Issuu

REAL ESTATE JOURNAL

FALL 2026

2. Stay Ahead This Fall 3. What to Expect in Q4

6. From Fractional Banking to Freedom: How the Infinite Banking Concept Counters Conventional Banking Flaws

3. Take a “Vacation with an Education” on National REIA’s 27th Annual Cruise

10. Why Your Accountant is Begging You to Do This One Thing

4. When the Leasing Office Becomes a Lifeline

14. The Most Overlooked Asset Class in Real Estate: Why Your Retirement Account May Already Be Ready for It

5. The When of Property Management

Circulated To Over 40,000 Real Estate Investors Nationwide

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“Begin Well to End Well”

RE Journal

Member Spotlight

Gregory Koepke

reg Koepke has been an active member of the Greater Las Vegas REIA since 2018. He moved to Las Vegas in 2008, and worked in variety of sales and marketing positions, including on the Strip. He bought his first rental property in 2012, and in 2019, officially started his full-time career in real estate drawing upon the experiences and skills he previously learned. Since 2019, he has been an active real estate investor and wholesaler in Las Vegas.

Please tell us a little about who you are and what you did before getting into real estate investing: I grew up in San Diego and graduated from San Diego State University.

Rental Housing Journal, LLC 4500 S. Lakeshore Drive, Suite 300 Tempe, Arizona 85282

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Vol. 11 Issue 4

By Jeffery S. Watson

hether you do private lending using a self-directed retirement account or some other means of funding a borrower, there are some things that apply to any type of hard-money lending. I think we can all agree that no matter what we are doing, we must begin well in order to end well. There are some important documents that must be used and some things private lenders and their borrowers must consider. Let’s begin with using a Financing Application that is completed by a prospective borrower. You might think this is a given, but you’d be surpised by how many lenders don’t gather the necessary information about the borrower and the deal for which they are seeking a loan. This form should seek complete information from the borrower, such as complete names and contact details for all parties. All too often, I’ve talked with a lender who didn’t know the address where the borrower lived or where the borrowing company did business. All they had was the address of the collateral. Make sure you have both personal and business addresses. In addition to addresses, ask for contact information for family members, something akin to an emergency contact number. Gather all the information you can as to what type of deal the borrower is doing – is it a purchase of property, or a purchase and rennovation? If it’s a ren-

novation, how extensive is it going to be? When will the purchase close and what title company or closing attorney will be handling the closing? Having this information, along with the prospective borrower’s date of birth and Social Security number, will go a long way toward creating a loan package if you decide to sell that loan or a portion of it to someone else. Another key document when making private loans is something I call a “Loan Commitment Agreement”. I wish I would have started using this document years ago. It outlines the terms of the deal agreed upon by the borrower and lender, such as how much money will be lent and for how long, the interest rate and other costs, and when and how it will be paid back. This agreement identifies the collateral that will secure the loan and the title company where the

transaction will close. The important part of the Loan Commitment Agreement is that it contains provisions that survive the closing, meaning they are still in effect after the deal has funded and closed. Pursuant to key terms in the agreement, the borrower has an ongoing obligation to supply requested information to the lender, regardless of whether the loan payments are current or in default, so the lender can properly monitor the performance of the loan. These provisions are not to be confused with any sort of post-closing cooperation agreement. Instead, this agreement is saying that while you have my money tied up in this project, I want to know how the project is going, how your business is doing, and the state of

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Feeling Under Appreciated? By M. Jane Garvey

“

And I’m starting to realize life’s too short to try to build in places that people don’t appreciate what you’re bringing.” Arch “Beaver” Aplin, III Buc-ee’s founder and CEO Real estate investing can be a wonderful business. There are blessings for the investor, the community, the residents, and many others. When we rehab a property, we improve the neighborhood for the residents. We improve values for nearby owners. We increase the tax base. We provide jobs for the workers who help with the rehab. We provide income for home improvement stores, lenders, real

estate agents, attorneys, architects, inspectors, and many others. When we improve a lot by adding housing or other buildings most of the same things come as benefits to the community. Increasing the availability of housing in the community should ease some of the pressure from the “housing crisis”. Owning and operating rental properties can also be a business that blesses the investor, the community, and many others. Owners that maintain their properties and effectively choose and manage the residents provide a much-needed service for a community. In every community there are residents who either can’t, or choose not to, own their own

home. The rental housing provided by real estate investors allows these individuals and families to have a place to live within the community, and the local businesses to receive the income from their purchases. As investors, we also make a profit, if we do it right, at the right time. We take on the risk and everyone benefits. So far, I have said nothing new! These are the expectations of those involved in the business. But expectations do not always match reality. Are you trying to do things that are un, or under, appreciated? For decades I have felt like I am beating my head against a wall. The wall I keep running

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Real Estate Journal

Stay Ahead This Fall By Rebecca McLean, Executive Director, National REIA

any people wait until January to review their goals and get their systems in order. I recommend that our members not wait. In the last quarter of the year is when deals, and yes, the rules, not only don’t slow down, but keep moving whether we planned for them or not. As Executive Director of the National Real Estate Investors Association, I am often asked how members can stay current without living in a legislative rabbit hole. The honest answer is that you cannot do it once a year. I am always impressed by our annual Virtual Day on the Hill. We get so many insights and valuable perspectives from the Legislators we meet. And the information is invaluable! But it takes more than once a year to stay truly updated on the rules and regulations that control your business. You have to have a few trusted places you return to, the same way you return to your numbers. Even if you have been in this business for years, you still need to keep up with current trends and laws. A law changes, the market turns, or a strategy you have used for a decade is suddenly treated differently in your state. Knowledge is not just power. For investors, it is profit, and sometimes it is protection. This fall we are making that easier. We have rolled out our new Wholesale Resource Center, and I want you to use it. You will find it under Resources

at NationalREIA.org. Laws and regulations regarding wholesaling vary across the country. Because of that, this business can be very lucrative, but only if you stay on top of what is changing. Each of the last two months has seen a lot of movement in several states. Please visit this resource often. Bookmark it. Go back before you market a deal, before you teach a class, and before you advise a new investor in your group. What was true in July may not be true in September. I would be remiss if I didn’t pass on the one piece of overarching advice from our General Counsel, Jeff Watson, on wholesaling. Jeff says: “The strongest, clearest, simplest message National REIA can give to anyone considering wholesaling is: Be the buyer who first closes using a funding source and quickly resells for a profit.” “Yes, I’m saying it. Actually, do what your marketing says you do. Buy the house. Yes, you’ll need to buy it cheaper to cover the cost of funds but there are several lenders that now want to fund these deals.” Remember, wholesaling is a state-specific real estate activity. What is legal in one state may not be legal in another. National REIA strongly urges each person using this resource or engaging in any wholesaling activities to locate their state’s real estate license law and definition of “real estate broker” and consult a local real estate attorney. As you decide how to move your business forward, our Resource Center is

“Begin Well to End Well” your financial situation. I want to know that after you borrow my money to buy the asset and work on it or while you’re running this rental property, or whatever the case is, I can be certain that your economic condition is still good. I’ve already received pushback on one occasion from a prospective borrower about having these terms in a Loan Commitment Agreement. They didn’t feel they needed to supply ongoing financial information every six months about what was going on with their business and the deal. That told me it was probably someone I shouldn’t do business with. If someone is too busy or too disorganized to be bothered with telling me how well they are doing with my money, then they may not be someone I can trust with my money. Another important document private lenders need to use is a preliminary closing instructions letter. In case you didn’t know, escrow agents and closing attorneys can’t read minds. They have to determine what an investor has agreed to with a particular borrower, but private lenders and real estate investors are notoriously inept and unclear in their communications. This is why I recommend using a preliminary closing instructions letter. This letter is circulated at the beginning of the deal to let a title company know when the parties expect the deal to close and the conditions and terms under which it will close. It outlines when they need to see the title commitment, who the named insureds will be on any title policies, and whether the parties will re2

one piece of a larger habit of staying informed. You can also stay up to date about all things real estate investing legislative by attending our monthly REIA Now calls, checking out RealEstateInvestingToday. com (updated daily with industry news or legislative updates), and subscribing to our monthly legislative email update. And to stay on top of local information, make sure you are plugged into a National REIA affiliated local REIA group or chapter. All real estate is local. National REIA can flag the map. Your local group is where that map meets your street, your title company, and the people who will tell you what is actually happening in your market. Fall has always been a season of harvest. In our business it is also a season

of finishing. Finish the deals you started. Tighten the systems you have been meaning to tighten. Choose the slightly harder path now so you are not forced into a scramble later. And do not let a changing rule be the thing that catches you off guard. I invite you to bookmark the Wholesale Resource Center, show up for a REIA Now call this month, and walk into your local meeting. When investors stay informed, they stay in business. When they stay in business, communities thrive. We are still building better communities one home at a time. Let’s finish 2026 strong! Rebecca McLean is the Executive Director of National Real Estate Investors Association

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quire a closing protection letter. Having this letter will get everyone on the same page at the beginning of the deal. This will allow for better cooperation and understanding so that everything can be done more smoothly. I’ve seen the frustration vented on social media. Title companies are tired of private lenders and investors who fail to provide the correct paperwork or provide incomplete paperwork. They are tired of cleaning up messes a year or two post-closing. One of the most difficult things I’m having to do in a transaction right now is get the lender, with the assistance of counsel, to properly complete a correctly-formatted, properly-documented, executed, written release and satisfaction now that their loan has been fully repaid. Their interst in the deal seems to have gone away, but their responsibility still remains. In many states, there is a statute that imposes a civil liability on a lender who fails to timely submit for recording a release and satisfaction showing that a mortgage has been fully paid and is cancelled. If you live in a state that uses a deed of trust instead of a mortgage, you would call what needs to be submitted a reconveyance. A deed from the trustee would go to the borrower essentially cancelling all the terms of the trust that was created to secure the loan. Another thing that causes anguish and confusion is when the borrower has repaid the loan with a refinance or sale of

the property. The private lender’s money sits with the title company or closing attorney, and they want that money paid to them, but they aren’t willing to execute a release and satisfaction until they get their money. The problem is they may not “remember” to sign a release and satisfaction once they get their money. Let me remind you what the purpose of “escrow” is. It’s to gather all the funds and necessary documents into the possession of a disinterested, independent third party who can then fully complete the transaction. This is something private lenders fail to understand. Their money is sitting in escrow and is once again their money when they supply the necessary documentation so their borrower can have proof they fully paid them back. The money being in escrow or a copy of the settlement statement isn’t good enough in the eyes of title insurance companies. A couple of times a year, a title company contacts me on behalf of one of my private lending clients saying, “Hey, we need a release and satisfaction for such-

and-such property that was paid off on such-and-such date.” That date ends up being months or even years ago. Why does that happen? Because someone didn’t do their job at the end. They may have begun well, but they didn’t finish well. To accomplish the purpose of private lending, which is to deploy capital and ultimately receive it back along with interest on the principal, we must understand the importance of finishing well by having the correct documentation necessary for the deal and a good understanding of the complete process. Jeffery S. Watson is an attorney who has had an active trial and hearing practice for more than 25 years. As a contingent fee trial lawyer, he has a unique perspective on investing and wealth protection. He has tried over 20 civil jury trials and has handled thousands of contested hearings. Jeff has changed the law in Ohio four times via litigation. Read more of his viewpoints at WatsonInvested.com.

Real Estate Journal · Fall 2026

Real Estate Journal

NREIA Legislative Update

What to Expect in Q4 Elections It’s the Congressional midterm and with thin majorities in the U.S. House and Senate, Republicans are hoping to avoid blue wave that flips one or both chambers. With inflation and Iran on the minds of voters, and President Trump’s low approval ratings, most election watchers predict that Democrats will take the House and Republicans will hold the Senate with fewer seats. A host of external factors will determine the outcome. Gas prices, geopolitics, data centers, immigration, and host of other issues are equally as important as candidate quality and effective campaigning in competitive races.

Here are key races to watch In the Senate, where Republicans hold a 53-47 majority: Maine: Republican Senator Susan Collins is being challenged by former Democrat State Senator Troy Jackson in a tossup race. Maine is equally divided with two House seats - one blue, one slightly red. Collins has a long history of beating the polls and surviving tough challenges, but Democrats are hoping the anti-Trump environment in the state will flip the seat. North Carolina: GOP Senator Tim Tillis is retiring, leaving an open seat. Democrats got their top recruit with former Governor Roy Cooper. He faces former Republican National Committee Chairman Michael Whatley. Pundits expect the popular Cooper to prevail and flip the seat blue. Michigan: Democrat Senator Gary Peters’ retirement has spawned a tossup race. Former Republican Congressman Mike Rogers is back after losing a close Senate race in 2024. He faces Democrat Abdul El-Sayed, who runs Detroit’s Health Department. El-Sayed’s controversial statements on the 9-11 attacks on America feature largely in this race. Republicans are hopeful they can flip this seat red. Texas: Incumbent Republican John Cornyn was defeated in the primary by Texas Attorney General Ken Paxton. Paxton faces Democrat State Representative

James Talarico. In normal times, Talarico’s far left views and bizarre takes on religion and culture would put him out of the running for most Texans. But Paxton’s scandals and lackluster campaign coupled with the general mood of voters could make this race a tossup. Ohio: When JD Vance assumed the office of Vice President, Ohio Governor Mike DeWine appointed Jon Husted to fill the seat. Husted, previously the Republican Lieutenant Governor, now faces former Senator Sherrod Brown. Brown was defeated in his re-election bid in 2024 but is seeking a return. In a normal year, this race would lean Republican. In 2026, with voters uneasy with Iran and inflation as well as President Trump’s unpopularity, the race is a tossup. Georgia: Incumbent Democrat Senator John Ossoff is being challenged by Congressman Mike Collins. This state votes Trump, but not when he isn’t on the ballot. DC elections watchers tip this race for Ossoff. Iowa: When Republican Senator Joni Ernst announced her retirement, GOP Congresswoman Ashley Hinson stepped up to run. Her Democrat opponent is State Representative Josh Turek. Trump won Iowa by 13 points in 2024, but the current voter mood has made this a tighter race than expected. Hinson has the edge. Alaska: GOP Senator Dan S. Sullivan is challenged by former Democrat Congresswoman Mary Peltola. Peltola has statewide name ID from her one term in Alaska’s at-large House seat. The state’s ranked choice voting system means multiple candidates will appear on the November ballot, including Dan J. Sullivan. Republicans are hoping ballot confusion won’t jeopardize the incumbent’s prospects for re-election. In the House, Republicans hold a razor-thin 218 majority with several vacant seats. Here is a breakdown of the Cook Political Report’s analysis of the races: Solid or Likely Republican - 202 Lean Republican - 7 Toss Up - 21 Lean Democrat - 9 Solid or Likely Democrat – 196 That roughly means Republicans probably win 209 seats and Democrats win 205, with an additional 21 toss up seats determining the majority. Those toss up districts are in Arizona, California, Colorado, Florida, Iowa, Michigan, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia, Washington, and Wisconsin.

Lame Duck Sprint to the Finish When Congress returns to action after the November election, what can we expect in the final couple months of the session? That depends on the outcome of the election. But it is safe to say that Republicans will sprint to finish up bills and appropriations. Democrats, likely to

have more leverage in the next Congress, will probably slow walk as much as they can. On the wish list for housing providers to see action before the end of the 119th United States Congress: Respect State Housing Laws Act: Retiring Representative Barry Loudermilk (R-GA) is hoping to get House Resolution 1078 passed into law before he leaves. This bill ends the federal government’s COVID-era 30 day notice to vacate requirement. In practice, the federal government isn’t enforcing, yet it remains in the code. Affordable Homeownership Access Act: Representative Andy Barr (R-KY) looks likely to move to the Senate in the next Congress. If Democrats take control of the chamber, Rep. Maxine Watters (D-CA) is likely to Chair the Banking Committee. Barr would like to get House Resolution 6511 passed while he has friendly committee leadership. The bill directly benefits every real estate investor who uses, or has ever thought about using, seller financing. Right now, federal law limits you to just three seller-financed deals per year before you’re required to get a mortgage originator’s license. H.R. 6511 would raise that limit to twenty-four per year.

The Disease of Bad Ideas Bad ideas are contagious and when it comes to local governments, the appetite for bad ideas seems to be growing. As I write this update just outside of Akron, Ohio the city’s council has placed on the November ballot two issues that indicate they have no idea how housing markets work. The first proposal requires housing providers to allow security deposits to be paid in three or six-month payment plans. It also eliminates application, screening, credit and background check fees for tenants. Akron’s august leaders should be reminded that lack of ability to pay a security deposit is a major red flag for ability to rent. I assume they are aware that screenings cost money and simply don’t care. But the net effect will likely be higher rents. The second proposal expands Akron’s anti-discrimination housing protections by establishing criminal history and source of income as protected characteristics for renters. Housing providers would be unable to refuse a tenant based on those characteristics. Arsonists and sex offenders are joyfully excluded from such protection. Akron’s Civil Rights Commission would investigate and enforce these protections. Aside from the basic private property rights issues at risk here, it’s hard to believe that residents of a neighborhood or multifamily housing have no interest in whether their neighbor is a criminal. Watch this ballot issue closely, because these bad ideas are likely coming to a city near you. And, more than likely you have already heard of some of them.

Take a “Vacation with an Education” on National REIA’s 27th Annual Cruise By Lori Hudson

et’s face it, the majority of conferences take place at some convention center in some far-flung location, which may or may not allow you to relax and have a good time. That’s where National REIA’s annual winter cruise is completely different. Even the name of the cruise says it all; “A Vacation with an Education”– and it is all that and much, much more! The ship departs from Miami, Florida in late-February 2027 embarking on an 8-day journey with stops in Mexico, Honduras and the Bahamas. Along the way there will be a variety of educational programs and events geared specifically toward real estate investors. But wait, there’s more! This is also a conference (the education part) so you won’t want to miss any of the many roundtable, panel discussions, networking, games and social activities – including cocktail parties. Topics include tax lien investing, self-storage, accelerat-

Real Estate Journal · Fall 2026

ing wealth accumulation through tax deferral or elimination, negotiation strategies that lead to more deals & greater profits, multifamily underwriting and deal analysis, return on equity, seller-financing strategies, and more. In addition, National REIA will be providing industry & legislative updates as well as hearing from nationally-renowned speakers. This year’s cruise takes place on Royal Caribbean’s Icon of the Seas – the largest cruise ship in the world! In addition, the ship is packed with awesome amenities (the fun part!). Through a special arrangement, National REIA has various options available starting at $1,764 per person (double occupancy). Unable to make the Winter cruise? Don’t worry....another one will be just around the corner in early 2028. Watch for more information in the coming year from National REIA. For more information or to sign up, please visit www. NationalREIACruise.com.

Real Estate Journal

When the Leasing Office Becomes a Lifeline:

Mental Health, Loneliness and the Changing Role of Property Management Published quarterly for chapters, associated real estate investor associations, their members and guests.

Editor Brad Beckett brad@nationalreia.org For inquiries regarding Membership, Legislative, REIA organization information or to become a industry partner, call National REIA toll free at 888-762-7342 Fax: 859-422-4916 Hours of operation: 9:00a.m. to 6:00p.m. Eastern time zone Find us online at: info@nationalreia.org www.NationalREIA.org

RE Journal is published by Rental Housing Journal, LLC, publishers of Rental Housing Journal www.rentalhousingjournal.com

By Victoria Cowart, CPM, NAAEI Faculty

or those who work in multifamily housing, the job has always been about more than buildings. Property managers and onsite teams create communities, solve problems, navigate conflict and often become trusted faces in residents’ everyday lives. Increasingly, that human side of property management includes encountering residents—and sometimes coworkers— who are struggling with their mental health. According to The State of Mental Health in America 2025, 23.4% of U.S. adults experienced a mental illness in the previous year—more than 60 million people—and 17.7% experienced a substance use disorder—more than 46 million people. Anxiety and mood disorders are the top two disorders that people are living with impacting more than 73 million people. Those statistics inevitably show up in our communities: a resident who suddenly stops caring for their home, someone behaving differently in a common area, a neighbor experiencing an obvious crisis, or someone who begins stopping by the office more frequently because they need someone to talk to.

When “I Have a Question” Really Means “I Need Connection” Publisher John Triplett john@rentalhousingjournal.com Editor Diane Porter Advertising Manager Terry Hokenson terry@rentalhousingjournal.com

The articles in RE Journal written by all authors are presented to you for educational purposes only. The authors and the National Real Estate Investors Association strongly recommend seeking the advice of your own attorney, CPA or other applicable professional before undertaking any of the advice or concepts discussed herein. The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of National REIA or Rental Housing Journal, LLC. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Rental Housing Journal, LLC, 4500 S. Lakeshore Drive, Suite 300, Tempe, AZ 85282. (480) 454-2728 / (480) 720-4385 © 2026, all rights reserved.

Loneliness can be easy to overlook because it doesn’t always look like a mental health crisis. For residents who live alone or have limited social connections, the leasing office may be one of the few places where someone recognizes them. A maintenance technician may be one of the few people who regularly knocks on their door. A community event may offer an important opportunity to interact with others. Sometimes the resident lingering at the front desk after their question has been answered isn’t really there because of the package, parking permit or work order. They may simply need connection. That does not mean property management professionals should become counselors. We are not there to diagnose mental illness or fix another person’s problems. We can, however, notice. We can listen. We can connect people with appropriate resources. And we can create communities where people feel seen.

The People Helping Residents Are Under Pressure, Too Our industry also cannot ignore the mental health of property management professionals themselves. Swift Bunny’s 2025 Mental Health

Study surveyed 1,631 respondents from companies representing 7,851 employees. On its 100-point scale, the overall score was 67—within the study’s “warning” range. Twenty-three percent of site team members and 66% of regional team members reported working 50 or more hours per week, while five of six stress-related scores fell into the “red flag” range below 60. Consider someone onsite handling staffing shortages, resident concerns, delinquency, maintenance emergencies and everyday operational demands, then finding themselves face-to-face with someone experiencing a mental health challenge or even crisis. Supporting others is difficult when your own tank is empty, and sometimes counterproductive. There is encouraging news, however. Team relationships were among Swift Bunny’s stronger results, including relationships with coworkers and supervisors, access to company mental health resources and respectful treatment. That suggests something important: relationships can be part of the solution.

You Don’t Have to Fix It to Help When someone appears to be struggling, many people hesitate because they fear saying the wrong thing or stepping outside their role. The answer isn’t to become a therapist. It’s to become a human being willing to engage—even when it feels awkward. I created the MILES: Motivate, Inspire, Listen, Engage/Evaluate and Support framework as a simple way to think about interacting with someone showing signs of a mental health or substance-use challenge. It is not a clinical process or rigid sequence. Motivate — Connect rather than diagnose. Ask whether the person has someone they can call or has considered talking with a professional. Employees should know their organization’s Employee Assistance Program and available

benefits to facilitate their connection with capable professionals. Inspire — Encourage self-care. Help others identify strategies that support their wellbeing, whether exercise, sleep, relationships, hobbies, nature or healthier boundaries. Small, intentional steps can help people manage stress and build resilience. Listen — Listen more than you speak. Active, nonjudgmental listening builds trust. Leave room for silence, pay attention and resist the impulse to immediately solve the problem. Engage/Evaluate — Be willing to start the conversation, stand still in the awkward, and know when concern becomes a safety issue. A simple expression of concern can open a door. Teams should also understand company emergency procedures and when professional crisis responders or emergency services are necessary. Supporting someone does not mean an onsite employee must personally manage a dangerous situation. Support — Offer reassurance, useful information and a steady presence. Ask, “What can I do to help?” or “Who or what has helped you through something like this before?” The goal isn’t to fix the situation, but to help someone feel heard and connected to appropriate resources. Management companies should consider providing their communities with resources to offer residents. And importantly, maintain boundaries. Caring about someone does not mean assuming responsibility for that person’s mental health.

Building Communities That Make Connection Easier The loneliness component gives multifamily housing a unique opportunity. We can’t cure loneliness with a resident event calendar, but we can intentionally create opportunities for connection through welcoming common spaces, activities, volunteer opportunities, neighbor introductions and ev-

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Real Estate Journal · Fall 2026

Real Estate Journal

When the Leasing Office Becomes a Lifeline ... continued from Page 4 eryday interactions that communicate, “You belong here.” The same principle applies to our teams. Organizations have a role, too. Research indicates that 85% of workers believe actions taken by employers could positively affect their mental health. That can mean training managers, communicating benefits, addressing unreasonable workloads and giving employees opportunities to be heard. It may also mean sharing the message that self-care is not selfish and offering information about it. Less than a third of adults are engaging in daily self-care, which means we should talk about it more and evaluating the different domains of self-care: phys-

ical, mental, emotional, social and even spiritual. Exploring these areas with our colleagues would be a wonderful place to start the wellness conversation. For property management leaders, the question isn’t whether mental health belongs in our industry conversation. It already does. The question is whether our teams are prepared for conversations already happening at the leasing desk, in the maintenance shop, in the hallway and behind residents’ front doors. We don’t need property managers to become mental health professionals. We need them to know their boundaries, know their resources and have the con-

fidence to recognize when someone may need help—and to Motivate, Inspire, Listen, Engage/Evaluate and Support (MILES). Sometimes the most valuable thing we can offer is remarkably simple: notice the person, listen without judgment and help connect them to the next right resource—while creating communities where residents and team members know they don’t have to navigate difficult moments alone. Victoria Cowart, CPM, NAAEI Faculty, Vice President of Education at PetScreening, is a nationally recognized multifamily leader whose decades of industry

impact span property management, education, advocacy, and leadership—including serving as president of both the Charleston Apartment Association and South Carolina Apartment Association and as an NAA regional vice president. A South Carolina Apartment Association Hall of Fame inductee, Victoria is a passionate champion for industry education, pets, and assistance animals, bringing nationally recognized expertise in fair housing, human resources, and professional development to every stage she takes.

The When of Property Management By David Pickron

hen we talk about property management, we usually talk about the why and the how. Why you screen tenants. How you write a lease. Why a deposit matters. How to handle maintenance. But after a phone call I got a few months ago, I’ve realized we don’t talk nearly enough about the when — and that’s the piece we take for granted most. Here’s the call. A client rang me convinced we’d dropped the ball on a background check. He said we missed a crim-

inal record on an applicant he’d already moved in. We pulled the file and reran everything. We had, in fact, found a record — an arrest, with no conviction. Under Fair Housing and FCRA rules, that’s not something you can use to deny someone housing, so it never should have changed his decision anyway. What we had flagged, on the original report, was a prior eviction. He never asked about it. But the real problem wasn’t the record at all. It was the order. He’d moved the tenant in first, tenant problems started a few months later, and only then — after the damage was already done — did he

run the background check. He didn’t do anything wrong on paper. He just did it backwards. That’s the lesson I keep coming back to: every step in this business sets up the next one. Skip the order, and you’re not managing a property anymore — you’re doing damage control. So, here’s the timeline I’d ask every landlord to hold themselves to: •

•

Real Estate Journal · Fall 2026

Set your criteria first. Before you list anything, write down your standards — income, credit, criminal, rental history — and apply them the same way, every time. Want a starting point? Email info@rentperfect. com and we’ll send you a sample, detailed criteria. Market to that standard, not to a type of person, and put a “code word” at the end of your ad so you know who actually read it. (Want to hear more on this one? Search for the Rent Perfect Podcast on your favorite platform — we go deeper on code words there.)

•

Show the property consistently. Hand out your criteria at the showing — it answers half your applicants’ questions before they ask, and it protects you if someone applies anyway and doesn’t pass.

•

Screen before anything else happens — not after move-in, not after problems start. This is where a real investigative screening company earns its keep. Watch for red flags at deposit time too — someone who can’t afford it, or wants to pay it “later” — and never call a deposit “last month’s rent.”

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Prepare a lease that matches the criteria you set on day one. Your criteria isn’t just a checklist — it’s really a summary of the lease itself. If the two don’t match, one of them is wrong.

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Introduce your tenant to the neighbors. It tells your tenant the property is being watched by someone other than you. Bring home that new puppy you weren’t approved for? I will definitely find out.

•

Hand over keys last — after the lease is signed and funds have cleared, not a day before.

•

Document the move-in condition, set up automatic rent pay, and line up your vendors before you need them. Understanding that one process leads into the next helps you stay on the same page with your applicants — and hopefully, down the road, you’ll have a fiveyear tenant with very little problems. That’s when life is great. David Pickron is a Landlord and Owner of Rent Perfect. His company provides a free online platform for managing rentals starting with online rental applications, background checks, online lease signings, move-in inspections, renters insurance, and online rent pay all from your phone or desktop. Rent Perfect is a preferred vendor of National Real Estate Investment Association. They offer the most accurate & thorough credit & background screening available. Members of NREIA receive a discounted set up fee. Learn more at www.rentperfect.com.

Real Estate Journal

Feeling Under Appreciated? ... continued from Page 1 into is legislative in nature. False narratives about evil, greedy owners are pushed by non-profits whose leaders rake in great salaries from grants with the stated goal to protect tenants. These lobbying groups have the ears of legislators who buy the story that rental owners need to be constrained. They even believe that improving a property in a neighborhood is a bad thing because it may price some residents out through gentrification. The result is a never-ending cycle of more and more restrictive legislation. More risk, more compliance expense, and less ability for us to provide the service we set out to provide. This morning I came across the quote from Buc-ee’s CEO. He is correct. Life is too short! Spending time trying to provide a service that is not appreciated makes no sense! The unfortunate part is that the com-

munity, the residents, the workers, and all the associated professionals do appreciate the investment I am making. They all need the service and the income. When our legislators decide what is good for us, we lose our freedom to make our own choices. Legislation that makes building and leasing too risky and too expensive for private enterprise eliminates choice. In many areas there is a shift in thinking towards more public housing, and public-private partnerships. We have seen the outrageous cost to the taxpayer of government-built housing. Recent examples in my area have shown new housing built by government or government/private partnerships to be about 4 times as expensive as privately built housing. We have seen the disastrous result of government-run rental housing. This is not the answer, and a casual examination of history

would demonstrate that. Are there solutions? Yes! Residents who benefit from the blessings that investors bring with rehabbing and rentals can speak up. They can call out the false narratives being pushed by the “Tenant’s Rights” advocates. Without their voices, choices will be more limited, and with limited choices/supply prices go up. Community leaders who recognize the benefits provided by real estate investors can work to make their community investor friendly. Less over-burdensome zoning, permits, inspections, and regulations would be a good start. They can also band together and push for a more welcoming environment at the state level. Rental property owners should do

their best to screen and manage residents so that people in the community have fewer negative interactions. In some areas screening is heavily impacted by laws that make it difficult to weed out “bad apples”, or to detect the rampant application fraud. We can also make sure that we are complying with the regulations, no matter how burdensome. As investors we can recognize that we have choices. We can go where we are appreciated. We can invest in another area, in another property type, or in another investment vehicle. We can choose another revenue source. Whatever you choose, I recommend that you stop beating your head against the wall. Let the blessings flow to those who appreciate them. Jane Garvey is President of the Chicago Creative Investors Association.

From Fractional Banking to Freedom: How the Infinite Banking Concept Counters Conventional Banking Flaws

by Jason K. Powers

o understand the unique approach of the Infinite Banking Concept (IBC), it's essential to first delve into the foundational practices of the modern U.S. banking system particularly, fractional reserve banking. This system, where banks are required to keep only a fraction of their total deposits in reserve and are free to lend out the remainder, is a cornerstone of contemporary finance. While the theory is that it fosters economic growth through increased lending (and most certainly enables banks to generate significant profits), it also introduces significant risks such as bank runs, asset bubbles and destabilization of the financial system at large, as we’ve seen time and time again. Fractional reserve banking effectively creates money out of thin air. For every

dollar deposited, only a fraction is kept on hand, and the rest can be used for loans. Before 1992, banks were required to keep 12% of deposited amounts on reserve. This meant they could loan out the remaining 88%. In 1992, that reserve was lowered to 10%. This now meant that 90% could be loaned out. In March of 2020, following the shockwave of COVID-19, the Federal Reserve lowered that requirement to an unprecedented 0% (Zero Percent), where it has remained to date. We all know what this means. This can lead to a multiplicative effect in money supply creation, potentially leading to inflation if not carefully managed. Through the lens of Austrian Economic theory, we would argue that it leads to unsustainable credit expansion that can cause economic bubbles and crashes. Austrian economists advocate for a banking system based on sound money principles - where money supply expansion is tightly controlled and closely tied to real assets like gold, thereby promoting economic stability and reducing inflation risks.

Transitioning to Infinite Banking Concept Against the backdrop of these potential instabilities inherent in fractional reserve banking, R. Nelson Nash introduced the Infinite Banking Concept. Nash proposed that individuals could become their own bankers, thus sidestepping some of the systemic risks posed by traditional banking practices. By utilizing dividend-paying whole life insurance policies as financial tools, individuals can build a personal banking system. This system allows policyholders

to borrow against the cash values of their policies rather than depending on commercial banks for loans. Here’s how it works: a policyholder pays into a properly structured whole life insurance policy designed specifically for the purposes of Infinite Banking, which over time accumulates a cash value. This cash value grows at a guaranteed rate and also earns dividends. Policyholders can then borrow against this cash value for personal (or business) financing needs - whether for buying a car, investing in real estate, or funding a child’s education - without having to go through a traditional bank. Now you, the policy holder, is in control of the banking function in your life. Imagine a life without the bank. The beauty of this system lies in its simplicity and control. Loans taken against a life insurance policy come with no mandatory repayment schedule, and the interest rates are typically lower than those of bank loans. Moreover, since the policyholder is borrowing against their own savings, they are essentially paying themselves back, thus keeping the money within their personal economy.

Infinite Banking as a Sound Money Solution From an Austrian Economic perspective, the Infinite Banking Concept resonates strongly with the theory’s core principles. Austrian Economics favors systems that minimize the risk of inflation and promote fiscal conservatism. By encouraging individuals to save and build their wealth within a life insurance policy - a historically stable and non-vol-

atile asset - IBC promotes financial self-reliance and stability. Moreover, by reducing reliance on traditional banks and their loan products, individuals using the Infinite Banking Concept mitigate the risk of being adversely affected by broader economic downturns or banking crises. They create a buffer against economic uncertainty by leveraging their life insurance policies to fund their borrowing needs. In conclusion, while fractional reserve banking has facilitated economic expansion and prosperity on a massive scale, it is not without significant risks - risks that are amplified by the very nature of the banking practice as critiqued by Austrian Economics. The Infinite Banking Concept offers a compelling alternative that not only aligns with Austrian principles of sound money but also empowers individuals by making them their own financial managers. By building wealth in a controlled, self-sustained banking system, individuals can achieve greater financial security and independence, making the Infinite Banking Concept a prudent choice in an uncertain economic landscape. Jason K Powers is a multi business owner, real estate investor, and financial strategist. Partnering with the National Real Estate Investor Association, he helps real estate investors around the country build greater control over their capital and cash flow. Visit 1024Wealth. com/NREIA to access free educational resources, watch additional training, and schedule a conversation if you'd like to explore how these concepts could work in your own investing journey.

Real Estate Journal · Fall 2026

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Real Estate Journal · Fall 2026

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Member Spotlight — Gregory Koepke ... continued from Page 1 Go Aztecs! While I enjoyed growing up in San Diego, I saw a lot of opportunity in Las Vegas during the financial crisis, and wanted to be there as the area rebounded from the financial crisis. My wife, Jess, and I got married in 2024, and we still live in Las Vegas with our dogs, Dexter and Vinny.

Where is your current market and what is your focus or area of expertise? My current market is the Las Vegas area, and I focus on wholesaling and cash flow properties.

How did you get started? In 2019, I was working a full-time job at a local college and always wanted to get my feet wet in real estate investing. While having the “security” of a full-time job, I started driving for dollars on the weekends looking for distressed properties and properties with dumpsters. I contacted the homeowners of these distressed properties, and built my buyer’s list from the properties which were actively being rehabbed. I even spent some of my lunches following up with owners, and showing properties I had under contract to end buyers. By the end of 2019, I had built up my business to be successful enough to leave my full-time job, and dedicate myself to real estate full-time.

Describe a typical work week for you as a real estate investor: There’s no typical week! My goal is always to spend a few days out in the field, and balance between finding motivated sellers and maintaining relationships with end buyers. Some days go as planned, and others are organized chaos.

How long have you been investing in real estate? I bought my first rental property in 2012, and closed my first deal in 2019.

This is a cash flow rental property recently renovated with new carpet, flooring and paint to get ready for new tenant to get highest rent possible and the least repairs once rented. Tell us about your first deal: That’s an interesting story! This shows you have to be flexible and follow through. The first property I had under contract had title issues. After changing title companies and getting a court order to get clear title – all while the attorney representing the seller had his license suspended in the middle of the process. This property was my third closed deal even though it was my first property under contract.

How do you fund your investments? I used my own funds for the EMD, and the investor will provide the funds to close if I’m assigning the contract. I have also used traditional loans and private money to fund other projects.

Do you have a real estate license? No. I have considered the benefits and potential drawbacks of having a real estate license. I enjoy help-

ing homeowners as I do now, and I don’t need a real estate license to manage my own rental properties.

What projects are you currently working on? I have a few properties under contract, am working on implementing AI into my business and am getting a rental property ready for rent.

How much time do you put into your real estate education? Every week, I continue my real estate education through listening to a variety of podcasts, reading about different types of investing and staying up to date with the ever-changing rules and regulations regarding wholesaling. As you do more transactions, the business teaches you in the sense that you might experience a new situation, and you learn how to move forward.

Continued on Page 9

Before and after photos of a property Greg wholesaled. The end-buyer was an investor who relisted the property after renovation. Greg used his experience doing estimates to visualize the needed changes the buyer incorporated.

The backyard/exterior of a single-story fire damaged house with the roof caving in. 8

Greg evaluating fire damage in the roof and trusses to determine what permits need to be pulled in order to rebuild. Real Estate Journal · Fall 2026

Real Estate Journal

Member Spotlight — Gregory Koepke ... continued from Page 8 Has coaching or mentoring played a part in your success? Absolutely! I attended a three-day training with Tony Youngs, who came to a meeting of the Greater Las Vegas REIA in 2018. I followed everything he taught, never made excuses about why I couldn’t do something and attended his weekly training calls. Also, after a few transactions with one investor, the investor trained and hired me to do walk throughs and estimates on properties they were interested in buying. I was paid to learn how an investor evaluates properties, and this has made me a stronger investor.

What are your current and future goals? The great thing about finding off market properties is being able to buy them yourself if the deal makes sense. I am actively looking for “wholetail” properties which I can buy, make minor improvements to and put back on the market. I am also looking to pick up additional rentals.

What has been your top struggle in this business? People in real estate often judge a book by its cover, and it’s easy to make assumptions about a property or owner without knowing the full picture. Once, I mailed a letter to a homeowner in Germany (who owned a property in Las Vegas) even though I was sure it was a waste of time. A few weeks later, the owner sent me a text wanting to sell, and we got it off his hands.

What do you like most about what you do? I like the flexibility of being able to manage and grow my business, and make decisions. It’s nice to not have a traditional 9-5 job, but on the other hand, I’m always on call because things seem to come up at all hours of the day.

Do you have a tip or advice that you would pass along to other investors? The best advice is to pick a type of investing and business model to achieve success. With wholesaling, there are several different ways to market to motivated sellers, but I only focus on two or three methods which I have continually refined over the years. It’s too easy to try something once or twice and not be successful, and give up. You have to be in it for the long haul.

How important is joining a local REIA to a new investor? It’s super important to join a local REIA (or even one in a city where you want to invest) because this is the best way to meet and network with other types of professionals – lenders, contractors, title companies, probate attorneys, etc. – all in one place.

What is your favorite self-help or business book?

Greg and his wife Jess enjoy a date night. Why “A” Students Work for “C” Students and “B” Students Work for the Government by Robert Kiyosaki. I learned that I don’t need to do everything myself, but just surround myself by the right people.

Do you have any interesting hobbies or something unique that you like to do? Spending time with my wife, hiking, bowling and road trips (so our dogs can come). I constantly like to learn. I am a student of life, and try to learn as much as

possible to grow personally and professionally.

Does your business have a website? VegasValleyInvestorsLLC.com Greg@VegasValleyInvestorsLLC.com Social media accounts www.linkedin.com/in/gregkoepke

With National REIAU, we have made learning from some of the best fast, easy and inexpensive. National REIAU delivers great low-cost, high-quality investor training on exactly the subject you want, exactly when you want it.

Learn more by visiting nationalreiau.com Real Estate Journal · Fall 2026

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Why Your Accountant is Begging You to Do This One Thing

The Shoebox of Shame: Why We Need to Talk About Pre-Accounting By Gita Faust

realized recently during my webinar titled “From Balance Sheet to Your Wellness.” (Now, don’t roll your eyes just yet - this isn’t your average accounting lecture.) While chatting away about wellness and financial health, it hit me like a ton of bricks: so many businesses are making the same mistakes repeatedly. And guess what? They’re using outdated methods that cause unnecessary stress. Let’s rewind for a second. Think back to the old days—remember when everyone used to collect receipts in shoeboxes? Oh, yes, the infamous shoebox filled with movie stubs, grocery receipts,

and random scraps of paper. It’s like the treasure chest of financial chaos! You wouldn’t go to the grocery store without a list, right? So why would you run your business without some form of organization? Many of us are still stuck in those old habits, but it’s time for a change. Let’s explore how updating our pre-accounting methods can save us all a headache. Why Your Accountant Shouldn’t Need a Prescription for Advil Let’s get real—if your accountant needs a prescription for Advil after working on your books, it’s time to reevaluate your pre-accounting process. Imagine this: you bring a box full of mixed-up receipts from your favorite coffee spot to that

hardware store trip from three months ago. Your accountant looks at this mess like a librarian trying to sort cookbooks and sci-fi novels. It’s a disaster waiting to happen! Here’s the deal: pre-accounting isn’t just for accountants. It’s for anyone who wants to run a smoother, more efficient business. So, what can you do? Start by labeling your receipts as soon as you get them. Write the job name on the receipt if you’re buying supplies for a specific job. If you’re grabbing a coffee for a networking meeting, jot down the details. It takes two seconds; trust me; your accountant will thank you—maybe even with fewer billing hours.

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But it’s not just about receipts. Think about all those bank and credit card statements. You need to download them every month and organize them. And please, for the love of all things organized, stop sending your passwords via email or text. It’s 2024, folks—pick up the phone and call. I promise it’s not as scary as it sounds. So, let’s say you’re using QuickBooks and have connected your bank account through the bank feed. QuickBooks can pull your bank statements directly into its portal, making it easy to download them anytime. Even better, you can set up view-only access for your bookkeeper or controller. This means they can see the checks you’ve written, view all the details, and download statements or export them as a CSV or Excel file, but they can’t make any changes. It’s essential to be careful about who you give access to your bank accounts and what kind of access they have. You don’t want to hand over more control than necessary. And please, avoid a common mistake I still see: don’t send passwords via email or text message. Seriously, let’s leave that habit in the past. Instead, pick up the phone and make a quick call to share passwords securely. It takes just a few seconds and is far safer. Now, when it comes to credit cards, most companies don’t offer view-only access. So, you’ll need to download those statements yourself and share them with your bookkeeper, controller, or CFO (hint: it can be my team and me, Gita Faust). The same goes for loans, whether it’s a mortgage, a line of credit, or any other loan type. You usually have to download these statements manually because many financial institutions don’t provide view-only access or automatic downloads. Sometimes, if everything is connected in QuickBooks and it’s integrated with your bank or credit card company, you might be able to download these statements automatically. However, this varies depending on the financial institution’s setup with QuickBooks. And don’t forget about payroll services! If you’re using a payroll service, download your payroll statements regularly—monthly, quarterly, and annually. Don’t forget to download the payroll tax forms that were filed. You never know when you might need to switch services or when your credit card company offers a great deal, like a 0% interest rate for transferring balances. If you close an account, you might lose access to essential documents, so keeping everything downloaded and stored safely is crucial. In short, download your statements and organize your financial documents. These are all part of good pre-accounting practices that will save you time and headaches later on. Embrace the Future: Technology is Your New Best Friend Alright, let’s talk tech. I know—technology can be intimidating, but hear me

Continued on Page 12 10

Real Estate Journal · Fall 2026

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Real Estate Journal · Fall 2026

Real Estate Journal

Why Your Accountant is Begging You to Do This One Thing ... continued from Page 10 out. What if I told you there’s a magical tool that can transform your pre-accounting woes into a seamless process? Enter HubDoc, the unsung hero of the digital accounting world. Imagine having an app that lets you snap pictures of your receipts, automatically tags and organizes them, and keeps everything in one easy-to-find place. It’s like having a personal assistant who never gets tired or takes a coffee break. Here’s how it works: you take a photo of your receipt, and HubDoc’s OCR technology (Optical Character Recognition for the non-nerds) reads the details, tags them by vendor and date, and stores them securely. You can even forward receipts via email, so no more fiddling around with multiple steps. It’s like turning your shoebox of shame into a digital filing cabinet you can access anytime, anywhere. So, what’s the big takeaway here? By embracing tools like HubDoc, you’re not

just saving time but keeping your sanity. And hey, you might even save enough time to finally have that cup of coffee with a friend or spend an afternoon with your grandkids. Isn’t that what it’s all about? How We Can Help: Turning Your Pre-Accounting Headaches into Harmony Now, if you’re thinking, “This all sounds great, but I don’t have the time or energy to figure it out,” don’t worry— that’s where we come in. At Fast Trac Consulting, we’re here to make your life easier. Whether setting up HubDoc, organizing your receipts, or just giving your old shoebox the boot, we’ve got you covered. Think of Gita Faust as your financial fairy godparent, here to wave a magic wand over your accounting chaos and transform it into something manageable. We believe in making things simple, efficient, and enjoyable. When you’re not

stressing over receipts and statements, you can focus on what matters—growing your business and enjoying life. So, let’s ditch those outdated habits, embrace a new way of doing things, and find some financial peace together. After all, isn’t it time you ran your business instead of letting it run you? Thanks for tuning in today! Enjoy your Day, stay calm, and remember—pre-accounting doesn’t have to be a nightmare. With some help and a few good habits, you can turn it into a dream come true. Talk to you soon, everyone! Gita Faust is the founder & CEO of HammerZen, which helps businesses save time & money by keeping track of The Home Depot purchases and efficiently importing receipts and statements into QuickBooks. National REIA members receive discounts on QuickBooks services and software. Learn more by visiting www.hammerzen.com/nreia.

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The Most Overlooked Asset Class in Real Estate: Why Your Retirement Account May Already Be Ready for It By Carl Fischer, and Dani Lynn Robison

rive past two senior living communities in the same city, built around the same year, a few miles apart. One has a waiting list. The other cannot fill half its rooms. The buildings look almost identical. The land under them is worth almost the same. What is different is the team running each building, and that single difference is the most important thing an experienced real estate investor can learn about this asset class before putting a dollar into it. We wrote this article together for that reason. One of us spends his career helping investors use self-directed retirement accounts to reach asset classes most custodians never mention. The other spends hers underwriting needsbased real estate, with a heavy focus on senior housing communities. Between us, we hear the same three assumptions from experienced real estate investors almost every time this topic comes up: that senior housing performs well but is complicated, that it requires specialized knowledge they don’t have, or that institutions have already priced out everyone else. None of the three holds up once you look at what is actually happening.

The Math Behind the Story The numbers help explain why senior housing continues to attract attention: •

More than 11,000 Americans turn 65 each day in 2026, driven by the tail end of the baby boom.

•

Senior housing demand is less dependent on job growth or consumer confidence than sectors such as office, retail, or multifamily.

•

Everyone who will turn 65 in 2030 has already been born, making demographic demand easier to anticipate.

•

Senior housing led the NCREIF Property Index in 2025 with a 10.6% return, compared with 4.9% for the broader NCREIF Expanded Property Index.

•

The sector continued distributing income through the 2008 financial crisis, the 2020 shutdown, and the fastest interest-rate increase in four decades.

The Buildings That Cannot Get Built Supply cannot keep pace, and the gap is not closing. Occupancy has now risen for 20 consecutive quarters, reaching 89.9% in the second quarter of 2026, with half of NIC MAP’s primary markets above 90%. At the same time, construction starts have fallen to some of the lowest levels on record, and nearly 60% of the 140 markets NIC MAP tracked as of the third quarter of 2025 had no new senior

Real Estate Journal · Fall 2026

housing development underway at all. At the current pace of development, NIC MAP Vision projects the country will fall roughly 550,000 units short by 2030, a gap it estimates would take $275 billion in new investment to close. Capital is not showing up anywhere near that pace. What fills the gap instead is the acquisition and repositioning of buildings that already exist. Institutional capital has already drawn this conclusion. Eighty-six percent of the investors surveyed by JLL said they plan to expand their seniors housing portfolios in 2026, with only 4% planning to reduce, and REITs and other public buyers grew their share of total sector transaction volume from 24% to 32% in a single year. Debra Cafaro, Chairman and CEO of Ventas (NYSE: VTR), one of the largest senior-housing-focused REITs in the country, described the setup plainly at Nareit’s 2023 REITweek investor conference: “Demand is strong, supply is very constrained, pricing power is strong, and we are seeing some expense moderation. Those are all green arrows pointing in favor of NOI and margin growth.” Shankh Mitra, CEO of Welltower (NYSE: WELL), the largest senior housing REIT in the world, told analysts on his April 2026 earnings call that “the best years of this business are squarely in front of us.” Ventas and Welltower are large, publicly traded companies with a different capital structure than a private fund, but the forces behind their results are sector-wide, not specific to how a given deal happens to be owned. Carl Fischer has watched a related version of this dynamic play out through his own clients for years, not the age65 statistic, but the pace at which those clients are actually stepping back from work. “The baby boomers are retiring at the fastest rate ever in the United States, approximately 11,000 per day,” he says. “Seniors are living longer and looking for alternatives to keeping up a home.”

Retirement and turning 65 are related but not identical (not everyone retires the year they turn 65, and that gap has widened over the past decade), but both numbers point in the same direction. This is not a trend arriving. It is one that has been building for three decades and is now in its most active stretch.

writing additional acquisitions. This is not a sector either of our organizations is describing from a research report. It is one we are already operating in, for the reasons outlined above.

Why the Operator Wins

Many experienced real estate investors do not realize that a self-directed IRA, Roth IRA, SEP IRA, or solo 401(k), held through a qualified custodian or administrator such as CamaPlan, can invest in a senior housing private placement without buying a property outright. “Senior housing is a great way to purchase real estate in your IRA or 401(k),” Carl explains. “Leasing to the operator of senior housing is often a triple net lease. This minimizes work by the IRA or 401(k) owner while maximizing tax-free income with a Roth.” Mechanically, the account invests into a private placement structured as a limited partnership. The fund acquires and manages the real estate. The operator runs the community. The account receives the income distributions, and inside a Roth, those distributions compound without current tax. The way investors approach this has changed since the pandemic. “IRA and 401(k) owners are purchasing smaller clusters of senior housing since COVID versus the large complexes,” Carl observes, “with more outdoor space, similar to single-family home design.” Participation no longer requires institutional-scale capital to get in the door. One structural detail is worth understanding before moving forward. If a retirement account invests into the operating business side of a senior housing transaction rather than the real estate itself, it may be subject to Unrelated Business Income Tax, known as UBIT. Carl’s advice here is characteristically direct: “It’s always best to run the numbers and

This is where the two buildings from the opening come back in. Investors trained on multifamily are taught to evaluate location first. That instinct does not transfer cleanly here, because a senior housing community is not a passive real estate asset: it is a licensed, staffed, regulated business operating inside a piece of real estate. Care quality, staff retention, and family communication determine occupancy. Occupancy determines returns. Location sets the ceiling on what a community could achieve. The operator determines whether it gets there. A strong operator in an average location will typically outperform a weak operator in a great one, which is exactly how two nearly identical buildings end up in such different places.

How We Are Participating in This, Together Freedom Family Investments was built around a simple filter: invest in the real estate people cannot avoid needing, regardless of the economic cycle. Workforce multifamily housing, self-storage, and senior housing are the three categories that clear that bar, and of the three, senior housing is where the demographic case is least debatable. Over 18 years as operators and more than 1,000 real estate transactions, that filter has never cost an investor a dollar of principal, through the 2008 crisis, the 2020 shutdown, and the rate environment since. FFI holds an active senior housing community today and is under-

How This Fits a Self-Directed Retirement Account

Continued on Page 15 14

Real Estate Journal

The Most Overlooked Asset Class in Real Estate: see what your total return is going to be after taxes. In many instances this is not a deterrent to high net worth accredited investors.” The point is to model it before committing, not after, and to do that modeling with your own tax advisor, since it depends on your specific account and structure. Many investors also do not realize the capital may already exist. A 401(k) from a former employer or a dormant IRA can often be rolled into a self-directed account without triggering a taxable event, depending on the account type and the investor’s circumstances. Inherited accounts are eligible as well, so that conversation belongs with a tax advisor and CamaPlan before any transfer takes place.

What Investors Should Consider None of this comes without risk, and neither of us would suggest otherwise. Senior housing private placements involve loss of principal, limited liquidity, leverage, and dependence on an operator’s ability to execute. A retirement account invested this way can also generate unrelated business taxable income. That is exactly what offering documents and a real conversation with a tax and legal

advisor are for, and we would rather say that plainly than leave it implied. None of this makes senior housing complicated, and none of it makes it niche. It is a real estate category with a documented performance record, demand that is already alive rather than projected, and a supply problem that will take years to correct. The account you already have (Traditional, Roth, SEP, or solo 401(k)) may already be a reasonable fit for it. If this is new territory, that was the point of writing this together: one of us understands the account, the other understands the asset. Ask either of us the questions this article did not answer.

Disclosure This article is provided for educational and informational purposes only and does not constitute investment, tax, legal, or retirement-planning advice, an offer to sell, or a solicitation of an offer to purchase any security. Any offering is made solely through the applicable confidential offering documents and only to investors who satisfy the stated eligibility requirements. Private placements are speculative, illiquid, involve a high degree of risk, and may result in the loss of some or all invested capital. Illustrative, target, projected, and historical returns are not guaranteed, and past perfor-

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mance is not indicative of future results. Self-directed retirement-account owners are responsible for conducting their own due diligence and complying with applicable tax and prohibited-transaction rules. CamaPlan acts as an administrator and does not sponsor, recommend, endorse, or evaluate FFI investment offerings. Investors should consult independent legal, tax, and financial professionals before making an investment decision. Sources: Alliance for Lifetime Income; Retirement Income Institute; National Investment Center for Seniors Housing & Care (NIC); NIC MAP; NIC MAP Vision; JLL; Nareit; and Welltower. Data and statistics verified against source materials as of August 17, 2026. Carl Fischer is co-founder of CamaPlan Self-Directed IRA, a leading administra tor for self-directed retirement accounts specializing in alternative investments including real estate, private placements, and senior housing. Dani Lynn Robison is Founder and CEO of Freedom Family Investments, a private real estate investment firm focused on income-oriented, needs-based real estate for accredited investors, including workforce multifamily housing, self-storage, and senior housing. Gene J.

Ventura, CIO, Freedom Family Investments, holds a B.S. in Economics and Mathematics from the University of Wisconsin–Madison and completed the Senior Living Executive Course at the USC Leonard Davis School of Gerontology in association with the USC Marshall School of Business. CamaPlan provides self-directed IRA administration and education. CamaPlan does not provide investment, tax, legal, or financial advice, and does not endorse or evaluate any investment opportunity. This article is for educational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult qualified tax and financial professionals before making investment decisions. Members of National REIA can save up to $784, including a free consultation with the founder, one year of VIP customer service, and the opportunity to set up a new account for only $1. Plus, there are no annual fees until your first investment. You’ll also receive one free expedited transaction processing and two complimentary outgoing wires for your real estate deals. Please visit www.iraasset.app/ nationalreia for more info.

Real Estate Journal · Fall 2026

Real Estate Journal

PRICING BUILT FOR BUSINESS When the job gets big, your savings should too. The Home Depot offers pricing beneﬁts built for Pros, helping you save on the products you buy most and keep more money in your pocket on every job.

Real Estate Journal · Fall 2026