Jason Richards
@SimpleCRE
I like real estate and LP investing. Principal of a CRE firm/fund. Former @NAIGlobal Board Chair. *Not selling a course.
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I started investing in real estate at a young age and thought I knew it all. I was wrong, and I've learned over two decades that an established network of expert providers is essential to make it in this business. A thread of the contacts every property investor should have: 👇
Can't rent it out for $2,350 a month, so let's sell it for $650,000. Real estate is funny.
If a listing broker says: "You just need to do these few things, and the NOI will skyrocket." Your next question should be: "Then why has the current owner not done this?" If nothing else, you should get a laugh. But sometimes... there's a good, honest answer.
Smart cities understand that a vibrant downtown involves creating spaces that people want to BE and not just aggregating businesses that are destinations. If your city leaders are failing at this, send them to Greenville, SC. We have done pretty well.
One of the worst business decisions you can make: A TRUE 50/50 partnership.
"That's not how I remember it." I just got burned (to the tune of five figures) in an arrangement based on what turned out to be conflicting recollections of a phone call from two years ago. It's my fault. ALWAYS send a follow up email outlining the conversation.
Emailed broker asking him to send me a rent roll and financials for his listed property. Immediately get a voicemail from him saying, "Hey, thanks for the interest - I just wanted to talk about the documents before I send them over." You think those financials are accurate?
The minute a service company (HVAC, plumbing etc) shifts their techs’ compensation to commission based, they cease to be aligned with the customer’s best interests.
A concept that will serve you well in your career but also in your personal life (especially if you get married): Don't ask "Do you need help with that?" Just jump in and start helping.
Pro tip for those who are early in their real estate career: If you can't find a good deal, it's ok not to buy anything.
The sign of a true professional is their willingness to turn down work for which they are not qualified.
Pretty much all new office product I see is built for open and "collaborative" work environments. And yet... Show me an employee, manager or anyone who would turn down a private office with a door that closes if one was offered to them. They don't exist.
Sometimes, when I am feeling down, I just think about this doughnut and waffle cart I found below a waterfall in Switzerland. Leads to an instant smile.
Same view point of Greenville's Main Street in the early 1920's and one from just this morning. As vibrant as ever (and still have street parking!) but much more warm and welcoming with the trees.
Got sent this beautiful circa 1900 12 unit in Louisville - under $100k per door - love the look of apartments from this era!
A local developer turned his parents' old house into the facade and lobby for a 73 room luxury hotel and spa, and within two years of opening, it's already ranked as one of the top 100 in the world. What a great family legacy!
Thousands of real estate professionals are filing their taxes today and patting themselves on the back for getting them done "early."
New real estate investors who are easing in with smaller deals (rental homes, condos etc) often seem to misunderstand one really important concept: Revenue and profit are not the same thing.
Entire section of parking lot (which was otherwise completely full) unusable during peak hours due to drive thru line. Major design flaw.
Most people think of the beach when the Carolinas are mentioned, but don’t sleep on the western mountain regions of both states. Beautiful any time of year!
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