Jul 9, 2026
In today’s episode, we sit down with Ari Rubin, Founder & CEO of
Flock Homes, for a deep dive into tax‑efficient exits for
residential real estate through 721 exchanges into the Flock Homes
fund.
Ari was born in Brooklyn, Harvard undergrad, served in the Israeli
military, and attended (then left, like many successful
entrepreneurs in the Bay area) Stanford University to build Flock
full‑time. Based on his background and our offline conversations,
it sounds like he is just getting started with some big ideas.
Today’s discussion frames the core problem facing mom‑and‑pop
landlords: concentrated property holdings, large, unrealized gains,
depreciation recapture, deferred maintenance, and the desire to
stop active land lording. Ari explains why many landlords
underestimate true yield and why operational burden—not
diversification—is the real pain point.
We then explore how Flock Homes works: asset scope, intake process,
valuation, fees, liquidity, leverage, and quarterly cash flows. Ari
compares Flock’s structure to Delaware Statutory Trusts, outlines
return expectations. The conversation also covers resident
continuity, operations across ~20 markets, impact on vacant homes,
and Flock’s culture of stewardship. We also cover regulatory
updates, policy discussions, and Flock’s long‑term roadmap to
expand its exchange‑based partnership model into other fragmented
asset classes.
Today's hosts are Steve Curley,
CFA (Co-Managing Principal, 55 North Private Wealth)
& Pedro Bernal, CFA (Managing Director at
Foursquare Foundation, and an Advisory Board Member
with Flock Homes)
Please enjoy the episode. You can follow us on Twitter & LinkedIn
or at investorsfirstpodcast.com.
Show Notes