Successful investors have really shown me how to WIN in business. It is fascinating to sit down for an interview and tap into the mindset of real estate entrepreneurs. These are two reasons why I created our real estate podcast. On the podcast, I always ask seasoned investors, “what advice would you give to an aspiring real estate investor?”
We get some great answers. Experienced investors have so many words of wisdom that they draw from their highs and their lows… from their successes and from their failures.
Cory Phillips is the real estate expert featured in this blog post. Cory was interviewed recently on our 24th episode of the Kyle Malnati Show, and he had these words of advice for you:
- Take your time: Don’t get real estate FEVER! Real estate investing is a long term investment. You should research for 6-12 months before finding your 1st rental property.
- Understand what you’re buying: Measure the risks by carefully studying the building’s financials and thoroughly inspect the physical components.
- Stress test the financials: What happens if rents go down or expenses go up? Everyone assumes a “best case scenario,” but you should consider what you’ll do in the worst case scenario.
- Real estate markets cycle: Denver is NOT immune to real estate cycles. What’s hot today might be difficult to lease tomorrow.
- Stop swinging for the fence: Home runs are great, but try to avoid the trap of hitting “home runs” on EVERY deal. Singles and doubles can also make a great return over time.
- Be methodical: Real estate investing is a long-term game. Act like the tortoise not the hare. Think about your next step… not 10 steps from now.
In 2009 Cory Phillips co-founded a private real estate development company in Denver specializing in “value-add” or distressed real estate assets that require more proactive management and/or rehabilitation. Most of their real estate investments are located in the 80205 zip code which includes the following Denver neighborhoods: Curtis Park, San Rafael, Five Points, and Whittier.
Thank you for watching the Kyle Malnati Show. We always hope that our interview topics will be helpful to you, the apartment investor, if you’re either: 1) looking to buy your first apartment building, or 2) if you want to add to your existing rental portfolio in 2016.”
The Kyle Malnati Show, General Information:
The Kyle Malnati Show is currently broadcast monthly on YouTube. Our podcast is designed to address topics that appeal to both experienced multifamily owners and aspiring real estate investors. Each episode, Kyle offers advice that will help you maximize your rental real estate business, and he also shares his insights on how a favorite quote should relate to multifamily investors’ lives. This video show is designed to share fundamental information about apartment buildings as well as the latest trends in multifamily investments. There are several ways to watch the show. If you SUBSCRIBE on YouTube or if you FOLLOW our blog, you’ll receive an email every month with the video show post. Please share our content on Social Media through Facebook, LinkedIn, Twitter, etc. Thanks for tuning-in, and as Kyle likes to say, “We’ll see you around the neighborhood.”
~Kyle Malnati, Partner/Shareholder
Madison Commercial Properties
Madison & Company Properties
1221 S. Clarkson St. #410, Denver, CO 80210
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