This single property created more than $10M in value, but it was the most complex real estate deal we’ve ever done. We had to put a million dollars at risk to even start the transaction—and it was non-refundable. Multiple buyers, a cross-collateralized property in receivership with a parking lot, a hotel, and office space. This wasn’t going to be easy, but it definitely paid off. 

Today, I’m peeling back the curtain, showing you the full numbers and story of this commercial real estate case study that proves if you put in the work, the reward is there—and it could be an eight-figure payoff. 

I’ll walk through how we got this off-market, underpriced property sent to us, how we found buyers to take over the parts of the property we had no interest in, the substantial non-refundable earnest money we had to put down to close, and the hiccup at the eleventh hour that almost completely killed the deal.

Plus, I’ll share exactly what we did to take this parking garage investment from $31M to $35M to now being worth north of $40 million. This is how we did it.

Insights from today’s episode:

• A full real estate case study of the most complex deal we’ve ever done 

• Why I put a seven-figure non-refundable deposit on a property that had low chances of closing 

• How we immediately walked into $4 million of equity from purchase 

• The value-add improvements we made to grow this property’s value by over $10 million 

• The #1 reason why a broker sent this off-market deal to us before anyone else 

• How we subdivided and sold parts of the property while we were buying it 

• Our exact loan structure (LTV, debt, terms) to reduce risk 

—

Investing in Parking Lots: Real Estate’s #1 Overlooked Opportunity | Ep. 977

Charlotte Parking Facility Case Study 

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

• Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

0:00 Intro
1:38 Off-Market Broker Deal
4:11 You CANNOT Beat This!
5:20 This Could Have Killed It
11:23 $4M in Instant Equity
12:36 Adding Value Immediately

For many real estate investors, development is the next level of property investing. Instead of renovating, you’re building from the ground up, turning dirt into something hundreds or even thousands of people will use daily. But how do you start, get in good graces with the local government, and build projects you can be truly proud of?

Kristi Kandel went from zero development experience to running her own office in a year, with undeniable success. She built 30 Family Dollar locations in one of the hardest markets in America—California. But that’s not all—she even took on extraordinarily complex projects like building hydrogen fueling stations, something most developers wouldn’t even dare to entertain.

She’s done some of the hardest development jobs and is sharing exactly how you can get your foot in the door, from planning what to build based on your market, to getting the local government on your side, who should be developing, and the mistake that almost cost her millions. 

Plus, Kristi shares details on the $140M passion project she’s building with public-private partnerships—the kind of legacy project every investor dreams of. 

Insights from today’s episode:

• How to get into real estate development, even if you have no experience 

• The first thing to check before you plan on developing any piece of land 

• The one person you must get in contact with to get the city’s approval

• One big utility mistake that could have cost Kristi’s team millions of dollars

• How locals can develop in their own communities and stop outside builders from taking over 

• The one project Kristi says was impossible to finish—and swears she'll never do again

—

Connect with Kristi on LinkedIn

Follow Kristi on Instagram 

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cash Flow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

00:00 WHAT to Build

05:46 New City? Find This Person

08:05 Where Deals Get "Stuck"

14:14 Starting in THE Hardest Market

18:39 What She's Building Now

21:17 Developing YOUR Community

29:13 $140M Passion Project

35:40 This Mistake Could Have Cost Millions

43:43 Connect with Kristi!

Senior living investments are at a critical inflection point. Demand is sharply rising as the Baby Boomer generation ages, but supply hasn’t kept pace. The “silver tsunami” is starting to send waves our way, and skilled operators are already taking advantage. Value-add senior living investments, like the example shared by today’s guest, are seeing values multiply—and diligent operators have huge opportunities not only to make sizable returns but also to provide better lives for their residents.

Lynn Jerath, founder of Citrine Investment Group, has a battle-tested background in REIT investing, hospitality, multifamily, and real estate private equity. She’s pivoted to senior housing investments not only because of the profit potential, but also because of the purpose behind them. And she’s not just buying managerially distressed assets, flipping the operator, and walking away.

Lynn’s team is delivering significant value add and, as a result, increasing the facility's value by 2x–3x on their total investment. She says demand is still growing while supply is constrained—and this trend could accelerate. 

Between independent living, assisted living, memory care, and active adult investments, Lynn proves (with real numbers) that this space is far from saturated as the silver surge begins to wash ashore. 

Insights from today’s episode:

• Real return numbers on senior living investments as Lynn operates heavy value-add improvements 

• Why senior living has a long road ahead as demand grows and supply stagnates 

• Thinking of going from multifamily to senior living? Lynn has crucial advice to share 

• The #1 way to get more senior living residents in your community 

• Most popular niches of senior living (and their current cap rates) 

• Lynn’s exact buy box for senior living investments—what has to work for her to buy  

—

Connect with Lynn on LinkedIn

Citrine Investment Group

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

• Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

00:00 Intro

01:54 Senior Living is a Different Ballgame

07:18 Undersupplied with Growing Demand?

13:59 Why Senior Living CAN'T Be Replaced

21:15 Big Players Are Getting In

24:52 Value-Add Senior Living in 2026

28:12 Case Study (2Xing Value)

31:07 How to Value-Add Senior Living

35:27 Getting New Residents

37:44 Most Popular Niches (and Cap Rates)

42:05 Lynn's Buy Box

47:55 It's About More Than Money

49:39 Connect with Lynn!

Mobile home parks are often labeled “recession-proof,” and it’s largely true. They were some of the most resilient assets throughout the Great Financial Crisis, when single-family homes, multifamily apartments, and most other asset classes saw deep distress.

But what is it about mobile home parks that make them seemingly “safe,” and is there a catch?

Jack Martin, co-founder and CIO of 52TEN, was investing in real estate before, during, and after the 2008 housing market crash, and the fallout caused him to reconsider where he wanted to invest for the next 10, 20, or 30 years.

In this episode, he shares exactly why he pivoted from multifamily apartments to “safer,” more recession-resistant mobile home parks, and delivers crucial advice on gauging market demand, “conservative” underwriting, and scaling your investments in today’s market.

The truth is, mobile home parks are strong investments, but only with good operators. Those who understand the asset, market, and tenant dynamics usually stay profitable—even in a worst-case scenario. But those who underwrite mobile home parks just like they would any other real estate asset are in for a rude awakening.

Insights from today’s episode:

• Why Jack exited multifamily apartments for mobile home parks after 2008

• Why mobile home parks are more “recession-proof” than other asset classes

• Practical ways to gauge mobile home park demand in a new market

• The three biggest challenges mobile home park investors face in 2026

• Why “cheaper” is rarely better when buying a mobile home park

—

Connect with Jack on LinkedIn

52TEN

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

• Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

0:00 Intro

0:58 Jack's Investing Journey

3:52 The Fallout of 2008

10:17 Pivoting to Mobile Home Parks

18:14 "Recession-Proof" Assets

28:10 Gauging Market Demand

36:19 "Painful" Lessons Learned

48:33 Connect with Jack!

Over the last few years, many real estate investors learned a painful lesson: a polished pitch deck and impressive projections don’t guarantee a “safe” investment. Deals went south, capital got stuck, and naturally, passive investors are now far more cautious about where they deploy their hard-earned money.

Sarah Miskelly, founder of Hylee Capital, has witnessed this shift firsthand. Today, smart limited partners are no longer chasing flashy pro formas. They want risk-mitigated, institutional-grade opportunities that once felt out of reach for everyday investors. At the same time, there’s been a growing shift toward debt investments, many of which Sarah believes aren’t nearly as safe as they appear.

Sarah shares how she evaluates sponsors and syndication deals through both the “hard” and “soft” sides of due diligence, along with the red flags she watches for—mistakes that have burned countless LPs in the past. She also breaks down the return metrics that matter most to hands-off investors and highlights the most compelling opportunities emerging in today’s housing market—from multifamily apartments to mobile home parks.

Insights from today’s episode:

• Sarah’s step-by-step process for vetting operators and syndication deals

• The return metrics that matter most to passive investors in today’s market

• Why many LPs are moving toward debt investments (that aren’t as safe as advertised)

• How to build a resilient portfolio by blending high-IRR deals and steady cash flow

• How building multiple cash flow streams can lead to greater lifestyle freedom

—

Connect with Sarah on LinkedIn

Hylee Capital

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

0:00 Intro

0:49 Total Lifestyle Freedom

9:02 Better "Hands-Off" Investments

10:54 Operator Red Flags

18:54 What Has Changed?

22:39 LPs Are Being "Cautious"

28:44 Playing "the Long Game"

37:00 2026's Biggest Opportunities

40:49 Connect with Sarah!

In multifamily real estate, it used to be that “a rising tide lifts all boats.” In this market cycle, that’s no longer the case. Apartment deals aren’t profitable by luck. They’re run by disciplined operators who understand the difference between surface-level updates and deep, value-add strategies that drive tenant retention, rent growth, and higher returns.

After starting his career as an architect, Mark Shuler transitioned into ownership and development, and today, he leads a private equity firm that delivers sizable returns to passive investors through value-add multifamily properties. Mark has overseen thousands of apartment units and over $600 million in assets under management, so he understands, better than most, what actually moves the needle on NOI.

When interest rates rose and cap rates followed suit, multifamily valuations tanked. Will there be more turbulence in 2026, or should operators and limited partners prepare for some of the best buying opportunities we’ve seen in years? Mark provides insights on the industry “reset” that’s taking shape, addresses the red flags that too many investors overlook when analyzing deals, and even shares about his latest real estate-adjacent venture—a pure cash flow play that complements his long-term multifamily investments.

Insights from today’s episode:

• High-ROI property upgrades that actually move the needle for multifamily investors

• Common deal “killers” that operators often miss during due diligence

• The biggest risks and opportunities that multifamily investors face in 2026

• Why strong multifamily operators are thriving amid an industry “reset”

• Regulatory pressure that is forcing operators out of certain markets

• Lessons from managing thousands of apartments and $600 million in assets

—

Connect with Mark on LinkedIn

Email Mark at: [email protected] or [email protected]

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

• Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

Chapters: 

0:00 Intro

0:56 What Is "Value-Add" in 2026?

6:46 Multifamily Red Flags & "Dealbreakers"

13:14 Regulatory Pressure on Operators

17:46 2026 Opportunities & Risks

24:27 Mark's Latest Business Venture

32:42 Connect with Mark!

Imagine replacing an entire rental property portfolio with just one “small” commercial asset. You can either manage 80+ rental units or just one building, with a fraction of the tenants, turnover, and headaches.

Saul Zenkevicius did just that. He netted $250,000/year in cash flow from one small bay industrial real estate deal which quickly replaced the entire cash flow from a rental property portfolio he’d built over the years. 

These small bay properties still have strong demand in most markets, with limited supply, and durable cash flow potential that institutional investors are finally starting to recognize. Saul made the leap and is now investing heavily in the small bay sector. He shares his exact buy box, the demographic signs of a strong market, and the biggest mistakes beginners can make in small bay warehouses. 

Saul's contrarian thinking doesn't stop at small bay. We get his profitable take on why malls may be the most underrated investing play around. He’s got real numbers to back it up—malls aren’t dead; instead, they can be converted into cash flow machines. 

Insights from today’s episode:

• How Saul replaced an 86-unit rental portfolio with just one small bay investment 

• Still undersupplied? Why small bay may see strong demand for decades to come 

• Saul’s point-by-point buy box of what to look for when buying a small bay warehouse 

• Mall conversions: Saul’s contrarian investment strategy that’s seeing huge payoffs 

• The market conditions that destroy small bay cash flow—and Saul's exact process for avoiding them

—

Connect with Saul on LinkedIn

Sign Up for Saul’s Newsletter

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

• Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

Building wealth through mobile home park investing is much less about timing the market or finding the “perfect” deal and far more about operating with precision, discipline, and a long-term vision. Too often, solid acquisitions are undermined by a series of avoidable missteps, not because the opportunity was flawed, but because operations were.

Few understand this better than Brad Johnson, co-founder of Vintage Capital, who has closed more than $3 billion in acquisitions to date. Across 20-plus years of commercial real estate investing experience, Brad has had to wear several hats. Today, he primarily focuses on curating portfolios of cash-flowing assets and compounding investor capital, but he’s also been a hands-on operator. In this episode, he shares insights on creating systems from the ground up, building a 30-person property management team, and working tirelessly to improve net operating income (NOI).

For those who can master operations (or partner with reliable operators), Brad believes there will always be money to be made in mobile home parks. With artificial intelligence disrupting the job market and the affordable housing crisis continuing to affect millions of Americans, it remains perhaps the “most exciting” asset class, not just over the next few years but for decades to come.

Insights from today’s episode:

• The number one reason why mobile home park investments fail

• Small, silent “killers” that erode a mobile home park’s cash flow

• Operational insights on building out a large property management team

• Why the mobile home park industry has been slow to “consolidate”

• Why mobile home parks are the “most exciting” commercial asset right now

• Checks and balances that prevent you from overpaying for park deals

—

Connect with Brad on LinkedIn

Invest with Brad and Vintage Capital

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

Most people have never met anyone who invests in parking lots, let alone considered buying one themselves. Are investors looking past one of the most misunderstood opportunities of 2026? 

Yes. Today, I'm making the case for why parking lots deserve a serious look from every real estate investor.

Imagine this: day-one cash flow, appreciation in the country’s best locations, dynamic pricing that can maximize revenue minute-by-minute, limited supply, growing demand. That’s the formula that every investor would gladly pull the trigger on. But most investors overlook the opportunity directly in front of them—parking lots.

Don’t believe me? Today, I’ll share multiple case studies on how Sunrise Capital Investors generated over $10M in value from this overlooked asset, how we acquire parking facilities with cash flow the second we close, and three reasons why parking garage investments are poised to deliver phenomenal returns not only in the next few years but for decades.

We're acquiring facilities with day-one cash flow—click here to learn more and get access to Fund 5.

Insights from today’s episode:

• The most underrated asset class in real estate—and why you won't be able to ignore it after this episode

• Real return numbers we’re making on our parking lot acquisitions

• Mostly mom-and-pops? Why there are still years before true consolidation takes place 

• Why parking lot investments have some of the strongest fundamentals of any real estate asset 

• Three reasons why savvy investors should start looking at the parking garage space now

• The #1 thing investors get completely wrong about parking lots (don’t make their mistake) 

—

Bourse Parking Facility Case Study 

Charlotte Parking Facility Case Study 

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

Two overlooked “levers” helped Kent Ritter scale past 1,000 multifamily units—and most operators have never even thought of them. One helps you keep tenant turnover low, slashes your CapEx costs by 30%, and keeps your cash flow flowing. The other allows you to build properties for cheaper, do less capital raising, and get on the local government’s good side.

Even if you’ve heard of these tactics, you probably haven’t tried them.

Today, Kent Ritter from Hudson Investing discusses two strategies most operators overlook: in-house property management and public-private partnerships (P3s).

First, Kent gives one of the best arguments for self-managing your assets: it keeps tenants for longer, creates more durable cash flow, and has massively lowered his expenses. Plus, he shares a new AI tool that is speeding up leasing and keeping his staff costs near rock-bottom.

Next, the $2,000,000+ benefit Kent’s team is receiving from public-private partnerships (P3). These P3 partnerships allow him to build with less pushback, raise capital faster (and easier), and bring positive change to the cities he’s investing in, further pushing up his property values.

Insights from today’s episode:

• The true cost of an average property manager and why Kent switched to in-house

• Receiving millions in incentives from local governments with public-private partnerships

• How to save 30%+ on your CapEx costs by simply putting your own people in place 

• Why your property isn’t performing as well as you thought it would (you can fix this)

• Property management tech to use (and avoid) and a new AI tool Kent highly recommends 

• How to pinpoint the best public-private partnerships and which towns want you to build 

—

Connect with Kent on LinkedIn

Invest with Hudson Investing

Follow Kent on Instagram

Ritter on Real Estate Podcast 

EliseAI

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high net worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.

With 3,500 mobile home units under management, Andrew Keel is an expert at “forcing” value and “manufacturing” cash flow even from underperforming assets. He’s so dedicated to making each mobile home park investment work that he’s even lived on-site (with his family) to ensure value is being added from the second he closes. 

Through infill, diligent operations, and crucial fixed-rate debt, Andrew has been able to grow his portfolio at a time when many operators are forced to give up theirs. This wasn’t by luck, but by design, and Andrew’s advice can help any investor, whether investing in mobile home parks or other assets, add value, increase cash flow, and succeed in secondary and smaller markets. 

Andrew says two things can increase your cash flow, and three things can kill a deal quickly. If you get a few of these wrong, your NOI can evaporate, but thankfully, they’re not hard to spot.

Passive investing in mobile home parks? Andrew tells you exactly what to look for in an operator to ensure they’ll be able to pull off what their pro forma plans call for. 

Insights from today’s episode:

• Two levers that can increase cash flow (significantly) on your next acquisition 

• The right way to infill a mobile home park, and whether new homes or used homes are worth it

• Investing in small secondary markets: The rules of thumb Andrew uses to gauge a market’s demand 

• Three things that can kill a deal before it even starts (add to your due diligence checklist)

• Building your own in-house property management team and why it doesn’t need to be profitable to be worth it  

—

Connect with Andrew on LinkedIn

Invest with Andrew and His Team

Keel Team YouTube Channel 

Recommended Resources:

• Accredited Investors, you’re invited to Join the Cashflow Investor Club to learn how you can partner with Kevin Bupp on current and upcoming opportunities to create passive cash flow and build wealth. Join the Club!

• If you’re a high-net-worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team. 

• Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com. 

Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.