Real Estate Cycles, Cross-Border Capital, and Why Raising Money Is Its Own Business — with August Biniaz
Why is now potentially the best time in years to enter real estate — and yet one of the most complex? August Biniaz, co-founder of CPI Capital, breaks down the current state of the real estate cycle, likening it to a clock that’s nearing “six o’clock” — the bottom of the market — and explains how this timing could spell opportunity for investors who know how to underwrite deals and raise capital effectively. He also dives into the challenges of development, the nuances of cross-border investing between the U.S. and Canada, and why treating capital raising as a full-fledged department in your business is critical to long-term success. August shares hard-won advice for new investors, the biggest mistakes developers make when seeking funding, and the real reason a “fund” is not always what it seems.
Guest Bio
August Biniaz is the co-founder of CPI Capital, a real estate investment firm that enables Canadian investors to participate in U.S. multifamily projects. With a career launched just before the COVID pandemic, August has successfully navigated CPI Capital through economic turmoil, shifting markets, and the complexities of cross-border syndications. A frequent speaker and educator on real estate private equity, he is also a LinkedIn Top Voice and known for his insights into capital raising and deal structuring.
Episode Highlights and Chapters
00:00 – Why 9% inflation nearly approached hyperinflation territory
01:06 – The real estate cycle: where we are now and why it matters
02:14 – Launching CPI Capital right before the pandemic
05:23 – Are we in a recession, and how does that affect investing strategy?
09:09 – Bid-ask spreads, why deals don’t pencil, and what investors need to understand
14:22 – How to forecast rent growth and capital appreciation
20:17 – Adjusting expense forecasts and why underwriting must be market-specific
23:41 – Capital raising as a dedicated vertical: building infrastructure and relationships
30:40 – Why retail investors are a hidden goldmine for capital
33:01 – Canadian-to-U.S. investing: tax, structure, and the right way to do it
39:22 – Why most U.S. CPAs give the wrong advice for international structuring
42:16 – Syndication vs. funds: the real difference
46:49 – The spectrum from joint ventures to REITs
47:39 – How August nurtures investor relationships before deals go live
Contact Information
August Biniaz invites listeners to connect directly with him on LinkedIn, where he is a LinkedIn Top Voice: August Biniaz on LinkedIn
Website: www.cpicapital.ca
For investor calls or to connect about raising capital or upcoming deals, book a time via the CPI Capital website.
Eugene Gershman’s podcast hub: https://giscompanies.co/podcast/
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