Roundhouse is a fully integrated developer and operator of multifamily housing. Starting with a single condominium purchased amidst the financial crisis in 2009, we have since developed and acquired a portfolio of over 5,000 multifamily homes. Today, Roundhouse focuses exclusively on providing high-quality housing options in emerging cities across the Western United States. In order to deliver superior experiences to our employees and residents we have built a fully integrated service offering that spans the construction, property management, and design disciplines.  On this episode, Jake & Casey discuss: Learning to structure long-term horizon deals Avoiding competing with institutional capital Structuring deals for acquisitions vs. developments The advantages of being vertically integrated - Casey's 6-month sabbatical and how to have your company be successful without you Connect & Invest with Jake: Follow Jake on Twitter: https://twitter.com/jwurzak Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/ Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo    Links:  Roundhouse: https://rndhouse.com/ Casey on Twitter: https://twitter.com/roundhouse208   Topics: (00:02:18) Casey’s RE Career in Southern California (00:11:40) The decision to pivot out of LA (00:15:54) Learning to structure long-term horizon deals (00:18:41) How do you avoid competing with institutional capital? (00:22:04) How have you figured out how to raise enough capital without going to someone with deeper pockets? (00:24:41) How do you structure deals when they are acquisitions vs. developments? (00:31:08) How often are you refinancing in order to return capital? (00:35:48) How do you think about Capex in multifamily over long hold periods? (00:43:38) How are you differentiating your high-end products? (00:47:00) What are the advantages of being vertically integrated? (00:50:59) What does enterprise value mean to you? (00:57:53) Are you at a point where the team can raise capital without you? (01:02:28) What was the scenario that led to you buying out your partner? (01:07:51) How do you ensure leadership values are being replicated across the business? (01:11:29) What was the biggest insight you gained from your 6-month sabbatical (01:19:44) Casey’s emphasis on design (01:22:18) What is your favorite hotel?