The FORT Podcast: Moses Kagan & Rhett Bennett – Co-Founders of ReSeed Partners – Building the Y-Combinator for Real Estate Operators
Moses Kagan is co-founder and partner at Adaptive Realty, a Los Angeles-based real estate development and property management company with $200MM in AUM and more than 1,000 apartments under management. He is also a co-founder of Re-convene, a real estate private equity un-conference, and ReSeed, which provides mentorship and capital to early-career operators.
Rhett leads ReSeed’s strategic direction and daily operations. He most recently served as Co-Managing Partner at Minot Capital, LP, where he led real estate investing. Previously, Rhett was President and Director of Research at Stillwater, a long-short hedge fund, and Chief Investment Officer at Arlington Family Offices. Rhett received a Bachelor of Arts from Brown University with a double major in Business Economics and History.
On this episode, Chris, Moses and Rhett discuss:
➡️ How ReSeed works
➡️ What ReSeed is looking for in Partners
➡️ How ReSeed empowers Operators to build their own companies
➡️ What success looks like for Operators working with ReSeed
➡️ Thoughts on the state of the Real Estate Market
(00:03:31) – Rhett’s career
(00:04:26) – Moses’ evolution in thinking over the past 5 year
(00:06:40) – Launching ReSeed Partners
(00:19:05) – Defining Subinstitutional
(00:20:58) – Cohort #1
(00:34:18) – The ReSeed Partner Track
(00:39:35) – Is this a renovation strategy or is there any ground-up involved?
(00:40:22) – What does a partnership with y’all look like in the first year?
(00:43:58) – What markets are you open to?
(0048:28) – How would you determine a successful year for an operator?
(00:53:44) – How does the partnership work? What does someone get from y’all and what do they give up?
(01:00:20) – Do partners have the opportunity to exit?
(01:01:45) – Holding assets for the long term
(01:04:40) – Autonomy for the operator
(01:07:18) – Is there anything that is off-limits?
(01:08:41) – Moses’ playbook
(01:11:16) – How are you capitalizing this?
(01:17:15) – How many people can be in one market before it’s saturated?
(01:17:57) – Other members of ReSeed
(01:19:04) – Guaranteeing loans
(01:22:11) – What are the couple of things people spend the majority of their time on?
(01:25:39) – Is there a minimum size deal?
(01:27:06) – What can this business look like 10 years from now?
(01:29:06) – Thoughts on the current market
The FORT Podcast with Chris Powers is a place where you can find meaningful conversations about entrepreneurship, real estate, investing, and more.
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