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Real Estate MogulsReal Estate Podcast & Talk Show Author: TFOCB Studios
The Real Estate market is booming! Whether you look in the suburbs or the city, Chicago continues to expand, creating incredible opportunities for those in the know. Well connect with Chicagos Real Estate Moguls to bring you the wisdom and expertise to help make your next real estate move a lucrative one; on the Real Estate Moguls Podcast. Language: en Genres: Business, Entrepreneurship, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Nick DeGregorio and Dan Wagner Talk Real Estate Innovation and Community Impact
Episode 88
Thursday, 10 October, 2024
Dan Wagner’s story is a testament to how the right mix of innovation, community involvement, and personal values can drive extraordinary success in the real estate world. As the Senior Vice President of Government Relations for the Inland Real Estate Group, Dan has witnessed the company’s evolution from humble beginnings to becoming one of the largest commercial real estate firms in the country. The company’s success, however, isn’t just a result of shrewd business acumen—it’s deeply rooted in a commitment to integrity, service, and long-term relationships.The Inland Real Estate Group’s story started with four Chicago public school teachers who wanted a better financial future. Dan fondly shares how they pooled resources with fellow teachers, venturing into real estate. Their first step was modest: small property investments. Yet, this small collective effort led to the creation of a real estate powerhouse that would revolutionize the industry. From those humble beginnings, Inland grew to become a key player in commercial real estate, even pioneering the use of 1031 exchanges and Delaware statutory trusts.Dan describes the transformative power of the 1031 exchange, a tax-deferral mechanism that has played a pivotal role in Inland’s strategy. He uses a simple analogy: “It’s like breathing—you don’t realize how important it is until you can’t do it anymore.” He elaborates on how the 1031 exchange allows investors to defer taxes by reinvesting in similar properties, thereby stimulating economic activity across the nation. This strategy enabled Inland to tackle challenges like underwater investments and turn them into opportunities that benefit communities and investors alike.One memorable example Dan shares is about a dilapidated Kmart building in Naperville, Illinois. The property’s owner couldn’t sell it due to high capital gains taxes, leaving it as an eyesore in the community. Instead of condemning the property, Inland proposed a 1031 exchange solution that allowed the owner to sell without an immediate tax burden. As a result, the property was redeveloped into a thriving retail space, bringing jobs and revenue to the area. It’s stories like these that highlight why Dan is so passionate about advocating for the preservation of the 1031 exchange.For Dan, it’s not just about business; it’s about doing the right thing for the people and communities Inland serves. This philosophy has guided Inland through both triumphs and tragedies, including the recent passing of their longtime Chairman and CEO, Mr. Dan Goodwin. Goodwin, who rose from poverty to create a billion-dollar enterprise, left a lasting legacy of resilience, generosity, and leadership. His personal story, growing up in a home with only a washtub and a toilet, only makes Inland’s success more remarkable. Today, his vision lives on through leaders like Dan and the team at Inland, who continue to prioritize ethics and community impact.Innovation, as Dan puts it, has always been part of Inland’s DNA. From pioneering fractional share investments in Walmarts to expanding into various segments like property tax management and insurance, Inland has continually adapted to meet market needs. But as advanced as Inland’s strategies are, Dan insists that success in real estate still comes down to relationships. “Everyone can talk about AI and technology, but it’s all about building trust and maintaining integrity.”He further emphasizes that being involved in professional associations has been key to his own career development. “Iron sharpens iron,” Dan notes, encouraging emerging professionals to network and collaborate with their peers, even if they are competitors. It’s through these dynamic interactions, he believes, that the most growth happens. “Get out there, learn, and meet your colleagues,” Dan advises, stressing the value of shared knowledge and mutual...
