Real Estate Investors Mindset with Rod Khlief - CREPN #222
Commercial Real Estate Pro Network
Release Date: 11/14/2019
Multifamily Investing Pivots for 2025 with Vince Gethings - CRE PN #510
Commercial Real Estate Pro Network
Today, my guest is Vince Gethings. Vince is the co founder of and the owner of Wheelbarrow Profits Academy.
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BIGGEST RISK with Vince Gethings
Commercial Real Estate Pro Network
J Darrin Gross If you're willing, I'd like to ask you, Vince Gethings, what is the BIGGEST RISK? Vince Gethings What I've seen, it'd probably be over leverage. I know it's kind of the easy answer, but a lot of the issues that I've seen of people being forced their hand is forced to take action is because they're an over leveraged position and they don't have they don't have the working capital. They don't have the liquidity to kind of weather the storm. So they're being forced to take action where a lot of kind of more seasoned investors are sitting on their hands right now, and they...
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Delinquent Tax Investing with Brian Seidensticker - CRE PN #509
Commercial Real Estate Pro Network
Today, my guest is Brian Seidensticker. Brian Seidensticker, he founded , TSR in 2010 and in 2017 Brian partnered with software developer SDA solutions, a comprehensive workflow management system. And in 2020 Brian launched mount North Capital, a 506 C fund, providing capital to tax deed investors. And in just a minute, we're going to speak with Brian Seidensticker about Delinquent Tax Investing.
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BIGGEST RISK with Brian Seidensticker
Commercial Real Estate Pro Network
J Darrin Gross If you're willing, I'd like to ask you, Brian Seidensticker, what is the BIGGEST RISK? Brian Seidensticker I guess, you know, as far as buying tax deeds or the fund itself, it's for you to to, for me to interpret. Well, I think it's, it's from a tax, just tax sale properties, taxes and taxes in general, the biggest risk is the underlying property value, right? That That alone addresses the you know, is this, is this lien going to am I going to be able to make a return on this lien or this deed at the end of the day, or not? And that that is your number one risk?...
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Self-Directed IRA Note Investing with Eddie Speed - CRE PN #508
Commercial Real Estate Pro Network
Today, my guest is Eddie speed. Eddie speed is the founder of Note School, and in just a minute, we're going to speak with Eddie speed about opportunities in private, note investing.
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BIGGEST RISK with Eddie Speed
Commercial Real Estate Pro Network
J Darrin Gross I'd like to ask you. Eddie Speed, what is the BIGGEST RISK? Eddie Speed Losing my money and losing my money means that I bought a note and I don't get enough recovery to go pay off my investment and still make a yield. So that could be that that could relate to non performing notes. Performing notes, it does everything down the line. It's like at the end of the day. That is why I like buying first mortgages with a cushion between what the collateral is worth and what I invested in the note. And that's the simplest form to say at the end of the day. That's my safety net,...
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Return to Office Trends on Hospitality with Sundip Patel - CRE PN #507
Commercial Real Estate Pro Network
Today, my guest is Sandeep. Patel Sundeep is the CEO and co founder of companies, an asset management and fintech firm that specializes in commercial real estate, private credit, lending and investing. And in just a minute, we're going to speak with Sundip about the impact of return to Office trends on the hospitality industry.
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BIGGEST RISK with Sundip Patel
Commercial Real Estate Pro Network
J Darrin Gross I'd like to ask you Sundip Patel, what is the BIGGEST RISK? Sundip Patel That's a great question. Darrin, by the way, so the biggest risk that I foresee, and in our business, is the underestimating of the impact of AI and to our business and everything we do, from assessing risk, evaluating risk, to, you know, funding that risk, the entire process. So we as a company have taken some bold steps to get ahead, to understand how we can apply AI and what it will mean. As as you remember when we started the conversation, my mission was to create jobs and maintain jobs. I live...
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AI in Real Estate with David Blumenfeld - CRE PN #506
Commercial Real Estate Pro Network
Today, my guest is David Blumenfeld. David is the co founder of , a Silicon Valley based consultancy dedicated to assisting traditional physical businesses and leveraging digital technologies. And in just a minute, we're going to speak with David Blumenfeld about how AI is transforming real estate.
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BIGGEST RISK with David Blumenfeld
Commercial Real Estate Pro Network
J Darrin Gross I'd like to ask you. David Blumenfeld, what is the BIGGEST RISK? David Blumenfeld We're going to answer it a couple different ways, if that's okay. So I think I mean, and this, this first one might, might seem like a self serving answer, but I think the risk for real estate companies in general for not looking at technology. And again, it doesn't have to be the biggest, you know, the biggest, the newest, the the flashiest, but if you're not incorporating technology into your your your day to day operations, whether it be from a marketing perspective, a company, a...
info_outlineMindset is the first thing Real Estate Investors have to get right to become successful.
Rod Khlief is an experienced investor, author, podcast host and mentor. He has owned over 2000 single family residents and hundreds of apartments. He also lost millions in the crash and has since recovered. His ability to rebound is directly attributed to the power of mindset.
Real Estate
Rod immigrated to the US from The Netherlands with his mother and brother. They were poor, ate expired food, and wore clothes from thrift shops. To make ends meet, his mother babysat the neighbor kids. Over time, she was able to save up enough money to purchase the house across the street for a rental.
One day she explained to Rod that the home had doubled in value overnight. That’s when Rod made the decision to get his brokers license as soon as he graduated high school.
Year one was slow, he made only $8,000. Year two, he made $10,000. But by the end of year three, his income had grown to $100,000. How was this possible?
Mindset
How is it possible to grow your income 10x’s in one year? Truly 80 to 90 percent of your success is anything is attributed to mindset.
Rod focuses on mindset with his podcast, live events and his students. The framework he uses to help others design their life requires that you take some time, an hour when you will be uninterrupted. Take this time to focus on what you want your life to look like, design your life. If you want a private island, write it down. List the income you want. What do you want to learn? Who do you want to help? Write it down. Do not limit your thoughts and don’t analyze.
Timeline
To make it possible, you have to attach your goal to a timeline. Set a timeline for when you will have accomplished each goal. People overestimate how much we can accomplish in one year and underestimate how much we can accomplish in ten or twenty years.
Focus on the Goal
Pick your top goal and the two or three goals you want to accomplish in one year. Under each, write a paragraph using emotionally charged words, why this is so important. Next write what pain you will experience if you fail to reach your goal.
Why is it important to attach your goal to pain if you fail to reach them? Humans will work harder to avoid pain than reach pleasure. This will motivate you and get you out of your comfort zone. Go for it! Live a life of no regrets!
Visualize
Visualize your goal. Immerse yourself in the goal. Find a picture, go experience the goal, to inspire you for when you reach your goal. Put the picture on your phone, screen saver, or in your wallet. You need a constant reminder of your goal.
Professional athletes practice visualizing the event, and the success. When you practice visualizing, the exercise prepares you similar to the physical practice prepares you.
Life Seminar
What do you call it when you loose $50,000,000? In the crash of 2008 Rod loss $50,000,000 in real estate. Instead of crying, Rod considers this a seminar. This is because not only did he lose money, but he learned a valuable lesson. What was the lesson?
Q: Why did his single family properties struggle while the multifamily did well during the crash?
A: Logistics. The logistics of multifamily make multifamily much more efficient to operate compared to single family houses spread out all over the city or cities.
In an apartment complex, each unit has the same type of systems. This allows your team the luxury of learning once and having multiple opportunities to repeat the lesson learned. This saves time, allows you to buy in bulk and save money.
In single family homes, each one is different. Different plumbing fixtures, faucets, lighting, appliances, etc. Each home is its own lesson, never to be repeated just like the last one. Every lesson learned can be drawn from, but not replicated for efficiency. Each home has its unique fixtures and appliances, which prohibit purchasing in bulk. Don’t forget that each home is located in a different location which requires travel, time and money.
Summary: Multifamily allows for systems and you have less of a downside when considering vacancies. They are easier to scale and purchase. Lenders look at the property’s cash flow to approve the loan rather than your balance sheet when buying single family homes.
BIGGEST RISK
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK: Irrational exuberance. In today’s market, people are overpaying for properties that do not support the price. You have to communicate with your team, and look under every rock. Double check your numbers. Don’t overpay for a property.
For more go to:
Website: rodkhlief.com
Podcast: Life-time cash flow