Zen and the Art of Real Estate Investing

07/08/2025

One summer we lived at a motel - Cozy Cabins. We didn’t live there because we were renting. We lived there because my dad owned and operated it for at least one summer. It was a long summer, but fortunately, I spent most of it in the Berkshires at camp.

Cozy Cabins weren't cozy, but they cash flowed.

Cozy Cabins Was Not That Cozy, But It Cash Flowed

07/07/2025

Creating Risk-Adjusted, Tax-Advantaged Returns Through Real Estate with Austin Masket

Episode 257 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/257/

In today’s episode of Zen and the Art of Real Estate Investing, Jonathan sits down with Austin Masket, founder and Chief Investment Officer of Riverly Capital. With a background as a commercial broker and portfolio manager for a family office, Austin brings a seasoned and data-driven approach to multifamily investing and distressed debt acquisition. His firm focuses on creating risk-adjusted, tax-advantaged returns in key U.S. markets like Denver, Atlanta, and Phoenix.

Austin’s early exposure to real estate came from his family, but his professional foundation was shaped at Marcus & Millichap. That experience gave him direct access to institutional-level underwriting, which later informed his strategy as a portfolio manager. Now at Riverly Capital, he specializes in acquiring multifamily assets and distressed debt with a sharp eye on entry point, tenant demographics, and economic cycles.

Jonathan and Austin break down how missteps in the last economic cycle, especially during the COVID-era boom, created today’s distressed opportunities. They discuss the mismatch between cap rates and interest rates, why overleveraged syndications are struggling, and how Austin’s team identifies assets with true upside. Austin explains how Riverly uses deal-by-deal capital raising to maintain discipline, and why chasing volume can lead to trouble.

The episode also explores Austin’s outlook for the next market cycle. He walks through supply and demand imbalances, the coming drop in new construction deliveries, and how strategic acquisition of non-performing debt offers a short-term window for experienced investors. For those focused on buying right and building durable returns, this conversation highlights the benefits of in-depth analysis, patient capital, and understanding where the market is headed, not just where it has been.

07/04/2025

Next week on Zen and the Art of Real Estate Investing

New episode drops:

Ep. 257 - Creating Risk-Adjusted, Tax-Advantaged Returns Through Real Estate with Austin Masket

Ep. 258 - Helping Investors Build Wealth Through Multifamily Real Estate with Andrew Cushman

Recording episodes with:

Mon - Rod Khleif
Thu - Breanna Hartman
Fri - Blake Rodgers

07/03/2025

How To Maximize Multifamily Net Operating Income Using Onsite Solar with Owen Barrett

Episode 256 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/256/

In this episode of Zen and the Art of Real Estate Investing, Jonathan speaks with Owen Barrett, founder and CEO of Shine, a solar company built by apartment owners for apartment owners. With a background in finance and clean energy, Owen brings a pragmatic and results-driven mindset to a traditionally misunderstood corner of multifamily investing—onsite solar energy.

Owen shares how his first exposure to real estate came after achieving financial independence through his solar ventures. Instead of starting small, he jumped into a 64-unit building, testing how large-scale solar could be layered into multifamily investment. That experience, although imperfect, helped shape Shine’s business model: targeting properties with 100+ units where solar not only benefits the environment but also boosts returns.

Jonathan and Owen examine the financial mechanics of solar energy in multifamily properties, from cost segregation and tax credits to NOI increases and tenant retention. Owen explains how Shine’s proprietary software allows solar installations to serve individually metered units, a longstanding challenge in the space. He also breaks down how syndicators and institutional investors approach solar differently, and why understanding your audience is key when pitching value-add improvements.

Owen emphasizes that solar is not about selling environmental benefits. It’s about improving the bottom line. But the secondary benefits, such as tenant retention, lower utility inflation, and greater resilience during energy volatility, add long-term value. For syndicators and operators seeking to future-proof their assets, this conversation is packed with strategic thinking, cost-saving tactics, and clear-eyed lessons from someone who installs what he owns.

06/30/2025

Rebuilding Communities and Redeveloping Housing with Peter Neill

Episode 255 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/255/

In today’s episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Peter Neill, co-founder and partner at GSP REI, for a conversation that blends capital raising, real estate development, and a commitment to rebuilding underserved communities. Peter shares how he moved from a sales and marketing role at a distressed mortgage firm to managing funds focused on affordable and workforce housing throughout the Mid-Atlantic. Along the way, he discovered that long-term success in real estate hinges on experience, consistency, and assembling the right team.

Peter reflects on early lessons—managing his first duplex, working alongside seasoned mentors, and learning to value communication as much as capital. His partnership with Ron, a builder with decades of experience, provided Peter with a clear understanding of the construction side of real estate, which is crucial when repositioning distressed single-family homes for long-term rental. Together, their team redevelops blighted homes in cities such as Philadelphia, Baltimore, and parts of South Jersey, focusing on high-quality work and sustainable investment returns.

Throughout the episode, Jonathan and Peter discuss the challenges of raising private capital in today’s market, why marketing alone is insufficient without ex*****on, and how Peter’s team utilizes vertical integration to manage construction and property oversight internally. The conversation underscores the importance of knowing your market, especially when working in workforce housing, where local demand and regulation can make or break a deal.

They also talk about investor education, red flags in the capital-raising world, and why transparency and authenticity build more trust than flashy pitch decks. Peter emphasizes staying close to the work, whether that means walking properties, managing renovations, or talking to tenants. As someone who raises funds and executes deals, he believes you can’t fake experience, and that humility and honest communication go further than hype.

This episode is packed with practical knowledge for anyone managing real estate projects, raising capital, or trying to build a sustainable, ethical investment business in today’s complex market.

06/29/2025

Next week on Zen and the Art of Real Estate Investing

New episode drops:

Ep 255 - Rebuilding Communities and Redeveloping Housing with Peter Neill

Ep 256 - How To Maximize Multifamily Net Operating Income Using Onsite Solar with Owen Barrett

Recording new episodes with:

Andy Weiner
Kent Ritter
Emanuel Stafilidis

06/26/2025

Learning To Invest Wisely and Manage Strategically with Tommy Visaggio

Episode 254 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/254/

In today’s episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Tommy Visaggio, Founder and Managing Member of Viza Property Management, for a wide-ranging conversation on investing smart, scaling responsibly, and managing real estate with a long-term mindset. Tommy began his journey with no industry connections, taking an unpaid internship in finance that provided him with early exposure to commercial real estate deals and loan structures. From there, he rolled up his sleeves, learned through experience, and built both a real estate portfolio and a property management company that serves clients throughout New Jersey.

Tommy shares how his early deals—flipping homes and buying multifamily properties—taught him the importance of buying right, learning from mistakes, and staying involved with tenants and municipalities. As he expanded into small mixed-use buildings, he discovered the value in providing quality rental units and maintaining strong relationships with local governments. His business grew not just from acquisitions, but also from his ability to self-manage properties and eventually turn that experience into a scalable property management company.

The conversation also dives into the business of managing for others. Tommy discusses his approach to building systems, earning trust from landlords, and gradually expanding into third-party management and HOA contracts. Jonathan and Tommy discuss how effective property management can protect investors from risk, enhance tenant retention, and generate more consistent long-term income. They also touch on mixed-use properties as a way to combine residential stability with the upside of commercial retail, especially in emerging Main Street communities.

Tommy’s approach emphasizes calculated growth, risk management, and keeping things personal. Whether he’s onboarding a new HOA or helping a landlord turn around a rental, he stays focused on systems, communication, and protecting all parties involved. For newer investors or landlords considering management support, this episode offers a clear look at how to build wisely and why the right relationships matter more than ever.

06/23/2025

How To Find Fresh Investments With Juiced Returns with Cory Jacobson and Ryan Bevilacqua

Episode 253 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/253/

In today’s episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Cory Jacobson and Ryan Bevilacqua, co-hosts of the Wealth Juice Podcast and co-founders of Juice Enterprises. Their story is a practical roadmap for newer investors and professionals who want to build passive income while staying grounded in their full-time careers. Starting with a simple house hack, Cory and Ryan grew their real estate portfolio through deliberate learning, strong partnerships, and a growing community.

The two friends met in college and started investing during the early days of the pandemic. With zero formal training but a shared drive to escape the limitations of a 9-to-5 job, they launched a podcast, began documenting their journey, and connected with mentors and investors. Through their social media and podcast, they built trust and transparency by being open about every step of their process. That authenticity led to investor relationships, real estate partnerships, and larger deals, including multifamily properties in the Northeast and Florida.

Jonathan digs into how Cory and Ryan transitioned from duplexes to raising capital for 10-, 20-, and 40-unit projects. They share how they vet partners, stay consistent, and turn mentorship into momentum. Their emphasis on mindset, taking action, and keeping promises to yourself offers a clear path forward for aspiring investors who feel stuck.

Whether you’re trying to get your first deal or move from active to passive investing, this episode shows how consistency, education, and the right relationships can help you grow your portfolio and income, without losing authenticity or overcomplicating the process.

06/21/2025

Next week on Zen and the Art of Real Estate Investing

New episode drops:

Ep. 253 - How To Find Fresh Investments With Juiced Returns with Cory Jacobson and Ryan Bevilacqua

Ep. 254 - Learning To Invest Wisely and Manage Strategically with Tommy Visaggio

Recording new episodes with:

Lindsay Davis of Spartan Invest

Gary Striewski

06/19/2025

Building Your Dream Lifestyle Through Real Estate Investing with Eric Burns

Episode 252 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/252/

In today’s episode of Zen and the Art of Real Estate Investing, Jonathan sits down with Eric Burns, founder of Flowers Capital and a former firefighter turned full-time capital raiser. Eric shares his journey from managing student rentals and duplex renovations to raising funds for large-scale commercial real estate deals—an evolution fueled by burnout, curiosity, and a passion for helping others create passive income.

Eric’s real estate story began at the firehouse, where side hustles were common. He jumped into his first student rental without formal training, but with a clear goal: to build financial security outside of his career. Through direct mail and hands-on management, Eric gained valuable experience as a landlord. Over time, though, he found himself trading time for money and recognized it wasn’t sustainable. That led him to masterminds, mentorship, and eventually commercial investing.

Jonathan and Eric dig into how capital raising became Eric’s focus and how he approaches it both as an educator and a steward. Eric walks through the importance of partnering with trustworthy operators, managing investor expectations, and matching each opportunity to an investor’s goals and risk tolerance. They also cover how mastermind communities helped Eric sharpen his skills and find alignment with top-tier operators.

Throughout the conversation, Eric emphasizes relationships over returns. Whether it’s vetting sponsors, working with new passive investors, or evaluating deals, he’s focused on long-term partnerships. He also shares why transparency, responsiveness, and investor education are at the core of how he does business.

This episode offers a clear window into the real work behind raising capital and the mindset shifts that turn investing into a long-term lifestyle strategy. For anyone considering a move from active to passive investing or exploring syndications for the first time, this episode offers grounded advice from someone who has walked both paths.

06/16/2025

SAVE THE DATE for our next in-person real estate investor meetup

WED - JULY 9TH - 6 TO 8 PM

Zen and the Art of Real Estate Investing In-Person Meetup

Location: Homestead Bar & Kitchen, 10 Dehart Street, Morristown

Sponsor: Cara Fischman, Clear Skies Title Agency

RSVP: https://bit.ly/rsvpzen

These are networking events. No pitching is allowed. We are here to build relationships and discuss real estate investing.

06/16/2025

Finding Highly Vetted and Diversified Assets For Your Capital with Mark Khuri

Episode 251 of Zen and the Art of Real Estate Investing is out everywhere you listen to podcasts!

Listen → https://zenandtheartofrealestateinvesting.com/podcast/251/

In this episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Mark Khuri, co-founder of SMK Capital Management, for a focused conversation on passive investing, diversification, and risk reduction through strategic fund structures. With over 20 years of experience, Mark has developed a methodical approach to building real estate portfolios that emphasizes steady returns, low volatility, and long-term growth.

Mark shares how he began his career working on residential value-add deals, managing flips and rentals alongside family. As he gained experience, he realized that owning and managing properties directly wasn’t sustainable at scale. That realization led to the creation of SMK Capital, which now specializes in private real estate funds that span multiple asset types, operators, and geographic markets. Jonathan and Mark examine how this model enables investors to spread risk across a range of properties, including mobile home parks, triple-net lease retail, and industrial, and discuss why diversification can lead to more stable returns over time. They also touch on the benefits of private lending and fixed-income strategies, which help generate early-stage cash flow while larger value-add projects are being stabilized.

A key part of SMK’s success hinges on operator selection. Mark outlines the firm’s criteria for choosing partners, from their communication style to track record and approach to capital management. He emphasizes the need for transparency and alignment, noting that clear expectations and regular updates are essential to building trust with investors. Jonathan shares his insights on what passive investors should consider when evaluating both funds and single-asset syndications. The discussion provides a clear framework for those seeking more consistency in their returns and less exposure to operational risk.

You’ll come away with a better understanding of how fund structures work, how to evaluate sponsors and investment opportunities, and how smaller, under-the-radar assets can complement more traditional real estate investments. For anyone looking to build wealth through passive real estate, this episode is a practical guide to lowering risk and thinking more holistically about long-term investing.