Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Greg Friedman. He has over 25 years of experience in credit and equity investing, with a focus on hotels and other commercial real estate assets. Since co-founding Peachtree Group in 2007, Greg has successfully overseen investments exceeding $11 billion in commercial real estate and various other enterprises. Peachtree currently has over 300 corporate employees and over 3,600 hotel-based employees. Previously, Greg served as Senior Vice President of Business Development for Specialty Finance Group, where he originated over $2 billion in credit transactions. Before that, Greg was vice president of business development for GMAC Commercial Mortgage Asset-Backed Lending Division. During his six-year tenure, he originated, closed, and funded more than 300 hospitality FF&E financing transactions with an aggregate capital structure exceeding $10 billion. Thank you so much for being on the show!
Greg:
Charles, I appreciate you having me on the show and look forward to talking more about what we do and, and learning and at least educating your audience more about what’s happening across commercial real estate and private credit and so
Charles:
Forth. Okay, fantastic. So before getting in, in 2007, so you started Peachtree right before the GFC. Can you tell us a little bit about yourself, both a little bit about professionally and personally, you know, prior to founding that corporation?
Greg:
Yeah, so, you know, I started Peachtree back in 2007, as you mentioned. It was myself, my two partners. You know, before starting the business, I’d spent a, you know, almost a decade in banking, you know, professionally where I was financing, capitalizing and commercial real estate projects, primarily hotel projects across the, the US and a lot of the hotel properties that we were financing, we were actually syndicating through regional banks, community banks and so forth. You know, we would hold a piece you know, on our balance sheet and then syndicate out the balance. But with that said before that, you know, personally grew up in a family that owned commercial real estate owned hotels. My family actually had a business that was in the credit space as well that did a lot of SBA loans. So it was, they had a non-bank SBA license and financed a lot of hotel properties through that license. And so personally grew up around the business, never worked for the family business, and then, you know, went to school at Texas and as I mentioned, was in banking for about a decade before starting Peachtree.
Charles:
So with, is f is SBA similar to FHA in the sense that it’s like it’s you have a lender that’s taking the risk but it’s guaranteed by the government? Is that how that kind of works?
Greg:
It’s somewhat, it’s somewhat similar. That’s a good analogy. It’s, you know, with SBA, there’s a couple different programs. There’s the seven a program, there’s the 5 0 4 program. They specialize primarily in the seven A program, which was effectively where 75% or you know, typically 75% of the loan in some cases, maybe a higher percentage is guaranteed by SBA or effectively by the government. And that’s what allows lenders to actually stretch and provide these small businesses financing. So it’s, it’s a program that’s very much needed for the US economy ’cause it allows us to continue to fund entrepreneurs, you know, fund small startups and businesses through that SBA program. And in a lot of cases people can fund, you know, the development of a new hotel property, a restaurant, a car wash, and so forth. So it’s been, it’s been a program that’s been hugely successful through the years.
Greg:
And it’s something that’s, you know, the reason I even a little bit more passionate about it right now just ’cause it’s been in the news a little bit more because, you know, obviously with the new administration and Doge, they’re, you know, always looking for things to potentially cut or, you know, to pull back on. But it’s a program that we should really lean into, you know, as a country in this period of time where the, you know, the credit markets are heavily dislocated and there’s a lot of small business owners that are at a disadvantage with how, you know, banking has gone over the last over, really over the last, you know, 15 years coming outta the great financial crisis. There’s less community banks and national or regional banks and the national banks have proven they don’t really wanna service, you know, the small business owners. So, you know, SBA is a very good supplement to it all.
Charles:
Yeah, no, definitely. And then when we have self storage investors on the show, that’s a big thing that they’ll tout whenever and financing comes up is the SBA because they’re actually doing, it’s a business, you know, similar to, like you said, car washes and so yeah, there it’s, you have the real estate piece, then you have the business piece, so you can get that SBA loan. So that’s, that’s very interesting. Yeah,
Greg:
No, it’s, it’s a great program.
Charles:
When when you launched Peachtree I mean it’s kinda like turned into, as I see it, into more of like an institutional private equity firm, kind of what was your initial goal when you guys co-founded that
Greg:
Firm? Yeah, so initially when I started the business, you know, we were gonna be a small family office. We were gonna buy some assets to hold for ourselves, you know, for myself personally, my partners and our, for our family members, like my parents, you know, grandparents and you know, sister and, you know, stepbrothers and so forth. So initially it was more of us being a small family office to go acquire real estate assets with a focus towards the lodging space or the hotel space. You know, unfortunately ’cause we started the business in May of oh seven. I say, you know, unfortunately, you know, we started it then, but fortunately we did because we learned so many lessons quickly as, you know, as individuals, you know, as a our, as an organization. And we quickly pivoted. We pivoted in 2009 and started buying up as we saw all the stress and distress across our portfolio of assets, which ultimately those assets did well.
Greg:
It just took, became a duration risk game where we had to hold those assets longer ’cause of the impact of the GFC. But simultaneously there was this huge buying opportunity of buying discounted loans. And, and that’s when we really shifted our strategy as a firm and started buying up a lot of distressed debt across commercial real estate. You know, we bought busted subdivisions, we bought debt against hotel loans and retail and did really well with that trade. We continue to buy hotel properties at discounted levels. We even continue to develop some hotels ’cause construction costs came down dramatically. And we woke up in, you know, 2012 and realized that the, you know, debt markets had normalized or started to normalize. So we no longer could buy loans at discounts. But what we could do is, because, you know, the, the banks really never came back.
Greg:
You know, the banks came back at some level, but they never came back at full capacity on what they were doing pre great financial crisis. And it left this void in the marketplace for what everyone calls private credit today, but it, you know, left really for, you know, for lenders like us to step in and fill the void left by the banks. And that’s what we did back in, in really 20 11, 20 12, we started doing direct lending. That’s when we launched our private credit strategy of financing commercial real estate assets and hotel assets. And in 2014 is really when we made that pivot. To your point of being an institutional, being more of a, you know, institutionally focused firm that’s a private equity firm. That’s really when we realized we’re really in the mispriced risk business. ’cause We had all these different strategies that were focused taking advantage of, you know, market dislocations or different trends in the marketplace where we could find mispriced risk.
Greg:
And in 2014 we really started the rebranding process of Peachtree from being you know, a small family office or an owner operator, developer of assets or even, you know, acquire of, of loans and so forth into being a private equity firm that’s vertically integrated that, you know, invests across the capital stack within real estate, but also invests outside real estate and being vertically integrated. You know, we’re set up today where we have different divisions that are set up to, you know, own real estate to operate real estate, to develop lend asset manage and you know, provide a lot of other services to the different, you know, investment strategies that we’re executing on. And we currently have close to 8 billion of total assets under management. When you look across our credit and equity investments. What
Charles:
Are some of the current investment asset classes? Like you said you’re in all the different parts of the capital stack. I know for hotels, you guys are everywhere through that. For your other asset classes that you guys really focus on, can you give us a little background of what you’re, what you’re involved with currently?
Greg:
Yeah, so I mean we’re financing, you know, today we’re financing pretty much all commercial real estate property types. Like we’re doing industrial retail multifamily, obviously hotels. We’re even doing some stuff in self storage. And, and so we’re providing financing across all those commercial real estate property types. We’re even buying properties, you know, we have different investment strategies. We’re buying an industrial asset or under contract and we’re hard on that contract that we’re closing here shortly in Texas on industrial property. We’re also outside of real estate beyond doing senior debt financing. ’cause A lot of our lending is first mortgage, senior debt, you know, financing, that’s a construction loan or bridge loan. And bridge loan being a shorter term loan that’s three to five years in term. We’re usually the first mortgage lender. We do a lot of acquisition financing and refinancings, but we also are big in the C pace lending business.
Greg:
We own a business that we started organically back about, you know, seven years ago now that does commercial property assess clean energy, you know, lending. And we’re one of the largest lenders in that space. So we do, you know, we have well over a billion dollars of, of those loans on our balance sheet today. And you know, over we will originate, you know, 500 million this year of, of new CPAC loans as well. But besides doing stuff across commercial real estate we also have a media finance business where we actually finance the production of films, which sounds a lot more interesting than what it is. We’re not taking on creative risk. We’re not worried about we, you know, if that film is gonna be a home run or not because we’re financing films that are typically the, you know, the territories where these films are gonna be streamed at.
Greg:
And most cases have been pre-sold at some level. And usually these films have tax incentives and we’re taking those pre-sells along with the own unsold territories and those tax incentives as collateral. And that’s how we’re making our loan is based on the values components of that. So it’s somewhat similar to condo lending which we do condo lending as well. But we’re, you know, that’s a space that we’re getting bigger in and we’ve, you know, financed, you know, we’ve helped capitalize or finance, you know, close to 2000, you know, different films over the last, you know, since starting that business over the last four years or so.
Charles:
Yeah, I was seeing that. I was like, how do you secure your investment? ’cause Everything else you’re in is secured, especially like, you know, obviously senior debt is really secured. So I saw that and now I see it’s because of, if it’s already pre pre-sold and then also if you have tax incentives, you’re really, I guess, minimizing your risk as much as you can with still financing in that industry.
Greg:
That’s, that’s right. So it’s, it’s actually, once you understand it, it goes back to our whole strategy of mispriced risk. It is very mispriced risk when people understand what’s really happening. ’cause When they hear films, their mind goes to, wow, they’re taking on creative risk. They must, you know, they must love going to the theater or they must love watching tv. And I don’t watch a lot of tv. I don’t go to the, haven’t been in the movie theater in years, can’t remember the last time I’ve been there. But the reason we’re in this business is that we found a, you know, we found that it’s mispriced risk. So we’re, you know, there’s always risk still associated with it. So I don’t wanna sound like there’s no risk, but there’s still risk associated with it. But it’s relatively low risk and we believe we’re getting outsize returns on our capital or making investments in that space relative to the list that we’re
Charles:
Taking. Interesting. Interesting. So you’re a second generation like kind of hotel investor, I mean, but you guys are doing acquisition development, you’re doing end management, al al almost 4,000 employees you have there. What do you see as some of the major benefits of hotels versus other, let’s just say real estate asset classes that you could
Greg:
Invest into? Yeah, so hotels, I mean, they share, there’s benefits and there are negatives too. So I mean, and the negatives, I I hate to say it are benefits for groups like us. ’cause It creates the opportunity set. So anytime there’s a negative or a headwind, there’s, you know, there’s a huge opportunity that’s created by it. But the hotel business, you know, it reprices daily. So you know, you do get the benefit, you know, in the thriving economy, the ability to drive rents because you’re, you’re repricing daily, you have daily contracts when the market is slowing down, you have daily contracts. So you feel the pain of any economic uncertainty. Like today, you know, look over the last, you know, since the beginning of this year and even last year, you know, you’ve seen revenues per available room has really has really basically it’s been relatively flat, you know, this year.
Greg:
I mean I think it’s up like close to a little under 1%. It’s filling the bumps of inflation ’cause operating costs are up. So hotels are becoming a little bit less profitable. They’re still very profitable, but that creates an opportunity set ’cause that’s creating the ability to go buy assets. ’cause It’s rinse and repeat for us. We’ve been through multiple cycles. ’cause I’ve grown up through multiple cycles. If it’s, you know, going as a professional, been through, you know, the.com bus as well as you know, and that’s, you know, going back to 2001, you went through obviously the great financial crisis and we’ve been through the pandemic and now the credit market dislocation period of time over the last couple years and you know, just high inflation and we’ve been able to weather those storms. And so it’s really rinse and repeat from a playbook perspective.
Greg:
But that’s, that’s why we like the hotel business. ’cause It reprices daily. That’s why we have a challenge with the business too. ’cause It reprices daily. But with that being said, we are focused on a very narrow segment within hospitality. We’re focused on extended stay hotels, limited in select service, compact full service hotels that are premium branded. So these hotels tend to be a little bit more resilient through economic downturns. They tend to be you can really flex on the operation side. So when things slow down, you’re able to cut your operating costs, you know, pretty dramatically compared to some of these, you know, full service hotels that exist or even these luxury hotels. ’cause When the economy pulls back, those hotels fill the pain a lot more than these limited and select service hotels. But it’s that ability to, you know, reprice daily.
Greg:
There’s a lot of institutions that like to invest in hotels. You know, you have public REITs, you have sovereign wealth funds that like the business and another, you know, another reason I would say that we’re more bullish on the hotel business today than some of the other property types that exist is the fact that, I mean, there’s been no new supply built over the last five years. You know, supply has been really limited across the lodging space because of COVID. Which you know, was a challenge. Nobody could get projects built since 2020 effectively. I mean, there’s been some new hotels built, not a lot. There’s a lot of hotels. You know, the CapEx spend has been down, you know, close to half. You know, when you look from 2020 to 2023, you know, it’s starting to pick back up and normalize out the CapEx spend, but still down very dramatically.
Greg:
So there’s a lot of hotels that need renovations. There’s a lack of new supply getting delivered. And when you look over the next decade, you know, demand is, is, is expected to outpace inflation. So when you look at total travel spend globally, it’s projected to outpace, you know, inflation. And so to me this is, you got trends that favor travel. It’s a place you want to be and you have really no new supply that you have to absorb. So as the economy starts to get footing again, which I expect 20 26, 20 27 to be better years as the new administration, you know, can fully implement some of the programs it’s trying to implement and there’s a little bit more stability to the economy, I think hotels will, will really thrive through that lack of supply that we’ve seen. And you’ll probably see outsize growth there compared to some of the other property types that are still gonna have to, you know, although, you know, there’s limited supply getting built as we speak right now, they still have to absorb what was done and they’re still going to, you know, there, there’s an easier pathway to develop in some of those other product types than there are in the hotel space.
Greg:
There’s some limiting factors.
Charles:
What are some of the investment considerations for hospitality investors? I mean, is it really, you have a niche that you’re working into, as I saw, which was I I take as an emerging trend you’re seeing, which is the extended stay or a budget extended stay, something like this. What would you say, I mean, are most important? Is it really choosing the strong brands? ’cause You’re gonna get a, you know, you’re gonna get a lower cap on something like that. A higher a value on that? Or is it like market selection or is it both of these things that are gonna lower your risk when getting into the hospitality space?
Greg:
Yeah, hotels, it, it’s interesting ’cause I’ve seen it so many times, like in my career I’ve seen it even on the personal side. Someone from the out. If you’re not invested in hotels today, I, I can’t tell someone more than this probably. I can probably tell them this a hundred times and they still don’t listen to it. But the reality is, is if you haven’t invested in hotels, make sure you pick the right operating partner or pick the right partner before getting into business. ’cause I’ve seen so many people get in the business and lose money because they think hotels is like any other real estate, you know, property type. And it’s really not. I mean, hotels are truly unique because it is an operating business. So you really need to understand your location. I mean, you’re in, in all of real estate, people would argue location matters, but in hotels it matters even more.
Greg:
You really need to understand the location, the sustainability of the demand drivers in that location. The demand for the actual product type, the brands, I mean, the brands create so much value, you gotta have the right brands. I’ve seen too many people come in our space thinking they can create their own brand. They think that they can go take a bunch of key money from a weaker brand and still make it work. It just doesn’t, it doesn’t work that way. You really gotta have the right brands in the right location. You gotta be at the right basis. Like if you’re at a basis that’s just not sustainable based on, you know, what the average daily rates are in that market. So the, you know, the rental rates that you’re able to charge are the average daily rates is what we call it within the hotel space.
Greg:
And when you look at the occupancy levels and so forth, if you’re at a basis that’s just too high, you’re, you’re never gonna make money. I mean, you’re just gonna always be handicap and I mean, and the other component to it is your, you know, is well is the quality of the box too. You wanna have a box, you know, when I say the box, the actual physical plan of the hotel, you wanna have something that’s sustainable long term. So when you buy the asset, you look to sell five to seven years later, you know, people are gonna be excited about buying it. And then the, the last component really is is really just, you know, your capital structure. Like I’m a big believer within all of real estate. If you have too much debt, too much leverage. If you have debt that’s not sustainable long term it’s very hard to, you know, it’s hard to sustain through market dislocations and to make, you know, to make money and, and to make really outsized returns. And I’ve seen that in a lot of cases too, where groups have way too much leverage on an asset and they over leverage it, the economy softens and they end up losing the asset or they, you know, they end up underestimating how the asset’s gonna perform upon opening. And so that’s why having a very clean capital structure, I’m a big believer, is extremely critical. When you’re investing across all of commercial real
Charles:
Estate, I know this isn’t your business model, but you brought it up about starting your own brand. What hap what’s the business plan behind that? You start your own brand and then you try to sell it to Marriott or Hilton. Is that like what these guys do? You’ve
Greg:
Seen that happen in some cases? I mean, there’s been a lot of cases where that’s happened. You’ve seen a lot of brands where they haven’t sold anyone. They build one or two assets and they just don’t, you know, they go independent or you know, they, they end up building a bunch and they sell, you know, they end up having to, you know, sell off the assets and somebody else rebrands ’em to a Marriott Hilton flag or Intercontinental or Hyatt. We’ve seen that as well. So it’s just, it’s very expensive to set up the brand and get that infrastructure. I highly don’t recommend it unless you’re very well funded. And even some of these very well funded groups have ultimately, you know, they, they’ve ultimately, they may have looked like they had success, they really didn’t. When you look at returns on what it cost to get to where they were and they were still forced to go sell to Marriott helped. So
Charles:
Yeah. Thank you. There’s so a few minutes back, you’re kind of going through your whole portfolio, investment services, everything like that when you’re adding additional asset classes because you know, you’re focused, you have a hospitality, then you have all these other different divisions, let’s say. So when you’re adding additional asset classes or investment services to your current offerings, I mean, how do you arrive at this? Do you see an opportunity then you search for an expert to run that division and team and you kinda like step back if you can’t find that, do you bring someone internally that knows something about that and have them start there? Like what is the smartest way if you’re expanding asset classes that you’re offering to investors?
Greg:
Yeah, so when we expand into asset classes, if it’s something we don’t already, you know, have that knowledge inhouse. ’cause In a lot of cases it has been, you know, we’ve added programs or added strategies like our C PACE program. We have a whole entire team of experts in commercial real estate. And it was easy to, you know, and we have experts in lending and CPAC is just lending to commercial real estate assets. So we had the team internally and we brought in, even in that business, we brought in some people from the outside to help us run that business. But typically when we start a strategy, if we don’t have the town in-house, we will bring over, you know, we’ll hire a team or maybe even buy a team to help, you know, launch that program. And, you know, we’re doing that as we speak right now.
Greg:
We’re, you know, we’re doing two different things. We’re right now buying a business right now in order to bolt on, which we’ll be announcing here over the next month or so as that business, you know, as we close that transaction. And then we’re starting another business organically where we’re hiring a couple people from the outside, although we have some of that knowledge of how to start that strategy in house. We’re hiring a team of four people, or actually we’re hiring, we’re actually partnering with them or with two of the individuals that we’re bringing over to run that business. And so a lot of times we’ll bring a operating partner in to run the business on a daily basis, or we’ll hire someone that is, you know, effectively the president of that business to run it that has that knowledge and that experience. And probably a better example, ’cause I’m really talking about things that haven’t closed, so it’s hard for me to talk about it or haven’t happened yet, is our media finance business.
Greg:
You know, we brought in Josh who runs that business for us. He was our ex banker and we had worked on some things together throughout time. He obviously helped bank us. He was, you know, he was in the entertainment space, he understood that space, he understood how film finance worked, and then we brought him in as a operating partner. So he’s part owner of our media finance business. And, and that’s how we really launched that business because up until I met Josh, I really, you know, I had a very limited knowledge of that space. And the same goes from my partner Jutton. You know, the two of us didn’t really know that space extremely well, but by, you know, by bringing Josh in who was an expert in that space, we’re able to build a team around to execute on that strategy.
Charles:
All right. Yeah, that sounds great. Yeah, it makes, it makes perfect sense because i’s like that’s how I’ve, when I’ve read about large private equity firms have started it’s like when they’re bringing a new division, they like search for like someone that really knows it and then they kind of build it around it, which makes perfect sense. Instead of like, operators that are running one part of the business, they’re like, oh, now I’m gonna learn, learn this over here. I I don’t always see that as like a, something that works, you know what I mean? It’s usually like bringing someone on that’s, oh, we’ve been doing this for decades, like you were saying for your new partner there for media and having them like kind of run with it. So yeah. I was just
Greg:
Gonna say one last thing. One thing we do too is when we make investments in that new strategy, we usually do it internally before raising capital from the outside. So we do it ourselves and prove out the strategy before we start, you know, raising funds and bringing outside capital. So that’s another thing too that is probably a little bit unique because even though we have the quote unquote experts in that space running that business, we’ll fund it ourselves until we, you know, we’re confident we can execute and that the strategy beyond what we’ve researched and beyond what we’re our operating partner knows and their experience, we’re actually seeing it firsthand with our own account.
Charles:
Yeah, it also makes it a little bit more confidently going out to investors once you already have like proof of concept, let’s just say, you know, with your own funds. That’s
Greg:
Right.
Charles:
So kind of as we’re wrapping up here just a couple questions. I mean, as you decades in hospitality growing up in the business through real estate investing, I mean, how has your relationship with money changed over the years with everything you guys get going on at Peach
Greg:
G? You know, it’s interesting, like, I mean, and I probably will give you an answer that, you know, probably doesn’t, you know, it’s probably more of a akin answer in the sense that, I mean, I do think about this question a lot, and I probably care less about money. I mean, I, when you look at Peachtree as a company, we’re obviously a for-profit business, and I get that, but I really, I wake up daily and I do what I do at Peachtree and running the business from a standpoint of wanting to change people’s lives in a positive way and have a positive impact. Obviously, you know, part of that outcome is when we’re having success in most cases, that success equals, you know, financial benefits. But I don’t, you know, I’m not one that, you know, it’s like I’m not very into materialistic things that don’t really don’t, you know, care as much about the, you know, the money aspect.
Greg:
I don’t do it for the money aspect. I really do it because I have passion and joy for helping, you know, helping the people on our team, you know, get better on a daily basis for helping them reach their professional goals. Hopefully, you know, achieving their personal goals as well. And, you know, ultimately, you know, my relationship with money is, you know, it’s just a means of helping to, you know, provide, you know, money or provide really the currency for me to go, you know, buy food and be able to, you know, live, you know, in general. But it’s not something that consumes me. So I’m not consumed by money. I think there’s a lot of people that have success. They get consumed by the, the idea of money. They need a bigger home, they need a bigger, they need multiple homes. They need, you know, they, you know, they need, they constantly need more and more and more.
Greg:
And that ends up making them make, potentially make bad decisions. Not all in all cases, but with myself personally, I don’t focus that much on the money side. I’m more focused on how do we get better as an organization on a daily basis, how do we continue to bring value to all our stakeholders if it’s if it’s investors, if it’s team members or if it’s even, you know, bringing a more positive experience at the hotels that we operate to the guests staying there. So I’m more focused on that component than worrying about, you know, money. So, so my, I guess to answer your question, my relationship with money, I’ve never been the, I mean, I don’t wanna say I’m not money motivated. I’ve always been success motivated. I wanted to have success, but, you know, my relationship really hasn’t changed because even at an early age, I didn’t do it for the money when I was like an entrepreneur in high school. I did it more because I loved it and I had a lot of joy associated with being entrepreneur.
Charles:
Awesome. So as we wrap up here I always ask anybody that’s investing in real estate you mentioned debt, what other common mistakes do you see or you’ve seen over decades of real estate investors? What do they make? What are these common mistakes that they con they make?
Greg:
I think it, it’s debt I think gets selling. I mean, unfortunately you know, unfortunately, unfortunately, again, we’ve benefited from a lot of people that are, you know, when things are going well, you know, they, they don’t wanna sell. And then as soon as things go bad and the asset, you know, all of a sudden the values are depressed, they’re dumping assets. So we’ve been the beneficiary of that component. So, you know, probably the biggest, one of the other big mistakes beyond debt is, is not selling at the right time. It’s, you know, it’s also realizing, you know, real estate is a game where it’s very rare you make a bad decision on the location. And there are certain cases where people have made bad decisions as ’cause the location’s gotten worse over time or something, but in most cases it’s a timing issue.
Greg:
It’s just having, you know, having that discipline and having that patience to deal with that duration risk. And, and if you have that ability to sort of deal with that duration risk you have the ability, you have the right capital structure, it tends to work out. But I would say, you know, the biggest two you know, two challenges people have in real estate is, is, and maybe a third one actually I just thought of two, is beyond just the, you know, patience and and just, you know, is the fact that people get way too ego driven at times where they build an asset way over, you know, they overspend on that asset where it’s just never gonna be justified for that market. So you can’t, you gotta be patient, you can’t let the ego drive you and you gotta have the right debt structure to allow for you to sustain through cycles. Those are probably the three components of real estate that if you wanna be successful, leave your ego out the door and, you know, just make sure you have a sustainable capital structure and patience and you’ll be fine.
Charles:
Yeah. Duration risk. I like how you worded that. I had this real estate investor like two decades ago when I bought my first multifamily property, and he was telling me, he’s like if you, you gotta hold it for 10 years, you know what I mean? If you hold it for 10 years, you can minimize any losses. You just have to make sure that when you buy it, it’s set for 10, you know what I mean? Like, you have the debt set, you’re not gonna have some huge increases in it, and you’re like, oh, it’s, it’s really straight. And he didn’t use duration risk, but I like that. I’ve never heard that before. That’s a great way of putting it, but, okay. How, Greg, how can our listeners learn more about you and
Greg:
Peachtree? You know, visit our website peachtree group.com. You know, we have a lot of information. My, I think my contact information or my email address I think is on that website or feel free to just you can always, you know, pull me up on LinkedIn. I post very frequently on LinkedIn as well, so you can Google my name there or just email me directly at g friedman@peachtreegroup.com and happy to talk to any of your guests. Great.
Charles:
Well, we will put all those links into the show notes. Thank you so much for coming on today and looking forward to connecting with you here in the near future.
Greg:
Sounds great. Thank you again, Charles, for having me.
