June's Insights:

• Muktuk in Tuktoyaktuk

• Two Classes–One Investment Opportunity

• Pass the SALT

• Texas Isn't a Market.

• Signals

Beyond The Summit

Muktuk in Tuktoyaktuk

Some trips aren’t about getting away—they’re about leaning in.

Last August, we packed up the truck, grabbed our camping gear (and Starlink), and hit the road. Seattle to the Arctic Ocean. 

No, really.

The route took us across Glacier National Park, into the Canadian Rockies, through the desolate Yukon and up the legendary Dempster Highway—a 500-mile stretch of dirt road that ends at the top of the world.

We saw glaciers, endless tundra, and a sunset that never ended. 

But here’s the part that might surprise you: business didn’t pause.

We took calls from campsites and hosted Zoom meetings from a glacier. Thank you, Starlink.

That’s the rhythm of our life: full-on grind followed by moments of wild adventure—and then back again. 

We’re either head-down in due diligence and construction timelines, or we’re navigating switchbacks and fueling up at the last gas station for 300 miles. 

It’s all-in, all the time.

And we do it with purpose.

Because behind every deal we offer is real work—weeks of research, relationship-building, market exploration, and ongoing oversight. 

So while our road might be unpaved, unpredictable, and occasionally filled with grizzlies—it’s always forward.

National Market News

Pass the SALT?

In May, the House narrowly passed what President Trump is calling the "One Big Beautiful Bill"—a sweeping tax and spending proposal that the Senate is now reviewing. While the politics are heated, the implications for investors are real.

There’s a lot in this bill that could impact how much you keep, reinvest, or most importantly owe next tax season.

Even if it’s not final yet, it’s critical to understand what’s in motion—because planning ahead could make a significant difference in your bottom line.

What’s In the Bill—and Why It Matters

Here are the two biggest changes investors should be watching:

1. 100% Bonus Depreciation 
This is one of the most investor-friendly parts of the bill. If passed, it would restore full bonus depreciation for property acquired after January 19, 2025, and placed in service before January 1, 2030.

Why this matters: Bonus depreciation allows you to write off the full cost of qualifying property right away, instead of spreading it out over years. For real estate investors, that means stronger year-one cash flow and better tax efficiency. 

2. SALT Deduction Cap Increase
The current $10,000 limit on state and local tax (SALT) deductions is a pain point for many investors and homeowners in high-tax states. This bill proposes raising the cap to $40,000 for those earning up to $500,000, regardless of your filing status. 

Why this matters: If you pay high property or state income taxes, this change could reduce your federal tax bill significantly. It may also make it more financially attractive to buy property in areas with higher state or local taxes.

Concerns: Debt, Credit, and Political Pushback

Of course, no bill comes without tradeoffs. If passed, this legislation would add an estimated $3.8 trillion to the national debt over the next decade.

In fact, Moody’s recently downgraded the U.S. credit rating, citing long-term concerns about unsustainable deficits. That makes this the third major rating agency to do so—alongside Fitch and S&P—marking the first time in over a century the U.S. has lost a top-tier rating across the board.

Why you should care: A weaker credit rating can lead to higher borrowing costs over time—especially if interest rates stay elevated or rise again. 

The Senate Outlook

The bill is now under Senate review. While some Republican senators have expressed concern about the debt impact, others are aligned with the bill’s tax-focused priorities. With a July 4 deadline in mind, the Senate may seek revisions before a final vote.

What to expect: Key provisions could be negotiated, trimmed, or delayed. That said, the overall direction of this bill signals a renewed push for investor-focused tax relief, which is worth watching closely if you’re actively investing or planning to in the next 12–24 months.

So, What Should You Do With This Information?

Whether you’re actively acquiring properties or just keeping an eye on the economy, this bill should be on your radar.

If you’re a real estate investor: Bonus depreciation could return as a powerful tool for front-loading returns and improving tax positioning. 

If you’re in a high-tax state: The increased SALT cap may help rebalance the cost of owning or investing in those regions.

If you’re concerned about the debt: That’s fair. It’s a reminder that smart underwriting, conservative leverage, and solid market fundamentals are more important than ever.

At the end of the day, this bill could open the door to meaningful tax advantages. But even if it doesn’t pass in its current form, the conversation is shifting back toward real estate–friendly policy, and that’s something worth being positioned for.

Market News

Texas Isn’t a Market—It’s a Map

Trying to evaluate Texas as a single investment environment is like asking if Europe is a good place to invest. It depends.

Where in Texas? What kind of asset? Who’s your tenant base?

Let’s break it down.

Texas is one of the largest, most economically diverse states in the U.S. The markets within it vary wildly in terms of supply, demand, growth drivers, and risk profiles.

Here are just a few examples:

• Dallas–Fort Worth is a magnet for institutional capital, tech jobs, and logistics—but it’s also facing Class A oversupply and becoming rapidly unaffordable.

• Houston is influenced heavily by oil and global trade, with a unique set of risks tied to insurance prices and climate exposure.

• Austin has seen explosive tech-driven growth—but also experienced sharp rent corrections after aggressive overbuilding.

• San Antonio was traditionally seen as a stable, workforce-driven market, but recent overbuilding has led to rising vacancies and significant concessions.

• Lubbock, Waco, Midland, and Tyler are entirely different worlds—each with their own local economies, tenant profiles, and supply dynamics.

So lumping “Texas” into a single investing narrative oversimplifies what is, in reality, a patchwork quilt of markets.

What Smart Investors Should Be Asking

The right question isn’t simply “Should I invest in Texas?” or “Is this market hot?” The better question is: Does this market actually make sense for what I’m trying to achieve?

Whether you're looking at a passive investment, buying your own rental property, or considering a short-term rental, here are a few of the many filters we use:

• Is demand outpacing supply—or has new development flooded the market?

• Are rents aligned with local incomes, or is affordability stretched?

• What drives the local economy—and is it stable, diversified, or speculative?

Strong markets don’t just look good on paper—they hold up when interest rates rise, rent growth slows, and capital becomes more selective.

Don’t just follow the crowd. Follow the fundamentals.

The Path Forward

Opportunities Exist for Those Who Are Prepared

This month’s developments aren’t just news—they’re signals. The proposed tax bill reminds us that policy is a moving target, and the rules that shape how we invest can shift quickly. When bonus depreciation went to 40%, many investors paused. Now, it may come roaring back—and only those who stayed close to the data will be ready to act.

Smart investing isn’t about headlines or hashtags—it’s about knowing how to separate macro noise from local truth.

If you're trying to grow wealth through real estate right now, the edge isn’t in chasing trends. It’s in understanding where the pressure points are, where policies are shifting, and where the path of least resistance meets the highest long-term yield. That’s what we’re watching—and it’s what we’re here to help you navigate.

If you want to explore how these changes impact your investment strategy, or just want to talk through where the real opportunities are, we’d love to connect.

Thank you for your continued trust and partnership.

Reach Your Summit

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