Most accredited investors I work with want three things:
1️⃣ Lower tax drag
2️⃣ Less concentration risk (not everything tied to one business, career, or public markets)
3️⃣ More optionality later (so work becomes a choice, not an obligation)


The problem is:
→ There’s no written, realistic plan for turning active income into durable passive income
→ You’re seeing LP deals, but there’s no consistent filter for what belongs in your portfolio
→ And you don’t feel 100% confident wiring 50–250k into a private deal without a second set of eyes


Who I am
I’m Pascal Wagner.
→ I’ve personally invested over $3.3M across 20+ private equity deals since 2019 – in funds and syndications across private credit, self‑storage, oil & gas, multifamily, and strategies like development, value‑add, and lending.
→ I’ve built a portfolio that now pays multiple six figures a year in passive income for my family.
→ Before Grow Your Cashflow, I was a fund manager for Techstars, where I helped deploy over $150M into early‑stage tech companies.

I work with accredited investors from “I’ve never done a private deal” to 20–30+ LP deals who still don’t have a repeatable system.

The common thread is moving from “a lot of money and information but no clear plan” to “I know exactly what I own, why I own it, and what it should pay me.”


How I help
I do three things:
1️⃣ LP Starter Kit (free)
A short guide, first‑pass vetting checklist, and a curated sample of 506(c) deals I’m watching. It helps you start thinking more clearly about LP deals and how to evaluate them.

2️⃣ Deployment Gameplan Call (1:1)
A 45–60 minute working session where we clarify what you’re solving for, unpack your biggest investing challenges, review what you’ve already tried, and decide together whether it makes sense to work more closely.

3️⃣ Cashflow Academy (core program)
For investors who want a thinking partner and a clear process to:
→ Build or refine a plan for deploying capital over the next few years
→ Review real deals, operators, and structures before you wire money
→ Use frameworks, checklists, and live deal reviews to make better, faster decisions

I’m not a financial advisor and I’m not tied to any single operator or fund. My job is to help you make smarter decisions with the money you’ve already earned.


Where to start
If you’re an accredited investor and this resonates:
→ Step 1: Grab the free LP Starter Kit (link in Featured)
→ Step 2: If you already know you want to talk 1:1, book a Deployment Gameplan Call and we’ll walk through your situation together

Pascal Wagner

If you’re struggling to find great real estate deals right now, your approach matters.

Here’s what I changed to put a $160K deal under contract last week that should generate ~20% cash-on-cash this year.

For context, I operate a portfolio of 94 single-family units rented by the room in Atlanta—this is how I earn my living.

Early on, real estate felt easier.
I could buy clean, on-market homes, layer in a better operating model, and make thin deals pencil.

That stopped working.

Prices climbed.
On-market inventory got picked over.
Cash flow got squeezed.

So I changed one thing:

I stopped looking for “nice” properties and started looking for ignored ones.

The $160K deal wasn’t turnkey.
It needed a full gut renovation.
It had been listed, passed on, and effectively forgotten.

That wasn’t a bug—it was the feature.

Buying well below after-rehab value gives me room to:
→ Absorb execution risk
→ Rebuild the asset around my cash-flow model
→ Make the deal work even if things aren’t perfect

I’m no longer trying to force my strategy onto whatever the market offers.
I look for assets I can rebuild with intention—and buy them where most people see friction.

That’s usually here:

→ Stale listings
→ Delisted properties
→ Sellers who lost momentum and just want resolution

The real lesson isn’t the purchase price.

As markets get more efficient, returns move away from “finding cheap listings” and toward creativity in sourcing and operating the asset.

If you’re refreshing the MLS hoping for 2019 numbers, this market will feel brutal.

If you start asking, “Where are the assets everyone else already gave up on?”
that’s where the edge shows up.

I help accredited investors build predictable passive income with private deals | LP investor ($3.3M in 20+ deals) | Ex-VC @Techstars (Deployed $150M) | Get My Free Starter Kit👇

When I was 17, I told my dad I could beat him in the stock market.

I had no idea what I was doing… but I was sure I could do it better. 🤣

So I opened a virtual trading account, made a bunch of pretend‑money trades, and convinced myself I had an edge.

Then I put real money on the line.  

Very quickly, I learned I didn’t.

---

My first “real” investment was under my dad’s supervision.

I put money into Jamba Juice because I loved going there.  

That was my entire thesis:

- “I like the smoothies. My friends like the smoothies. This will go up.”

It didn’t.  

I lost around 20%.

Painful? Yes.  
Useful? Also yes.

It taught me:

- Liking a product is not the same thing as understanding the business  
- “I enjoy this” is not a thesis  
- You need a real reason to believe the investment will perform

So the next time, I forced myself to build a better thesis:

- Electric cars are the future  
- Most incumbents are slow  
- If one company executes, it could be huge

A few years later, I sold a real estate deal and put $50K into Tesla.  

My dad matched it with another $50K.

For a long time, nothing magical happened:

- The stock was flat for years  
- There were scary drawdowns  
- People called it a joke more than once

Then, almost all at once, the price tore up.  

Over about 10 years, that $100K turned into roughly $1.5M.

The point isn’t “buy Tesla.”  

The point is what that whole journey burned into my brain:

1️⃣ You need a thesis before you invest  
2️⃣ You need enough conviction to sit through the boring and scary parts  
3️⃣ You need a repeatable way to do this, not one lucky shot

I don’t think wealthy investors need more “products.”  

I think they need:

- A clear thesis for each slice of their capital  
- A simple filter to decide which deals fit it  
- Enough confidence in their own process to sleep at night

If you don’t have that yet – or you want to see the kinds of private deals that can sit underneath a solid thesis (cash flow, tax, diversification) – that’s exactly why I built my free Passive Investing Starter Kit.

You’ll get:

- 25+ current private deals my family office is tracking  
- Weekly updates as new opportunities show up  
- A simple way to start matching vehicles to your own thesis

You can find the link to opt-in on my profile.

Sharing How I Built $250K+/Year Portfolio with 30+ Investments | Best Ever CRE Podcast Host (200K+ Monthly Listeners) | Ex-VC @Techstars, Deployed $150M in 3 Years | Join 1K+ Investors Using My Free Starter Kit👇

Multifamily didn’t “break.”

But a lot of investors learned—painfully—that who you invest with matters more than the deal itself.

In this episode of The Passive Income Playbook on the Best Ever CRE Show, I sit down with Michael Blank—Founder of Nighthawk Equity, multifamily operator with ~$300M AUM, ~1,850 units, and 7 deals gone full cycle—to unpack what actually happened in multifamily over the last cycle… and what’s changed.

Michael has been through multiple market environments, used both fixed and floating-rate debt, lived through the interest-rate-cap shock, and watched firsthand which operators survived—and which didn’t.

Rather than hype “the next opportunity,” this conversation focuses on how LPs should think about operator risk, leverage, underwriting discipline, and market timing heading into 2026 and beyond.

In this episode, we cover:
 ✅ What really caused multifamily distress (and why it wasn’t just “bad markets”)
 ✅ Why buying today looks fundamentally different than buying in 2021–2022
 ✅ How sophisticated investors think about risk-adjusted returns in this cycle
 ✅ The difference between fixed-rate vs floating-rate debt (and when each makes sense)
 ✅ What separates operators who survived the last 24 months from those who didn’t
 ✅ What LPs should ask for during diligence—and what it means if they don’t get it

If you’re a passive investor trying to understand how to avoid the wrong operator, evaluate risk beyond the pro forma, and invest with more confidence in the next phase of the cycle, this episode is for you.


Youtube Link in the comments 👇

I used to think $8K/month in retirement was “plenty.”

Then I went line‑by‑line through a real retiree’s books.

I’ve been helping an older family member with their finances.

I categorize every expense
I see every bank and credit card transaction
I close the books every month like a business

For the first time, I’m seeing what life actually costs when you’re not working:
→ Groceries creeping up
→ Rent or HOA inching higher
→ Healthcare and prescriptions getting more expensive
→ “Little” life stuff that never stops

Even “staying home and not doing much” is expensive.

We’ve structured things so there’s roughly $8,000/month coming in from a mix of cash‑flowing and equity investments.

On paper, that sounds like security.

In practice, a few things became very real:

1️⃣ There isn’t as much slack as you’d think

→ Inflation quietly hits everything:
→ Food, insurance, utilities, medical
→ Occasional travel to see family

It works, but there isn’t a big pile left over. You have to pay attention.

2️⃣ The shocks are what really hurt

It’s not just the recurring bills:
→ Dental work
→ Procedures insurance doesn’t fully cover
→ Home or car repairs

Those “surprise” months show how fragile a “fixed” income really is.

3️⃣ If it feels like this at ~$8K/month…

I keep thinking:
→ What does this feel like for people trying to live on $3K–$4K/month?
→ Or for people mostly relying on Social Security?

It drove home two things:
→ Inflation isn’t a headline. It’s a line item.
→ Most people underestimate the cost of their later years… until they’re in them.

Seeing this up close changed how I think about my own plan.

I don’t want to:
→ Build a big pile of assets and slowly sell them down
→ Hope markets are kind when I need to sell

I want to keep stacking boring, durable cash‑flowing assets and let them pay for life:

→ Use my working years to buy and build income‑producing assets
→ Prioritize deals that generate 10%+ in cashflow
→ Reinvest as much of that cash flow as I can, for as long as I can

You can have the same net worth on paper and a completely different feeling:

→ Not “I hope this nest egg lasts”
→ More “my assets send me a paycheck every month, and I’m still adding to the machine”

If you’re in your 40s, 50s, or 60s and want more of your later life funded by cash flow instead of slowly draining a nest egg, I put together a free Passive Investing Starter Kit.

When you join my email list from the link in my profile, you’ll get:

📌 25+ current cash‑flowing deals in real estate and other alternatives
📌 New opportunities added every Friday
📌 Simple frameworks to see which ones actually fit your situation

Best suited for accredited investors earning $200K+/year or with $1M+ net worth (excluding your primary residence).

A client of mine sold his e‑commerce business for over $30M.

Now he’s slowly redeploying that capital into “passive” real estate deals.

Like everyone, he sends me decks and asks the same question:
→ “Is this a good deal?”

That’s the wrong question.
The better question is:

→ “What risk am I being compensated for?”

Price is what you pay. Value is what you get. 

In private deals, the “value” is the specific risk you agree to eat in exchange for the projected return.

If you don’t know what that risk is, you’re not investing. You’re guessing.

Let me show you what I mean.

He recently sent me a medical office deal in California.

On the surface, it looked great: glossy deck, strong IRR, nice equity multiple, market stats, pretty photos.

The basics were:
→ Medical office property in California
→ Currently 16% occupied
→ Two signed leases that would take it to ~65% once the build‑outs are done
→ Those tenants don’t pay rent until their spaces are built out over the next ~2 years

So we start reading.

Buried in the numbers was the line that actually matters:

At 65% occupancy, the property barely hits a 1.0x debt service coverage ratio.

In plain English: at that level of income, it just covers the mortgage. No cushion.

That leads to the real diagnostic question I always ask:

“Why isn’t a bank doing this? Why isn’t the sponsor doing it with their own capital?”

At 65% occupancy, no bank will fund this loan.

So what’s actually happening here?

Investors are effectively acting as the “bank before the bank.”

The real bet in this deal is that:
→ The tenant improvements get done on time and on budget
→ The signed tenants actually move in and pay
→ The sponsor can lease another 1–2 suites, taking occupancy from ~65% to ~85%
→ At that point, the property qualifies for long‑term bank debt and a cash‑out refi to pay investors back

That’s the risk you’re being compensated for: lease‑up and execution risk on the path from 16% to a stable, financeable building.

If that doesn’t happen, the refinance doesn’t happen.

And all those “target returns” were just numbers in a PDF.

So next time you’re looking at a deal, don’t stop at “is this good?”

Ask yourself:
→ What has to go right for these returns to be real?
→ Why isn’t cheaper capital doing this instead of me?
→ Exactly what risk am I getting paid to hold here?

If you can’t answer that in one sentence, you’re not ready to wire.

Because in private deals, you don’t just earn returns.

You get paid to hold a specific risk other people don’t want.

Make sure you know exactly which one you’re signing up for.

The older I get, the less I care about “maximum return” and the more I care about “sleeping at night.”

When I first started investing, I obsessed over the upside:

→ “What IRR am I getting?”
→ “What cap rate am I buying at?”
→ “What’s the exit price?”

All important. But incomplete.
As you get more reps, the question quietly shifts from:

“How much can I make?”
to
“What risk am I actually taking, and am I being properly paid for it?”

Right now, the risk‑free rate is ~4%.

So every private deal has to clear a brutally simple hurdle:

Is this extra complexity, illiquidity, and brain damage worth more than 4% in Treasuries?

Take ground‑up development:
→ Timelines slip
→ Construction runs over (sometimes by a lot)
→ Lease‑up can drag
→ The market can change while you’re building

You’re stacking entitlement risk, construction risk, cost‑overrun risk, lease‑up risk, exit risk.

So yes, you should see 20–30% IRR on these if everything goes right.

You’re taking startup‑style risk in a hard‑asset wrapper.

Now compare that to a partially vacant medical office deal I looked at:
→ 15% occupied today
→ Leases signed to take it to 65%, but tenants don’t pay a dollar until build‑outs are done and they move in
→ You’re taking build‑out and lease‑up risk, plus the bet the operator can secure the last few tenants

That deal was offering ~15% returns.

On paper, both live in the “nice IRR” bucket.
In reality, the risk stacks couldn’t be more different.

The point isn’t “this deal good, that deal bad.”

The point is: if the return is higher, something in the risk stack is louder.

Your job as an investor is to answer two questions every time you look at a deck:
1️⃣ Exactly which risks am I taking here?
2️⃣ Given this operator and structure, do I honestly believe those risks are low?

If you can’t answer those clearly, the IRR is just a guess with good graphic design.

Want to invest but can’t seem to pull the trigger.

This could be the reason why:

You’re not clear about why you’re investing.

Most would-be LPs I talk to feel this exact tension:

→ You’re exposed to a lot of deals online
→ You hear about tax benefits and passive income
→ You feel like you should be doing something

But when it’s time to act?

You freeze.

Not because you’re scared.

But because you’re not clear why you’re investing.

So instead of committing capital, you:

 • Watch deals come and go

 • Second-guess every opportunity

 • Feel like you’re “close,” but never quite ready

If you want to escape this cycle, here’s the first step:

→ Decide what problem you’re actually trying to solve by investing.

Most passive investments solve for one of three things:

 1). Passive income to replace or supplement active income

 2). Reducing taxable income

 3). Diversifying away from public markets

Most people say they want all three.

That’s why they stay stuck.

Choose ONE and you’ll escape analysis paralysis and finally move toward making that first investment.

If I could go back and give myself one piece of advice after buying $4M+ of single-family homes, it would be this:

Talk to way more people than you think you need to.

I’ve spent the last decade building a single-family home portfolio that I rent by the room.

Today, I have relationships I trust.

→ Lenders who actually close
→ GCs who pick up the phone
→ Agents and operators whose judgment I rely on
→ People I can call when something needs to get done

But none of that existed early on.

If I were starting over, I’d tell myself to do this sooner:

→ Talk to 30 lenders
→ Talk to 30 general contractors
→ Talk to 30 real estate agents
→ Talk to 30 wholesalers

Not because you’ll work with all of them.

But because the value is in the numbers.

A real example:

In 2022, I did a cash-out refinance on my co-living portfolio.
→ I had 33 lender conversations
→ ~15 said they couldn’t do the deal
→ ~8 said they could… until diligence killed it
→ The remaining handful all offered different terms

Some differences mattered a lot:

→ 30-year amortization vs 15-year
→ Prepayment penalties vs none
→ Lower rates with more strings attached
→ Flexibility vs certainty

That’s where leverage actually comes from.

Not from being “good at negotiating.”
But from seeing all the levers you can pull.

Maybe I’m fine with a 5-year prepayment penalty because I plan to hold long-term.
Maybe I trade flexibility for a lower rate.
Maybe I prioritize certainty of execution over pricing.

Those decisions only exist if you’ve seen enough deals to compare.

The spreadsheet is the real asset.

I can juice returns today not because I’m smarter—but because I’ve built a deep bench of people I can call on to make a specific deal work.

If you’re early in your investing journey, don’t optimize for speed.

Optimize for exposure.

Talk to more people.
Collect more data.
Build your bench before you need it.

That’s how real leverage is created.

If you’re nervous about putting more money into the stock market right now…

You’re not crazy.

Equities feel expensive.

Treasuries finally pay something.

Commercial real estate just went through a real reckoning – capital calls, paused distributions, ugly write-downs.

A lot of accredited investors I talk to (net worth: $1M+) are stuck in the same place:
→ “I don’t want to sit in cash…
→ but I also don’t want to blindly buy more of the same stuff at these levels.”

So here’s how I’m thinking about this part of the cycle — and a few distinct buckets worth understanding if you want to do more than just “hold and hope.”

1️⃣ Short‑term Treasuries (parking lot + defense)

Right now, T‑bills and short‑duration Treasuries actually pay something.

- Pros: super liquid, very low credit risk, simple  
- Cons: you’re not getting rich; you’re buying time and optionality

This is where I’m comfortable holding “dry powder” instead of letting idle cash rot in a bank account.

2️⃣ Monetary hedges (gold, Bitcoin, alternatives)

This bucket isn’t about yield.

It’s about protecting purchasing power.

Assets like gold and Bitcoin play a different role:

They’re a hedge against long-term U.S. monetary policy

They’re not tied to earnings growth, rent growth, or GDP

They exist outside the traditional financial system

Pros: diversification from dollar-denominated assets, asymmetric upside in certain regimes

Cons: volatile, no cash flow, psychologically hard to hold if you size it wrong

I don’t look at this bucket as something that “makes me money.”

I look at it as something that keeps the rest of my portfolio honest if the dollar keeps getting debased.

3️⃣ Real estate (cash flow + tax advantages + real demand)

This is where I’m still structurally bullish.

Yes — real estate values are high in many markets.

Yes — cap rates expanded and a lot of people got hurt.

But a few things still hold true:
Real estate uniquely combines cash flow + tax advantages

Depreciation and expense treatment still matter a lot for high earners

Housing demand didn’t disappear — affordability did

Personally, co-living has continued to work well for me.

Rents may have come down from the absolute peak, but the demand from people who don’t qualify for a one-bedroom apartment hasn’t gone anywhere.

If anything, it’s gotten stronger.

I like being in businesses that:
Serve real affordability gaps

Solve an actual housing problem

Produce income while letting me keep more of what I earn

These are not “throw-a-dart” categories.

But when you underwrite them well — structure, debt, operators, and downside protection — they can deliver cash flow and meaningful tax efficiency at the same time.

Most high earners only ever see one version of real estate debt:

Bank loans on finished properties.

The problem is—that’s not where the highest-paid lending actually happens.

---

Most high earners only ever see one part of the game:

- You buy a house or a stabilized rental  
- The bank underwrites your income and the asset  
- You get a 30‑year or 10‑year loan  
- Done

So when you hear “bridge loan,” it sounds exotic.

In reality, it’s just the debt that funds everything banks don’t like to touch:

- First few projects for a newer operator  
- Heavy rehab  
- Lease‑up risk  
- Hairy situations that need to be fixed before a bank will show up

Fairbridge Asset Management has a simple way of mapping this out.

Roughly, the real estate life cycle looks like this:

- Land  
- Pre‑development  
- Acquisition  
- Construction / rehab  
- Stabilized and boring

Now imagine two lines across that:

- Banks: “No… no… maybe… maybe… YES.”  
- Private lenders: “Yes… yes… yes… yes… yes.”

That’s a bridge loan:

- Short‑term, usually 6–36 months  
- Secured by the property  
- Designed to “bridge” from:
  - Land → pre‑dev  
  - Acquisition → rehab / lease‑up  
  - Construction → stabilized  
  - Distressed → fixed and refinanced

From the *borrower’s* side, a bridge loan is:

- More expensive than bank debt  
- Much faster and more flexible  
- Often the only option for getting a real project off the ground

From the *investor’s* side (as an LP in private credit funds), those same bridge loans are:

- Senior in the capital stack (you get paid before equity)  
- Backed by hard collateral  
- Shorter‑duration than equity  
- Typically paying higher yields (often 9–12%+ in many funds) to compensate for taking that earlier‑stage risk

You’re essentially getting paid to be the lender in the “messy middle” of the life cycle…

…funding the part the bank will only touch **after** the hard work is done.

That one mental picture changed how I look at private credit:

- Banks get paid to lend on the finished product  
- Private lenders get paid more to finance the transition from “idea / broken” to “bankable”  
- As an LP, I can choose *which part* of that spectrum my capital funds

If you’re going to invest in private credit or bridge debt, the key questions aren’t just:

- “What’s the yield?”

They’re:

- “Which stage of the life cycle is this funding?”  
- “What has to be true for a bank or long‑term lender to take me out?”  
- “What happens if that take‑out is delayed?”

Most people never ask those. They just see a percentage and hope.

If you’re an accredited investor and you want more exposure to that 9–12%+ asset‑backed “messy middle” – without having to underwrite every sponsor from scratch – my free Passive Investing Starter Kit walks through 25+ current private deals (including bridge‑lending funds) and the exact filters I use to evaluate them.

I’ll drop the link in the comments.

​​The bigger your portfolio gets, the less it should be about excitement…  
and the more it should be about **job descriptions**.

Every dollar needs a job.  
Not every dollar needs to be exotic.

---

I was reminded of this reading a post from Brian Beers. 

Brian built an amazing business through franchises. He’s seen all the “alternative” stuff:

- Oil & gas  
- Private deals  
- Exotic structures

He chased a lot of it for a while.

Now?

He’s back to dollar‑cost averaging into index funds.

Simple. Predictable. Scalable.

Not because he’s lazy.  
Because his **business** is already his high‑risk, high‑reward engine.

The market doesn’t need to be.

---

It got me thinking about *where* your money comes from.

If you’re a business owner:

- You already have a machine you control  
- You can reinvest in new locations, staff, marketing, systems  
- You often get built‑in depreciation and tax advantages

For a lot of owners, the smartest play is:

- More cash flow → reinvest into the thing you’re world‑class at → more cash flow → more depreciation → more tax savings → repeat

In that situation, exotic outside investments may not make a ton of sense…  
unless you’re deliberately diversifying away from your own business.

But if you’re a high‑income W‑2 executive or professional, it’s different:

- You can’t “open another you”  
- You don’t control the P&L  
- Your income is capped by time, health, and comp bands

You don’t have the same “reinvest into myself” flywheel.  
You may need other assets to play the roles a business would:

- Private real estate or credit funds for **cash flow**  
- Certain alternatives for **tax efficiency**  
- Index exposure for **broad growth**

Same goal (grow and protect wealth).  
Very different tools.

---

Personally, I’m diversified on purpose:

- Real estate I own and operate  
- Private credit / income funds  
- Stocks and index funds  
- Select crypto / Bitcoin‑adjacent bets  
- Oil & gas for specific tax goals  

But every line item exists for a reason:

- This sleeve is for monthly cash flow  
- That sleeve is for long‑term growth  
- This one is for tax advantages  
- That one is for asymmetric upside I can afford to lose

No one‑size‑fits‑all answer.  
But there *is* a one‑size question:

- “What job do I want this next dollar to do?”

If your honest answer is “I just want it to be exciting,” that’s fine…  
as long as it’s the right slice of your capital.

Curious how you’re thinking about this right now:

- Are you still mostly chasing growth?  
- Or are you shifting more toward preservation and cash flow as your portfolio grows?

If you don’t talk about money openly, you’re keeping yourself small.

I was fortunate growing up that money wasn’t taboo in my household.

We talked about it plainly and often:
→ What returns are we getting?
→ What stocks do we own?
→ What real estate do we hold?
→ What’s the rate?
→ What’s the loan-to-value?
→ How much debt do we have?
→ Where is our cash sitting—and why?

That environment normalized learning about money instead of pretending to understand it.

There are a lot of factors that go into becoming financially successful.

But one of the biggest is the willingness to say:

“I don’t know enough about this. What do you know that I don’t?”

That conversation can happen with:
→ Your tax accountant 
→ Another real estate investor
→ A venture capitalist
→ A friend who’s simply one step ahead of you

It’s less about who you talk to—and more about being willing to ask.

A small example from this weekend:

I was comparing brokerage accounts and casually mentioned margin rates in conversation.

→ Fidelity: north of 12%
→ Robinhood: closer to 6%

Then I learned Robinhood was offering ~2.5% matching on transferred assets.

Same capital.

Lower borrowing cost.

Less risk.

Free upside.

Nothing changed except knowledge.

That’s how a lot of life works.

Not because you’re doing something wrong—
but because you don’t yet know what’s possible.

For better or worse, I’ve gone against the taboo and talk about money openly.

It’s uncomfortable—especially online.

You risk sounding ignorant.

You risk being judged.

But I’ve noticed something:

The people worth betting on are the ones willing to look a little stupid in public long enough to learn.

If you’re not where you want to be financially, the biggest unlock for me wasn’t a single deal or strategy.

It was talking openly about my situation—and listening to how others think.

Curiosity compounds faster than capital.

You open a deal deck that looks perfect — polished returns, confident operator, flawless pitch.

But something still feels off.

That hesitation isn’t fear — it’s intuition. And for most LPs, it’s the only line of defense they have… because nobody ever taught you how to actually vet a deal.

In this solo episode of The Passive Income Playbook on the Best Ever CRE Network, I walk through my real due-diligence checklist — the exact questions I use to vet private debt and credit funds before I invest.

Most investors stop at that hesitation because they don’t have a framework to go deeper.

After getting the opportunity to deploy over $150M at Techstars and personally investing $3.3M across two dozen private deals, I built a repeatable, institutional-grade process to separate marketing from merit before wiring a dollar.

In this episode, you’ll learn:
 ✅ The baseline: thesis → deal flow → filter before deep-dive
 ✅ 100+ questions across 6 sections (manager, fund, performance/structure, loan tape, investor terms, external checks)
 ✅ How to push for actual numbers (e.g., 2024 return—not “last 12 months”)
 ✅ The two leverage questions most IR teams dodge—and how to ask them
 ✅ Default rate, LTV, first vs. second position: what’s acceptable vs. a red flag
 ✅ Lockups, redemptions, tax forms, audited financials: the “investor experience” checks most LPs skip
 ✅ External diligence: litigation searches, background checks, and how to document your work

If you’ve ever stared at a deck thinking, “What am I missing?”—this episode reveals the questions that turn hesitation into conviction.

Youtube Link in the comments 👇

There’s a spectrum I see over and over again when it comes to private deals.

At one end are the *best deals* I ever come across.

The kind where the operator or founder can take the whole thing down themselves.

They put all their own money in.
They don’t need outside capital.
And if you’re lucky, you might even have to squeeze into the deal.

That’s a massive signal.

It means the person running the deal believes in it enough to concentrate their own capital and live with the outcome. The incentives are simple: if the deal works, they win. If it doesn’t, they feel it.

On the other end of the spectrum are deals where the operator puts little to none of their own money in.

Investors fund the deal.
The operator collects fees.
And most of the downside lives with other people.

I’m not saying those deals can’t work—but the incentives are very different. 

When someone is primarily making money by doing deals, rather than owning them, volume starts to matter more than outcomes.

Most real-world deals sit somewhere in between.

As deals get larger, it’s not always realistic—or smart—for one person to fund 100% of the capital. 

For me, once deals move into the $1–10M range, putting all my net worth into a single asset doesn’t make sense, no matter how good the deal is.

So I’ll typically put 20–30% of the required capital in myself and raise the rest.

That’s still real exposure.
The deal still needs to work.
But the risk is sized appropriately.

And this is where nuance matters.

What’s “meaningful” skin in the game depends on the operator’s net worth, cash flow, and overall portfolio. A $250K check might be massive for one person and irrelevant for another.

But in general, I’ve found this to be true:

The more capital an operator willingly puts at risk, the more aligned the deal tends to be.

Not always.
Not perfectly.
But often enough that it’s one of the first things I look at.

Before the IRR.
Before the deck.
Before the story.

Once you start evaluating deals through that lens, it gets a lot easier to understand who’s really taking the risk—and who isn’t.

And that clarity alone can save you from a lot of bad investments.

“We did our due diligence.”

Probably the most overused and misunderstood phrase in private investing.

Almost everyone says they do due diligence.

But after coaching 30+ multimillionaire investors, I see the same mistake over and over:

What most people call due diligence
and what actual diligence looks like in practice
are two very different things.

Here’s what most LPs mean by “we did our diligence”:

→ Read the investment memo
→ Skim the pitch deck
→ Ask a few questions
→ Sleep on it
→ Wire

That’s not due diligence.
That’s familiarization.

You feel familiar with the deal. You feel familiar with the person.
So your brain labels that feeling “diligence.”

Here’s what real due diligence looks like for me.

When I buy a real estate asset for my single-family portfolio, I run everything through a written checklist.

Not a vibe check.
Not a gut feel.
A checklist.

Each item has a clear, binary answer:

→ Yes / No
→ Verified / Not verified
→ Documented / Missing

It’s a simple, repeatable process designed to:

→ Force discipline
→ Reduce blind spots
→ Make sure I’m following my own rules
→ And keep emotion out of the decision

I pull screenshots.
I collect documents.
I organize everything in one place.

Not because I’m paranoid, but because I want proof that I actually followed the buy box I’ve built and refined over time.

And the same principle applies whether you’re:

→ Buying a cash-flowing business
→ Investing in commercial real estate
→ Or evaluating early-stage tech (which I did during my time at Techstars)

The specifics of the checklist change.
The existence of a checklist does not.

For example, in a cash-flowing debt fund, my checklist forces answers to things like:

→ “What is your delinquency rate today?”
→ “What was your delinquency rate 12 months ago?
→ “How has your underwriting process changed over time? 

There’s no “trust me” box.
Only “show me.”

If you want to be good at private investing, you need a step-by-step due diligence checklist that you follow every single time.

Not one that lives in your head.
One that lives on paper.

Inside my Cashflow Academy program, I walk you through building your own version of this and I share a sample due diligence checklist specifically for evaluating different asset classes.

If you’re looking at private deals and want more structure around how to:

→ Spot hidden risks
→ Ask sharper questions
→ And avoid paying tuition in lost capital

Start with the LP Investing Starter Kit on my Linkedin profile.

Most losses in private investing don’t come from bad intentions.

They come from vague processes.

And in private markets, “vague” is just a polite word for unpriced risk.

Most LPs don’t struggle with due diligence because it’s hard.  

They struggle because it’s uncomfortable.

—

When I first started investing, “due diligence” meant:

- Read the deck  
- Skim the website  
- Assume someone smarter had already done the work  

That’s how a lot of investors operate.

Over time I realized something simple but awkward:

You’re allowed to ask real questions.  
And if you do it right, it *will* make things uncomfortable.

Because real due diligence looks more like:

- Hours of phone calls  
- Filling out checklists  
- Asking for documents that aren’t in the deck  
- Doing your own third‑party research  
- Being willing to walk away after doing all that work

I remember spending about three hours on calls with one fund:

- I worked through my checklist  
- I asked for performance data and underlying exposure  
- I did my own digging

Nothing “blew up.”  

But the longer I pushed, the fuzzier the answers got.  
Requests for basic info were delayed, dodged, or minimized.

So I walked.

Not because I had proof they were bad actors.  
Because they weren’t willing to be transparent at the level my capital requires.

Maybe the next fund wouldn’t fit either.  
Then I’d start over again.

That’s the job.

Here’s my simple rule:

- If a fund won’t provide basic information (loan tapes, underlying holdings, historical performance, reporting samples, audited or at least reviewed financials)… I move on.  
- Banks require that info, so it exists. If they won’t share it, they’re choosing not to.

There are too many deals out there to settle for “just trust us.”

Due diligence isn’t complicated.  

It’s asking clear questions, insisting on data, and being willing to make it a little uncomfortable.

If you’ve never lost a deal because you asked for too much information, you’re probably not doing real due diligence yet.

When you invest in a fund, the most dangerous number isn’t the IRR.

It’s the incentives and cash‑flow dynamics of the fund manager.

Most fund managers are asset‑rich and cash‑poor.

They don’t have a separate cash‑flowing business.
They don’t have a meaningful W‑2.
Their primary way of creating value is growing asset values over time, not producing steady cash.

→ Buy a $1M property
→ Put $1M into renovations
→ End up with a $3M asset

That’s a real $1M gain – but it usually takes years.

During that time, the operator is:

→ Funding capex
→ Upgrading systems and interiors
→ Re‑tenanting
→ Reinvesting nearly all cash back into the asset

There’s usually not much cash flow to live on.

So how do fund managers survive?

Fees.

Acquisition fees.
Asset management fees.
Refinance fees.
Property management fees.

Many commercial operators also own asset management and property management companies. 

Those businesses can’t live on one deal.

If a property generates $1M in gross rent and the management fee is 10%, that’s $100K in revenue.

That $100K has to cover:
→ Bookkeeping & tax
→ Software & CRM
→ Staff or VAs
→ A real property manager

So what happens?
They need volume.

More assets.
More deals.
More AUM.

That’s why you’ll often see managers putting only their earned fees into a deal. It’s not always because they don’t believe in the asset – it’s because they’re cash‑constrained and need liquidity to keep the machine running.

When a deal goes full cycle and capital is returned to investors, that fee stream disappears.

The management company loses that recurring revenue overnight.

That’s exactly what we saw over the last cycle in commercial real estate: as deals exited, newer managers had to keep doing deals just to sustain their teams. Some deals exist just to keep them alive.

That doesn’t make a fund manager “bad.”
But it does mean the incentives matter.

Now compare that with an operator who:

→ Has real cash flow from another business or career
→ Doesn’t rely on fees to pay the bills
→ Is primarily deploying their own capital into assets

They can afford to say “no” when a deal doesn’t clear a high bar.

They’re optimizing for:

→ Risk‑adjusted returns
→ Durability
→ Long‑term ownership

Not deal count.

The point isn’t to avoid funds.
It’s to understand what game the manager is actually playing.

Before you wire money, ask:

→ If you stopped doing new deals for 3 years, how would you pay yourself and your team?
→ What percentage of your personal net worth is in this strategy?
→ How much of your income comes from fees versus performance / ownership?

You don’t just underwrite the deal.

You underwrite how your manager eats.

If your stock portfolio looks “great” on paper but your gut feels uneasy…  

You’re not crazy.

This doesn’t feel like a strong, broad‑based economy to me.  
It feels like a fragile, top‑heavy one.

From where I sit, a huge share of the S&P’s strength is coming from a small group of AI + mega‑tech names.

Depending on what you look at:

- 5–10 companies are driving a disproportionate chunk of index returns  
- A lot of “old economy” businesses are flat or negative on real earnings  
- Under the surface, households are stretched: record‑high debt balances, rising auto delinquencies, and consumer credit stress in several buckets that’s uncomfortably close to ’08‑era levels

On the surface:

- Unemployment is low  
- Index is up  
- AI productivity stories are everywhere  

Underneath:

- Consumers are carrying more debt  
- Financing costs are higher  
- Many businesses are feeling margin pressure

In a setup like that, it doesn’t take much:

- A couple big earnings misses from the wrong names  
- A sentiment shift in AI  
- Or a credit event that hits already‑stretched households

…for the mood to flip fast.

I’m not trying to play armchair Fed here.  
I’m just looking at this as someone who has to allocate real money and live with the consequences.

Right now, that’s pushed me to tilt more toward:

1. Short‑term Treasuries
   - Get paid while I wait  
   - Keep optionality if/when better entry points show up  

2. Boring, asset‑backed cash‑flow
   - Private credit and real‑asset deals I can actually underwrite  
   - 8–15% type yields with real collateral instead of hoping multiple expansion bails me out  

3. Gold
   - A balance-sheet asset, not an income one
   - To hedge rising deficits and weakening fiat credibility

In other words:

> I’m not all‑in, and I’m not all‑out.  
> I’m just assuming this is a fragile, concentrated environment,  
> not a “this goes up forever” one.

I don’t know exactly when anything breaks.  
I do know I’d rather be slightly early on defense than very late.

That’s how I’m thinking about my portfolio right now.

How are you positioning your portfolio in a market that looks strong on the surface, but this top‑heavy underneath?

I think one of the most underappreciated challenges in private investing is this:

Every deal “speaks a different language.”

Some sponsors share a 60‑page deck, full data room, and historical financials.

Others send a 3‑page PDF.

Risk is framed differently.
Track record is framed differently.
Tax treatment is framed differently.

If you don’t have a standard way of reading deals, you end up comparing story to story instead of deal to deal. 

That’s how smart people end up taking asymmetric risk without realizing it.

To do this well, you have to be good at reading between the lines:
→ What’s missing from the materials
→ How assumptions compare to actuals
→ How this deal stacks up against comparable opportunities
→ Whether the structure really matches your goals (cash flow, growth, tax, liquidity)

The pros don’t just “review” deals. They normalize them.

Same metrics. 
Same questions. 
Same red‑flag checklist. 
Every time.

That’s what turns a random stream of pitch decks into a coherent portfolio strategy instead of a collection of one‑off bets.

If you’re a busy accredited investor and you feel like every deal is a new puzzle with new rules, you’re not crazy. That’s the game.

Your edge is having a repeatable way to read the game.

Private investments feel risky for one reason:

They don't offer public-market transparency.

When you invest in public markets, you’re trained to expect:

  • Standardized disclosures
  • Comparable metrics
  • Endless third-party analysis

So when you start looking at private deals and that structure disappears, it’s unsettling.

Suddenly:

  • There isn’t much public information
  • Every deal looks different
  • You don’t know what’s normal or what’s a red flag

That doesn’t mean private investments are inherently riskier.

But they are less standardized.

And when standardization disappears, confidence can’t come from “more data.”

It has to come from better filters.

So instead of asking:

“Where’s the public information?”

Better questions are:

  • What should a credible operator be willing to share?

  • What information can’t be standardized in private deals?

  • What patterns show up across well-run investments?

Once you know what must be there, the lack of public information stops feeling like a problem.

It just becomes part of how private markets work.

P.S. Join 1,000+ investors who’ve stopped guessing and started vetting private deals the right way. 

Grab my Passive Investing Starter Kit  today. 

Link in bio.

Real Estate Investor and CEO at MAK Capital | Luxury Storage Developer | 200+ CRE units | Financial Freedom Mentor

I’m Marc Kuhn and in 1994 I started my construction career with my Dad. I started at $1 per hour and got a $1 raise every year as I worked for my dads construction company. 

In 2010, I left my hourly job with $2,500 in my bank account. 

I started my entrepreneurial path and opened MAK Construction, my first business. I’ve grown the construction company to over $25 million a year. We develop commercial projects both 3rd party and investment projects for our investors. 

Since 2018, we have added over 200 units in the Midwest. The benefits of real estate have given me the freedom of time. My goal is to help investors reach financial freedom through real estate. 

Today I own and operate three successful companies that do eight figures a year. 

https://linktr.ee/marckuhn?fbclid=PAAabPuGTp9yBQf1LtvPMccAGv2W9DDPWjJCYvxn3mKnV12VKxsr7s0g8Lc18

2010: MAK Construction: Build and Manage Construction Projects. 
www.makconstructiongf.com

2020: MAK Capital: Let’s passive investors invest in real estate projects beside us! 
Unfollow the herd newsletter: 
www.makcapitalgf.com

2020: CK Agency: Manages Multifamily and Storage properties. 
www.ckagencyllc.com

Marc Kuhn

2025 was a hell of a year. Hit a lot of business goals!

Also lost my Dad to lung cancer at 63.

Here were the highs, the lows, and the perspective changes for me this year to have a strong 2026:

Our teams crushed it this year at MAK Capital + MAK Construction LLC.

Built a $15.4M workforce housing project in a town that hasn't seen new housing in 30+ years.

Started a drilling company from scratch and did nearly $1M in revenue.

Developed $23M in new luxury storage facilities.

Ran $30M through our construction and concrete companies.

Raised $6M from investors and grew to $70M in assets under management.

But losing my Dad overshadows it all. 
It put life into perspective.

I grew up in the concrete business right next to him. We worked together for years. He taught me everything about hard work, grit, and showing up when it's hard.

When he got sick, all the business success didn't matter. 

He told me:

"It's not always about money, Marc. When you're sick, throw money out the window. It doesn't matter anymore. Purpose is what matters—why you do what you do. Lean on God when you need to find it."

Easy to say. Hard to do.

So here's what I'm changing in 2026:

Yeah, I've got business goals: 

• Develop $100M in projects
• Raise $10M for storage
• Hit $100M in assets under management. 

Those are still there.

But I'm being more intentional. Better leader. Better husband. Better father. Better friend.

I'm 37 and my biological age is 33.8 (I wear a Whoop watch and have worn it for 600+ days straight). 

I use 10x Health for blood work every 6 months to catch problems before they start. If you don't know what those are, look them up. Game changers for your health.

You have one body. Take care of it.

I know most people follow me for business content, and I love the game. But this year reminded me there's more to it than that.

I create content for free because if I don't share during the journey, I'll be irrelevant at 60 trying to give advice. I'm in the trenches with you right now.

I'm not here to compete or brag. I'm showing you what's possible when your mindset shifts.

If a kid who grew up poor in North Dakota can build what we've built, you can too.

I appreciate everyone who's been part of this journey—my team, my investors, my family, and everyone following along on here.

Here's to a more purposeful 2026.

Happy New Year!

Marc Kuhn

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CEO @ MAK Capital | CRE Developer | Guiding You to Wealth with Passive Investments in Luxury Storage & Multifamily Real Estate

Tony Robbins owns 110 businesses. $10B in revenue.

Guess what his favorite asset class is?

He says private equity returns the highest on anything he's done.

I believe him.

I was listening to him on The Iced Coffee Hour podcast with Graham Stephan when they asked him about his investment strategy.

Private equity.

• Not stocks. 
• Not bonds. 
• Not crypto. 
• Not even real estate funds.

Direct ownership in businesses.

You know what's crazy? He pays fees. Management fees. Carry. All the costs people complain about.

And it still returns more than anything else in his portfolio.

This is what the wealthy have figured out.

Because when you own equity in a real business, you're not hoping the market goes up. You're controlling the asset that generates cash flow.

Public markets: You own a piece of paper that goes up and down based on what other people think it's worth.

Private equity: You own a piece of a business that produces cash flow every month regardless of what CNBC thinks. 

And if you own enough of it, you have a say in who is running the business, what strategies they use, and how to make it more efficient.

Stocks on your Robinhood app are great because they're liquid, you can buy and sell anytime you want. 

But safe and liquid also means you're playing the same game as millions of other people. 

All reacting to the same news. 
All getting the same returns.

Private equity is different:

→ You control the asset
→ You improve operations
→ You increase cash flow
→ You decide when to exit

That's why the wealthy put money into boring businesses nobody else wants.

Construction. Hotels. Drilling companies. Storage facilities. HVAC companies.

Not sexy. But they print cash.

And cash that you control beats a stock portfolio that moves based on Fed announcements.

I've tried it all. 

Built a stock portfolio. Built a real estate portfolio. Operate businesses.

My businesses always outperform.

Because I can control the outcome. I can't control what the S&P does tomorrow.

If you had $100K to invest today, would you put it in the stock market or buy equity in a boring business?

---

♻️ Repost to start the conversation with others

Follow me Marc Kuhn for daily posts on building wealth with real estate, boring businesses, and ownership mindset

AI won't fix your overflowing toilet in 2026.

And it won't show up to mow your lawn.

It won't pressure wash your driveway.
It won't build your local housing development.
It won't lay a slab of concrete or roof your house.

There's a lot of doom and gloom on the internet saying "If you don't bet on AI, you'll lose your job. If you don't bet on AI, you'll never build real wealth."

It's going to transform a lot of jobs and almost every industry.

But if you don't want to bet the farm on AI and robots…and you still want to build wealth…

Choose "boring" ways to make money.

• We'll still need trades.
• We'll still need construction workers.
• We'll still need lawn care companies.
• We'll still need apartments for people to live.
• We'll still need self-storage for people's stuff.

While everyone's panicking about AI...there are plumbers, HVAC, and roofing companies printing millions in cash flow that aren't worried at all.

These aren't venture-backed apps with no revenue. They're boring businesses in boring towns that print cash every single month.

The wealth gap isn't between people who understand AI and people who don't.

It's between people who own businesses and people who trade time for a paycheck with no ownership.

You know what wealthy people are actually buying right now?

• Landscaping routes. 
• Pressure washing businesses. 
• Construction companies.
• Boring self storage.

Not because they're sexy. 

Because they're profitable, scalable, and impossible to disrupt with code.

The real opportunity isn't in the thing everyone's talking about.

It's in the thing everyone's ignoring while they're busy talking and chasing hype.

Boring stil = wealth in 2026.

What boring wealth-building opprtunities are you eyeing up this year?

--

♻️ Repost if you agree and follow me Marc Kuhn for "boring" wealth building ideas this year.

DM me if you want to learn about my favorite boring, cash-flowing asset: luxury self storage.

My goal as a Dad with 2 daughters:

Teach them "high-agency" life skills.

By the time they're out of the house and off to college, they'll know how to:

• Change a flat tire.
• Back up a truck with a trailer.
• Climb a roof and put shingles down.
• Read and analyze their personal finances.
• Fix what’s broken, and walk a construction site with confidence.

We're raising them to rely on themselves to get through life.

The cool kids on the internet call it "High Agency."

High-agency people don’t sit around waiting for permission, perfect conditions, or someone else to solve the problem. They assume it’s on them to figure it out.

One day, I hope they marry husbands who take care of them. And we'll always be the first to help.

But that’ll be a luxury, not a requirement, for them to solve problems in their lives.

My dad helped me develop this skill from a young age, watching him run a business and working beside him. 

I learned the value of figuring it out, doing the work, and taking responsibility.

That’s the same lesson I want for my girls.

Because if they grow up capable, they’ll never be at the mercy of anyone. And that confidence will carry into everything—family, business, and life.

For the parents out there: 

What’s one skill you want your kids to leave your house with?

--

♻️ Share this with parents in your network
🤝 Reach out if I can be a resource Marc Kuhn

10 financial lessons that took me 16 years to learn.

You can learn them in 2 minutes:

1. Don't diversify when you're broke.

Pick one thing. Master it. I did concrete for 5 years straight. Boring but it built the foundation for everything else.

2. Live like a monk for 5 years.

Live like you're poor for the first 5 years of your career so you can live like the 1% the rest of your life. No fancy car. No upgraded house. Just compound your skills and capital.

3. Reach higher than you think you can.

In construction, a $5K residential job is just as hard as a $500K commercial job. But one pays 100x more. Stop playing small, even before you feel you're ready.

4. Easy to buy = hard to sell.

Mobile homes are easy to buy, hard to sell. Quality assets in good markets are hard to acquire but easy to exit. Think about your exit before you buy your first property.

5. Play Monopoly, not Salary.

Optimize for equity, not income. A business that loses $10K/year for 5 years but is worth $5M at year 10? Play the long-term game of ownership.

6. Make money while you sleep.

If you disappear for 30 days and your business falls apart, you don't own a business. You own a job you bought yourself. Invest in people, process, and systems that run without you.

7. Real estate takes a decade.

You make money when you buy. But the real wealth comes in years 5-10 through appreciation and debt paydown. Play the long game.

8. Riches are in the niches.

Don't just "do real estate." Get specific. I'll spend a decade going deep on luxury storage before diversifying into other assets.

9. You become what you hate.

I used to think mini storage was inferior to luxury storage. Now I use both. Don't be so rigid you can't adapt. Your ego is the biggest enemy in business.

10. Don't buy yourself a job.

The coffee shop owner working 60 hours a week for the same pay as their old job? That's not freedom. Become an owner over the long-term, not just an operator.

These 10 lessons took me 15 years and millions in mistakes to learn.

You just got them in 2 minutes.

What lessons would you add to this list for your 20-year-old self?

---

♻️ Repost to help others build their wealth

Follow me Marc Kuhn for daily posts on building wealth with real estate, boring businesses, and ownership mindset

The secret to making your family's wealth last 100 years (and your marriage last for life): 
 
Consistently talk about money. 
 
• With your spouse. 
• With your children. 
• With your grandchildren

I didn't grow up with money.
It wasn't talked about much in my house.

For many families, it's a "hush-hush" topic. Which is how it becomes a problem that doesn't get fixed.
 
Every year my wife and I sit down to talk about our goals for the year. 
 
- Goals for our businesses 
- Goals for personal finances 
- Goals for parenting our kids 
- Goals for family and ourselves 
 
We both get aligned and decide what our roles will be for each goal. 
 
Without her support and teamwork... 
 
I wouldn't be able to focus on: 
 
- Building 3 companies 
- Managing a growing team
- Showing up for our kids' sports 
 
If you want to be the best version of yourself that you can be in life... 
 
Find a life partner to set goals with! 
 
And talk about money, business, and goal-setting with your family.

Most wealth is destroyed in the 3rd generation...

Because grandparents didn't teach their kids...
Then they fail to teach their kids...
And the lack of education...

Is what ends up destroying the financial success and spending it all, leaving nothing for future generations.
 
How do you handle money, investing, and wealth conversations in your household? 
 
Share your ideas with me ↓

Everyone thinks "Luxury Storage" is for supercars. 

Here's why our tenants pay premium rents:

There's a lot of people on LinkedIn telling you how to build wealth in different ways.

Chasing the newest shiny object. Raising millions from VCs. Thinking wealth has to be flashy or complicated. 

But if you're like me and would rather build quiet, boring, resilient cash flow...

Then visit one of our Mega MAK Storage sites in North Dakota at 9 am on a Monday.

Here's what I see when I show up for work:

(Built MAK's new office next to our luxury storage)

✅ Contractors launching businesses out of their climate-controlled units
✅ Amazon and Shopify store owners treating their bay as HQ and inventory
✅ Business owners storing seasonal gear because industrial leases are unaffordable
✅ Blue-collar operators, plumbers, landscapers, roofers, the guy laying tile all day...

A lot of the people who choose to pay for premium space are entrepreneurs growing their businesses.

Reminds me why I'm building, looking back 15 years from a solo concrete guy to a 50-person construction and development team.

Plenty of demand for more of these flex spaces as entrepreneurs and companies flock to business-friendly, affordable states like North Dakota.

The boring cash flow is nice, too.

What's your favorite "underrated" asset class to invest in right now?

--

P.S. If you want to learn more about luxury storage, DM me to connect and check out one of our locations here: https://lnkd.in/gwSmVgcm

If building a real business was as easy as it looks on social media…everyone would be rich.

Social media is the highlight reel.

But here's the reality of running 3 companies:

• Up early, get the kids ready for school
• Warm up the truck in -20 North Dakota winter
• Squeeze in a workout before heading to the office
• Meet with the MAK team, pushing projects forward
• Traveling to meet investors, bankers, project sites

Sure, we get to go ice fishing with some of our investors and it's all smiles for the camera.

But make no mistake about it...

Most of the time, founders are in problem-solving mode.

→ Developments taking longer than expected.
→ Unexpected problems come up that need solving.
→ Team is growing, vendors delay, projects hit roadblocks.

That’s the real game.

The reality of a successful business isn’t sitting on a beach with a laptop.

It’s grinding through setbacks, adapting to market shifts, and making high-stakes decisions daily.

Success isn’t about avoiding problems.

It’s about getting so good at solving them that nothing phases you.

So next time you see an entrepreneur flashing the highlight reel, remember:

The real ones don’t just post wins. 
They're persevering through challenges.

What’s the hardest challenge you’ve had to push through in business? 

Let’s talk about it in the comments.

--

Follow me Marc Kuhn for practical tips on business, real estate, and investing.

I run a $30M ARR company + $70M RE portfolio and still feel like an imposter (and that's good):

I talk to young entrepreneurs, and here's the dangerous trap I see them fall into.

• They build the courage to start a business
• They make the leap to owner-operator
• They get some success over 2-3 years

Then they get stuck.

The mindset that propelled them to start and build to their first success milestone ends up being the mindset that holds them back from getting to the next level.

If you don't feel like an imposter, you're probably not growing enough.

I like to be at the edge of "Can I really do this?"

If I find myself in a place of comfort, only doing things we've done in the past, only pushing myself to do the same thing we did last year...

Then I'm in the wrong place.

Imposter syndrome is not a problem to fix. It's a sign you are growing to a new level you've never been to before, which forces you to grow (and it feels super uncomfortable).

If you've:

• Mastered your current stage.
• Mastered the skills for $1M revenue. 
• Mastered the small real estate deals.

Then for me, that's a sign to get uncomfortable and figure out what the next level is.

The best sign you're growing is thinking "Sh*t I don't know if I can do this"

What got you to $1M won't get you to $5M.
What got you to $5M won't get you to $20M.
What got you to $20M won't get you to $100M.

Imposter syndrome means you're operating at the edge of your capability. You're in rooms you haven't "earned" yet. You're making decisions without a proven track record.

That's exactly where growth happens.

When I hit each major milestone, I felt totally out of my depth:

→ First $1M job? Had no business being there.
→ First $10M storage development? Terrifying.
→ Raising capital from big investors? Who am I to do this?

But here's the truth: You'll never feel ready for the next level until you're already there.

If you wait until you feel like you belong, you'll stay exactly where you are.

I'd rather feel uncomfortable at $70M than comfortable at $20M.

I'd rather question if I'm capable than know I've stopped pushing.

So if you're feeling like an imposter right now? Good.

That means you're aiming big enough.

Do you see imposter syndrome as a problem or a sign you're growing?

- Marc Kuhn

In construction, you pay $200,000 in labor and materials...and the client pays you $0.

Next month, you pay another $300K. The client pays you $150K.

Third month, you pay $250K. The client pays you $200K.

That's just how construction billing works.

You're always in the hole until final payment. 
You're the bank on every job.

A $5M project means you're financing $500K-$1M at any given time out of your own pocket.

On a $20M project? You're financing $2-4M.

That's not just 4x the revenue. 
That's 4x the financial risk.

Most contractors hit a ceiling and think it's a skills problem. They think they need better estimators, better project managers, better systems.

But it's not a skills problem. It's a cash flow problem.

They physically cannot carry the financing burden of bigger jobs.

Either the bank won't extend them enough credit. Or their operating capital can't handle being $2M in the hole for 90 days.

So they stay stuck doing $5M jobs forever, even though they could execute $20M projects.

This is why I vertically integrated MAK Construction with MAK Capital.

One feeds the other, smoothing out cash flow so we can take on bigger projects without waiting on slow-paying clients.

If you're stuck at a revenue ceiling, ask yourself:

Is this a skills problem or a cash flow problem?

Nine times out of ten, it's cash flow.

Have you ever had to turn down a project because you couldn't finance it?

-

If you want honest advice from someone who's been through the good, bad, and ugly of scaling boring businesses, follow me Marc Kuhn for daily posts.

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Why is a 50-person company is easier to run than a 5-person company?

And a 300-person company is easier than a 50-person company.

Sounds backwards.
But it’s true.

When I started MAK Construction, I thought scaling would get harder at each level.

More people = more problems.

Wrong.

I used to be the guy saying, “If you’ve got 5 people, it’s really hard.”

Those first 5 employees felt impossible. You’re still the best at the work, but now you have to take care of yourself and make them better.

And you have to let them make mistakes. But the stakes are so high because one big screw-up can take down the whole ship.

That’s why most entrepreneurs never make it past 10 people.

Then a guy told me, “Wait till you get to 50. It’s so much easier.”

I didn’t believe him.

Holy shit, he was right.

At 50 people, you’ve got good people who think like you. Culture is set. Systems are in place. You’re not the one solving every problem anymore.

Then another guy told me, “Get to 300. It’s even easier.”

Same thing.
He was right.

At 300 people, no one relies on you for the day-to-day. The ships run without you. No key man risk.

You’re building the business, not running the business.

The hardest part is getting from 5 to 50. That’s the valley of death for most entrepreneurs.

You’re not small enough to do it all yourself anymore. But you’re not big enough to have real systems and people who can run without you.

You’re stuck in the middle:

→ Too many people to manage directly
→ Not enough people to have real departments
→ You’re still the bottleneck on everything
→ Can’t afford to hire senior talent yet
→ Junior people need constant oversight

This is where most businesses die.

They either go back to being a 5-person shop where the owner does everything. Or they try to scale too fast and implode.

The ones who make it through build the operational capacity first. Get the systems in place. Train people. Let them make mistakes when the stakes are manageable.

Then you can scale.

We’re at about 50–60 people now depending on the season. Starting to feel that shift where it’s not all on me anymore.

Next phase is getting to where nobody needs me at all.

What’s been the hardest employee threshold for you?
And what changed when you got past it?

--

♻️ Repost for other founders building right now.

Follow me Marc Kuhn for daily posts on building wealth with real estate, boring businesses, and ownership mindset

The thing that kills your business fastest = YOU.

How to build as an Owner > Operator:

To grow past a few employees and survive, you must remove "key man risk".

Your biggest risk when you're building a business is not competition or the economy.

It's you.

Because you’re the key man. And key man risk is a death sentence.

I’ve been thinking about this a lot lately across all our businesses. 

• Construction
• Drilling
• Capital Raising
• Storage Development

If I disappeared tomorrow, which ones would survive?

At 5 employees, the answer is none. You’re the one who knows everything, does everything, fixes everything.

At 50, you start to have people who can run without you. But you’re still critical for big decisions.

At 300, the business runs itself. You’ve built systems and people who can handle almost anything.

The shift happens when you stop being the operator and become the builder.

Most entrepreneurs never make that shift. They stay stuck as the key man forever.

My focus in 2026 is reducing key man risk across every business we run.

Not by adding more overhead.
But by raising the capacity of the people we already have.

Chris in drilling? He’s the key man right now. He’s the best driller. He knows how to run every job.

But we can’t scale that business past $1M revenue if everything runs through Chris.

So we’re building the process:

→ Training programs for every crew
→ Systems so jobs run the same way every time
→ SOPs so knowledge isn’t in one person’s head
→ Authority pushed down so Chris isn’t bottleneck

Same thing in construction.
Same thing in capital raising.

Delegate to the people already there. Raise their capacity. Give them authority to make decisions.

Process reduces key man risk more than people do.

You can hire 10 more people. But if they all need you to make decisions, you’re still the bottleneck.

Or you can build the process so the people you have can operate without you.

That’s the goal. Not to work less. But to build businesses that don’t need me to survive.

Most entrepreneurs confuse being busy with being valuable.

If your business can’t run without you, you don’t own a business. You own a job.

And you’re the highest paid employee who can never quit.

Where’s your biggest key man risk right now?

And what’s one thing you could delegate this week to reduce it?

--

♻️ Repost if this resonates

Want business advice from 16 years of building a business?

I wrote it all out and sent it to 6K+ people this morning: https://lnkd.in/gfVw8HpQ

I learned a lesson in my 20s that helped me build a $60M real estate portfolio in by 36:
 
Nobody is going to do it for you. 
 
• Making money 
• Starting businesses 
• Leveling up your skills 
• Figuring out how to grow 
 
But here's the good news: 
 
You can ask for help and speed things up. 
 
In my 20s I was a concrete guy. 
 
Dropped out of college and built a 7-figure business that was drowning me... 
 
• Doing all the jobs 
• Micromanaging my crews 
• No clue how to delegate 
 
Result: I ended up in the hospital from exhaustion with a Doctor asking me: 
 
"𝗪𝗮𝗻𝘁 𝘁𝗼 𝗹𝗶𝘃𝗲 𝗹𝗼𝗻𝗴 𝗲𝗻𝗼𝘂𝗴𝗵 𝘁𝗼 𝘀𝗲𝗲 𝘆𝗼𝘂𝗿 𝗸𝗶𝗱𝘀 𝗴𝗿𝗼𝘄 𝘂𝗽? 𝗧𝗵𝗲𝗻 𝗜'𝗱 𝗺𝗮𝗸𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝗡𝗢𝗪." 
 
This wake-up call led to a new skill stack. 
 
• Self-education 
• Hiring mentors 
• Reading books 
• Going to conferences 
 
Nobody is going to succeed for you. 
Self-education is the only way. 
 
How are you investing in self-education for 2026?

Tell me in the comments.

--

I started a newsletter to teach what I've learned about business, real estate, and financial freedom.

Join 5,200 who read it: marckuhn.substack.com

"If you're not growing, you're dying."

In construction, that's B.S. (here's why):

2025 goal: $30M revenue at 5% margin.

2026 goal: $30M revenue at 7-10% margin.

We're aiming for the same revenue, but at higher margins, and it'll look like a totally different approach.

Most people think growth means adding more volume every year.

• More projects. 
• More employees. 
• More equipment. 
• More revenue.

That’s what we did for 15 years. Chase volume. Keep growing. Keep pushing.

But we learned something this year.

If I stopped growing today and just maintained with the personnel we have, we could make millions more in profit. In construction, this is the growth path.

To grow, you reinvest nearly every dollar or profit back into the business.

This year we’re doing something different.

$30M in revenue again. But we’re not adding a bunch of new stuff.

We’re plateauing intentionally.

We’re growing our operational legs instead of just adding more jobs:

→ Better processes so jobs run smoother
→ Less chaos, fewer mistakes
→ Same teams getting more efficient
→ Higher margins on the work we’re already doing

Then next year?

We grow again.

This is the cycle nobody talks about.

Grow, then plateau.
Grow, then plateau.

If you only grow, you never build the operational capacity to handle it. You’re always scrambling. Always putting out fires. Always thin on margins because you’re throwing bodies at problems.

But if you pause to build the machine, everything gets easier.

Then you grow into the next phase.

It’s a vicious cycle. But it’s how you build something sustainable.

Most entrepreneurs think they have to keep growing or they’re failing.

Sometimes the smartest move is to do the same thing...and do it better.

What's your growth strategy for 2026? 

More of the same but better? Or are you in growth mode?

--

P.S. If you want to see how I build my companies in public, I write a newsletter every week showing you how.

Check it out: https://lnkd.in/gfVw8HpQ

What do The British Crown, Catholic Church, and McDonalds all have in common?

They are all in the category of the largest commercial real estate owners in the world.

Most people think of McDonalds as a fast food business. A large one at that ($220B market cap).

But McDonalds is really a real estate empire.

Here's how their genius business model works:

• They own more than 38,000 locations worldwide
• Franchisees pay McDonalds above-market rent
• Predictable cash flow outside of food sales

As of 2025, McDonald's owns $30B-40B in real estate assets.

The founders of McDonald's started a burger stand.

Ray Kroc saw the massive opportunity and transformed McDonald's into a real estate empire.

Today, they're bringing in ~$9B in annual rental income.

Genius.

If you haven't seen the movie about this "The Founder", highly recommend checking it out.

Did you know this about McDonalds?

--

Follow me Marc Kuhn for daily tips on real estate, investing, and business.

Repost this if you enjoyed this one ♻️

If I were in my 20s or 30s and had to start real estate from zero today, here's what I'd focus on:

Cash flow. That's it.

Not appreciation.
Not "hot markets."
Not trying to time anything.

The first deal isn't about winning big—it's about surviving and repeating.

I remember my first deal clearly.

Used almost all my savings. Confidence disappeared overnight. Every possible doubt showed up at once:

"Did I mess this up?"
"Will it actually cash flow?"
"What happens if the market tanks?"

That discomfort is normal.

What matters is how you respond.

Most beginners obsess over the wrong things:

→ Perfect timing
→ Getting the best price
→ Picking the next hot neighborhood

None of that keeps you in the game.

You know what does?

A property that pays its own bills.

Cash flow buys you time. Time lets you learn. Learning compounds.

If the deal only works when everything goes right, it's not a deal—it's a gamble.

Here's what I'd look for:

✅ Cash flows with conservative assumptions
✅ Still works if rents stay flat
✅ Still works if expenses increase
✅ Still works if rates change

Boring? Yeah.

But boring properties don't keep you up at night.

The debt conversation nobody wants to have:

Bad debt = You pay for it
Good debt = Tenants pay it off

That's the only leverage I care about.

If the tenant can't cover the mortgage, the property owns you. I've watched too many people learn this the hard way.

Your first deal teaches you how to invest:

→ Rely on appreciation? You normalize speculation.
→ Underestimate expenses? You normalize surprises.
→ Stretch too far? You normalize anxiety.

Those habits don't disappear as deals get bigger.

They explode.

Real estate isn't a race.

You don't need ten deals.

You need one deal that doesn't break you.

I've built a $60M+ portfolio, one boring property at a time. No shortcuts. No fancy markets.

Just tenants paying down debt over decades. Not flashy. But it leads to skills that build you future freedom.

The pattern that works:

Cash flow → Patience → Experience → Confidence

That's how real wealth gets built in real estate.

If I started over today, I wouldn't try to look smart.

I'd try to stay alive long enough to get wise.

What did your first real estate deal look like?

--

♻️ Repost to help someone skip the expensive lessons

I break down boring deals that build wealth every week → marckuhn.substack.com

Made $260K profit buying a "boring" business.

Kept exactly $0 of it. Here's why:

People see "profitable business" and think you're cashing checks.

That's not how it works (at first) when you acquire a boring, cash-flowing business.

We bought a drilling company with 2 rigs in 2025. Made $260,000 profit year one.

Every single dollar went right back into growth.

Bought 2 more drilling rigs for about $500K.
Now we've got 4 total.

→ Peterbilt truck to haul them
→ Flatbed trailer for transport
→ Support trucks for each crew
→ Still need another truck and trailer

That's just the equipment side.

Then you've got people.

Each rig needs a 2-man crew to operate it.
Can't just buy the rig and expect it to print money.

Someone's gotta run it.
Someone's gotta maintain it.
Someone's gotta manage the jobs.

This is the part nobody talks about when they sell you on "buy a boring business for passive income."

Boring businesses aren't passive when you're growing them.

They eat cash.
Lots of it.

You're profitable on paper.
But you're reinvesting faster than you're pulling out.

That $260K profit?
Gone before we could even think about distributions.

And we still need more equipment to hit our $2.5M revenue goal this year.

Most people who buy businesses think profit = cash in pocket.

Profit = fuel for the next phase.

You're either growing or you're dying.
Can't sit still in a services business.

The payoff comes later.
Year 3, 4, 5 when you've built the machine and can finally start pulling cash out.

But years 1–2?
You're building. Not harvesting.

If you bought a business expecting year-one cash flow, how long did it actually take before you could pull money out?

--

♻️ Repost if this resonates

Join 6k+ in my newsletter learning to build wealth with boring businesses:

👉 https://lnkd.in/gfVw8HpQ

I turned family vacations into storage due diligence.

Last summer: Lake Okoboji, Iowa.

Not for the beaches. Because we're building a 100,000 sq ft luxury self-storage facility there.

My wife thinks I'm crazy.

My kids think it's an adventure.

I think it's the only way to actually know if a market works.

Here's what most real estate developers miss: They pick locations for their next project sitting at their desk.

• Cap rates. 
• Demographics. 
• Population growth charts.
• Pro-forma spreadsheets.

All important. But they don't tell you what's really happening from the eyes of someone who lives or spends time in the location:

→ Does this town feel alive or dying?
→ Do locals talk about the town's growth?
→ Are businesses investing here, or just surviving?
→ Would I personally want to spend time here?

If the answer to that last one is no, I don't build there.

Because if the town feels dead to me, it'll feel dead to tenants too.

Real underwriting happens on the ground, not in spreadsheets.

Talk to the guy running the hardware store. 
The woman managing the hotel.
The contractor who's been here 30 years.

They'll tell you more about market trajectory in 10 minutes than a consultant will in 200 pages.

This is how we've built a $70M CRE portfolio at MAK Capital without the "oh sh*t" moments that many developers see too late.

I don't just visit markets.

I vacation in them. Eat in them. Let my kids run around in them.

If I can't see myself coming back, I'm not putting millions into the ground there.

The numbers get you in the door.

The boots-on-the-ground tells you if you should walk through it.

What's your move when evaluating a market - spreadsheet first or boots on the ground?

--

P.S. If you want to learn how we find and develop self-storage in markets most investors overlook, DM me "storage" to hop on a call.

“I don’t know what I just did...but I need $250,000.”

I made my first big investment in 2016.

A new office building for MAK Construction.

I was unsure.
I wanted to stop renting, start owning.
And I needed $250K cash to close on the deal.

It took our profit for the year to close…

And then I had to cross my fingers that it would work out.

We had a government entity that leased out the majority of the space and paid the majority of the mortgage, which felt like enough risk mitigation to me.

But looking back (and in the moment), I was terrified for what might happen.

The moral of the story?

You’re never going to be ready to start.
You just have to get started.

You’re never going to be ready to take risks.
You just have to take risks.

You’re never going to be ready to go bigger.
You just have to go bigger. 

What was the first "big" risk you took in your business?

--

P.S. Join 5,200+ subscribers getting my my real estate deal breakdowns and strategies here: marckuhn.substack.com

You want a 6-figure passive income stream

But you're going about it wrong.

Step 1 to passive income:

Get less passive.

I'll tell you from experience:

Most of my "passive" investors got to this point by being anything but passive.

- They built businesses.
- They saved aggressively.
- They worked incredibly hard.
- They climbed corporate ladders.

The reality is that most successful passive investors put in years (sometimes decades) of active work before they could become truly passive.

I see this firsthand with our luxury storage investors:

- High-earning professionals
- Successful business owners
- Entrepreneurs who've had exits
- People who've built wealth actively

They didn't start with passive investing...

They earned their way there.

So don't start by trying to be passive.

Start by being as active as you can be.

The passive income will follow.

--

P.S. If you're interested in passively investing in our luxury storage developments, DM me "storage" to learn more about upcoming opportunities.

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Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Pascal Wagner's LinkedIn Performance

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