In this episode, I sit down with David Hansel, founder of Alpha Funding and Lucern Capital Partners, to unpack how he built a vertically integrated real estate platform spanning private lending and private equity ownership. David shares how he transitioned from brokerage and house flipping into building a lending business that has funded over $1.2 billion in loans—and how that eventually evolved into launching a private equity firm focused first on multifamily and now on small bay industrial.

We dive deep into why he pivoted away from multifamily, what makes small bay industrial so attractive today, and how scarcity, triple net leases, and disciplined acquisitions create durable cash flow. If you’re thinking about lending, industrial investing, or building a platform instead of just buying properties, this conversation is packed with insight.

⸻

Episode Highlights:

[0:00] – David’s transition from the dot-com bust into real estate

[4:19] – The advice that pushed him to invest, not just broker

[5:19] – Launching Alpha Funding and entering private lending

[6:28] – Why first-lien lending offered strong yields with controlled risk

[8:58] – Underwriting fundamentals: borrower quality, ARV, and scope review

[10:26] – Institutional capital entering the private lending space

[14:04] – Building a reputation-driven origination platform

[19:44] – The origin story behind launching Lucern Capital Partners

[21:19] – Scaling multifamily in the Northeast and Carolinas

[22:46] – Why rising costs and rates pressured multifamily returns

[23:15] – Identifying small bay industrial as the next opportunity

[24:11] – Creating value through below-market rents and triple net leases

[26:25] – Supply constraints: why small bay is hard to build

[29:22] – Tenant profile: service providers, trades, light manufacturing

[32:25] – Why Lucern structures industrial deals as syndications, not funds

[35:01] – Target hold periods and achieving early 1.5x equity multiples

[37:34] – The long-term case for small bay industrial

[41:36] – The “sport of perfection” mindset and constant refinement in business

⸻

5 Key Takeaways

1. First-lien lending provides yield with downside protection when underwritten properly.

2. Institutional capital changes markets—operators must adapt.

3. Small bay industrial benefits from scarcity and limited new supply.

4. Triple net leases create more predictable cash flow than many multifamily assets.

5. Long-term success comes from refining small details—not chasing trends.

Links & Resources:

• Lucern Capital Partners – https://lucerncapital.com/

• Alpha Funding – https://www.alphafunding.com

• Connect with David Hansel on LinkedIn

• Mentioned Topics: Private lending, fix-and-flip loans, DSCR loans, small bay industrial, triple net leases, multifamily value-add

If this episode helped you think differently about lending, industrial investing, or building a vertically integrated platform, make sure to follow, rate, review, and share the show—it helps us reach more investors serious about playing the long game.

In this episode, I sit down with Will Matheson, co-founder of Matheson Capital, to unpack how he and his twin brother scaled from buying duplexes in their mid-20s to operating a growing multifamily platform across the Southeast. Will shares the early mistakes they made, how their underwriting dramatically improved after 2020, and why they originally pitched investors on short-term holds with a simple message: “Date me, don’t marry me.”

We dive into sourcing deals through brokers, building investor relationships in unconventional ways (yes, even dating apps), and why fixed-rate debt has been their anchor through market volatility. If you’re navigating today’s distress cycle or thinking about how to scale responsibly in multifamily, this episode is a masterclass in discipline, market selection, and capital strategy.

⸻

Episode Highlights

[0:00] – Will’s transition from Marcus & Millichap broker to multifamily owner

[3:26] – Leaving brokerage to earn a Master’s in Real Estate Development at Columbia

[4:20] – Flipping their first deal in two months with a 400% IRR

[9:07] – Why starting small (2–32 units) built long-term confidence

[12:16] – The “date me, don’t marry me” 1–3 year hold strategy

[15:02] – Why proven value-add beats reinventing the wheel

[16:49] – Why Will loves working with brokers instead of cold calling owners

[18:31] – Choosing Southeastern markets with growth and barriers to entry

[20:41] – Buying build-to-rent in Alabama at $100 per square foot

[23:44] – Raising capital through LinkedIn, referrals, cold calls—even dating apps

[24:31] – Selling most of their portfolio before the rate spike

[27:02] – Why fixed-rate debt is non-negotiable at Matheson Capital

[29:12] – Supply pressure in Charlotte vs. insulated micro-markets

[33:18] – Targeting $1B AUM while staying disciplined

[34:33] – Capital stack distress creating today’s buying opportunities

[35:48] – Why insurance hasn’t hurt them the way it has others

⸻

5 Key Takeaways

1. Early mistakes are tuition—small deals create room to improve your process.

2. Fixed-rate debt provides stability when rates and capital markets shift.

3. Proven value-add strategies reduce downside risk.

4. Distress today is mostly in the capital stack—not necessarily at the property level.

5. Investor relationships can come from anywhere—consistency beats perfection.

⸻

Links & Resources

• Matheson Capital – https://www.mathcap.com

• Connect with Will Matheson on LinkedIn

• Mentioned Topics: Fixed-rate debt, loan assumptions, build-to-rent (BTR), Southeastern multifamily markets, capital stack distress, value-add underwriting

If you enjoyed this conversation on scaling responsibly, navigating distress, and building a multifamily platform the disciplined way, make sure to follow, rate, review, and share the show—it helps us reach more investors serious about long-term growth.

In this episode, I sit down with Mark Podolsky—aka “The Land Geek”—to break down one of the most overlooked niches in real estate: buying and seller-financing raw land. Mark shares how he went from a miserable investment banking career to completing over 6,500 land deals by focusing on one simple principle: make your money on the buy, then create recurring passive income without tenants, toilets, or termites.

We unpack how he acquires land at 25–35 cents on the dollar, why defaults can actually be profitable, and how accredited investors can use this strategy to build tax-advantaged cash flow inside self-directed retirement accounts. If you’ve never considered land as a serious investment class—or you think it’s “boring”—this episode might completely shift your perspective.

⸻

Episode Highlights:

[0:00] – Mark’s transition from investment banker to full-time land investor

[4:06] – The first land deal: buying $300 parcels and flipping for 300% returns

[4:20] – Making $90,000 from a single auction in Arizona

[6:01] – Why control—not money—was the real motivator for leaving Wall Street

[8:57] – The core model: buying tax-delinquent land at deep discounts

[10:09] – The “3–5% acceptance rule” when sending direct mail offers

[11:10] – Seller financing raw land to create monthly “car payment” income

[13:24] – Why defaults are part of the profit model

[16:21] – The $50 lots in New Mexico that sold for $1,000 each

[20:49] – Markets Mark prefers: Arizona, New Mexico, Colorado, Florida

[25:17] – Why starting with 5–7 parcels creates faster inventory turnover

[27:57] – Using data sources like DataTree and county assessor records

[29:02] – Automating 90% of the business with software and virtual assistants

[33:02] – Why this strategy works well in self-directed IRAs and Roth accounts

[38:42] – How recession cycles affect default rates and buying opportunities

[41:38] – Typical note terms: 5–7 year amortizations at ~12% interest

⸻

5 Key Takeaways

1. The profit is made on the buy—deep discounts create margin and flexibility.

2. Seller financing turns land into predictable, recurring cash flow.

3. Defaults aren’t disasters—they often extend and increase total returns.

4. Land is an inefficient market, which creates opportunity for disciplined buyers.

5. This niche avoids leverage, tenants, and heavy operational complexity.

Links & Resources

• The Land Geek – https://www.thelandgeek.com

• Free Book: Dirt Rich by Mark Podolsky

• Mentioned Tools: DataTree, LandMoto, GeekPay

• Topics Discussed: Tax-delinquent land, seller financing, land contracts, passive income, self-directed IRAs, recession resilience

If this episode opened your eyes to a new way of creating passive income without tenants or leverage, make sure to follow, rate, review, and share the show—it helps us reach more investors looking for overlooked opportunities beyond the mainstream.