229. Meg Epstein on Scaling a Real Estate Development Firm
Meg Epstein on Scaling a Real Estate Development Firm
Today, we sit down with Meg Epstein, the founder and CEO of CA South, a woman-owned commercial real estate development and investment management firm with an impressive portfolio exceeding a billion dollars. Join us as we explore Meg's inspiring journey from her California roots to becoming a transformative force in Nashville's real estate landscape.
Discover the strategies and insights that have propelled CA South to become one of the Southeast's most forward-thinking development firms, and learn how Meg's dedication to elevating the quality of the built environment has created opportunistic returns in undersupplied markets and asset classes. Whether you're a seasoned real estate professional or just starting out, this episode is a must-listen for anyone seeking to make their mark in the world of commercial real estate development.
Meg Epstein Founder + CEO, CA South https://www.casouthdevelopment.com/
Get commercial real estate coaching, courses, and community to jumpstart your investment journey over at CRE Central: www.crecentral.com
Key Takeaways:
The importance of building a track record through completing multiple successful real estate development deals from start to finish.
Partnering with other developers on deals as a way to gain experience without having all the capital.
Cold calling institutional investors and differentiating product offerings to scale up from friends and family money.
Finding niche asset classes that are undersupplied to take advantage of demand and pricing opportunities.
Returning calls and following up on potential opportunities even if they don't seem like a fit initially.
Gaining exposure to deals through a career in real estate brokerage before pursuing development.
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About Your Host:
Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.
Episode Transcript:
0:00
Are you looking to take the next step toward investing in commercial real estate but don't know where to go? Series central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals. Whether you're a beginner or looking to take your career to the next level, cre Central has the resources you need. Visit www dot cre central.com. To learn more. Welcome back to the commercial real estate investor podcast live from the cowboy group Studios here in Nashville, Tennessee. And today we are sitting down with my friend Meg Epstein. She is a developer extraordinaire. I mean, we're talking a billion dollars in assets under management Great. Getting close there. I mean Meg has has a quite an extraordinary journey. She is the founder and CEO of the woman own ca south, which is one of the very few woman owned real estate development companies in Tennessee, if not the southeast, which is impressive on its own. But she has built quite a few amazing projects starting off with large scale for sale condominiums here in Nashville. And now she's pivoted a little bit into some office space down in Cool Springs. She's got some industrial going on, up in my side of town and off of my drive. Meg, that's a very brief introduction. And I know I miss some things. So tell us a little bit more about yourself and kind of how you got here. Sure,
1:45
I moved to Tennessee from California in 2016. The company was actually called California south, but everyone hates California. I'll didn't say south. But I just followed my husband, I met him and he lived here already. He was from San Francisco as well. So we're just one of those early transplants, but I feel like it went to make a decade that, you know, full on Tennessee convert. And we've been. So I started the company in 2016 just kind of focusing on opportunistic niche asset classes, and just did one deal and then another one, and it was just a great time to sort of take an institutional approach to to Nashville, because it was just starting to see that interest, you know, that investor interest. So at that time, yeah,
2:33
I mean, you've taken a phenomenal approach with with just building it, proving it, and then taking it large scale. Right. So so let's talk about your first project here in Nashville. I believe it was the one on the Cumberland River correct.
2:46
It was. And I was very visionary at the time, because nobody really saw the river as being an asset. And I grew up on a river in Sacramento, actually. And when I first got here, I saw this plot of land and I go, Oh, it's 10 blocks from Broadway. You're right by the sound stadium. And actually, I don't think the sound Stadium was there at the time, but I knew in Germantown was going to be, you know, really changing and there was so much development. And I just thought it was the coolest project. And I found it on the run it was said For Sale By Owner, really.
3:17
So what made you get interested in it and how was how was the process of talking with the with the owner since it was for sale by owner? Sure.
3:25
So I was literally on a run called the number I at the time I was in very high end homes, because that's what I did in California. And I fell flat on my face on that here. And I was I bought a few homes in Belle Meade, it was a it was just basically layout barely broke even on them. I was just very early now those homes are worth like three, four or $5 million. But I guess I never would have gotten into commercial. So I called this I called and there was a developer at the time that was he had plans to develop. And it was very, you know, as a concrete product that was very expensive. And you would have had to sell it. But I really understood it. And I go oh, that's still very affordable, because I'm coming from California. And basically, I got into a partnership with him. Where I never really intended to be a commercial developer. When I started, I really wanted to just kind of be the financial person and the financial mind behind it. And that's what I've always liked is financial, you know, structuring the finance side. And so I invested with him, and that was how I got started in it.
4:30
I think that's great. Partnerships are such a great way to dive into real estate because development is super complicated, right? A lot of people would kind of take that for granted when you're just trying to get into it. Think Oh, well, I can just get in and hire people to do it for me. Right. So I mean, talk to us about your experience just doing that first project because it's not a small one. I mean, it's a pretty big deal.
4:51
Um, it's the smallest deal I ever did, but it was it was 28 units, I believe. And no, it was actually a total disaster because the plans he had didn't work. So what happened was, is he designed a building that was a concrete building, and just didn't, it wouldn't pencil, you would have had to sell it for too high at the time. And I couldn't get it funded. And so what I ended up doing is buying him out scrapping the plans that he had spent a million dollars on, which was just really, really tough. And trying to get over that, you know, you just kind of really had to think outside the box. And I had a really great architect and contractor at the time named Jared Bradley, that I was partners on another deal with and he just said it, let's just look at this totally differently. And it was kind of like a spiritual moment, because I was literally at the bottom of the barrel going, what am I going to do? How are we going to get this out of the ground. And he basically designed a product that was stick, which is framing, you know, wood frame product versus the concrete that was a lot more affordable, he got a lot more units than what was originally designed and it penciled a lot better. So that was how I saw I ended up becoming the developer because I kind of had to I had to take over the project. So I just kind of learned as I went, and, you know, did each step as it came like title, and I brought an attorney and just, you know, kind of had to learn as I go when and thankfully the market was kind of riding up at the time. And that neighborhood was just so it was forgiving if I had made any errors. So that was how I first you know, did my first deal, I guess was kind of taking over. But I never really wanted to be the developer and then but then you know, you do one and it's hard to give money to someone that you can't fully trust or isn't doing it. You know, I guess I'm kind of a control freak. So I just ended up doing the whole thing. Well,
6:42
there's a valuable lesson there. And that if you're buying in the path of growth, you can mess up a little bit on your first one. Still do okay.
6:51
It was it took way longer than I intended. Right. I think we finished in 2020. And we I think it first started getting involved in 16. So takes about half the time now. But it just was a lot of you know, I had to go to North Carolina to get to clear title from the old, you know, inherited the people that inherited the land before because there wasn't a title mistake. I mean, it was just like, everything that could have been I learned on that project. Right.
7:16
And now you've you've grown to much bigger deals like the Alena hive, I mean, a womb. You've done, you've done some pretty impressive deals that are I mean, how many units is a well,
7:30
a loom was 77, I believe hive was 83.
7:33
So I mean, we're talking, you know, 150 plus units over these two projects now. Yeah,
7:38
I've done more multifamily recently in opportunity zones, but we've just completed about 250 units in multifamily.
7:46
So tell us how you grow from from 28 units to doing 200. Plus,
7:51
oh, you know, it's the same process, I don't like to tell you mean, I tell people this and I never worry that they're gonna steal my secret because nobody can get their head around the fact that it's a lot easier to raise $20 million in equity than it is to raise five in my experience, if you can make that jump to institutional investment. And so and you know, the grass is always greener, like right now a lot of institutions have just had their pencils down. So it's, it's like to have more retail investors or family office investors, it's a better time. But at the time where I was growing and scaling up, there was a lot of institutional investor capital interested in Nashville or becoming this darling real estate, or this darling real estate market. But there wasn't, you know, when I first got here, it was good old boys club extreme, like, I would kind of asked to see deals, and it was like, I was very much kind of kept on the outside. And if I did, it was like, here's a word doc with the pro forma. And like, you know, very, it wasn't like, institutional grade investments. And so what I did is I kind of bridged that gap and you know, started cold calling more institutional investors. And that's how I raised my first more, you know, institutional level deal. What
9:02
recommendations do you have for other investors or developers that are out there that want to kind of scale out of the friends and family into the institutional? Like, how do you even find institutional groups?
9:12
I think that's the natural course. And I think it's a really great progression if you can have and, like I said, there's a lot of pros to syndicating that if you have the right investor relations department, and the investors don't have your cell phone number, then I think it is something that can be scaled. I'm just joking. I just mean it takes you know, you have to handle those people because they're not usually they're, you know, a doctor or someone that you like, that's not what they do. And they have a lot of questions and they're very smart and you know, they want all these things answered, with one with an institution you're just talking to one person but I think it's really about building a track record, which you know, I that you want to they want to see full circle deals. And then meaning like a deal done from the beginning to the end and doing that over and over again successful And then I really just cold called like literally bought lists and things like that. I mean, it was just it was a little bit. If I knew how crazy that was, at the time, I probably would have been a lot more intimidated. But I just didn't know I didn't know anything. But I was from Calif. You know, I didn't have in a capital markets background or I was on construction job sites most of my life before that doing residential, I didn't really understand commercial real estate. And so I kind of had just took a crash course at all the CCM courses, which I really highly recommend for people getting on the commercial side.
10:36
Yeah, we went together. We
10:40
didn't Yeah, we saw each other there. But that was a really great foundation, and then just, you know, really building a track record one at a time. And then and, you know, it's there's pluses and minuses to both you have one investor, but usually the terms are a lot more aggressive. But you have a lot more scalability, because you can do higher deal. So it just, you know, it goes ways. Yeah, so yeah, yeah.
11:05
So you've never done that. I mean, walk us walk us through like your cold call, where you just call them saying, Hey, this is Mike Epstein from Nashville. I've developed a couple of condo buildings, and you should give me money.
11:15
That was it. Yeah. Basically,
11:18
it's pretty funny. I hear from people all the time. Like, I don't even know what to say. I'm like, can you make money? Yeah, that's kind of what they want to hear. Yeah.
11:24
I mean, I think we were offering a product type that I mean, you have to have something that people want, you have to be real. You know, we I think the product type was differentiated. Like we really tried to differentiate in terms of our design. That didn't just look like every other welding. You know, I mean, the timing had to be right. Construction costs weren't what they were today. And I have to say, if you're trying to do this now, I probably couldn't. If I was starting right now, today, I probably couldn't have done that, you know, just being realistic about where the markets up because of construction costs, interest rates, just the general sentiment in the institutional environment right now is pencils down for ground up. So, you know, there's pluses and minuses, as I said, but the most important thing is really building a track record, I think, yeah,
12:11
you built a track record and condos and you started branching off, I think first with the Austin. Was that your first? Yeah.
12:17
And I wouldn't do yes. And that was sort of a one off. And I kind of I really had a strong thesis around condos, I still do every crane in the sky in Nashville was multifamily. And, you know, there were 25 cranes in the sky. After five years, you can only imagine that we have a supply problem. And of course, people are giving like three month concessions for multifamily right now in Nashville. So it's one of those things where it's just like, it's so tempting to want to do multifamily, because there's so much liquidity and market demand for it. But you have to just be you know, as an investor, as you all are investors and maybe aspiring real estate developers, you have to just be like, practical and use common sense which sounds so nuts because you have so many people like Blackstone and and big players, you know, one in multifamily, but just drive around look with your eyes. If every if every crane is multifamily, there's going to be a supply problem. And that's why there is one now, and it's probably going to take two years to absorb. So I was always bearish. I hate doing condos, condos are a total pain. Nobody likes an ordinary water issues. But they take five times, you know, they make five times more money. And they and there's a demand for them. Because there's not a lot of supply. Or if there is it's typically in the Four Seasons higher end Conrad not really in that middle market product like I build. So I just found a niche that was in demand and worked. And I think that's what anybody can do in tons of different asset classes. You know, it's I try to find something by looking going on runs talking to brokers, that you just see what's missing here, you know. So
13:56
that was the same kind of model that you employed on the Austin, which I believe was all Office condos. That
14:01
was yes. So there's for sale? And I wouldn't just to be fair, I wouldn't do office again. In? I don't think so I mean, not in it just post pandemic. It was tough. It was tough, but I think it just depends. Yeah, I think it depends on the product type. But that was more of a one off but it was saying the condo thesis people rather own with where rents are going and lease rates are going people would rather own and pay which I do in my own office and I wouldn't want to you know, pay a lease to someone. So there's a lot of businesses where it makes sense to own your office. And so that was the thesis that that project was built around like you know, not tech companies that are growing or something but just accountants insurance people lawyers, like it's a good investment town you're an office so
14:46
yeah, we did that we've we've sold a lot of office and retail condos Close to close to you know, here in East Nashville over in the nation's just because that's most business owners don't really have a good opportunity to buy the kind of space that they Get one, right and condos give that to them. Because, sure, you can go buy a standalone building. But those are very few and far between in the areas that you typically want to be in. Whereas if you could buy 2000 square feet on the ground floor of an apartment complex, and own kind of your destiny, of course, you're you're going to do that, right.
15:15
And it's a good way for entrepreneurs to build equity. And you know, it's just, it's the same thesis of why why pay rent versus owning, right, exactly, man. So
15:25
then you made a move into industrial tell us about what's going on in the industrial world now.
15:29
So industrial is an amazing asset class, it is 1000 times easier than condos, I can develop a an industrial building, and my sleep compared to a kind of building takes much less detail and the users are much less scrutiny. Right? They just, they're just happy if I put plants outside. But in all reality that came about the same way I was on a run, and just joking, but I was trying to buy land for urban infill projects in Nashville, and is an just like a lot of other southeastern cities that maybe, you know, is covered here. industrial use was very prevalent. I mean, almost every one of my projects has been near a train track or are you know, there's, there's the hottest sushi restaurant in Nashville is like right next to the refinery or something? Yeah. The one in Germantown. So you just got all these industrial uses in the heart of Nashville. And I'm going, why wouldn't you want to sell your land to me, I'm gonna pay you $15 million dollars for your land. This is like you could retire. And they're just like, Well, I'm not going to retire. I don't have anywhere to go. And I'm like, What do you mean, you have nowhere to go. And they're like, I literally would have to drive an hour away to move. And I'm not going to do that, like all my people are coming from different places. So I'm like, you'd rather sit on all this equity in your land, because you don't have anywhere to go. And so this is this is how people start spotting trends and how anybody like yourself, like you have, you've made your own niche in East Nashville and found, you know what's missing, and basically, kind of just started digging, and really talking to brokers and going, Hey, if I'm a 10,000 square foot user, or a 5000 square foot user, where am I leasing, they're like there's nothing, it's all the rents have doubled in the last couple of years. Right? There's no vacancy. And so you just go Oh, light bulb, like that's an undersupplied asset class. So. So we started looking for industrial with those same brokers and, you know, just did a couple of projects, but they were really hard to get across the line at the time. One theme I've learned over the years is typically the more and made on a project, the harder it is to finance. Which means, you know, that, obviously, if you can, you know, I could have gotten a multifamily deal funded 200 unit multifamily deal funded anytime before. And condos are super tough. But like I said, they make so much more same thing with this. I had to ended up I mean, it was 2020. So it was during the pandemic, but we ended up like crowdfunding the last source of our last industrial deal. And you know, both of them forward sold, I think it was 170% IRR or something crazy. But you know, it was just you have to be able to be on the front end of the trend. Now, industrials, pretty saturated. I mean, there's so much investor interest that I don't see a huge arbitrage anymore, but I just finished a 300,000 square foot project in Huntsville. That is hopefully go you know, will be pre selling actually. And it's been a great. It's been a great asset class, and we'll look for more opportunity. It just doesn't totally work at the moment.
18:38
Yeah, I mean, talk talk to us about that. Because you've said earlier, you know, a lot of institutional is pencils down. And you know, last year, I didn't buy anything, we didn't we didn't raise any money. We didn't buy anything, no deals really came across. And also, it didn't seem worth the headache to try and finance anything with how banks were acting with SVB collapse, all that fun stuff. So, I mean, what do you think the future is today? I mean, what are the good question, what are we waiting for?
19:06
No, I think listen, I think there's if it works, today's interest rates, then I feel like people are going to be starting to move in and you're starting to see the capital market shift if the project works at those interest rates. The problem is, is it costs 40% More than it did for me to build those buildings we're talking about. So it has to work with 40% more cost. Yeah, there's rent growth, and it's more expensive to live in Nashville. But is it 40%? More? I don't think so. And interest rates are higher. And so there's just so if you have a bucket of capital, you're looking and going, I want to I want to buy a distressed deal, or I want to buy existing it just doesn't really make a lot of sense to build ground up at the moment. We're not exclusively ground up and you know, developers, we want to be investors as well. But what I've seen is most people are waiting for distress. And unless you want like to buy suburban office or, you know, be in some tertiary crazy market and the markets we target Charleston, St. Pete Nashville, Huntsville, there's not huge amounts of distress, you might have a developer that needs help capitalizing or something like that. And that's kind of how we got into Charleston. But you're not seeing Oh, hey, I'm gonna buy this built this multifamily building for 50 cents on the dollar, like people were anticipating. Now, I do think it is there's going to be more because you can only kick the can down the road so long. But I also think that in those markets, the fundamentals are too strong, you know, then it's like, right, when you think Nashville is like longing you get the Oracle announcement or whatever else. So I think it'll be it Nashville, I think it's going to take a couple years to absorb the multifamily se, also, but I don't think I think it's just going to kind of be a slower start. And people are starting to move back in now.
20:56
Yeah, I mean, that's the that's the interesting thing about you know, the history of Nashville, is it, no matter how many units get delivered, it just keeps chugging along slowly absorbing them, no matter how slowly it takes. Sometimes we you look back at 2017, right, that was the last glut of apartments in Nashville, and everybody's freaking out, saying, Oh, no, everybody's giving three months of free rent and this and that the other and within 12 months, right? It'll be
21:21
lumpy. It'll be lumpy. But yeah, Nashville is just too fundamentally strong. But I do think that people are ready. And like I said, people are reentering. And that's why I've been happy to not I look for opportunity, which is tough, because if I want to go do a big fund or get, you know, get an allocation from an endowment, which is probably my next move from institutional capital, they want to see a lot of focus. But it's really tough, because what if your focus was office it during the pandemic? Or what if it's only industrial, and right now, there's just not a lot of buying opportunities in industrial. So I'm glad I've kind of have a little bit of breath, and I'm able to be opportunistic, but it's, you know, it's just a different approach.
22:07
Yeah, that's, that's why it's always been tough for me to go and do institutional capital. Because, I mean, we're sitting in an office building I own right. I did a six day food hall, we just broke ground on a boutique hotel, like I can't I can't do the same thing over and over again. Where's the opportunity? Okay, cool. I'm gonna, I'm gonna go follow that. I think as real estate investors and developers today, it's super important to have that flexibility. It is to be nimble,
22:32
right? Unless you want to go stamp and repeat and a bunch of different markets, but it's just a different model. And I think, I think, you know, like I said, there's pluses and minuses of both, but I've always leaned more opportunistic as well. And I think that's where you get the better projects.
22:45
Tell us the story of your office building in Wedgewood Houston. Because it's one of those buildings that I feel like most Nashvillians before you bought it and read it drove past and wonder what the hell is going on with that building? Really?
22:57
Yeah, it looks like an ice cube, there was a homeless guy that I don't know where he went, we were like, We really took care of him for a while. But there was living out there, it was just completely dilapidated. And I just loved it, I loved it. And I was growing out of a space that I had developed as a retail area of one of one of my buildings that I was just growing out of. And one thing that has made I feel that it has made me successful is I always return people's calls and emails, and it doesn't like or my assists, you know, like, I will get to it. If it's, Hey, I want to pick your brain. And I'm like, listen, like, I take the time to do the podcasts and things because I just don't have time I would literally take me, whatever how long to go get coffees with people, I do it. But I at least reply and say, Hey, I'm too busy. What do you need, I can refer you to this to everybody, even if someone's trying to sell me something because I've cold call so many people, right? And this guy, he was a residential real estate agent. And he just said, you know, will you meet me, and I have some deals or whatever. And I was just like, residential, you know, residential real estate agent and like doing these big deals and like, whatever you can stop by and say hi, you know, fine. And he he had some other deals and they were just not a fit. And I just said, Okay, I'll put you in a very organized, I keep a CRM of all my contacts, anyways, and he just said, Hey, I know you were looking for an office. You mentioned this, it was six months later, and he had got that listing. And he wasn't on the market yet. And he said, You know, I think you just like this building and I just jumped on it because I knew exactly what building he was talking about. It was exactly what I was looking for. And it was in the neighborhood that I was like it was this was before AJ had done all their development right. And Apple Music I think was already there, but I just knew that that was going to be a great investment. It was in an opportunity zone and so I just I just jumped on it and put in an offer and I got driven up it wasn't I don't know if it was like the steel of a century but I think it was decent. And I ended up putting in way too much money because it was I was doing it during you know post pandemic craziness, trying to get contractors to focus. But overall, it's an amazing long term investment. And I think, you know, it's set up in as an opportunity zone. So if I hold it for 10 years, it'll appreciate tax free. And so I love it. It's very iconic, you can walk to the soccer stadium and yeah, and
25:17
you're right across the street from a park, which will never get developed. I mean, it's a great spot.
25:21
It is, it's really lucky. Yeah,
25:23
you did. You did well, with that.
25:24
But that's just a lesson that, you know, you got to give people the time of day. And, you know, return your phone calls and stuff, right?
25:32
Yeah. You never know. I mean, I've had so many instances like that to where it's like, man, it's just just because I decided to put in a little bit of effort. Or do this. Yeah. You never know where something will go. Right. What What advice would you have for people that are interested in getting into real estate development or into raising capital from institutional investors, maybe especially considering today's market?
25:52
I think in today's market, it's a really good time, I always I was gonna say, a great foray into development that I never did is brokerage. Like, I really think that's a good way to look at a lot of deals, and get exposure or invest in deals, even a lot of brokers, you know, that start out, end up investing in deals or things like that, right. I think some of the biggest investors in Nashville are brokers, right? So I think brokerage is a really great avenue, if you're looking for something full time, or starting out your career, that is something that I really wish I would have done. I mentioned this before, but CCM is just a very good foundation, that's relatively not too much time, if you're going to be even just investing in deals and needing to understand, especially if you're investing with other sponsors. But you know, if you're gonna give your money to someone, I would say, track records everything. And that's something that I see a lot of more retail investors kind of get kicked in like, or just, you know, you can't really give someone capital based on their sales ability. Because I've just, there's a lot of people that were just way too optimistic in the last couple years, and it just comes back to bite them. But on the development side, I would say wait, but start, but look now for value, add opportunities, scrappy, distressed opportunities, and, you know, do one at a time another way is to partner with someone that does it, if you can bring the capital or you can get your friends and family to invest in a deal that was kind of how I first started was working with other people that had deals but didn't have the capital. Not that I had it, but I was just getting on the phones and founding and finding him. But so that's a good way to kind of, you know, I would say brokerage CCAM, working with other developers that might want to partner and then is an investor just doing a lot of due diligence on the track record side and asking a lot of questions before you give money to someone that you don't know,
27:52
a lot of questions. Yes, track record is everything. It's Shark Tank, right? Just
27:56
looking and not like I this theme, I tell my team, we go over we have like, I have a massive list of things that I've learned over the years. And one of them is like, we don't do business with New Yorkers. To like, we have these things and I try to hone in especially with the younger guys, like you really got to look and not listen to people. If your condos aren't selling, I don't I don't, I do not care what the broker says like don't care, right? Look, go look for yourself, go see what else is on the market, go walk those properties, go see if you're overpriced. Go see if it looks bad. You know, look for yourself and roll up your sleeves. And I think that's something that people take for granted. But in real estate, it's just it's usually about comps track record, like just really observe and not just listen to people because that's where I've gotten. I've just learned that stuff the hard way, right?
28:46
We always get biased excuses, right? They don't want to say, Oh, I'm doing a terrible job of showing the space, right? Yeah, you're definitely not gonna get that as a response. Yeah. Meg, this has been an awesome conversation. If anybody wants to follow you and see what ca South is doing? Where can they find you?
29:00
Um, we have an Instagram account, CA South Development, also our LinkedIn, we try to post active updates, and then our website has our contact info. Wonderful.
29:09
Meg, thank you for joining me. Thank you all for joining us live and we will see you in the next one. Are you looking to take the next step toward investing in commercial real estate but don't know where to go? Series central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals. Whether you're a beginner or looking to take your career to the next level. Cre Central has the resources you need. Visit www dot cre central.com To learn more