Real Estate Investors Mindset with Rod Khlief - CREPN #222
Commercial Real Estate Pro Network
Release Date: 11/14/2019
Industrial Outdoor Storage Investment Strategy with Blake Rodgers - CRE PN #521
Commercial Real Estate Pro Network
Today, my guest is Blake Rogers. Blake Rogers is the co founder at Steel Peak Properties. Steel Peak is a Southern California based real estate investment firm focused on acquiring and improving industrial outdoor storage assets throughout the western US, and in just a minute, we're going to speak with Blake Rogers about outdoor storage properties.
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BIGGEST RISK with Blake Rogers
Commercial Real Estate Pro Network
J Darrin Gross I'd like to ask you. Blake Rogers, What is the BIGGEST RISK? Blake Rodgers Sure. So I think in in our space, we say this all the time to to our investors, because they ask us this question as well, what? What's, what do you think the biggest risk is here, guys with this asset class? For us, it's really, since we're buying single tenant deals. I think it's the single tenant nature of these deals. We're buying vacant sites a lot of the time. So the risk for us is you either lease it or you don't, and you either do it in the amount of time that you said you would or you...
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Commercial Real Estate Financing Options with George Otel - CRE PN #520
Commercial Real Estate Pro Network
Today, my guest is George Otel. George is the seasoned entrepreneur with over 10 years of experience in real estate and finance, and in just a minute, we're going to speak with George Otel about business finance.
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BIGGEST RISK with George Otel
Commercial Real Estate Pro Network
J Darrin Gross If you're willing, I'd like to ask you, George Otel, what is the BIGGEST RISK? George Otel The biggest risk when it comes to funding, is not looking for funding early enough, because the biggest risk is when people call me that they need funding yesterday. So it's I tell people you always have to look for funding, even if you don't need it, because when you need it, you may not find it where you may be. Tweaks. Expensive because of your situation. Let's say you got to look for funding when you're doing good, when you're doing great, because the lenders see less risk in...
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Virtual Assistants for Real Estate Focused Businesses with Pete Neubig - CRE PN #519
Commercial Real Estate Pro Network
Today, my guest is Pete Neubig. Pete is the co founder and CEO of VPM solutions, and in just a minute, we're going to speak with Pete Neubig about the Benefits of Hiring a Remote Team.
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BIGGEST RISK with Pete Neubig
Commercial Real Estate Pro Network
J Darrin Gross If you're willing, I'd like to ask you. Pete Neubig, what is the BIGGEST RISK? Pete Neubig So the biggest risk for VPM, well, I would say for us, the biggest risk is, at the end of the day, we're a payment processor, okay? You know, even though we have all these whistles and bells where you have this marketplace and you have these searches and you have this training, you have this video, if I can't pay people, I'm out of business. And so my biggest risk is that we are connected to stripe, and if stripe decides to cancel or go belly up. You know that I cannot process...
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Interior Design Space Planning for Multifamily Housing with Marcy Sagel - CRE PN #518
Commercial Real Estate Pro Network
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BIGGEST RISK with Marcy Sagel
Commercial Real Estate Pro Network
J Darrin Gross I'd like to ask you, Marcy Sagel, what is the BIGGEST RISK? Marcy Sagel I'm going to answer that in a few parts, because there's different aspects of the job that can be different risks. So when we pick materials for a project, we have to make sure we're working with tried and true materials, okay, materials that are not going to fail on a job, for instance, in the units, if we select a, you know, vinyl plank flooring, we want to make sure it's going to last. So we only work with manufacturers that we know are going to give us a solid product, not we're not trying to test...
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Workforce Housing Community Development with Lissette Calderon - CRE PN #517
Commercial Real Estate Pro Network
Today, my guest is Lissette Calderon. Lissette is the founder and CEO of Neology Group, a vertically integrated, lifestyle driven residential and commercial real estate firm that specializes in transforming undervalued neighborhoods into sought after communities, and in just a minute, we're going to speak with Lissette Calderon about solving for housing's greatest need, a focus on workforce communities.
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BIGGEST RISK with Lissette Calderon
Commercial Real Estate Pro Network
J Darrin Gross If you're willing, I'd like to ask you. Lissette Calderon, What is the BIGGEST RISK? Lissette Calderon Well, I think in today's world, probably the biggest risk you have is uncertainty. And how do you underwrite uncertainty? You know what happens next? How do you underwrite whether it's Harris insurance numbers, construction costs, what does that uncertainly look like, and what, how do you underwrite that? So, you know, how do we do it? You know, we really can't avoid it because, you know, we're developers. So of course, our job is, you know, we really think about a how...
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