Have you ever felt like every good deal looks good on paper, but you're not sure how to tell

what really makes a strong investment? In this episode of the Passive Income Playbook on the

Best Ever CRE show, we're digging into the macro forces shaping today's investment landscape

and how you, as an LP, can build a smarter investment thesis.

I'm your host, Pascal Wagner, and on today's episode, I'm joined by Russell Gray,

co-host of the Real Estate Guys radio show, one of the most downloaded investing podcasts in the world,

with Russell, who has over 20 years of experience as a past investor,

and he's personally mentored

thousands of syndicators through his events and masterminds. In today's episode, we talk about

the critical mistakes LPs make when evaluating deals. We talk about the macroeconomic shifts that

blindside, you know, unprepared investors or people who haven't thought through it and why your

portfolio strategy should be built on more than just projected returns. So if you want to

sharpen your thinking, spot risks, others pretty much miss and invest with more clarity and

confidence, this episode is for you. Let's dive in. Welcome, Russell. Well, I'm excited to be here,

Pascal. Thank you for having me. Russell is one of the people who has a great understanding of

macroeconomics partially because maybe he got burned early in his journey, but I would love

for you to start out with telling us

how you got into LP investing and walk us through that journey that kind of influences how

you think about the market today so that we can then have a good foundation to talk about

the macro topics that I think our listeners will be interested in.

Yeah. So, you know, I think I didn't grow up in a real asset investing family. My dad was a immigrant to the United States.

He kind of escaped Japanese-occupied Philippines in the 1940s, went to high school in Southern California in the

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