The Value Of Learning By Doing With Peter Powers

On today's episode of Ritter On Real Estate, we chat with Peter Powers. Peter has been with MPI Family Office since its inception. Peter serves as the Vice President of Acquisitions and Asset Management for MPI’s workforce housing portfolio, self-storage portfolio, and senior housing portfolio. As the head of MPI’s real estate efforts, Peter focuses on procuring real estate investment opportunities, managing MPI’s current portfolio of $600mm of real estate assets, and developing co-investment relationships. 

Since Peter joined MPI Family Office, he has helped pivot MPI’s investment focus towards affordable housing by developing a LIHTC investing platform and an adaptive reuse platform. These platforms make up $150mm of MPI’s total real estate portfolio. Peter has also worked alongside Peter Habib, a Principal Member of MPI Family Office, in the development of The Circle of Wealth network, which is the advisory arm of the family office. 

Before Peter joined MPI full-time, he was the Senior Analyst for MACC Venture Partners, a privately held real estate investment from, where he identified, researched, and underwrote multifamily assets. He also worked alongside the marketing team for Capstone Multifamily Group, the property management arm of MACC Venture Partners, where he helped assist team members with carrying out investment plans for particular assets. 

Welcome to the podcast, Peter! 

Key Points From The Episode: 

• Peter's background working for MPI Family Office.
• Why learning by doing is the best way to gain experience.
• What MPI invests in. 
• Why the wealthy invest in real estate.
• The importance of choosing the right deal sponsor.
• Key metrics/analytics Peter looks for in deals.
• Setting expectations & underwriting risks.
• The importance of being careful who you're partnering with.

Books Mentioned:
- Any book by Howard Marx, founder of Oaktree Advisors.
- Dale Carnegie Books. 

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Production by Outlier Audio