Show notes
Cory Jacobson grew a 95-unit real estate portfolio by turning a podcast into a deal-sourcing and capital-raising engine, without cold-calling a single investor.Cory Jacobson and his partner Ryan launched the Wealth Juice Podcast during COVID to share their early investing mistakes publicly. By year six, that real estate podcast had become their primary capital-raising tool: limited partners found them through the show, general partnership deals formed through podcast relationships, and the show opened rooms they had no business being in. Their current focus is value add multifamily in the Upper Valley, a micropolitan market on the Vermont and New Hampshire border near Dartmouth Health. With a 0.4% vacancy rate and a projected shortage of 10,000 housing units through 2030, the market sits below institutional radar and above retail competition. They target mismanaged A-minus and B-plus properties, bring rents to market, and in some cases furnish units for traveling nurses, capturing midterm rental premiums of 25 to 40% above long-term rents. The GP-LP structure is laid out plainly: preferred return goes to limited partners first, GP windfalls come at refinance or sale, and cash-on-cash distributions during the hold period are secondary.The episode also covers the 1033 casualty exchange, a tax deferral mechanism triggered by total property loss from a fire, hurricane, or natural disaster. It functions like a 1031 but is almost unknown, even among CPAs. Cory explains the two-year replacement window, the IRS extension process, and why adequate insurance is non-negotiable for any real estate investor. The conversation rounds out with seller financing, a 10-year compounding ground-up development fund in the Phoenix-Scottsdale market, the distressed debt wall coming due before 2027, and the case for staying focused in one micropolitan market rather than chasing equity multiple across too many geographies.In This Episode You Will LearnHow the Wealth Juice Podcast replaced cold calls as Cory and Ryan's primary deal-sourcing and LP capital-raising toolWhy general partners get paid last in a syndication and what that means for limited partner preferred returns and timingHow to target value add multifamily in micropolitan markets that sit below institutional and above retail competitionHow furnishing units for traveling nurses and medical professionals produces midterm rental premiums of 25 to 40% above marketWhat a 1033 casualty exchange is, how it differs from a 1031, and why almost no CPAs have ever processed oneHow Cory structures GP-LP acquisitions: LP capital covers the down payment and renovation costs, commercial financing covers the restWhy staying focused in one market protects against over-leverage as you scale toward 500 unitsChapters[0:00] Intro[3:56] How It Started[9:19] STR Mistakes[13:09] Raising Capital[16:59] LP Structure[20:17] Micro Market Advantage[25:11] Passive Real Estate[31:33] The 1033 Exchange[36:37] Value Add Execution[41:16] Growth and Goals[43:18] Arizona Development Fund[45:23] Book RecommendationsAbout Ryan Bevilacqua and Cory JacobsonRyan Bevilacqua and Cory Jacobson are real estate investors, entrepreneurs, and co-hosts of the Wealth Juice Podcast, ranked in the top 1% of podcasts globally. With over 12 years of experience in business, sales, and hospitality, they have built a portfolio spanning long-term rentals, short-term rentals, multifamily apartments, and a 43-unit multipurpose resort, and actively raise LP capital for value-add multifamily acquisitions in Vermont and New Hampshire.Resources MentionedDisclosure: Some links below are affiliate links. We may earn a commission at no cost to you. As an Amazon Associate we earn from qualifying purchases.Rich Dad Poor Dad by Robert KiyosakiSet for Life by Scott TrenchWealth Juice Podcast: Apple Podcasts, Spotify, YouTubeConnect with Cory JacobsonInstagram: @wealthjuiceofficialYouTube: youtube.com/@wealthjuiceofficialPodcast: Wealth Juice on Apple Podcasts, Spotify, and YouTubeTruly Passive Income is hosted by Neil Henderson and Clint Harris. New episodes drop weekly.Download our free Passive Investor ToolkitFollow the show: YouTube @trulypassiveincomepod, Instagram @truly_passive_income, Facebook Truly Passive, Twitter @trulypassive#PassiveIncome #RealEstateInvesting #RealEstateSyndication