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Discover how a law meant to enhance the finance of small companies inadvertently opened the doors to allow almost everyone in America to invest in real estate like never before.

Based on an exclusive series of conversations with the visionaries of the industry, author Adam Gower describes how real estate came to dominate the crowdfunding revolution.


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Discover How an Act of Congress

Transformed Real Estate Finance 


Post civil-war America was built and financed by crowdfunding - syndications by another name.  But in 1933 Congress passed the Securities Act, which shut the door on this most democratic means of raising capital and spreading wealth. In 2012, enjoying broad bipartisan support, congress threw the doors open again, passing the JOBS Act (Jumpstart Our Business Startups).  Its intent was to stimulate growth of small businesses and startups, but an unexpected consequence of the Act was that the biggest beneficiary has been the real estate industry.


The White House
Rich Uncles
Patch of Land

What you will learn from this book


The smallest change can have the biggest impact - How a 1/10th of 1 cent financial transaction seeded the greatest change the real estate industry has ever seen.

Don't be shy to express your views - You can fundamentally change the world by simply writing a letter.

It may not be ideal, but our system of government is the best in the world  - Sometimes our politicians work together and create something good for everyone (no, really, it's true).

Just Do It! - Recognizing an opportunity is important; but only acting upon it will make you a leader.

Anything is possible if you put your mind to it - If something is not working that everyone says can't be fixed, find a solution and prove them wrong.

If you want to succeed in business, find a partner - Creating powerful industry leading companies from absolutely nothing requires vision and a willingness to recognize one's own weaknesses.

What's Inside

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Read the Introduction

Introduction Chapter

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    Front Cover

    Chapter 1: Introduction
    Chapter 2: Inception
    Chapter 3: The Letter
    Chapter 4: The Advocate
    Chapter 5: Lead Senate Staffer
    Chapter 6: Investor Protections
    Chapter 7: The White House
    Chapter 8: Rich Uncles
    Chapter 9: Fundrise
    Chapter 10: RealtyShares
    Chapter 11: Investor
    Chapter 12: RealtyMogul
    Chapter 13: Patch of Land
    Chapter 14: SmallChange
    Chapter 15: Conclusion

    Listen to the Conversations


    Researching the origins of the JOBS Act, Dr. Adam Gower conducted a series of conversations with the people who lobbied for and wrote the laws that became the Act.  What he discovered was that at no time had anyone thought that the real estate industry was a relevant constituency.  Perplexed by this disconnect between what had been intended and what had happened, he talked to those who had been the very first real estate people to utilize the JOBS Act.  These pioneers, all moving on parallel tracks, seeded the biggest, most transformational change to the real estate industry in history.

    You can listen to the Leaders of the Crowd as this audio collection uncovers the original conversations with the people who created the laws and those who connected the dots to real estate. 

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    A total of 9 1/2 hours in 16 original recordings, with Leaders of the Crowd. Introduction chapter read by the author.


    What Readers Are Saying

    —Douglas Cumming, Editor in Chief, Journal of Corporate Finance; and DeSantis Distinguished Professor of Finance and Entrepreneurship, College of Business, Florida Atlantic University, USA

    “This book offers interesting stories from practitioners about the emergence of crowdfunding. The chapters offer many interesting behind-the-scenes insights to the crowdfunding process. There are many useful lessons herein for practitioners, academics, and policymakers alike.”

    —Michael Episcope, Principal, Origin Investments

    “I warmly recommend Adam Gower’s book as ‘must-read’ material for professionals financing deals to investors exploring these new opportunities. It perfectly captures how the real estate industry has been fundamentally changed for the better.”

    —Ray Wirta, Former Chairman of the Board, CBRE

    “With considerable skill, Dr. Adam Gower, himself a highly successful real estate investor and developer, has carefully researched the triumph of real estate over all other industries as a beneficiary of the 2012 JOBS Act. Everyone with a serious interest in real estate will enjoy a few hours reading this genial history of the single biggest change in the largest industry in the world and discover a pathway for how they can benefit and what to watch for.”

    —Dr. Andrew S. Kane, OBE, Co-Founder, Spencer Legacy Group

    “Adam Gower has produced a delightfully engaging narrative that provides real estate industry participants with the essential background of regulatory changes that are transforming the industry. He accomplishes this through the perspectives of the visionaries who affected that change. Dr. Gower is not shy of exposing the shortcomings of these profound changes, and in so doing succeeds admirably in stamping a pragmatic viewpoint on the mythology of this burgeoning new industry.”

    —Charles J. Schreiber Jr., Chief Executive Officer and Co-Founder, KBS Realty Advisors and KBS Capital Advisors

    “Dr. Adam Gower, a recognized expert in real estate investment and finance, has now focused his decisive intellect on chronicling the origins of the greatest changes to impact the industry for generations—those brought about by the JOBS Act of 2012. The book is fascinating and very timely. Read this book—and learn from a foremost thought leader how real estate has been changed forever.”

    About the Author

    Dr. Adam Gower is a 30-year real estate development and finance veteran who has held senior management positions at some of the largest public and private companies and institutions in the world.  He is a highly sought-after expert in crowdfunding investment and finance, providing advisory services to sponsors raising capital and access to exclusive opportunities to a private syndicate of investors. For more information go to

    He is host of the Real Estate Crowdfunding Show, Syndication in the Digital Age podcast where he hosts the only internationally syndicated podcast series focused on developers can raise capital online.

    Based on over $1.5 billion of transactional experience, Dr. Gower has developed an acclaimed series of online real estate courses that teach a new generation of high net worth individuals and families how to prudently invest in real estate for income while prioritizing principal preservation.  He lives in California with his wife, three sons, none yet taller than he, and his dog Gnasher.




    Conversations with Crowdfunding Visionaries and How Real Estate Stole the Show



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