Louis Hiza

Beyond IRR

Business EN ↓ 28 episodes

Beyond IRR is a real estate investing podcast focused on what actually drives performance — not just the headline returns. Hosted by the team behind BHPA, this show breaks down the metrics, structures, and assumptions behind real estate deals. Each episode goes deeper into topics like IRR, cash flow durability, leverage risk, volatility, capital structure, and exit sensitivity — helping investors think more critically about how returns are generated. If you want to move beyond surface-level analysis and understand the mechanics behind the numbers, this podcast is for you.

Be sure to visit the podcast's website and support the creator: www.buzzsprout.com

Author

Louis Hiza

Episodes

The Metric Hierarchy — How Investment Outcomes Are Actually Created 10.03.2026 23:41

Not all metrics are equal — and not all metrics should guide decisions. In this episode, we introduce the BHPA Metric Hierarchy, a framework that organizes real estate metrics based on causality rather than popularity. We break down the four layers that actually drive investment outcomes: Operating Reality, Capital Efficiency, Risk & Stability Modifiers, and Long-Term Outcome Metrics. Through...

The Path of Cash Flow Matters More than the Average 04.03.2026 21:47

Average cash flow is one of the most commonly cited metrics in real estate — and one of the most misleading. In this episode, we examine why averages hide volatility, obscure downside risk, and fail to reflect the real investor experience. Through clear numerical examples, we compare stable and unstable cash flow profiles that produce identical averages — but dramatically different risk exposure....

IRR Is a Storyteller 03.03.2026 19:10

IRR is the most cited metric in private real estate investing — but what is it actually telling you? In this episode, we break down how Internal Rate of Return works, why it heavily rewards early cash flows, and how refinance assumptions, exit cap rates, and leverage decisions can dramatically influence projected returns. Through real numerical examples, we examine where IRR is useful, where it ca...