One industrial building replaced the cash flow of 86 single-family rentals. That realization forced a much bigger question. Are we scaling the right way? Or are we just adding complexity? And today we're going to take that question all the way into an asset class that most investors are actively running from. This real estate investing for cash flow exists to help investors think more clearly about durable cash flow, downside risk,

and how capital actually works after the acquisition. Today's guest, Saul Z, is a great

example of what happens when you're willing to question the model instead of just optimizing

it. Now, Saul started in residential real estate in early 2000s. He sold nearly 2,000 homes

through multiple cycles and eventually hit a breaking

point that many investors never stopped to examine when one industrial voting replaced the cash

low of 86 single-family rentals.

Now, in this conversation, we're going to unpack what that moment revealed about scale

versus complexity, why Saul shifted fully into small bay industrial, and how value creation happens after you own the asset, not just on the buy.

And toward the end of the episode, we're going to step into an investment space that most investors are actively avoiding, and that's malls.

We'll discuss when running toward complexity creates opportunity and when it can destroy capital.

This episode isn't about chasing yield. It's about understanding the structure behind cash flow. Saul, welcome to the show. Thank you, Kevin. Thank you for having me here for sure. Yeah, man, I know there's quite a bit to unpack here today during this conversation. So excited to dive into it and, you know, get into the meat potatoes. But I guess, you know, before we do, let's let's just let's back it up a notch and, you know, kind of, I guess, set the groundwork. And for those that aren't familiar with you that don't know about you, who you are, what you do, let's, let's back it up before real estate and give us a little bit of the background story. And ultimately, how you found your your way into the way. You've been doing now for, I think, two plus decades.

But you didn't start, I don't believe, you know, in real estate as a professional career as an adult.

I mean, I think you had a little bit of a different path you had planned.

And it ultimately did find your way into commercial real estate at some point in time.

So if you would, give us that backstory.

I immigrated in the united states in 2000 i went to uIC university of hummus in chicago and my dream at that time i wanted to

be a trader or commodity trader that was really exciting you know based on vision what i had um but really

thousand uh one in nine 11 and dot com boom and went online, kind of not fizzled out,

whatever it was in 90s.

And I had a friend who had a mortgage company here in Chicago.

And just while I was going to school, he shared about me with me about residential mortgages.

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