Ari Rubin, Flock Homes – Exchange Fund for Residential Rental Properties
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
- Flock Homes – flockhomes.com
- 721 Exchange Overview – IRS partnership rules
- Residential Real Estate Benchmarks – HouseCanary, Zillow, Case‑Shiller context
Past guest include Cliff Asness, Jason Zweig, Annie Duke, Morgan Housel, Raphael Bostic, and many more.