Ep. 69: Checking Expectations and Taking a Bigger Picture Approach, with Spencer Gray

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Lance is the Founder and Managing Partner of Verivest, an end-to-end real estate investment platform designed to bring transparency and trust to middle-market investing, and a Principal in Fairway America, a real estate private equity firm in Portland, Oregon.

Spencer Gray went from entrepreneur to co-sponsor / LP to President of Gray Capital, an investment firm focused on large multifamily assets. Located in Indianapolis, he looks to take advantage of the relative lack of institutional capital flowing into the Midwest. Spencer shares with Lance his approach to sourcing deals, and why he prefers to see the value in a mismanaged property versus a distressed asset. They discuss the current state of the market, the fickle nature of IRRs, the implications of today’s political environment, and trying to deal with impatient investors to whom 10 years is an eternity.

This Week’s Guest

In his role as President, Spencer develops, leads and executes investment strategy, performs underwriting and due diligence of all assets in the Gray Capital portfolio, and interfaces with investors. Since founding Gray Capital, LLC Spencer has been involved in over $700 Million in transactions. Spencer is also President and CEO of Gray Properties, LLC, a commercial real estate focused family office.

As an entrepreneur, Spencer, has founded several successful businesses in the fields of media distribution, real estate and agriculture before turning his passion for investing in commercial real estate into what is now Gray Capital, LLC . Spencer has extensive experience in a variety of real estate investing strategies since buying his first rental property in 2006. Spencer is an avid outdoorsman who enjoys rock climbing, fly fishing, archery and free diving. He is also a father to two girls. 

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Episode 69