#257: Kyle O'Hehir - Co-Founder of Constitution Lending - Crack Houses, Buying Distressed Debt, & High Yield Loans

Kyle started his fixed-income career on a J.P. Morgan trading desk before joining multi-strategy hedge fund Millennium. In 2018, Kyle left Millennium to manage his own capital, emphasizing real estate debt investing. He has experience investing across the real estate capital structure, including first and second-lien mortgages, tax liens, and equity. He holds a Bachelor of Science in mathematics from the University of Maryland. On this episode Chris & Kyle discuss: what he learned from trading at hedge funds on Wall Street and why he eventually decided to start buying crack houses how to find and buy distressed debt different types of high-yield loans and strategies forward thoughts on the 2023 real estate market and more! Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ Follow Chris on Twitter: www.Twitter.com/FortWorthChris  Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/  Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ Follow Kyle on Twitter: https://twitter.com/financeguy725 Constitutional Lending: https://constlending.com/invest Topics: (2:05) - How did you get into Wall St. and where did that transform into buying crackhouses? (5:22) - How do you come up with a trade idea? (9:20) - How often do you need to have an idea? (11:08) - How accurate is the show Billions? (13:09) - Why forces people to stay in the Wall St. world? (15:12) - What code do you write? (16:36) - How would you describe what you do today? (19:25) - What are you seeing in lending right now? (24:34) - How would you predict the lending industry’s future in the short to medium term? (27:12) - What’s happening in Office right now? (30:21) - What happens on your end when someone presents a loan for you to buy? (38:31) - What happens when you take control of an asset? (45:03) - Wanting to own a bank  (45:42) - How do you source these non-performing loans? (50:13) - Is your model scalable? (51:40 - What is a Prevent Foreclosure Loan? (54:20 - What’s an Airbnb Loan? (57:02) - Punting assets vs. Running a business (1:00:35) - Do you think sometimes your ability to operate hurts you? (1:03:52) - Will high-yield loans still be 8-12% in ’23? (1:05:06) - What needs to happen for money to start moving again? (1:10:05) - What do you think about in terms of existential risks to your business? (1:12:58) - Ranting about insurance (1:23:07) - Wrapping up

Om Podcasten

The Fort is an entrepreneurship podcast. Here, we uncover the proven strategies, insights, and inspiring stories of today’s greatest leaders in the worlds of business, real estate, entrepreneurship, and investing. Each episode’s mission is to help you to level up your entrepreneurial game by hearing directly from the men and women in the arena. Chris is able to uniquely uncover things not commonly discussed because he is an entrepreneur himself. We not only cover business, but we also cover the personal side of entrepreneurship. The Fort began in 2018 as a way for Chris to publicly explore the fascinating world of entrepreneurship. Since he was a child, he’s been characterized as obsessively curious about the world around him.  The Fort has now been downloaded over 2M times, across more than 50,000 unique listeners. Each week features conversations with entrepreneurs, Founders, CEOs, and Executives from some of the leading companies in America. Past guests have represented companies such as JLL, Hillwood, S2 Capital, Chick Fil A, Morning Brew, Founders Podcast, Tiny Capital, Permanent Equity, Fort Capital, Matthews REIS, Bonobos, and ConvertKit. 🐦 Follow Chris on Twitter: www.twitter.com/FortWorthChris 💡 Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 📹 Subscribe to The FORT on YouTube: https://www.youtube.com/@FORTpod