Global Investors: Investing in U.S. Real Estate

SS268: What is Gross Rent Multiplier

Gross Rent Multiplier (GRM) is one of the most commonly used metrics in real estate investing but it’s also one of the most misunderstood.
In this Strategy Saturday episode, Charles Carillo breaks down what the Gross Rent Multiplier is, how investors actually use it, and why most investors misuse it when analyzing rental properties.
GRM is a fast, back-of-the-napkin screening tool that can help you evaluate dozens of deals quickly but relying on it alone can lead to bad investment decisions. This video explains when GRM is useful, when it becomes dangerous, and what critical factors it completely ignores, including expenses, CapEx, vacancy, and financing.
If you invest in rental properties or multifamily real estate, this episode will help you avoid common analysis mistakes and improve your deal screening process.
What You’ll Learn in This Video:
What the Gross Rent Multiplier (GRM) actually measures
How to calculate GRM correctly
When GRM is useful for screening deals
Why GRM can be misleading if used incorrectly
Key limitations most investors overlook
Why GRM is not a replacement for full underwriting
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

GI345: From $1B in Bank Loans to 5,300 Apartments with Sam Morris

In this episode of the Global Investors Podcast, host Charles Carillo sits down with Sam Morris, Partner at Lone Star Capital, to break down what it actually takes to operate large-scale multifamily investments.
Sam shares how he went from underwriting over $1B in bank loans to overseeing a 5,300+ unit apartment portfolio, including the hard lessons learned from disasters, insurance claims, property taxes, preferred equity, and vertical integration.
This conversation goes far beyond surface-level investing advice. You’ll hear how institutional operators evaluate deals, why management matters more than spreadsheets, and how real-world challenges like hurricanes, rising taxes, and capital stack complexity can make—or break—a deal.
If you’re a passive investor, active syndicator, or serious about understanding how large multifamily deals actually work, this episode delivers real insight from decades of experience.
What You’ll Learn in This Episode:
How early underwriting experience creates long-term investing advantages
Why large multifamily deals are often easier to manage than small ones
Lessons from a hurricane that destroyed Sam’s first apartment deal
How insurance, CapEx, and refinancing can reshape returns
Why Texas taxes and insurance require specialized strategies
The real benefits of vertical integration in multifamily
How syndication fees actually work (and what to watch out for)
Preferred equity explained—and why investors need to understand it
The single biggest mistake investors make: underestimating management
Learn More About Sam Morris Here:
LSCRE - https://www.lscre.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

SS267: Deferred Maintenance: How to Spot and Budget for Hidden Property Issues

In this Strategy Saturday episode, Charles Carillo breaks down how investors can identify deferred maintenance during property walkthroughs before going under contract.
You’ll learn how to spot hidden repair issues, what major systems to inspect first, and how to budget correctly for potential problems during multifamily due diligence. This episode focuses on practical, real-world walkthrough insights, not turning you into a property inspector, but helping you know what to look for and who to hire.
In this episode, we cover:
What deferred maintenance really means for investors
Walkthrough red flags most buyers overlook
How roofs, plumbing, electrical, and HVAC issues impact underwriting
Why water damage is one of the biggest hidden risks
How deferred maintenance affects insurance costs and liability
Using walkthrough insights to price offers and negotiate confidently
Whether you’re a first-time multifamily investor or already buying apartment buildings, this episode will help you avoid costly assumptions and make better-informed decisions.
Links Referenced in Episode:
SS161: What is Due Diligence in Real Estate - https://youtu.be/c_IajLHirNc
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

GI344: Creating Massive Value Through Land Entitlements with Brandon Cobb

In this episode of the Global Investors Podcast, host Charles Carillo sits down with Brandon Cobb, founder of HBG Capital, to break down how land entitlements unlock value long before a shovel hits the ground.
Brandon explains how developers profit by:
Securing zoning and density approvals
Entitling land for residential development
Selling ready-to-build land to national home builders
Reducing risk by lining up buyers before purchasing land
You’ll also learn why publicly traded home builders are willing to pay a premium for entitled land, how developers mitigate entitlement risk, and the most common mistakes investors make when entering land development.
This episode is a must-watch for investors interested in land development, entitlements, real estate investing, and value creation without construction risk.
 
Learn More About Brandon Here:
HBG Capital - https://www.hbgcapital.net/
Learn Land Development - https://learnlanddevelopment.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

SS266: How Interest Rates Impact Multifamily Valuations

Interest rates don’t just change mortgage payments, they change how apartment buildings are valued. In this Strategy Saturday (SS266) episode, Charles Carillo breaks down why higher interest rates are driving apartment values down and how rising rates reset investor expectations, cap rates, buying power, and cash flow across the multifamily market.
Most multifamily properties are highly leveraged, which makes them extremely sensitive to changes in interest rates. As rates rise, investors require higher returns, cap rates increase, financing costs go up, and property values adjust downward — even if the property itself hasn’t changed.
In this video, you’ll learn:
How interest rates directly impact multifamily valuations
Why cap rates rise when interest rates increase
How higher debt costs reduce cash flow and buying power
The indirect effects of interest rates on rental demand and housing supply
Why even small rate changes can reprice apartment values by millions
This episode is essential for multifamily investors, apartment owners, and anyone underwriting deals in a higher-interest-rate environment.
 
Links Referenced in Episode:
SS76: What is a Cap Rate and What is a Reversion Cap Rate? - https://youtu.be/_IVjR8mckiY
 
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

GI343: The Sub-Institutional Multifamily Strategy with Ray Heimann

In this episode of the Global Investors Podcast, Charles Carillo sits down with Ray Heimann, founder of Terra Capital, to break down the sub-institutional multifamily strategy — a segment of the market that’s too small for large private equity firms but often too complex for mom-and-pop operators.
Ray explains how his team targets sub-50 to sub-200 unit properties, sources deals direct-to-seller, executes heavy value-add renovations, and uses scattered-site property management to institutionalize small multifamily portfolios at scale.
This conversation is a deep dive into:
Why institutions can’t compete in this segment
How off-market sourcing creates an edge
What most value-add investors underestimate
Why operations and property management drive returns more than acquisitions
How to think about recession-resilient Midwest markets
If you’re an operator, LP, or serious multifamily investor looking beyond crowded institutional deals, this episode will challenge how you think about scale, competition, and long-term returns.
 
Learn More About Ray Here:
Terra Capital - https://usaterra.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/
 

SS265: Optimizing the NOI: Cost-Cutting Strategies That Don't Sacrifice Quality

Most investors try to increase NOI by cutting expenses and end up hurting tenant retention, cash flow, and long-term property value.
In this Strategy Saturday episode, Charles Carillo breaks down how to increase NOI without raising rent by focusing on smart, strategic cost cutting in multifamily real estate. You’ll learn why most value-add plans fail, which expenses are dangerous to cut, and where investing a little upfront can dramatically improve operating efficiency and cash flow.
This video is designed for multifamily investors who want to optimize NOI without lowering the quality tenants depend on.
In this episode, you’ll learn:
Why cutting costs the wrong way can actually reduce NOI
The red flags to watch for in value-add underwriting
How energy efficiency upgrades lower expenses without tenant pushback
When low-flow fixtures make sense — and when submetering is the better move
How submetering can improve cash flow without raising rent
Why property management fees shouldn’t be evaluated on price alone
How vendor contracts and in-house maintenance reduce service call costs
Why proactive maintenance protects NOI and tenant retention
How outdated administrative systems quietly drain cash flow
If you’re looking for practical, real-world strategies to optimize multifamily NOI without damaging tenant experience, this episode will help you avoid the most common mistakes investors make.
Links Referenced in Episode:
SS87: Maximizing Property Cashflow by Reducing Certain Expenses - https://youtu.be/_2NXmk7_wBs
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

GI342: The Future of Private Real Estate Lending with Saurabh Shah

In this episode of the Global Investors Podcast, Charles Carillo sits down with Saurabh Shah, PropTech entrepreneur and co-founder of InstaLend, to break down how asset-based lending is changing the way real estate investors finance deals in today’s market.
Saurabh brings a rare perspective—combining Wall Street experience in investment banking and private equity with hands-on real estate investing. Together, they unpack why traditional lending models fail active investors, how asset-based underwriting works, and why speed, flexibility, and common-sense underwriting matter more than ever. This conversation dives deep into the real mechanics of investor financing, including fix-and-flip loans, construction lending, DSCR mortgages, BRRRR strategies, and how technology is eliminating friction in rehab draws and closings.
If you’re a real estate investor looking to close faster, scale smarter, and recycle capital more efficiently, this episode is for you.
Learn More About Saurabh Here:
InstaLend - https://www.instalend.com/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

SS264: Understanding Cap Rates (And Why They're Misleading)

Cap rates are one of the most commonly used metrics in real estate investing but also one of the most misunderstood.
In this episode of Strategy Saturday, Charles Carillo breaks down:• What cap rates actually measure• Why cap rates ignore financing, growth, and risk• The biggest mistakes investors make when relying on cap rates• What smart investors use instead of cap rates• How to properly analyze real estate deals beyond a single metric
Whether you invest in multifamily, commercial real estate, or passive syndications, this episode will help you avoid costly mistakes and make better investment decisions.
Links Referenced in Episode:
SS76: What is a Cap Rate and What is a Reversion Cap Rate? - https://youtu.be/_IVjR8mckiY
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/

GI341: Investing in Small Retail Plazas with Manish Pushye

In this episode of the Global Investors Podcast, Manish Pushye shares how investing in small retail plazas became a core part of his long-term wealth strategy. From using real estate as an insurance policy against business risk to explaining why triple-net strip centers offer stable cash flow and flexibility, this conversation breaks down the mindset, structures, and lessons entrepreneurs need to build durable, diversified portfolios.
We go deep into:• Why diversification is survival, not theory• How creative financing and seller carry replace cash scarcity• Why small strip centers often outperform large anchor-tenant retail• How triple-net leases externalize risk and stabilize cash flow• Why operating businesses should service debt, not real estate• The immigrant mindset of capital discipline, resourcefulness, and repetition• How investor trust is built by under-promising and protecting principal
Learn More About Manish Here: 
Awesome ROI - https://awesomeroi.us/
Connect with the Global Investors Show, Charles Carillo and Harborside Partners:
◾ Setup a FREE 30 Minute Strategy Call with Charles: http://ScheduleCharles.com
◾ Learn How To Invest In Real Estate: https://www.SyndicationSuperstars.com/ ◾ FREE Passive Investing Guide: http://www.HSPguide.com ◾ Join Our Weekly Email Newsletter: http://www.HSPsignup.com ◾ Passively Invest in Real Estate: http://www.InvestHSP.com ◾ Global Investors Web Page: http://GlobalInvestorsPodcast.com/