Again, I came from the commodities trading world where they say being a good trader was more about risk management than trying to make money. He received his Bachelor degree in Chemistry from Hope College and his JD from Valparaiso University School of Law. Prior to joining Origin Investments, Elena was an associate in the Chicago office of White & Case LLP, where she focused on sophisticated commercial real estate transactions. No, its critical, anytime these relationships fail, its through a lack of communication, so thats absolutely a great point. Prior to joining Origin, Priya was the controller of a privately financed real estate development company where she managed a team of accountants, and was responsible for building and managing accounting systems, internal controls and overseeing the financial reporting and operations of the firm. Joe Fairless successfully made the jump from single family to multi-family real estate investing and controls over $54,000,000 of investment properties & consults investors on real estate investing. I mean, theyre yours; they are your rabid fans. Click the play button above to listen to our conversation with Michael. He also worked at MSNBC and NBC News. Prior to Ventas, Kate served as a manager of the LEAN consulting group at Discover Financial Services. What were the decisions? Thats a brilliant strategy, Michael. Michael Episcope: Thanks, Rod. They had to give it back to the bank, or they had to sell it. Prior to Evolve, he was the Marketing Specialist at Cappex.com, which connects high school students to colleges and universities. Its just about, theres good decisions and theres bad decisions, and then theres good outcomes and bad outcomes. His primary profession as a comedian has allowed him to amass enormous wealth. Michael Episcope: On a syndicator deal, what they will do is that they dont charge on committed capital, they charge on acquisition fee because for every deal that they do end up finding, theres probably 20 deals that they didnt find that they had to pay their expenses. Prior to Centro, Geoff spent over a decade in marketing for higher education institutions, non-profits, and startups. Isabela was formerly a Senior Financial Analyst with Pritzker Realty Group where she was responsible for providing underwriting support and market research in relation to PRG's acquisition, disposition, financing and asset management activities. He enjoys traveling with his family, snowboarding, and frequents ski resorts all over North America. I think that the smart investor is one who is humble and understands what he knows, and what he doesnt. Michael Episcope Principal, Origin Capital Partners Michael Episcope is principal and co-founder of Origin Capital Partners, a Chicago-based real estate investment firm that invests in. We had a deal that we kind of We ended up buying a distressed pool of debt from a bank and it was one of these crazy days when the market was down 800 points, and you know, everything was down. Michael Episcope: Yeah. Rod Khleif: Guys, just so you heard that, hes in at the third equity instead of the typical agency debt. Prior to joining the Origin team, Jacob worked at KPMG as a Real Estate EVS Senior Associate where he performed over $15.0 B in property and portfolio level valuations across all asset classes. Edsel's net worth hovers over $100,000 - $249,999 with a yearly income that's . Kevin resides in Charlottesville, VA, where he enjoys golf, traveling, and cheering on DC sports. One of his breakout roles came in 1982 when he began portraying Alex P. Keaton on Family Ties. Tommy is an Associate on the Investor Relations team whose responsibilities include serving the needs of our individual investment partners both before and after the investment process. She is a globally-known Christian singer, songwriter, actor, author, orator, and talk show host. Michael Episcope unpacks opportunity zone investing misconceptions and explores the potential benefits of adding alternative assets to a portfolio. Although I will say that going into fund for, one, a thing we always do is from for each fund, were sort of iterating. We found Michael Sims from North Hills California. Melissa received a Bachelors degree with a major in Strategic Communications from the University of Kansas and a Masters degree in Integrated Marketing Communications from Northwestern University. Thats a great strategy. You dont hold properties for legacy or long-term cash flow. We do [overlap talk]. Preceding her most recent experience she was in the Mortgage Servicing Industry at Fay Servicing, Energy Monitoring & Consulting at Mad Dash, Inc. Here's a quick recap of the top 30 richest athletes in the world in 2022: Michael Jordan; Vince McMahon; Ion . Some went fine and some that didnt go so well. His clients included agencies, startups, non-profit organizations in the arts, higher education, healthcare, social welfare, as well as entrepreneurial individuals. Founded in 2007 by David Scherer and Michael Episcope, Origin is a leading manager. Tom has worked with the Origin team for over ten years and has fifteen years experience in the commercial real estate sector. Category: Richest Celebrities Actors Net Worth: $350 Million Date of Birth: Sep 25, 1944 (78 years old) Place of Birth: New Brunswick Gender: Male Height: 5 ft 10 in (1.78 m) Rod Khleif: So youre a buy-fix-sell investor. In her free time, she enjoys cycling, playing sports and any other outdoor activity. Steve is an Investor Relations Associate whose responsibilities include expanding the firms investor base and serving the needs of our high-net worth individual investors. Tijana received a Bachelor of Arts in Data Science and Global Business from Mount Holyoke College and is a licensed sales Broker in Illinois. Then in April 2016, she joined the Origin family. In our case, our earlier Funds I and II had projected returns of 17-19 percent, however Fund I is on track to generate a 28 percent net return and Fund II is on track to deliver a 26 percent return. Michael Episcope: Yeah, this idea that you actually think that you know what youre doing In the long run, the law of large numbers will prevail, and youre gonna lose money. He remains active in the community and alumni Programs for both MSU and the Evans Scholarship House. How to build good will for future deals, Book Recommendation: Principles by Ray Dalio, To learn more about our guest, click here, Join us at a Multifamily Bootcamp, visit MultifamilyBootcamp.com, Ep #225 Michael Episcope 1 Billion in Real Estate Transactions. Jonathan joined the Origin team in early 2021. Check out this great listen on Audible.com. Christopher Joined Origin in September of 2022 as a Senior Accounting Associate. I think that the risk is exponential when you start managing other peoples money. Michael Episcope: Thats a little bit on the equity amount. Jacob lives in the Lincoln Park neighborhood of Chicago and loves cheering on the Green Bay Packers and Wisconsin Badgers. Maria lives in the Bridgeport neighborhood of Chicago and enjoys travel, reading and hot yoga. Chicago suburb. Everybodys gonna look great in an interview, and this and that. He is a runner, frequent traveler, amateur tennis player, and beach/pool enthusiast. He had five, six, seven deals that were all going south. There was this big gap between the large institutions, family office, those who had a lot of money, an investor looking to put in half a million, one million, five million, even $10 million, with a manager. Michael Episcope says he found himself with over 20 hours a week of free time as a result of Chicago's shelter-in-place order, issued on March 20. . Bills design practice emerged out of a fine arts background. We know that. Cody currently resides in River North and enjoys playing golf and cheering on the Michigan State Spartans. Billionaire number 1,567. Rod Khleif: Its the most important parameters. I dont remember why I did this or what happened, but I started doing some internet research. In that role, Dan facilitated the internal and external movements of custodial accounts to other IRA custodians. We sort of stopped and said, Look, we can take this down with our own capital but what do we want to be when we grow up. Two years later, she took a role as a Property Accountant at SLM Realty, LLC., where she was first exposed to the real estate industry. Anyway, I just want to explain that to my listeners that may not understand what a broken condo conversion is. Cause you touched on it with me offline, Id like my listeners to hear that. Rod Khleif: Let me ask you this, you find an A-minus asset, or a B-plus asset, its not like the heavy reposition that you would do on a C-asset where youre going in and completely redoing the interior and all that. Katina graduated from Texas Christian University with a Bachelor of Science in Economics in 2018. She lives in the Gold Coast neighborhood of Chicago and in her spare time enjoys cooking, Pilates, and teaching youth dance classes. Why is the asset underperforming? I went to school in Chicago. Michael is co-CEO of Origin Investments, co-chairs the Investment Committee, and oversees investor relations, marketing and company operations. Kirk Franklin - $8.5 million Recording artist Kirk Franklin attends the BET Inauguration Ball in Washington, DC. Ivette serves as a Paralegal here at Origin Investments. Is that correct? They then brought on friends and family and then continued to grow its investor base. Kevin is responsible for driving performance of the companys multifamily development projects & partners. Well, I heard somebody else bring this up. Lorem ipsum dolor sit amet, consectetur adipiscing elit. This is anywhere from 20 to 25%. Theres nuances behind here but what it comes down to is this notion of alignment. Click the play button above to listen to our conversation. Rod Khleif: What other fees? After graduating from UIC, Grace worked as a staff accountant at the food industry consulting firm Technomic, Inc. (now part of Winsight), in downtown Chicago. Michael Episcope: Yeah, especially in assets because were more of a buy-fix-sell strategy where were buying underperforming assets and if we lose a tenant or we have to backfill a tenant, we need to do that. Thats not what happened here; what happened here was that he was an individual syndicator without a lot of money of his own. Its a different way of getting to the same place. She enjoys hiking, trying new restaurants and coffee shops, and spending time with family and friends. Michael Jordan's net worth is estimated to be $2.2 billion in 2022, making him the richest athlete in the world. During his tenure, he was involved with the acquisition of more than $500 million of multifamily, office, industrial and retail assets throughout the U.S. on behalf of the firms pension fund clients. Earlier in his career, he worked the Associate General Counsel and Assistant Secretary at APAC Customer Services. The importance of risk management Even when it comes to things like understanding what investors want, I think were A lot of manager, they dont understand the importance of reporting, and communicating, and thats something that weve taken to heart. Number 7: Kenneth Tuchman. Daniel is responsible for fund level accounting and monthly reconciliations across all funds. Chris received his undergraduate degree in Accounting & Finance from Saint John's University (MN) and a masters degree in Real Estate from DePaul University. Because sounds to me like that might be an asset that youd wanna keep, if it werent in that scenario. Kate joined Origin in 2021 after a tenure at Ventas, a S&P 500 company and a leading healthcare REIT. RELATED: 15 Times Seinfeld Was Hilariously Accurate About Life He had sold 19 out of 283 units so what we did is, we came in there and bought 264 apartment units with the idea that we were gonna buy the other 19 units, put Humpty-Dumpty back together again. Michael Episcope: It came to fruition in 08. Tijana worked 4 years at Aon on the property and casualty insurance market for construction. Rod Khleif: Exactly. Of course, youre absolutely fixing these units up to sell them as condos. Rod Khleif: Right. Youve done several funds. Click the play button below to listen to my conversation with Michael. In that role, he was responsible for budgeting, scheduling, and executing the construction of custom-built single-family homes in Chicagos suburbs. She received her Bachelor of Arts Degree in Communications from the University of Illinois at Urbana-Champaign. Since moving here in 2003, He has taken the opportunity to enjoy a wide variety of food and activities that the city has to offer. Michael Episcope: Rod, just to back your other point, we talked about fund advantage, one of the nice things, if you have an individual deal, and it goes bad, you cant borrow from another transaction to ride the ship in that deal, cause chances are you have different investors across. Michael Michele (born August 30, 1966) is famous for being movie actress. Ryan serves as a Data Scientist here at Origin Investments. We think were positioned for more growth in the future out in Naperville. If you get that right, then thats who you really want to put your money with, whether its a syndicate or a fund. Rod Khleif: Thats brilliant, guys. He was able to leverage data mining and machine learning techniques to build statistical models for internal use. They then brought on friends and family and then theres good decisions and theres decisions! Sounds to me like that might be an asset that youd wan na keep, if it werent in role! 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