Join Bronson today for an episode with Denis Shapiro, author of The Alternative Investment Almanac and Managing Partner of SIH Capital Group. Denis dives into his evolution from government work to real estate syndication, spotlighting niches like LIHTC affordable housing and Jersey Shore boutique hotels. Explore market timing for 2025 acquisitions, contrarian strategies amid cooling multifamily sentiment, and offbeat personal plays like litigation finance—all geared toward passive investors chasing cash flow, appreciation, and tax perks.
Unpack why niches beat broad plays, how lower LTVs and refi-friendly loans create windfalls, and tips for vetting operators while balancing life stability.
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Full Transcript:
Bronson Hill: Welcome to the Mailbox Money Show. I’m your host, Bronson Hill. I’m super excited to be here with my good friend, Dennis Shapiro. Who is the author of the Alternative Investment Almanac, I believe.
He may have a different name than that, but he basically covers all kinds of alternative assets. He’s the managing partner of SIH Capital Group. And really, they focus on affordable housing and hospitality, and so we’re going to talk about that.
We’re going to talk about different ways to invest, what’s happening right now in those specific areas of investment. And of course, on the Mailbox Money Show, we’re all about trying to find new ways to vet deals, new ways to find deals. And new asset classes to be able to grow our wealth in, whether through cash flow, appreciation, or even the tax benefits as well. So, Dennis, how are you doing today, brother?
It’s good to see you, man.
Denis Shapiro: Doing great, man. Always look forward to our conversations.
Bronson Hill: Yeah, I appreciate it, man. You’re always so positive. You always have a lot to add.
And you literally wrote the book on the Alternative Investment Almanac. There’s the name there, which is awesome. So real quick, how many different alternative investments are in the Almanac that you had?
Is there 10 or is there 12? Or how many?
Denis Shapiro: I want to say, I had nine. It’s been a couple of years since I wrote it. I know I also took out a chapter two. Because every chapter I wanted to get a Q&A with someone from the space.
So if I wasn’t able to get a Q&A with a person that I kind of respected, I actually ended up taking out the chapter. So I think it was nine net, but I think altogether, I think I wrote 11 when I actually wrote the book.
Bronson Hill: Yeah, it’s a lot of work writing a book. I’ve written a couple of books now. I had to rewrite one, the second book, Rich Brain.
But it’s when you write a book, it’s a very clarifying process where you get to just become clear what it is you really want to say, which is great. But so I know you’ve been doing this for a while. You’ve been a real estate investor since 2012.
You were in government before that. Now you’ve got a whole, debt note or, note funds and a mobile home parks. And life insurance and assets and things like that. Tell us a little bit, just a little bit more about how you got started with your investing.
Denis Shapiro: Yeah, so I started in 2012. I was working for the government at the time. I basically had no tax write-offs.
So at first I got into investing in more of the traditional, like a little duplex here and there. I am in the Northeast. So the price per that duplex was $400,000 or $500,000 at that time.
It made it kind of hard to scale at that time. So I ended up pivoting to more of the syndication space. I did a note fund at first.
And a lot of things you just mentioned, that’s not what SIH specializes in, but that’s me, Dennis Shapiro as an investor. I started as an investor first. That’s basically what I invested in personally.
So I started with a syndication and then moved on. I started with a note fund syndication and then moved on to apartment building syndications, mobile home parks. And then we ended up really having a core focus on affordable housing and hospitality, more from the general partnership side.
But it was a transition. It went from being an LP to a couple of JVs here and there. And then it finally went into the actual operating, operating everything.
Bronson Hill: Yeah, it’s kind of interesting. Most people have a progression of how it works for them. Like for me, I started with a single family house and then became an accident landlord, I was doing cashflow.
And then I realized like, oh man, this actually works. If I could scale this up, this could do really well. And then you get a mentor and then things open up.
So it’s kind of funny how, things open up over time. What was your job when you worked for government? What were you doing there?
Denis Shapiro: So I worked for social security. I was, I first couple of years, I actually worked the starting level. But then I ended up becoming what they call the technical expert. So I was basically the person that if you went over and you had an issue with, where, something wasn’t working. Or the case wasn’t being processed and the system just wouldn’t allow it, at that point there was no AI in the government.
So then you would go to a technical expert, get it through. There were certain comp complicated cases that kind of went itself to more of the technical expert. But it was at that time, I really loved what I did.
I think in the course of my work history, I’ve retired probably like 10,000 people, which is a cool thing to say. I’ve also probably helped about 10,000 people file for disability in the course of those 12 years. But then it also created this stark contrast between working for the government, where it was the ultimate, 80, 20 epitome where 20% of the office consistently did 80% of the work. To when I wanted to start SIH capital group, I want to surround myself with the dose 20% people and see what we can kind of get done.
It was definitely, I wouldn’t change it for the world. I wish I got into more of the operational side sooner in life. But at the same time, I don’t think SIH would have grown in the last four years if I didn’t have that government background and just realized the cancer effect of bureaucracy and working with people who can’t get fired and stuff like that.
So there’s a lot of learning points that I got from the corporate side that I was able to apply that I think makes SIH kind of special.
Bronson Hill: Yeah, it’s interesting. I feel like I’ve worked for companies, that are like that where it’s like people can’t get fired and no one cares. And it’s like, Hey, if you work hard, it’s like, Hey, stop working so hard, you’re making us look bad.
And it’s like, it’s kind of the opposite that it takes place when you’re an entrepreneur, right? Is you, you have a degree of hustle. You don’t have to be working 80 hours a week, but you least kind of, what do I need to do to get this done?
And you just have a focus about yourself. And so, yeah, I mean, it sounds like that’s, have you always wanted to be an entrepreneur or always kind of felt better? I mean, that probably was a big, big rub for you while we were in government, I imagine.
Denis Shapiro: Yeah. The ironic part is I actually got my bachelor’s in entrepreneurship. But then I left in 2000 and I got my bachelor’s in 2009, but it was still coming right out of the global financial crisis.
So it was a really tough time to end up starting your own business. And then I ended up getting recruited for the government. So I put the entrepreneurship on hold and basically for 12 years, there’s almost no entrepreneurship in the government.
So it went full circle into something eventually where I started seeing like, Hey, you could apply a lot of entrepreneurship stuff to the real estate side. Because in reality, every time you buy a new building, it’s basically a new business. Every single building has its own business plan that should be tailored to that specific building for that specific market. And they kind of re-engage that entrepreneurship bug that I had when I was in college.
So it was, it was a nice way to go full circle.
Bronson Hill: Yeah. It’s interesting that the mindset is very different. I think Robert Kiyosaki has a book called Before You Quit Your Job.
And it kind of goes over the employee mindset is that you make too many mistakes, you’ll get fired as an employee. But as an entrepreneur, you got to make a lot of mistakes. You got to try a lot of different things. And this is really the reason why A students often will work for C students, because A students need to have every box filled.
Everything’s got to be kind of perfect. And C students are like willing to tolerate more risks. They’re willing to try different things.
And I think that in, in life, in business, a lot of times you, if you’re willing to take more risks, you’re willing to try different things and then adjust and kind of learn from those things, you’re able to get much better results. What do you, what do you think it takes to be a good operator of a real estate, business or of a real estate deal?
Denis Shapiro: So I think what you really need is a combination of actual personal security. It’s like, it’s kind of like the Haslows pyramid, the different, both.
I think in order to be a good operator, you have to have a lot of things covered. Like you need like stability and the home life.
Like if you’re going through a divorce, you’re not going to be a good operator at the time. If you, if you go into a lot of issues, it’s very, very hard. So you need a lot of stability in your life so that you could actually focus a good chunk of time on operations.
Operations is a time, it’s a very heavy time investment. It’s very hard. That’s why when I, we first started, I was still WII and I had a couple other partners and we would WII.
And there’s a reason why we only did, 72 units in that first year and a half, and then the moment we stopped. We all left our, our employment and we went full time in SIH capital group. We went from 72 units to 300 units and a span of 36 months. So double the time, but we tripled the portfolio.
So I think a lot of it has to do with safety of actually having the stability, and then the other thing is being able to actually invest in time. And then the third part is about actually structuring the teams correctly. A lot of people either try to do everything themselves or they end up, they end up partnering with someone that’s very, very similar to them.
And you don’t actually want that. For example, my main partner in SIH capital group, Anthony, he’s an extremely analytical guy. He is the guy who is very scared of taking action to make a mistake. But he’s very, very good at finding like that I that didn’t get crossed though, the T that didn’t get crossed.
I’m on the other hand, more of the vision guy and I’m kind of pushing us forward. So combined, we work really, really well together. But if it was just one of us, I would end up probably making a mistake down the road because I went too fast. Or he would just never do enough deals because he just goes too slow.
So I think those three things combined really make for a good operator.
Bronson Hill: Yeah, it’s so true. I mean, I think somebody who has attention to detail. Somebody who’s, I mean, there’s just a lot of things that go into it, right? And I think that, when a lot of passive investors and we work with. We try to teach that skill of how do you vet a deal?
How do you find people that, you will be great operators. And a lot of times it comes down to really listening to what they say, what they say on their website, talking to other investors. And a lot of times it’s just consistency, right?
You want to experience. We also want somebody who’s kind of does what they say they’re going to do. It’s one of the worst experiences I’ve had as a passive investor or as a partner is having a general partner just doesn’t communicate. Or you reach out and they’re just not helpful.
And, that’s tough. That’s really tough to see. So, it’s unfortunate, but, yeah.
You’ve really shifted to go more to affordable housing and hospitality. Talk about kind of why you made those switches and kind of what you’re seeing right now. And is this affordable housing, like section eight housing?
Is it, what kind of like talk a little bit more of the details of that?
Denis Shapiro: Yeah. So, great point overall. I think what happened was when we first got started in affordable housing. How we made that transition was we started with regular being a limited partner and multiple value add deals.
The problem with value add deals in kind of that 2018 plus era, you ended up having this like huge, I guess, volume of new syndicators that kind of came into the space. Because there’s no barrier eventually at all. If you had the ability to raise the down payment, basically anybody can come in there and buy an apartment building. Well, we started realizing this is actually kind of a serendipitous event is that Anthony himself was actually, he specialized in affordable housing a few years prior and purchased a property already.
So he had this background and the more he told me, the more I realized what kind of competitive advantage affordable housing gets over value add. Some of those advantages are you actually have to be approved by the state a lot of times at closing times. Because the state has a big PR issue. If you end up ruining 40, 50 apart affordable housing units. So there, there was a lot of things that kind of went in there that actually created this barrier of entry where not every single new syndicator can go out there and all of a sudden just buy an affordable complex.
So it was a really interesting market. Now, when I say affordable, it’s not traditionally in section eight. What it is, is we look at what’s called LIHTC properties, low income housing tax credits.
And what happens is when a developer has a role piece of land, what happens is the government will allow. We’ll give the developer certain credits to build it affordable versus a class A building. Now, in exchange for those credits, the government ends up putting a 30 year restrictions on that property. Now we’re not developers, so we don’t buy in that first period, but in the second 15 year period. What happens is the government, you can actually then buy it in that second 15 year period. Have less of the compliance, as long as you approved to be an affordable housing operator.
And you can still take advantage of a very low cost per unit to go get in there versus what a traditional market value for that apartment building will be. So that’s kind of the world where we operate. It’s not that every tenant is section eight. It’s just that we are in that compliance period where we could only rent to people that are usually the 50, 60% income bracket for the area.
Bronson Hill: Gotcha. Okay. So you have certain limits you can have.
I know they have some benefits in LA. It’s interesting. We have some, we’re going to reduce some modular homes development in where the fires were in Southern California here.
And there are maybe not as much in this area, but I’ve met investors that will also find opportunities like that. Where they’ll say, if you do some low income or if you do. Maybe there’s some grants out there and even now with chat GPT, it’ll help you identify some of these things. Yeah. And it can be really awesome.
I actually know some people that are doing stuff like more disaster related, but with FEMA and there’s certain things you can do. If you’re able to kind of research and find out these niches, people also do it. I know Texas is a big place where they have a lot of kind of tax abatement things where you go to areas and it gives.
So it seems like there’s some niches. Was it hard to kind of figure out this niche or was it more just kind of because your partner and you guys kind of looked in. And you’re like, Hey, there’s something we can do. And just kind of uncovered and said, Hey, this is the natural progression.
Denis Shapiro: Yeah, it was just one of those things where I think if Anthony had a mobile home park background, we would have ended up in heavy into mobile home parks. But we, he unfortunately had this background and the more the more I looked into it. The more differential it appeared to me versus just the traditional multifamily. There was definitely a learning curve.
I think we started in 2022 at that time. My partner had about four years of experience. And then our third general partner had about 15 years of experience in affordable housing space.
So we, we came to it at all different levels of experience, but within two years, usually you pick up a lot of nuances. Basically I could talk LIHTC at this point with, with any other LIHTC developer, but there is a learning curve. And I personally think the niches are in the riches and that is a hundred percent the case when it comes to these affordable housing and these other little niches. I’ve seen the developers that do it and they are very, very successful at it.
And it’s an absolute, its own world that is very, very unique.
Bronson Hill: Yeah. I got it. And when you say LIHTC, I talk a little bit more about what you’re talking about.
When you say LIHTC?
Denis Shapiro: That’s the low income housing tax credits. That’s the acronym for it. That’s good.
Bronson Hill: Just so people are aware of that. Yeah. And I think it’s good.
Again, if you have a strategy, whatever, this is something I found with good operators is they have a specific strategy. They go after, we’ve been more a capital partner. So we’ll find partners that do stuff in real estate or development. Or we’ll go into oil and gas, or we’ll do debt funds.
We’ll do different things that really kind of make sense. And of course we’ll invest funds many times in those deals and we’ll have a long experience with those specific offer operators. But, it’s great when you have certain niches and then tell us about hospitality.
What opportunities are you seeing now in hospitality in 2025?
Denis Shapiro: So this is just a location play. We’re based out of New Jersey and New Jersey, the actual, the affordable and the traditional side is very, very expensive. So we, we’ve come across more of the hospitality side.
So this is a completely different division in our company, because the same, the very different skill sets, because on the affordable, it’s all about compliance and kind of dealing with that bureaucracy on the hospitality. It’s all about experience and creating like a, like a class a type of environment. So unfortunately I lived 25 minutes away from the Jersey shore, which is incredible tourist location.
So we’ve been finding properties that have been, owned for 20, 30, 40 years, that are just in prime locations, blocks away from the beach. They used to be very, very seasonal, but now we’re becoming annuals and we’re going in there and we’re buying these things and, inject, ejecting new, new life into them. Great properties.
They are just really, really have that old feeling to it. And it’s kind of just creating that boutique atmosphere to these properties. Yeah.
Bronson Hill: So it’s boutique hotels. How many rooms typically are these?
Denis Shapiro: 40 plus, but we’re less about the room count, but more about location. It’s very location centric business. It’s also really unique in terms of when you’re dealing with, let’s say traditional or an affordable complex, you’re dealing with a lot of broker.
In these situations with hospitality, a lot of times you will be dealing directly with the sellers. So it’s almost about, these hotels and hotels are extensions of these sellers. So there’s this whole like process of getting them, the getting the sellers comfortable with the fact that you’re taking over their family legacy.
And that makes it interesting because once they do feel that comfort level, then you could really, really get into the finer details of structuring that deal. We’ve had a deal, the deal we’re closing on now in the next month or two. Basically the seller is, was willing to give us the down payment, the capital improvements, everything.
So this would be like a deal we’re not even bringing in investors on because we don’t have to in this situation. And it, you would never see this in the multifamily world.
Bronson Hill: Yeah. Yeah. It’s interesting.
So I think of hotels is, for a while we were looking into hotels quite a bit and I really, it’s, you got to have some expertise on the ground or else, you got to be able to hire and get the right people in there because it can be labor intensive. But, especially in a turner on situation, you can do very well. I have an investor in our, in our, the wealth form, which is our passive investor mastermind that, is buying a boutique hotel in Spain outside of Barcelona.
And it’s like, the numbers look amazing. Like it looks awesome. And then we’re like, Hey, we’re going to come visit.
It’s like, it’s kind of a glamour to it too, if you do the right thing. But, yeah, that’s amazing. Talk to us.
I mean, obviously I think one thing that’s interesting is that there’s a time to buy certain investments and there’s a time to sell them. And I think it’s been interesting to watch. We did a lot of multifamily apartments, just kind of, standard, BNC class value, add kind of stuff.
And we did well on some of them. Some of them we did okay. And some we had some real challenges with right.
And so I think that right now is actually a really good time for multifamily because pricing is down and rates, a little bit higher than they were. But we’re seeing in some cases, 2016 and pricing for a lot of stuff and yet investors are very cold on it, right? Because of sentiment.
Some have had losses. Some have had challenges with, with buying stuff like that. But I guess from a philosophical standpoint, everybody talks about. Oh, I want to be a contrarian investor, right?
I want to do what Warren Buffett does, right? Where I, I’m greedy when others are fearful, but like it’s challenging to do that. So how do you like knowing a lot of the different assets, how do you go into assets that are unpopular or maybe that you’re like, Hey, I know this is the right thing to do. But yet it’s like the unloved child right now, right?
Denis Shapiro: Yeah. So, so the funny part is about two, three years ago, I was probably one of the most pessimistic guys out there on the market. And then about a year ago, I started becoming way more positive and part of it is our deal flow is very unique.
It isn’t these nation nationwide brokers. So we spent a lot of times getting to know the sellers like on some of these properties, I’ve been in negotiation for three plus years with some of these sellers. So I kind of have a sense of what the pipeline is.
It’s not like, Hey, what is the national broker telling me what the pipeline is? It’s kind of like having these quarterly conversations with these sellers over and over and over again. So I had a really good intuition that 2026 was going to be a really good year, from an acquisition side.
The other thing is we do run an income fund and part of the income fund is once a month, I tell my investors exactly what we’re seeing in the market and we follow the five year treasuries very, very closely. Most of the pricing we get for our long-term loans are all based off the five year. So we’re following the five year.
We’re seeing what the jobs numbers are as we’re seeing what the revisions are. We’re seeing all of that stuff. So we see that, the next 12 months are going to be really interesting.
We think that in 12 months, there’s probably a 50% chance that the rates are going to be lower and the 50% chance the rates are going to be higher. But we, we had this philosophy that we developed early, earlier in the year that because this is not a political statement, but we had a sense that the administration may try to lower the rates down so that when we go into the midterms, we would have lower rates and usually how that happens is you depress the economy to some extent. And we kind of saw it on rally and for the most part, this administration has been very, very clear about that and has been actually saying they want lower rates.
It’s just, they don’t, they weren’t going out there and saying, well, we want lower rates and we’ll do whatever it takes to get those lower rates. But behind the scenes, that’s kind of what was happening. So we’re following the trend pretty well.
And we know as real estate investors that get started, in 2012, usually speaking, once you, you get lower rates. You do really, really well in commercial real estate, right? And then, if you try to invest in an environment where the rates go up, like you saw in, 22, 23, 24, it’s really difficult to make a lot of the numbers work out.
So we’re following the trends really closely and we, for the most part, I think at least for the next year, we’re going to be trending down to lower rates right now, the five year, I think as we’re recording this, was three five eight, three six. That puts a lot of the loans we’re going through a refi right now, that puts us around five, seven for the refi.
That’s a good environment when you’re in that mid five to high, high five range, a lot of deals start penciling out better. And then once you start getting to the low fives and the fours, that’s when you start seeing the real, real thing. So we think there’s a real good opportunity for the next 12 months where the rates are being telegraphed that they’re going to go down.
Now what happens in year two, three, four, it’s really hard to tell what kind of affects the tariffs end up having and all of that stuff. But we think right now the setup is actually really, really positive. So we’re okay with locking in long-term loans, five plus years with very reasonable prepayment penalties.
So we’ve been paying extra for some of our loans to get into like a three, two, one setup. And for people that don’t know what that means is basically in year one, you have a 3% prepayment penalty. If you want to get out of the loan, year two will be 2%, year three will be 1%.
So what that will allow you to do is that if the rates do go down substantially starting in year three, it really makes sense for us to refi. And if the rates don’t, you’re still in a five, seven, 10 year loan. So I think right now this is a really unique setup where you could get a loan that’s going to work for the next five to seven, five to seven to 10 years.
That will actually put you in a high likelihood for an actual refi, which has been like the golden Goldilocks situation that is always talked about the last decade. But not many have done because they would go for the quick exit. So I think right now and then on top of that, what a lot of operators are not really talking about or marketing right now. The LTV is the loan to value ratios that a lot of these banks and lenders and agency finance are requiring, but most of them are below 70%.
On the loan we just did, it was 54%. So right now, what’s happening is two, three years ago, if you were an LP investor, you were investing in a deal that had 80% loans of value. You were coming up with that 20%.
So any dip in the value of the property and almost 100% of your principle was at risk. Today, you’re in the fifties on a lot of these deals. So even if the deal goes bad. You actually have a margin of safety.
So when you put everything together, you have loans that you get right now in a high 5% that’s in a fixed. And I’m not talking about variable, my company never did variable and we probably will never do variable loans. But you can get a long term debt that has a very favorable prepayment penalty. If the rates do go down, you have economic situation where the administration wants the rates to go down. And you you’re getting into low leveraged loans for these properties.
So if you put all of that together, it really does set up very, very well. Unfortunately, you have so many investors that got burned. But not by their 2025 investments, they got burnt by the 22, 23, 24 investments. So unfortunately, I don’t I think many of them are leaving from conversations that I’ve had with a few really well known people in our passive investing space. He’s saying that LPs are leaving in droves.
And the terrible part is they are not going to be able to capitalize on that. And then by the time they kind of get back into it in two or three years, who knows what the environment setup is going to be at that.
Bronson Hill: Yeah, it is. It is actually a super ideal setting for a really big windfall because like you said, rates are higher if rates are coming down and you have the ability to refinance, you’ve got debt that doesn’t, you’re not locked in for years and years. Is this agency that you’re using or is it?
Denis Shapiro: Yeah, well, usually agency.
Bronson Hill: Yeah, so you’ll get you so you’ll have just as an investor, you think about you have you’re paying less for a property, you have higher interest rates, but as rates come down, you can refinance and then your valuations typically go up as rates go down. So it’s it’s really a great ideal thing.
So a lot of like larger institutions right now, a lot of family office are really doubling down. I’ve seen they’re kind of doing it this time. A lot of private investors or high net worth investors, it’s been harder for them to want to pick up because like you said, there’s been pain there.
So it’s an interesting time, but I think those are the times though, where you really can make a lot of money. I guess a question from a passive investor standpoint, because I see you as you’re a great educator of passive investors, you talk about different asset classes.
What are some things that maybe are outside of your business that you don’t really, you’re not marketing. But things that you’re excited about, maybe on a personal level. Or maybe just something that you you’re invested in that you like, that’s not really related to your business.
Denis Shapiro: So our core focus is the hospitality and the affordable housing. But we also get certain opportunities that aren’t our core focus. And they’re kind of like silo derivatives of the business. One thing that we’ve been coming across recently, we do have a hard money division in the income fund is that we’ve been getting access to these small smaller multifamilies that are too small for our portfolio.
So what we’ve been doing is since we have our management company already set up. We have boots on the ground and a couple of these places in a couple of our markets, well, we’ve been what we are trying right now, we’re actually doing a case study on it right now is we actually bought five units for the purpose of actually creating a turn key multifamily for investors. So basically, this is perfect for investors who don’t really want to be an LP because they want that control. But they’re not they don’t have the time commitment to become a general partner.
So we’re kind of experimenting on one right now. I’m pretty excited to see how that one turns out. We’re about month six. We want to hold that for 12 months and then turn it over to the next investor.
That one I’m super excited on because I think going back 12 to 15 years, I would have loved to add 20,30 units. Over like five or six small acquisitions. So that one I’m pretty excited about.
Bronson Hill: So that one so that you’re you’re doing that’s still part of your business. Is there anything like precious metals or anything that’s completely unrelated to Dennis Shapiro business that you’re excited about that’s totally like on a personal level. Not related to operations at all just, on the side.
Denis Shapiro: So one alternative asset class that we’ve been this isn’t a fund that we’ve done. This is something I personally started investing in is litigation finance.
So I’ve been doing some litigation finance. I’ve had the hardest part is getting access to some of these cases. We’ve gotten a batch and they’ve done really, really well.
It’s almost like so there’s usually the statistics is there’s about 92%. We’re doing personal injury litigation. There’s a few different subsections, but there’s usually 92% chance of settlement.
Unfortunately, the 8% that you that don’t settle and if you lose, then it’s basically 100% principal loss. So it’s kind of like a high risk, high reward. However, the probability of a favorable outcome is very, very high.
So that’s a cool one. And then I just started looking into sports ownership. That one, I’m literally just trying to learn everything.
Yeah, it’s I find it very similar to real estate, but with a much smaller supply. So that one is a cool hobby in the alternative that I’m kind of just starting to take a crack at.
Bronson Hill: I love it. Yeah, there’s some interesting things out there. Some friends that are investing in marinas now, they’re doing things like, a place where you park boats and you rent them out.
It’s almost like kind of like mobile home parks or something else where you own, the spots where people dock, but then they pay a rent and it can be you can add amenities and you can increase rents. It’s kind of like value add stuff as well, but it is very nichey, right? There’s only so many out there and, you have a lot of the lakes, I think in Minnesota alone, there’s 10,000 lakes and so not everyone has the right type of a marina. But a marina I guess typically is a little more on some sort of an ocean or a larger inlet, but that’s really great.
Well, Dennis, I really appreciate you. I know, you’ve added so much value to my life and it’s just other investors who’ve worked with and I know you’re doing some great stuff. And so I recommend people connect with you and reach out to you and hear what you’re doing and also your book as well.
But how can people reach out to you, connect with you and follow what you’re doing?
Denis Shapiro: Yeah, if anybody’s interesting, grab a copy of the book. They could find it on Amazon. It’s the Alternative Investment Almanac or search my name Denis Shapiro, Denis with one N. The best way to reach me is definitely SIHcapitalgroup.com.
If you hit learn more or just just email me at [email protected]. We don’t have any investor relations people. It’s you’re literally dealing with me when you contact SIH Capital Group.
So feel free to reach out. Always love connecting with new investors.
Bronson Hill: Awesome, man. Well, great to connect with you.
I appreciate the time. I haven’t picked up your book yet, so I’m going to pick it up and read it. But I appreciate you sharing and look forward to having you on the show again on a panel again soon.
Denis Shapiro: Awesome, bro. Thank you so much.
Bronson Hill: Thanks brother. All right. So great interview here, Dennis Shapiro, super positive guy looking at a lot of different things.
And I think his case really about real estate investing, particularly commercial or multifamily real estate is a really great case. And it’s hard to get people, if you’ve had losses or challenges or capital calls in multifamily, I totally get it. It’s hard.
But the challenge is this is actually a very good time. And the reason why is because rates are a bit higher. Valuations are, often 2016 pricing or much lower.
But if rates in fact do come down, then you’re in a position to be able to take advantage having paid less for the property and seeing if properties appreciate. But again, it’s hard. Sometimes the tendency in our minds is to think things are the way they are, and they’re never going to change.
And so, that may not be your cup of tea, but there are always opportunities. The market always has opportunities for us. And one thing changes, it gives, an opportunity elsewhere.
I think the word for crisis in Chinese also has the word opportunity in there. Right. So it’s these two things combined to get together.
And so if we can find the opportunity, any crisis, and so, we find incredible value in that. So I’d love to have you just share your thoughts on this episode, what you’ve got out of this. Please do check out Dennis’s guide or his almanac there.
I think you get a lot of them, but to check it out as well. I always learned something when I talked to Dennis. And so I appreciate you taking the time to educate yourself.
Look forward to seeing you on the next episode of the Mailbox Money Show.
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