Manage episode 361509278 series 2539397
Patrick Donley sits down with Kevin Clark to talk about how he broke into Commercial Real Estate at the age of 30 after getting a Master’s in Real Estate Finance at NYU. They get into what it takes to survive and succeed in the first year at a CRE brokerage, how to think about cap rates and the factors that influence them, and why he feels real estate isn’t an inflation edge.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
03:32 - How his first fix and flip near 8 Mile in Detroit went.
05:04 - What he learned serving as his own GC on a gut renovation of a New York co-op.
07:13 - Why he earned a Master’s degree in Real Estate Finance at NYU.
07:25 - How the freedom of a remote job allowed him to make the transition to real estate.
11:20 - Why having a background in finance is a huge advantage in CRE.
16:07 - How he broke into CRE with Massey and Knakal and what his first year was like.
16:07 - Why you shouldn’t consider work from home options if you are early in your career.
32:14 - What his top advice is for people just entering into CRE brokerage.
42:14 - How Kevin is trying to disintermediate brokerage on rental apartments with Cribdilla.
50:40 - What he feels are the best strategies during a negotiation?
01:03:22 - Why he feels real estate isn’t an inflation hedge.
01:03:34 - How to understand cap rates, why they are important, and the factors that affect them.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Robert’s book The Everything Guide to House Hacking.
- Never Split the Difference by Chris Voss.
- Capital Ideas by Peter Bernstein.
- The Big Short by Michael Lewis.
- Rich Dad Poor Dad by Robert Kiyosaki.
- Richer, Wiser, Happier by William Green.
- Related episode: Listen to REI168: The Road to Commercial Real Estate Success w/ Matt Lasky, or watch the video.
- Related episode: Listen to REI155: Building a Boutique Property Empire w/ Moses Kagan, or watch the video.
NEW TO THE SHOW?
- Check out our Real Estate 101 Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
- Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
- Keep up with the latest news and strategies on real estate investing with the best real estate podcasts.
P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!
- Get a FREE audiobook from Audible.
- Instead of trying to time the market or pick single stocks, automate your investments and invest in a variety of companies with Betterment.
- What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.
- Partner with a specialized agency focused on making insurance as easy as possible for real estate investors. Take advantage of monthly reporting, monthly billing, and coverage for all phases of occupancy with National Real Estate Insurance Group.
- Enjoy soft, stretchy bottoms that last forever with birddogs. Use promo code INVESTING and get a free Yeti-style tumbler with every order.
- Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
- Support our free podcast by supporting our sponsors.
Connect with Kevin Clark: Twitter