Kyle lives in The Nations neighborhood of Nashville. Maria graduated from Loyola University Chicago in 2021, receiving her bachelor of science in psychology and a minor in sociology. What were the decisions? In 2007, Michael Episcope co-founded Origin Investments, a top-decile fund manager that helps high-net-worth investors, family offices and clients of registered investment advisors grow and preserve wealth by providing best-in-class real estate solutions. Spencer received a Bachelor of Science in Business majoring in Finance and Real Estate from Indiana University. I saw the impact that a good real estate Proper real estate investing could make. Prior to joining PRG, she served as Financial Analyst for DBRS, a credit rating agency for commercial mortgage-backed securities, from 2015-2017. Rod Khleif: The lesson was, you looked at the asset and the asset looked great. Michael Episcope: That was a lesson. Got it. She joined Origin in early 2017 after spending nearly a decade at Morningstar, Inc., a leading provider of independent investment research. Cardones average ROI has exceeded 200% on 22, Chris Voss Author of Never Split The Difference Former FBI Hostage Negotiator. Prior to joining Origin Investments, Tommy worked as a Private Capital Manager at Metropolitan Capital where he was responsible for managing existing client relationships and underwriting new credit facilities within the organizations commercial banking team. Michael Episcope: Yeah. But one in particular that comes to mind is, I got pulled into a deal by a friend of mine, it was in Austin, Texas. As one of Americas top real estate professionals Rod mentors business leaders and entrepreneurs through world-class speaking events, books, and training courses online and around the world. He is a go-to as it relates to individual investing from the likes of Forbes and Huffington Post, a frequent speaker on the circuit. Michael Episcope: Thats a little bit on the equity amount. As you know, Rod, population centers, job growth, population growth, thats where you wanna position yourself. I always look at the decision that was madewhy did you get into the deal? Earlier positions include opinions editor and copy chief at Crain's Chicago Business, and global director of public websites at Arthur Andersen. The markets been great for the last couple of years. Two years later, she took a role as a Property Accountant at SLM Realty, LLC., where she was first exposed to the real estate industry. He and his wife reside in Northern Illinois with their three children, spending time watching their kids sports and walking the familys Chesapeake Bay Retriever. He also assembles . Michael Episcope: When an investor commits to a fund, they start paying fees on their entire commitment on the day they commit. Well have that for probably another four years. "I can accept failure, everyone fails at something. I mean, these are Rod, youre really experienced in this area as well, but these are little mini companies that you have. Michael Episcope: Its a capital commitment fee. Rod Khleif: Sure And their friends, and their relatives. Its the decision making that matters. Originally from Wisconsin, he is an avid Green Bay Packers and Wisconsin Badgers fan. But going forward, were actually, as much as I love the strategy of that buy-fix-sell, it also has its limitations, which is real estate is incredibly tax efficient, but when you sell, you have to pay long term capital gains. I was a multifamily development, wasnt the greatest time, it was in 06. The company was founded in 2007 by real estate fund managers Michael Episcope and David Scherer to invest their own money in office buildings and apartment developments in secondary U.S. cities. What is the proper cap rate? Its interesting. I has some okay experiences, I had some not so great experiences, as well. He had five, six, seven deals that were all going south. Youre coming in at 33%. As a fund manager, we look at it more as a portfolio. This transaction is expected to close in the first quarter of 2023, subject to customary closing conditions. Her current net worth is $8 million. When I transitioned out of commodities trading in 05, I went back and I went and got a Masters in real estate at DePaul University as well. Kevin is responsible for driving performance of the companys multifamily development projects & partners. Theyre truly a trillion dollar funds these days; in the stock market, that is. I can give you a couple of examples if you want. Kate Khazin leads investor relations and is responsible for scaling internal processes to fuel Origins explosive growth. The other thing that I learned is that its a heck of a lot more complex than what people realize. At Ventas Kate was responsible for business transformation and M&A integration and was a key player in the divestiture of Care Capital Partners as a standalone publicly-traded REIT in 2015. Between my freshman and sophomore year, I got a job on the floor of the Chicago Mercantile Exchange, and decided I loved it, and that was the start of a 16-year career there. He loves cheering on the Wisconsin Badgers and is passionate about all things automotive. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Understanding capital commitment fees As Principal, David co-chairs the Investment Committee and oversees the analysis, acquisition, and asset management teams at Origin. Michael Episcope: Yeah But again, when I talk about some of the things that we were tweaking to fund for, as we look at the world, this could potentially be an asset that we would hold much longer term. Currently, he is pursuing a Masters in Information and Data Science at the University of California, Berkeley. Michael Episcope is the Principal and Co-Founder of Origin Investments, a private equity real estate firm that serves high net worth individuals, family offices, and wealth management firms. We have a real powerhouse on the show today. Were in those markets because in the strategy sense, the first thing we do is look at the macro view of the world and figure out where we want to invest. In 2007, Michael Episcope co-founded Origin Investments, a top-decile fund manager that helps high-net-worth investors, family offices and registered investment advisors grow and preserve wealth by providing best-in-class real estate solutions. How you got to this incredible success that youre at right now? PublicPrivate Court, Arrest or Criminal Records Michael and his husband have been residents of the city of Chicago for over twenty-five years. Prior to joining Origin in 2020, Jonathan worked at Lakeside Bank where he provided financing solutions for commercial real estate projects throughout Chicago. Michael Episcope: We have renovated 30 units. Prior to Origin, Michael had a prolific trading career and twice was named one of the top 100 traders in the world by Trader Monthly Magazine. Episode Highlights Trends High Net Worth investors should consider as they begin to allocate more funds to alternative investments. Rod Khleif: Guys, just so you heard that, hes in at the third equity instead of the typical agency debt. Im very grateful for your valuable time on the show. Michael received a Bachelor of Arts degree from Depaul University. Dan currently lives in Uptown, enjoys golf, and cheering for the Detroit Lions! When you first started reaching out to investors and did either your first fund or your first syndication I dont know if you went straight to fund or you did a syndication or two. Retooled from that sense and that was a great experience. You need to shoot with a rifle, instead of a shotgun. Cody previously worked as an accountant for the Pritzker Family Office where he was responsible for managing the accounting duties for a number of different investment entities. The value of continuing education With Daves leadership, Origin has executed more than $2.6 billion in real estate transactions. Ryan serves as a Data Scientist here at Origin Investments. It all is influenced by that notion of alignment, and where you sit. Scott explains that with commercial real estate, the value is based upon the net operating income . He is an active member of the Real Estate Investment Association as well as the Urban Land Institute. In this role she led cross-functional project teams responsible for reorganization of legacy business functions within the firm. She was responsible for reporting segregated funds to the CME, managing account holders funds, & overseeing accounts payable for the organization. That was kinda the impetus of us starting together. We talked a little bit about the fee structure, and the importance of that. Christopher Joined Origin in September of 2022 as a Senior Accounting Associate. Michael Episcope: It came to fruition in 08. Rod Khleif: What other fees? We found Michael Sims from North Hills California. Let me ask you this, you obviously have incredible success, is there a dark time in this real estate journey that youd be willing to share with people? Kate joined Origin in 2021 after a tenure at Ventas, a S&P 500 company and a leading healthcare REIT. Kate's true passion (outside of work) is investing and advising early-stage startups. At Morningstar, Melissa set the marketing communications strategy to drive demand for an extensive line of products for financial advisors, including software, events and investment management services. In his free time, Dan enjoys exploring the many bars and restaurants in Chicago. Gina serves as an Investor Relations Support Specialist. This field is for validation purposes and should be left unchanged. Soon after graduating, he worked in the Transfers department at Millennium Trust. Its fantastic. Thats one of the distinct advantages but it comes down to creating structures that we want to invest in. RELATED: 15 Times Seinfeld Was Hilariously Accurate About Life Rod Khleif: So youre a buy-fix-sell investor. Michael Episcope: As a passive investor, yes, it sort of getting my point. I dont really think about this, right? When I exited that area in 2005, it was really about taking the next stage, which is how do I protect and preserve, and grow my wealth, and beyond stocks and bonds. I believe that value add is a way to protect yourself from future downturns. Michael serves as Origin Investments in-house general counsel. He Graduated DePaul University with a Bachelors of Science in Accountancy. Tijana also has experience as a residential sales broker where she was able to help several first-time homebuyers and investors. She is instrumental in executing marketing campaigns to drive new investors for our private real estate funds. Thats a great strategy. I really wanna flag that for you, guys. While at Ventas she led the transformation and scaling of FP&A, corporate risk, legal, accounting, treasury, and property management functions. In order to finance his lifestyle, at one point Michael took a $380 million loan from Bank of. Before his current role, he served as Vice President of Asset Management for Origin Investments, overseeing the firms portfolio assets. Ep #79 Tom Wheelwright CPA, author of Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) discusses the greatest financial benefits to multifamily real estate investing. I agree. 5 Michael Richards (Cosmo Kramer) - $45 Million Though he delighted audiences everywhere as Kramer in Seinfeld, Michael Richards has had a few hiccups in his career along the way that have affected him for years after they occurred. But we talked about the buy-fix-sell, thats more of a buy-fix-hold and sell in about four years. This is anywhere from 20 to 25%. At the age of 19 years old I got a summer job down at the Chicago Mercantile Exchange and that was between my freshman and sophomore year of college at DePaul. I think that the smart investor is one who is humble and understands what he knows, and what he doesnt. He is an accomplished French horn player, contemporary art collector and competitive recreational cyclist. Rod Khleif: Absolutely Youve done so much, maybe you could take us back a little bit and tell us how the story started. Rod Khleif: Those that dont know what hes talking about here, back when things were going fast and loose in 05, 06, 07, a lot of apartment owners were condo-mizing those apartment complexes and selling them off one at a time. Prior to joining Origin Investments, Justin was a Client Service Administrator for Strategic Wealth Partners, a private wealth advisory servicing high-net-worth individuals located in Deerfield, IL. She currently resides on the near North side of Chicago, and in her free time she enjoys dropping into the occasional yoga class and lifting weights. Michael is joining us from Chicago, Illinois. . He is co-CEO, co-chairs the investment committee and oversees investor relations and capital raising. With Michael's leadership, Origin has more than $1.3 billion in equity under management . I think when we create structures here; we create structures around how we want to invest our capital and that a fund has a couple of advantages over an individual deal syndication. He was awarded the MSU Evans scholarship for an outstanding caddie record and academic excellence; Graduating from Michigan State in 2019 with a Bachelor of Science and minor in international business. I said, Oh my god, this looks like a homerun. And you dont know what you dont know, and at that time, I didnt have a tremendous amount of real estate experience. Prior to Origin, David served as company president for a privately financed hedge fund. At AlterDomus, Garrett provided portfolio administration and cash management services for several credit fund portfolios. He primarily oversees investor relations, marketing, and company operations. Marc lives with his wife Carey and two daughters, Rachel and Hailey, in a north suburb of Chicago. Those of you that are doing your own syndications, do not short-circuit that process. What did you do to get out there and meet people, and get them excited about what you were doing? Education + Add. Seasons: 7, 9, 12, 17, 19, 22. Dave is married, has three sons and lives in the Cotswold neighborhood of Charlotte. Is it just bad real estate? He was twice named a top 100 trader by trader monthly magazine. While there, she was responsible for analyzing insurance risks across the different lines of business, such as Builders Risk, Commercial General Liability and Auto insurance for several owners, general contractors, and subcontractors. She currently resides in Evansville, Indiana USA. Victoria graduated from St. Olaf College where she received a Bachelor of Arts in Economics with an emphasis in Finance. If 10 do well and 10 dont do well, youre paying a performance fee on the 10 that do well in that structure because your performance fees arent cross-collateralized at the fund level. There are deals to be had but not as easy. Rod Khleif: Oh, gotcha. Prior to joining Origin Investments, Dave spent six years at Deutsche Banks global commercial real estate investment and advisory division known as RREEF. And so you have even[overlap talk]. Vince joined Origin in 2017 and he leads Origins fundraising and investor relations department. He received his Bachelor degree in Finance from The University of Connecticut. Michael Episcope Principal, Origin Capital Partners Michael Episcope is principal and co-founder of Origin Capital Partners, a Chicago-based real estate investment firm that invests in. Bill received his BFA from the School of the Museum of Fine Arts, Boston in partnership with Tufts University (SMFA at Tufts). Michael Episcope: And I will tell you, Rod that is the common theme. "A benefit of investing in real estate is that if I buy a property for $100,000, I know tomorrow it won't be worth $0, which is a real possibility with other forms of investing." . Ivette serves as a Paralegal here at Origin Investments. The decisions you make around the investments, you select the team you select and put around you as well. We started out in a much different position as most managers, where we were investing our own capital. Ivette received her Bachelor Degree in Law Enforcement and Justice Administration in 2015 and obtained her Paralegal Certificate from an ABA Approved Program at the College of Lake County in 2021. I mentioned earlier in the podcast, I had done some passive investing even prior to Origin. Providing guidance with clear understanding of where they stand everyday. Of that 16 years, I traded for about 10 years. Anyway, I just want to explain that to my listeners that may not understand what a broken condo conversion is. It has a ton. I started hearing things through my friend, and some of the projects that he was involved. He earned a Masters of Science Degree in Finance from Ohio State University and a Bachelor of Business Administration from Kent State University. She enjoys hiking, trying new restaurants and coffee shops, and spending time with family and friends. Michael is co-CEO of Origin Investments, co-chairs the Investment Committee, and oversees investor relations, marketing and company operations. . By the time the partners closed a $151 million fund raised from 450 investors last June, they'd transformed the company into something different: a real estate private equity fund that uses crowdfunding-like tactics to raise money from family offices and high-net-worth individuals. Ken received a Bachelor of Science in Finance and International Business from Indiana University (Bloomington) and a Master of Business Administration with a concentration in Real Estate Finance and Investments from DePaul University. We dont have any debt placement fees. So Im a big boy, the markets went south, and I can handle losing money. Michelle is a gamer and enjoys spending her free time playing online video games. Kevin received his undergraduate degree in Civil Engineering from Virginia Tech, and an MBA from the Darden School of Business at the University of Virginia. As Managing Director of Investment Management at Origin, Marc is accountable for the performance of Fund investments and execution of property-level business plans. If it wasnt for that, I dont think that I would have started Origin. Prior to joining Origin, Bill orchestrated due diligence, entitlements, pre-construction, self-perform construction, and owners representative duties at Core Spaces and Gables Residential. The additional shot of funds from these investors helped complete deals that otherwise may not have happened, Landes added. Then in April 2016, she joined the Origin family. Earlier in his career, he worked the Associate General Counsel and Assistant Secretary at APAC Customer Services. Rod Khleif: Lets talk a little bit more about fee structure because I just wanna make sure So you dont charge an acquisition fee, you charge a capital What did you describe that as? . Michael Episcope Principal at Origin Investments Published Aug 17, 2017 + Follow This article was . It feels like yesterday that See, its very different. Ut porttitor ligula eu elit ornare tincidunt. Michael Jordan is a retired American basketball player, team owner, product endorser and entrepreneur. Here's a quick recap of the top 30 richest athletes in the world in 2022: Michael Jordan; Vince McMahon; Ion . Its a big component of what we do today. In whatever I do, even in my personal life, I only invest in with fund structures because maybe I know a little bit too much about that but if I was looking at individual deals, I would have no clue about how to ascertain one from the other cause its not what I do full-time in any business. We dont have any acquisition fees in our fund. [chuckles]. It was in the late 90s, early 2000s that I began passive investing. My first career was in commodities trading. Theres another great. Rod Khleif: As a passive investor in other deals. No. Rod Khleif: This has been a real high-level conversation and some of you guys heads are probably spinning from this but lets go back to when you first And I know you invested your own equity to get started. The Estate of Michael Jackson is a legal entity established following the death of American singer Michael Jackson for the purpose of administering the property of Jackson, . Well, I heard somebody else bring this up. Originally from Portland, Oregon, Elena now lives in the Andersonville neighborhood of Chicago. If you can build value and continue to build cash flow in the asset, we leverage two to one to equity. Michael Episcope: Right. Rod Khleif: Sure. Michael Episcope worked as a commodities trader for 15 years while investing passively before deciding to take things a step further and earn a master's degree in real estate. Michael Episcope: Where I kick myself, as I look back, is I cant believe I didnt do more due diligence, and invested with this guy. Michael Episcope: I used to spend my summers with him, and I really. Prior to joining Origin Investments, Katina worked as an analyst at Equity Lifestyle Properties (ELS) where she focused on underwriting RV & MH developments and capital improvement opportunities. The video has had 9.6K views so far. The Michael Kors Holding Company made headlines in 2018 when it announced . With Michael's leadership, Origin has $1 billion in equity under management and has executed more than $2.6 billion in real estate transactions in fast-growing markets throughout the U.S. 6. Its a different way of getting to the same place. Michael Episcope: While in a fund structure, if you have one deal that needs capital and the other deal is doing very well and spewing off cash flow, all of that cash flow rolls up to the fund. Developers have enjoyed years of consistent, reliable rental rate growth, with the average rent growing 13.5% in 2021 and another 6.2% last year, according to Yardi Matrix. It was a phenomenal time, a great experience. Rod Khleif: Welcome to another edition of How to Build Lifetime Cash Flow Through Real Estate Investing. In preparation for the Jan. 31 date, Origin Managing Directors of Liked by. Jimmy serves as an accounting associate here at Origin Investments. During her time at White & Case, she represented institutional capital sources and developers in connection with acquisitions, dispositions, financings, leasing, and development of various classes of real property, including multifamily, office, retail, hotels, senior housing, mixed-use projects, and vacant land. Michael Jordan is still, quite possibly,. Click the play button above to listen to our conversation. Total assets under management, $2 billion. Because sounds to me like that might be an asset that youd wanna keep, if it werent in that scenario. If we make $100,000 commitment to fund, we dont take it all upfront because we dont have a portfolio of assets. She is an avid reader, traveler and concert-goer. Episode Highlights Upon graduating from Marquette he then took a job at CIBC Bank in Chicago on the Corporate Real Estate team. My experience in real estate actually extends back to kinda when I was 11, 12, 13, working for my grandfather in the summers. Jonathan joined the Origin team in early 2021. Aenean nec cursus diam, eget consequat mauris. She was responsible for planning, creating and distributing content, including email marketing, writing articles for the EveryDose blog, and managing the company's social media presence. Since moving here in 2003, He has taken the opportunity to enjoy a wide variety of food and activities that the city has to offer. Why to over communicate Michael Episcope unpacks opportunity zone investing misconceptions and explores the potential benefits of adding alternative assets to a portfolio. Kevin was a member of the development & acquisitions teams focused on large multifamily driven mixed-use developments in the Washington, DC area. Gina graduated from DePaul University with a Bachelor of Science in Business with a major in Hospitality Leadership. . Image: Trae Patton/NBC. Is that correct? He was involved in the underwriting, assessment, management and liquidation of commercial real estate and recommendation of resolution strategies for non-performing loans. In his free time, he enjoys golfing, playing hockey, and making music. Michael Michele (born August 30, 1966) is famous for being movie actress. Its not borderline at all. So if things do happen, youll be able to ride the ship. He earned an MBA with a concentration in Real Estate Finance & Investment from DePaul University and Bachelor of Science with a degree in Finance from The University of Central Florida. Daniel is responsible for fund level accounting and monthly reconciliations across all funds. In her current role, Priya oversees Origins fund and corporate-level financial operations, executes year-end audits, interfaces with the tax team, tracks corporate performance, and manages reporting requirements of lenders, general partners and other stakeholders. I went to school in Chicago. 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