The FORT Podcast: Moses Kagan

Moses Kagan, CEO of Adaptive Realty, joins Chris for his second appearance on The FORT Podcast. In this episode, they discuss how COVID-19 has affected the real estate market in Los Angeles. Moses gives his perspective on best practices providing rent relief to tenants, the effectiveness of Adaptive’s all-cash buying strategy in this environment, capital markets, financing, opportunity zones, and much more.

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01:00 — Multifamily and COVID-19 in Los Angeles
02:30 — How is Los Angeles handling this compared to other parts of the country?
04:45 — How are you offering relief to tenants?
06:36 — What does “you don’t have to pay rent” really mean?
07:23 — What could others learn from the way you’re providing rent relief?
11:35 — Now Until July: Worse, Better, or Same?
13:21 — What does the leasing experience look like now?
13:51 — Will this situation lead to an influx of tenants who were originally planning to buy?
15:03 — Did you have anything under contract prior to the pandemic?
15:54 — With an all-cash purchase strategy, has financing worked in your favor?
16:58 — What are you seeing in capital markets right now?
20:13 — How does getting a loan look different now versus 60 days ago?
22:08 — Has your underwriting process changed in terms of becoming comfortable with a price?
26:10 — 15% Drop in Rent vs. Purchase Price
27:08 — What does your equity environment look like? Are you currently raising capital?
31:29 — What are you doing in opportunity zones?
33:15 — Is there a specific time frame when capital needs to be deployed into an opportunity zone?
34:55 — If a deal walked in today, what would it have to look like for you to pursue it?
38:00 — Are you making distributions to investors or are you holding back to create a safety margin?
40:08 — What is different between now and ’08 -’09?
43:11 — Are you changing your focus at all with hotel and retail becoming so cheap?
46:06 — Is there anything you’re hoping to hear from Washington that you haven’t already?
49:24 — If you had to make a bold prediction for the end of 2021, what would most people not agree with you on?