The Value Builder Podcast

In Episode 54 of The Value Builder Podcast, Bonaventure founder Dwight Dunton joins Saul Zenkevicius to break down the financing, leverage, and market decisions that determine whether an investor gets to participate in the next recovery—or gets wiped out before it arrives.
 
Dwight explains why sponsor alignment goes much deeper than simply saying you’re “co-invested,” why HUD may be one of the best multifamily loan programs available, and how a 40-year fixed-rate, non-recourse structure can completely change an investor’s margin for error.
 
They also dig into one of the hardest decisions in multifamily today: when to start buying again.
 
Dwight would rather miss the exact bottom and buy once the “green shoots” of rent and occupancy recovery are visible than spend two years being right too early.
 
And when it comes to rates, his philosophy is even simpler:
 
You can afford to lock today and watch rates fall.
 
You may not be able to afford staying exposed if rates go the other direction.
 
The goal isn’t to perfectly predict the market.
 
The goal is to stay in the game long enough to win.
 
Chapters
00:00 The Rule for Getting Old and Rich00:54 Meet Dwight Dunton of Bonaventure03:09 What Real Sponsor Alignment Looks Like05:03 Does Rolling Fees In Really Count as Co-Investment?06:25 How Much Skin in the Game Is Enough?07:17 Why HUD Financing Deserves Another Look08:25 “Difficult Process, Amazing Outcome”08:45 40-Year Fixed-Rate, Non-Recourse Debt10:44 The First Rule of Borrowing From HUD11:34 How Small Can a HUD Deal Be?13:09 Choosing the Right Debt for the Deal14:55 The Real Danger of High Leverage16:18 Don’t Bet Your Business Plan on Market Recovery17:17 Why Dwight Won’t Try to Pick the Bottom19:39 Individual Deals vs. Pooled Funds21:00 From “Cargo Pants” to a Simpler Investment Structure22:29 What 2008 Can Teach Investors Today22:58 The Risk You Can’t Afford to Get Wrong24:18 Connect With Dwight & Bonaventure
Connect With Dwight Dunton
Bonaventure: https://bonaventure.com/LinkedIn: https://www.linkedin.com/in/dwightdunton/
 
Follow Dwight Dunton and Bonaventure for ongoing multifamily and investment insights.
 
Bonaventure manages approximately $3 billion in assets and invests alongside its high-net-worth and family-office partners.
 
Subscribe to The Value Builder Podcast for practical conversations with experienced commercial real estate operators, investors, developers, and capital partners focused on creating durable value.
 
#MultifamilyInvesting #CommercialRealEstate #RealEstateInvesting #CRE #ValueBuilderPodcast

Commercial real estate investors spend a lot of time thinking about cash flow, depreciation, and the next deal.
But what happens when the real goal shifts from simply building wealth to keeping it, protecting it, and making it work harder?
In Episode 53 of The Value Builder Podcast, Saul Zenkevicius sits down with Josh Manier and CPA Stewart Cariveau to unpack the financial side of wealth that many operators overlook.
They challenge the idea that cash flow should always be the North Star, explain why liquidity creates both protection and opportunity, and discuss how tax planning changes when you start thinking in decades instead of April 15th.
The conversation gets into cost segregation, real estate professional status, 1031 exchanges, investment accounts, personal balance sheets, tax documentation, and why aggressive strategies still need to survive scrutiny.
And then Stewart takes things to Cabo, where lifestyle, real estate, networking, and financial strategy all start intersecting.
From “write off your life” to the “1031 slaughterhouse” to Stewart’s closing philosophy of “Let’s print some money,” this one has plenty of ideas worth challenging.
Chapters
00:15 Building Wealth Is Only Half the Job01:28 What Josh & Stewart Do for Private Families05:10 Is Liquidity More Important Than Cash Flow?08:31 Do You Actually Need That Much Life Insurance?10:05 Where Should Your Money Be Working?14:25 Cost Segregation, Taxes & CRE15:06 The Real Estate Professional Rules Investors Miss21:32 The Tax Strategy Social Media Oversimplified25:02 1031 Exchange or Cost Segregation?29:03 The Personal Residence Tax Opportunity31:09 The Augusta Rule Most Investors Ignore31:30 Using New Purchases to Offset Property Sales35:00 How Their CFO & Tax Advisory Model Works38:15 The Cabo Wealth & Lifestyle Strategy44:04 How Real Estate Financing Works in Cabo48:19 Connect With Josh & Stewart48:58 “Let’s Print Some Money”
Connect With Josh Manier & Stewart Cariveau
Josh ManierPhone: (952) 345-3445Email: joshmanier@gmail.com
Josh and Stewart describe their practice as private and referral-based rather than publicly marketed. They advise high-net-worth families and closely held businesses across tax strategy, liquidity, investments, cash flow, and personal/business balance-sheet planning.
Subscribe to The Value Builder Podcast for practical conversations with commercial real estate operators, investors, advisors, and entrepreneurs focused on creating and protecting value.
This conversation is for educational purposes and should not be treated as individualized tax, legal, or investment advice.
#CommercialRealEstate #TaxStrategy #RealEstateInvesting #WealthBuilding #ValueBuilderPodcast

Multifamily has taken its hits. Higher rates, compressed values, capital calls, slower rent growth, and painful refinances have forced operators to rethink what actually creates value.
Gary Lipsky is buying again.
In Episode 52 of The Value Builder Podcast, Gary joins Saul Zenkevicius to explain why he believes the multifamily market is beginning to turn and why today’s lack of competition may be creating one of the better buying windows in years.
Gary shares how his team recently acquired another 300-unit property, why he’s seeing some of the highest cap rates he’s seen in more than a decade, and why real value-add today requires much more than simply renovating units and raising rents.
They also get into creative NOI growth, market concentration, preferred equity, capital calls, supply coming off the market, and the painful refinance decision Gary wishes he could take back.
Chapters
00:00 Why Gary Is Buying Real Estate Now00:47 Gary Lipsky and Break of Day Capital03:03 Does Multifamily Value-Add Still Work?05:12 Creating NOI Without Relying on Rent Growth09:22 Why Market Concentration Matters11:49 Gary Is Buying Again12:47 Are More Multifamily Defaults Coming?15:07 Why Gary Thinks This Is a Buying Opportunity15:40 Navigating Cash-In Refinances17:33 The Refi Decision Gary Wishes He Could Take Back20:30 Control the Controllables22:02 Is Multifamily Starting to Turn?23:03 Connect With Gary
Connect with Gary Lipsky:
Break of Day Capital: https://breakofdaycapital.com
Gary’s books, investor resources, newsletter, social links, and current opportunities are available through the Break of Day Capital website.
Subscribe to The Value Builder Podcast for practical conversations with commercial real estate investors and operators building long-term value. New episodes every Wednesday.

Higher rates can hurt valuations, freeze sellers, and create distress. They can also create exactly the kind of buying opportunities value-add investors wait for.
 
In Episode 51 of The Value Builder Podcast, Saul Zenkevicius sits down with Nikita Zhitov and Rafik Moore to unpack five CRE stories that were getting major attention: AI and office demand, rising foreclosures, retail’s comeback, higher-for-longer rates, and whether industrial is actually overbuilt.
 
With the Fed decision landing as this episode drops, the rates discussion is especially timely. Rafik explains why “the more distress they cause, the more bullish I get,” while Saul lays out a simpler response to rate uncertainty: stop trying to predict the Fed, underwrite conservatively, and buy deeper. Nikita adds the seller-side reality: many owners still have not adjusted expectations enough for today’s cost of capital.
 
They also get into why Class A office may separate further from B/C, why retail demand is coming back in new forms, and why small- and mid-bay industrial may still have room even when big-box distribution feels overbuilt.
 
Chapters
00:15 Five CRE stories everyone is talking about00:45 Is AI really killing the office?07:38 Why Class A office may separate from B/C11:18 Foreclosures up 21%: crack or normalization?15:30 Why interest rates are driving distress19:37 Why retail is back24:45 Experiential retail and value-add opportunity28:18 Higher rates, deeper discounts30:56 Stop predicting the Fed. Underwrite for it.32:50 Is industrial really overbuilt?36:04 Why small- and mid-bay still look interesting38:05 Final thoughts on surviving the cycle
 
Subscribe to The Value Builder Podcast for practical conversations with commercial real estate investors and operators building long-term value. New episodes every Wednesday.

Insurance has become one of the biggest pain points in commercial real estate. What if there were a way to stop simply paying premiums and actually participate in the economics of the insurance company?
 
In this episode of the Value Builder Podcast, Saul sits down with Nicolas Lares of Insur3Tech to break down captive insurance and how real estate owners can use alternative insurance structures to potentially lower costs, share risk, and participate in returns when the group performs well.
 
Nicolas explains the difference between traditional insurance, group captives, and independent captives, how reinsurance protects against catastrophic losses, what lenders think about captive coverage, and when a portfolio may be large enough to consider its own captive.
 
They also discuss how aligning incentives between property owners and the insurer can change the claims process and why Nicolas believes good operators may be subsidizing higher-risk owners in the traditional insurance market.
Chapters
00:00 Introduction01:15 How Nicolas Got Into Insurance04:14 The Insurance Crisis That Changed Everything06:03 Building a Group Captive08:11 How Captive Insurance Actually Works10:21 What Happens When Catastrophic Losses Hit?12:57 Why Insurance Works Like a Casino13:53 Will Lenders Accept Captive Insurance?15:30 What Does It Take for a CRE Operator to Get Started?18:53 Becoming a Co-Owner Instead of Just a Customer19:56 When Does Your Own Captive Make Sense?22:49 Why Nicolas Questions Traditional Insurance25:05 The Potential Economics of Captive Insurance28:50 Why Saul Exited Southwest Florida29:13 Rethinking the Insurance Claims Process31:45 How to Connect with Nicolas Lares
Connect with Nicolas Lares
Website: insur3tech.comLinkedIn: linkedin.com/in/nicolas-lares-77a328169Email: nicolas@insur3tech.com
About Value Builder
The Value Builder Podcast features conversations with investors, operators, developers, entrepreneurs, and business leaders focused on creating value through commercial real estate, business ownership, and long-term investing.
#CommercialRealEstate #RealEstateInvesting #CaptiveInsurance #CRE #Insurance #ValueBuilderPodcast

What matters more: building a bigger portfolio or creating more freedom?
In this episode of the Value Builder Podcast, Saul sits down with Danny Newberry of Vail Commercial Group to discuss the evolution of a commercial real estate investor, from multifamily beginnings to retail, industrial, office, development, and beyond.
Danny shares why he shifted away from aggressively growing his company, how he thinks about cash flow versus equity growth, and the framework he uses to decide which deals to hold long-term and which deals to sell.
The conversation also explores today's opportunities in neighborhood shopping centers, small-bay industrial, selective office investments, joint ventures, and the importance of aligning your business with the lifestyle you actually want.
Chapters
00:00 Introduction00:16 From Multifamily to Retail & Industrial02:58 Is Office Coming Back?04:49 Turning Around a 170K SF Houston Flex Building07:53 Why He Walked Away from a Bigger Business12:17 The Cost of Chasing More13:45 The Cash Flow vs Growth Decision Every Investor Faces16:17 Why Cash Flow Creates Peace of Mind18:20 Which CRE Deals Should You Hold Forever?19:40 Partnerships, Capital & Today's Opportunities20:51 How to Connect with Danny Voss21:08 What Are You Most Grateful For?21:53 The Longevity Question22:20 Closing Thoughts
Connect with Danny Newberry
🌐 Website: VailCommercialGroup.com
📧 Email: Danny@VailCommercialGroup.com
About Value Builder
The Value Builder Podcast features conversations with investors, operators, developers, entrepreneurs, and business leaders focused on creating value through commercial real estate, business ownership, and long-term investing.
#CommercialRealEstate #RetailRealEstate #IndustrialRealEstate #CREInvesting #CashFlow #ValueBuilderPodcast #RealEstateInvesting #PassiveIncome

What does it take to build wealth through multiple real estate cycles?
In this episode of the Value Builder Podcast, Saul sits down with Kathy Fettke, co-founder of RealWealth, bestselling author, educator, and longtime real estate investor, to discuss the investing principles that have endured through booms, busts, recessions, and recoveries.
Kathy shares lessons learned from the 2008 financial crisis, the dangers of speculation, the importance of cash flow, and why long-term ownership continues to outperform short-term thinking. She also discusses demographic shifts, housing supply challenges, inflation, and how investors can position themselves for the next phase of the market.
Whether you're buying your first investment property or building a long-term portfolio, this conversation offers a practical framework for navigating uncertainty and creating lasting wealth.
In This Episode
Why buy-and-hold investing continues to outperform market timing
Lessons learned from the 2008 financial crisis
The difference between speculation and investing
Housing supply, demographics, and future demand
Building wealth through cash-flowing assets
Common mistakes investors make during market cycles
How to think long term when markets get volatile
Connect with Kathy Fettke
📧 Website: RealWealth
📱 LinkedIn: Kathy Fettke
🎙 Podcast: Real Wealth Show Podcast

Over the past year, the Value Builder Podcast has featured developers, investors, operators, entrepreneurs, brokers, and builders from across commercial real estate.
Different markets. Different strategies. Different backgrounds.
Yet certain lessons kept showing up again and again.
In this special one-year anniversary episode, Saul reflects on the biggest insights from the first 47 episodes and revisits some of the most memorable moments from guests who shared hard-earned wisdom about business, investing, entrepreneurship, leadership, money, fulfillment, and life.
In this episode, you'll hear lessons on:
Building wealth without losing sight of what matters
Why fundamentals still win in commercial real estate
The difference between income and asset ownership
Entrepreneurship, risk, and resilience
Capital raising and long-term investing
Gratitude, generosity, and legacy
What the best operators seem to understand that most people miss
Whether you've been with us since episode one or you're discovering the show for the first time, this episode captures the themes that shaped the first year of Value Builder.
Thank you to every guest, listener, subscriber, and supporter who helped make year one possible.
Here's to the next chapter.

Shay Yakobovich built commercial real estate wealth, then made a different choice: fewer deals, smaller headaches, and more life.
 
In this episode, Saul sits down with Shay to talk about what happens after you have enough. They cover passive income, lifestyle creep, gratitude, giving back, and why chasing bigger deals is not always the right answer.
 
In this episode, you’ll learn:
Why Shay stepped away from chasing larger CRE deals
How he built a team that lets him work only a few hours a week
Why “less is more” became his operating philosophy
How gratitude and giving back changed his view of wealth
What smaller retail and flex deals can offer that larger deals often cannot
Why sleeping well at night became part of his investment criteria
 
Connect with Shay on LinkedIn: https://www.linkedin.com/in/shay-yakobovich-783296a3/
 
This episode is for CRE operators and investors asking a deeper question: what is all this work actually for?

Joe Fairless has built one of the largest multifamily investment platforms in the country, overseeing more than 14,000 units and $3.9B in assets across the Sunbelt. In this episode, Saul sits down with Joe to break down what it actually takes to operate at that scale, how today’s multifamily market is really performing behind the headlines, and why disciplined operations matter more than ever in this cycle.
The conversation dives into capital raising, supply pressure, concessions, property management, and the realities of navigating large-scale apartment investing during a shifting market environment.
Listener takeaways include:
How Joe scaled to 14,000+ units and a $3.9B portfolio
What’s really happening in Sunbelt multifamily markets right now
Why concessions and supply pressure are lasting longer than expected
How institutional-quality operations create long-term stability
The importance of diversifying capital sources and investor relationships
What experienced operators are watching over the next 12–18 months
Whether you're an active multifamily operator, passive investor, syndicator, or CRE entrepreneur, this episode offers a practical look into managing large apartment portfolios through changing market conditions.
Connect with Joe Fairless:
LinkedIn: https://www.linkedin.com/in/joefairlessPodcast: https://www.bestevercre.com/podcastWebsite: https://ashcroftcapital.com
🔔 Subscribe for weekly conversations with commercial real estate operators, investors, and builders creating long-term value.
#CommercialRealEstate #MultifamilyInvesting #ApartmentInvesting #RealEstateInvesting #CapitalRaising #CRE #ValueBuilderPodcast