnny Peterson & Straight Up Podcasts
Next Episode
RE #186: Moses Kagan - Part 2 | On Value-Add MF, A New Core Strategy, ReConvene, Los Angeles, and How He's Looking at The World
Moses Kagan is the Co-Founder and Head of Adaptive Realty, a Los Angeles-based development, and property management group. Since 2018, Moses has overseen the repositioning of 80 properties in Los Angeles and grown Adaptive from $0 to $110M of property under management. Moses joins Chris for his third appearance on The FORT Podcast.
In this two-part episode, they discuss the decision to not deploy a fund he raised in early 2020 and his new core strategy. They also explore rent control vs non-rent control. How he talks to his family about wealth and potentially taking over his business, learnings from ReConvene, and where we go from here....
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
(02:31) - A Discussion on Rent Control
(09:25) - Defining Moses’ New Buying Strategy
(20:36) - How have you thought about growing your business over the next decade?
(26:32) - How are you thinking about leaving the businesses to your kids? What if they don’t want to go into it?
(35:50) - Thoughts on Growing Third Party Property Management
(38:38) - Is there anything keeping you up at night?
(42:13) - The Slowing Rate of Development
(46:01) - Our Collective Tolerance for Emergency
(48:28) - If I gave you $1B to put to work by the end of the year where would it go?
The Fort is produced by Johnny Peterson & Straight Up Podcasts.
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