Air Date: 03.16.2021
Everyone embraced the stay-at-home and work-from-home instructions at the beginning of the global coronavirus pandemic, quickly adjusting their work, organizations, companies, and lifestyles. Offices became somewhat redundant and remained vacant, begging the question if we will ever use them again. Almost a year later, however, things are shaping up to be a lot different than originally expected. Today’s guest is Brian Adams, the President and Founder of Excelsior Capital, where he spearheads the investor relations and capital markets arms of the firm. He has 10 years of experience in real estate private equity. Before forming Excelsior Capital, Brian co-founded Priam Properties in 2010 and provided leadership and direction for them in connection with capital markets, investment management, and investor relations. Tuning in today, you’ll find out what got him interested him in real estate, why he changed his career path, how COVID has impacted his company and their portfolio, and the effect of the recency bias. Brian also shares some interesting takeaways on the commercial market and how office space is shaping out much differently than predicted. Tune in today for all this and more!
Key Points From This Episode:
- Hear more about Brian and how he became interested in real estate.
- Why Brain didn’t want to end up or become like the 60-year-old lawyers he met.
- The concept of the Hero’s Adventure: taking the step while being ignorant to the risk!
- More about Excelsior Capital and what they are working on.
- Hear about the assists they are focused on and the deals they are working on.
- How 2020 and COVID have impacted their portfolio.
- How COVID has impacted the thoughts behind office space; pre-and post-pandemic.
- How recency bias affects us all: it’s not going to be the same as before.
- Hear how their strategy has changed going forward: the suburban office deal challenge.
- Brian explains what a one-story flex is: that area two to three miles from your airport.
- What a traditional commercial deal looks like for an investor and how it is structured.
- The types of investors investing in these deals: taxable, accredited investors only.
- Why Excelsior Capital’s direct response to feedback is cash on cash.
- How they plan to continue to grow over the next couple of years.
- Brian’s perspective on cap rates in the commercial market sectors.
- One question that every investor should ask their deal sponsor, according to Brian.
- What Brian is most proud of in his career: pushing through the painful process.
- What books you should be reading, like The No Rules Rules.
- The number one key to success: grit!
“Raising capital the wrong way taught me a lot.” — Brian Adams [0:08:40]
“I do think that [the] office is going to maintain a big part of our professional lives, but I think the way we use it will change. I don’t think everyone’s going to be in the office five days a week anymore, but I don’t think work from home is feasible over the long-term.” — Brian Adams [0:11:40]
“I think the biggest mistake investors make when they’re doing due diligence on a manager is not focused on the deal itself — the deal is what the deal is, and you can run diligence, you can do your homework but, on some level, you have to just trust that manager.” — Brian Adams [0:25:06]
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—Full Transcript Below—
“BR: It’s the hero’s adventure, right? It’s the cycle of, you choose to step off the ledge, and take that risk, and go there and it’s really scary. In our world, there’s a bit of a hero complex where people don’t want to talk about being vulnerable and beings scared when they take that initial step. But looking back on it, and I tell people this all the time. Knowing what I know now, I just was oblivious to the risk, like I didn’t really appreciate everything I was doing, so I don’t think I could make that same decision today. But at the time, it just seemed to make all the sense in the world to me.”
[00:00:33] KR: Welcome to Ritter on Real Estate, the show about how to passively invest like a pro. On each episode, I interview real estate experts who give their top investing advice, strategies and tools, and I break down the insights and the practical steps to avoid the pitfalls and make better investments. I want to help you passively invest like a pro. This is Ritter on Real Estate, and I’m your host, Kent Ritter.
[00:00:41] KR: Hello, fellow investors! Welcome to Ritter on Real Estate, where we teach you how to passively invest like a pro. Today, I’ve got a very special guest, his name is Brian Adams. Brian is the president and founder of Excelsior Capital, where he spearheads the investor relations and capital markets arms of the firm. He has 10 years of experience in real estate private equity. Prior to forming Excelsior Capital, Brian co-founded Priam Properties in 2010 and provided leadership and direction for them in connection with capital markets, investment management and investor relations. Brian, thanks for being on the show.
[00:01:30] BA: Yeah. Absolutely. Thank you for having me.
[00:01:32] KR: Yeah. Why don’t you tell our listeners a little bit about yourself and how you got interested in real estate?
[00:01:38] BA: Yeah, absolutely. I’m a New Yorker who married a Nashville girl. We met up in college, in Connecticut. I went to law school in Boston and then moved to Nashville about 15 years ago now. It was really twofold. My wife’s family has a single-family office that’s based here in Nashville, and they’ve been investing in the commercial real estate space for a long time. When I joined the family, I got exposure to some of the GPs, and the sponsors, and the co-investment deals that we’re working on. I just became enamored with the asset class. Then, simultaneously, I as practicing law through a lot of networking, meeting with older partners at various law firms in town. Realized that I didn’t really want to be them when I was 50 or 60.
[00:02:25] KR: For sure.
[00:02:26] BA: We can get into kind of the reason, but it’s through those informational interviews I realized this is not my cup of tea and I don’t want to do this for my whole career. So made a move, started my company 11 years ago with my business partner, who’s also a New Yorker who married a Nashville girl, and the rest is history but we’ve been at it for over a decade now.
[00:02:48] KR: Yeah. Very cool. Well, congrats. I was going to go down this path of like very technical interview questions, but you brought something up that I want to hit on for a second. Because I had a very similar experience where you’re looking at these guys, and said, “Man, I don’t want to be that.” That’s a huge pivot point, and because of that, we both ended up in real estate, so must be something about real estate that lets us get here. Tell me about that, like a little bit more so. You didn’t want to be them but why?
[00:03:20] BA: To set the stage, at this point in my career, I was an assistant district attorney general here at Nashville, Davidson County. I was on the vehicular trial team, not making a ton of money, but I was trying cases, I was very happy. Along came my firstborn. I realized that I needed to make more money and I didn’t want to be a DA my whole career. I started having coffee with partners at this law firm to try to transition laterally into one of those gigs. I had probably a hundred of these coffees, and the fact pattern was always the same. These guys are 55 to 65, they didn’t really like their lives, they didn’t like their careers. The value that they were creating for their enterprise was directly correlated to how much time they were spending on something, not necessarily how good of a job they were doing.
I thought it was just a crazy way to live and they had these golden handcuffs problem, where they were making just enough money to live the lifestyle that was expected of them as a partner, but they never had enough money to have a little bit more freedom in their lives. It just really sparked my entrepreneurial spirit of, “I don’t want to be on that treadmill to nowhere and I think can —” Real state is an inefficient market, so I thought if I could work really hard, be a little bit better than the next guy. I could carve out a good niche for myself.
[00:04:44] KR: That’s awesome. I wanted you to share that. I appreciate you doing it, because just so similar to my own personal experience, different industries. I was a management consultant, but very similar. Had my first kid and started saying, “Yeah. Do I want to do this? Am I going to be able to be around?” Started asking those hard questions, and made me really start to look at the people that were 10, 15 years ahead of me, and asked, are they happy and is that what I want to do. The answer to both were no. Yeah, same thing. That’s what made me pivot, and come into real estate, and be able to get that freedom to be able to be the dad you want to be and live the life you want to be. So awesome now, very much resonate with that story. Very cool. Good job taking initiative and making it happen, man, because it’s hard.
[00:05:39] BA: I kind of talk about this with other entrepreneurs. It’s the hero’s adventure, right? It’s the cycle of, you choose to step off the ledge, and take that risk, and go there and it’s really scary. In our world, there’s a bit of a hero complex where people don’t want to talk about being vulnerable and beings scared when they take that initial step. But looking back on it, and I tell people this all the time. Knowing what I know now, I just was oblivious to the risk, like I didn’t really appreciate everything I was doing, so I don’t think I could make that same decision today. But at the time, it just seemed to make all the sense in the world to me. But yeah, it’s no easy to make that initial plunge.
[00:06:19] KR: But there’s something to that ignorance, right? You have to have that ignorance to be willing to do it. Like I’ve heard so many entrepreneurs say that. It’s like, “I don’t know if I could do it again, but I didn’t know any better.” Kind of that thing. I think you have to have that to be able to take that leap. Because if you’re aware of all the bad staff that could happen, then you may not. That’s awesome, man. I appreciate you sharing that story with us. Tell us a little bit more about Excelsior Capital. What do you guys are working on?
[00:06:49] BA: As background, I initially started a company called Priam Capital. That was the initial venture. Through the course of five or I guess it would be seven or eight years, we raised a series of funds. Kind traditional, blind pool, commingled-fund vehicles. We pivoted away from that for a whole host of reasons, but I made a lot of mistakes during those first few years and we’re able to recapitalize that portfolio with an institutional investor and it was great. Excelsior is kind of the iteration of my business, where I learn from all those mistakes that I’ve made, tried to take things kind of into the next level of execution. I’ve been doing it for about two years now. It’s a pure place syndication platform, just deal by deal, capital raising. So far, it’s gone really well, so I’m pretty excited about where we are today.
[00:07:45] KR: Right. What assets are you focused on? What deals are you guys doing?
[00:07:51] BA: I know you have a lot of multifamily folks on here. We’re a commercial, so historically, suburban office. To give some perspective, we have about 2.5 million square foot portfolio. It’s probably 400 million gross asset value and we’re in 13 markets in the Southeast and Midwest. I’d say, the vast majority of it is suburban office. We do also have single-story flex, some medical, some industrial. We were pretty broad across the commercial spectrum, but we don’t do any multi or any residential or anything like that.
The reason we got into it was, the apartments space was very crowded even 11 years ago when I got into this business. Raising capital the wrong way taught me a lot and made me realized that we could simplify our pitch and simplify our service to our investors. What we do is, we give them access to the real assets, we solve for double-digit cash and cash yield, which is hard to do in residential and multifamily today. Then we give people the benefits that come from direct real estate ownership on a tax basis. Initially, we got into office because it was one of the few asset classes that we could solve for that yield component. It’s becoming harder and harder to do that these days, just with how much liquidity is in the system. But once we started doing commercial, we just stuck to our knitting and that’s where we’ve stayed.
[00:09:15] KR: Have do you think your portfolio impacted over the past year?
[00:09:19] BA: Yeah. COVID’s been a challenge obviously. I think we all kind of read the newspapers, and hear the headlines and it’s a spectrum, right? Hotels and retails are going to be on one end of it. Multifamily and office is probably somewhere in the middle, depending on location. Then industrial, and then self-storage and all these things are really isolated and insulated from it. It’s been fascinating, right? Turning the clock back about a year ago and all I want to talk about was that office was dead. That no one was going to go back to the office, everyone is going to work from home, et cetera. I’m getting calls from my investors saying, “Sell everything.” Thankfully, it’s an illiquid asset, you can’t do that. But if you look at the REIT market as a proxy, office REITs were down about 40% to 50%. The market punished them pretty good.
Here we are roughly 12 months later and the conversation is now, “Man, my workforce is having trouble being productive. Creativity is down, depression is up, feelings of isolation are up, ability to collaborate and come up with dynamic new ideas, especially on the sales marketing or development side is a real problem for employers today.” The way we think about it, 4% of the workforce worked remotely pre-COVID. Clearly, that’s going to be a bigger number in a post-COVID world.
That being said, this trend-line that we saw towards massive densification in a pre-COVID, like where We Work where it was down to 75 square feet per user. The pendulum is going to swing the other way where people are going to want to return to a traditional office layout, which is about 350 square feet per user. Because they’re going to need a space where they can focus, concentrate, get work done, especially if they don’t have a good home set up. If they’re a younger renter, or they have a family, that’s a real challenge for a lot of people. Then you’ll see, office be used for collaboration group, work, and exercises, and activities to have that creative kind of dynamic spark come back.
I’m biased, but I do think that office is going to maintain a big part of our professional lives, but I think the way we use it will change. I don’t think everyone’s going to be in the office five days a week anymore, but I don’t think work from home is feasible over the long-term.
[00:11:48] KR: Yeah. I mean, I would agree with you just from my own personal experience of this idea of like, more of a flex-type schedule, where you’re at home when you can be, but you’re in an office or somewhere when you need to collaborate and having more flexibility in that schedule. I definitely see that, and hasn’t it actually increased the amount of — I don’t know. I guess you call it square foot per person is how you measure with the social distancing guidelines and things that are going on.
[00:12:17] BA: Yeah, density. That’s right. The way we use office and those numbers that are out there are pretty accurate. Density is going to be an issue that we see, and I think when people see the headlines about somebody’s tech companies distributing their workforce, it’s not as if they’re going to Austin, or Utah, or Florida, or Tennessee and not go into the office. They’re just leaving San Francisco, they’re leaving New York. It will be a distributed workforce with maybe a hub and spoke model where they have multiple secondary offices. And maybe the central HQ will just downsize and stay in San Francisco, but it won’t be, “Hey! You can just work from home,” because it’s really hard for managers to keep track of productivity without violating pretty much all of your personal privacy rights. I don’t think anybody wants that kind of job dynamic set up.
Yeah, I mean, the more and more we see it play out, there are certainly some groups if you’re a software engineer or technologist, maybe you can work from home permanently. But if you have any kind of job functionality where you need to have some team mentality, you’re going to have to come to the office for periods of time.
[00:13:32] KR: Got you. I know office leases could be a little longer, so maybe you haven’t seen as much. Have you seen your tenant mix shift over the last year?
[00:13:42] BA: It’s really hard, and this isn’t just a cap out. To your point, my weighted-average lease term is north of five years across 2.5 million square feet. If the tenant is in good standing, and paying rents, and they haven’t had any COVID-related issues, it’s hard to know how it’s going to play out because some of those leases don’t roll for five, seven or ten years. What we have seen is new leasing has obviously been very slow. Lease renewals have been slow. They’re starting to pick back up, especially in our southern markets, which are much more open than the Midwest. But it’s just hard to know what the long-term effects are going to be, and we all suffer from recency bias. On some level, we all think how we lived the last six months is how we’re going to live the next six years. It’s never the case.
It’s really hard to know what the long-term trajectory of office will be, but we’ve been able to make distributions. Were at 95% occupancy, where payment and collections have been good. But to ask me to prognosticate about six years out, I’m not sure.
[00:14:46] KR: Sure. I appreciate you sharing some of those metrics too because it’s important to understand. It sounds like really, you haven’t seen much of an impact, which is kind of, like you said, counter to a lot of what you read in the headlines.
[00:14:59] BA: I think it’s hard when people think of the office sector, that they only talk about Midtown Manhattan. It’s just not representative of the entire industry. I can tell you anecdotally, I’ve been back on the road traveling, even in pretty lockdown markets, people are in the office. Maybe not 100%, maybe they’re on a rotation. But the managers, and employers, and the users that we talked to, it was very important, starting probably post Labor Day of last year to get people to go back into the office on some level.
[00:15:35] KR: Yeah, that makes sense. Knowing what you’ve observed over the past year, has your strategy changed going forward? Are there things that you guys are doing differently now or plan to do differently?
[00:15:50] BA: Yeah. I mean, right now, underwriting a suburban office deal is a challenge. Because if there is any lease up, any lease renewal assumptions you have to make, most people are pressing pause and saying, “Give me a year.” If last year, a tenant was considering a five-year renewal, they’re probably just going to do a two-year, carpet and paint, light tenant improvement allowance type of deal because they’re in wait-and-see mode. Those types of deals are very difficult to underwrite for us, and we’re not going after them. That being said, the single-story flex product is just such a demand right now, that that’s where we’ve been focused most of our efforts. We have three deals right now, as well as the medical office space.
We continue to find opportunities, but right now, just a traditional office, suburban offices is a challenge for us.
[00:16:41] KR: Got you. So we all understand, when you say that one-story flex, what does that mean. What type of tenants are going in there? Paint a picture for us.
[00:16:51] BA: The best way I can say it is, when you’re two or three miles outside of your airport or if you do a park and fly or some set up like that, and you see the product type that’s around those areas, that’s what I’m talking about. Maybe office or retail frontage that’s kind of single bay, no common area, and then those industrial distribution usages in the back where they have kind of the high bays and they can go in and out. That’s the product type that I’m talking about.
[00:17:22] KR: Got you. Okay. Very interesting. How does a traditional commercial deal, what does it look like for an investor? I mean, you said you’re putting together syndications. Tell us how the deals are structured.
[00:17:37] BA: Yeah. We put them into an LLC. It’s a single-purpose vehicle entity, so the only thing in that LLC is that one asset. No cross collateralization on debt or equity with other deals. We have a PPM standard operating agreement, and then everyone who invest is a common equity investor of the deal. Everyone is pari passu, there’s no pref. We have senior secure debt, typically CMBS or LifeCo. Then everyone gets economic return based on their pro rata percentage of equity that they put in the deal.
[00:18:11] KR: Got you. Everybody is equal in the deal and you’re just distributing cash flow pari passu as you said. Got you. Everybody gets their share based on their ownership.
[00:18:22] BA: Yeah. We probably have 25 to 50 entities in every deal. It kind of depends, but the 80:20 rule is just pretty applicable for us. We’ll have folks who are high net worth individuals that put in $50,000 and they will have some family offices that have a minimum of a million, but it all kind of shakes out and we try to keep it very clean and transparent. We’ve learned our lessons. We get too cute with these things.
[00:18:53] KR: Just keep it simple, right?
[00:18:54] BA: Yes.
[00:18:56] KR: You mentioned a little bit, but who are the folks that are investing in these deals?
[00:19:02] BA: We only work with taxable investors, so no institutional LLPs, it’s not our cup of tea. We’re not structured for them, there’s not a fit for us. It’s across the spectrum of high-net-worth individuals, family offices, independent RAAs and become a big part of our investor base recently, as they look to create yield for their clients, but it’s all taxable investors.
[00:19:24] KR: Is it folks that are only accredited? Is it — I think it’s [inaudible 00:19:27] all accredited?
[00:19:28] BA: Only accredited investors.
[00:19:31] KR: You have an insight into a different market than I do. I’m curious what else should we know about what you guys are working on with commercial real estate or how you’re structuring deals. What are we missing out on?
[00:19:47] BA: The biggest thing for us and the driver for where we go and the product type we get is a direct response to the feedback we get from our investor base, which is, “Give me double-digit yields. I want that cash on cash. Hopefully, I want that net cash on cash. I want it annualized and I want it sent monthly.” We’ve gone down a deal size and we’ve gone to different markets where we could still achieve that on a risk-adjusted basis, but that’s the biggest thing right now. There’s such a thirst for that yield. They can’t get it anywhere else. Multifamily I think still provides a lot of great ROR and potential upside. But for us, we’re really replacing a fixed-income portfolio for most of our investors.
[00:20:32] KR: Very interesting. You’re taking the place of that bond portfolio now that you can’t get anything out of them, right?
[00:20:39] BA: Correct. If you look at what treasuries are doing, they’ve gone up the last couple of days, but you’re still talking about one and a half points maybe. If you look at the junk bond market, you know they’re really risky assets — they’re in that 4%, sub 4% range. For us to achieve that double-digit cash on cash yield, that’s kind of our mission statement and we’re kind of delivering that service to our investor base.
[00:21:04] KR: How do you guys continue to grow over the next couple of years? What do you see happening?
[00:21:09] BA: I think we’re in a long-term low interest rate environment, despite yields going up here a little bit. I can’t see anything happening there substantially. Unfortunately, with all these liquidity in the market, I think cap rates are going to continue to be suppressed. Real estate is one of the few places where you can put money to work that doesn’t seem like is an inflated asset class right now. I think it’s going to continue to be competitive. We’re going to continue to work in secondary markets, Southeast, Midwest, maybe the interior West and try to stick to that $10 million price point. We’ve had a lot of success there and we’ve carved out a nice little niche. Growing the business just deal by deal, our goal is to do five or six acquisitions this year. Knock on wood, we have three that are set to close here in the next 30, 45 days, so we’ll continue to just kind of chug along, where we’ve been in the last year or two.
[00:22:09] KR: That’s awesome. What are you seeing in the markets that you’re in? I mean, what do cap rates look like on the commercial side?
[00:22:17] BA: I mean, people don’t believe me when I say this. For suburban office, it’s well located. Tenants are high quality and they haven’t had any COVID issues. Cap rates have gone down since COVID. There’s just really not a lot of deal flow. The biggest challenge that we’ve seen is, sellers have stopped transacting because they don’t have a very productive place to put the money back to work. You’ve seen a little bit of slow down there. But generally speaking for our deals, we’re looking at anywhere from a seven, to an eight, to a nine cap.
[00:22:49] KR: Wow! That’s just so different when you think about from a multifamily perspective and you have markets that are heading into like low force now, and some of the more competitive markets. I guess even when you get to the coast, you’re maybe talking threes almost.
[00:23:04] BA: Yeah. When you think about a German pension plan, that by law has to invest in negative returning, door to boons bond market. For them, a 3% yield probably makes sense, so you’re going to continue to see that dynamic play out. For us, we’ve had to continue to go smaller and smaller on the deal size, and that adage in real estate of it takes same out of brain damage to do a $10 million deals as to do a $100 million deal is totally right, but there’s a price differential there. So we just kind of said, we’ll put up with doing some of the smaller deals because the returns are outsized. I think we’re going to continue to have to rotate through markets and keep going in that sub $10 million range.
[00:23:50] KR: What’s really funny is, we’re doing the exact same thing on the multifamily side. We’re doing smaller deals, we’re in more tertiary markets, for the exact reasons that you just described. It really is a parallel strategy, so that’s a good proof points to me, that somebody that’s really smart in another asset is following the same strategy.
[00:24:13] BA: Yeah. I mean, I think we’re all seeing the same thing, and also, from the investor side, listen, if you want exposure to big gateway market office deals, you can get it through fund of funds or REIT vehicle or something else. But what we do is just, there’s more niche and more strategic. It just has a different place in your portfolio and it’s continued to work and I think we’re going to stay focused there.
[00:24:39] KR: Definitely. Thanks, Brian. It’s been awesome having you on because I’ve learned a ton about office that I didn’t know. I appreciate you coming and sharing all that with our listeners. Before I let you go though, we’ve got a section that we like to do called, key is the success. I want to get your thoughts on a few questions. First one, what is the one question, if you only had one, that every investor should ask their deal sponsor?
[00:25:06] BA: Yeah. This is a great question and this is something I talk about with other folks as well. I think the biggest mistake investors make when they’re doing diligence on a manager is not focused on the deal itself. The deal is what the deal is, and you can run diligence. You can do your homework. But on some level, you have to just trust that manager. You have to trust they know what they’re doing, you have to trust the assumptions they’re making and you can make your decision on whether that deal works. But the question you should be asking is, “Don’t talk to me about this deal. Talk to me about how you have built your small business infrastructure and what my experience as an investor will be.”
[00:25:48] KR: Interesting. I like that.
[00:25:50] BA: Because there are two different risks. The deals have to work, but in order to be sustainable and to scale efficiently, you just need all this infrastructure internally, that a lot of sponsors unfortunately think of themselves as deal guys and not small business owners. That will really determine what your experiences is like as an investor.
[00:26:09] KR: Yeah. That’s very good. I like that question. What are you most proud of in your career?
[00:26:14] BA: I made a bunch of mistakes the first go-around, mostly around not having a sufficient infrastructure and a small business mindset when I was being a real estate entrepreneur. It was a challenge. My reporting was bad, my investor relations was bad, my marketing was terrible. I didn’t focus enough on the tax side of things. It was hard. I mean, I had a lot of very difficult conversations with my investors, but I took all that feedback. I got kicked in the teeth. I was very vulnerable for about a year, went on kind of a mini roadshow. I took all those lessons, and I fixed things, then I tried to make them better. We continue to try to make them better, but the thing I’m really proud of is going through that excruciatingly painful process and not just walking away and going dark. I think it’s ultimately made me a much better manager.
[00:27:11] KR: Yeah. I’m sure it has. That’s great, to be able to go through and come out on the other side. Awesome. What books should everybody be reading?
[00:27:20] BA: The No Rules Rules by Reed Hastings, the Netflix CEO. If you are in any management position or just thinking about how you would ultimately want to build your business, he has a very radical way of thinking about things. It’s almost like Ray Dalio. The book is well worth anyone’s time to check out, no matter what industry you’re in.
[00:27:42] KR: Awesome! Lastly, what is your number one key to success?
[00:27:47] BA: I would say, the term that you use, the grit, resiliency. I mean, in this business, you are going to be challenged every day and a lot of people are going to say you’re crazy, you’re going to get a lot of nose. But if you wake up and work every day, you can build something really special, but it’s a grind.
[00:28:16] KR: Yeah. You got to shove every single day as an entrepreneur and as your own boss.
[00:28:22] BA: Yes.
[00:28:22] KR: Awesome! Thanks again, Brian. I appreciate you coming on and sharing all of your wisdom with the listeners, with myself. Great talking with you. How could folks get a hold of you if they want to learn more about what you’re doing at Excelsior Capital?
[00:28:36] BA: Yeah. I appreciate that. I’m very active on LinkedIn, that’s how we connected. So if you shoot me a message, connect with me, I’d be happy to set up a call. I’m posting on there all the time. Then you can go to the website, excelsiorgp.com and you can enter into kind of the process there if you want to learn more about the investment side and what we do.
[00:28:57] KR: Awesome! We’ll make sure that’s all on the show notes so folks can get a hold of you.
[00:29:00] BA: Cool. Thank you.
[00:29:01] KR: Thanks, Brian. Have a good rest of the day, man. It was nice talking with you.
[00:29:04] BA: All right, Kent. I appreciate it.
[00:29:05] KR: Bye.
[END OF INTERVIEW]
[00:29:07] KR: Thanks for listening to another great episode of Ritter on Real Estate. Hit the subscribe button and make sure you don’t miss out on the content that will make you a better investor. Also, visit kentritter.com for articles, videos, and tools curated just for passive investors. Until next time, this is Kent Ritter with Ritter on Real Estate. Now, go out and invest like a pro.