M id A tlantic Real Estate Journal — 30 Under 30 — June 26 - July 16, 2020 — 17C
www.marej.com
30 U nder 30
Felipe Ernst Managing Partner Ernst Equities Years with company/firm: March 2015 Years in field: 6 Years in real estate industry: 5
Louis Jacobe Investment Sales
Cameron Webb Senior Director Berkadia Years with company/firm: 1 Years in field: 8 Years in real estate industry: 8
Director Berkadia Years with company/firm: 1 Years in field: 4 Years in real estate industry: 4
Real estate organizations/affiliations: African American Real Estate Professionals (AAREP) and Young Real Estate Professionals (YREP) Tell us how and when you began your career in the profession you are in, about your cur- rent position and why you choose the field/ profession you are in today? I chose this industry (commercial real estate brokerage) because I wanted to become financially independent and create generational wealth for myself and my family. My parents made many sacrifices to put me in the position that I am today, so my longstanding goal has been to pay it back to them with a comfortable retirement. This industry and this firm gave me the opportunity to transform that dream into a reality. What was the most defining moment for you? The most defining moment in my career was win - ning my first listing at age 22, which is very young in this industry. It can be difficult to gain the trust of clients when you have little experience, so I in- vested significant time and effort into learning the business. My work ethic has driven me to continue building on that skillset to this day. What inspiring word of advice would you give to a young executive graduating from college? The best advice I would give to anyone starting their career is to achieve 150% of your quotas. In my business, that meant when management wanted me to make 300 cold calls, I made 450. Same idea with scheduling meetings and all the other metrics. Outwork everyone around you, and when you beat them, move the bar even higher for yourself. I prom- ise that if you work that hard, you will be noticed and subsequently rewarded. MAREJ
Real estate organizat ions/af f i l iat ions: Georgetown Undergrad Georgetown Mas - ters in Real Estate, Urban Land Institute (ULI), DC Building Industry Association (DCBIA) Young Real Estate Professionals (YREP) Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today? I started my own real estate develop- ment shop, Ernst Equities, in March 2015 with a 3-unit acquisition in Shaw DC. After leveraging a mortgage on my parents’ house to seed fund our first investment, we’ve since grown to over 120 apartments with some retail/mixed-use throughout the Washington DC region. Ernst Equities is a real estate development firm that specializes in mixed-use, transit-oriented proj- ects. Our mission is to execute real estate investment opportunities that will provide robust, stable returns while generating long-term capital appreciation. I am currently the managing partner of the firm, and I chose to be in this field because I wanted to be in charge of my own business. I control the direction the business takes and my own personal schedule. What is your greatest professional accomplish- ment? I started my real estate career during the longest economic bull run in modern history, and I kept hear- ing how a rising tide lifts all boats and that basically it was easy to be a successful real estate developer in that kind of climate. The recent COVID-19pandemic has completely halted the economy and has begun to weed out those that are overleveraged. My greatest professional accomplishment has been weathering this unprecedented downturn while maintaining composure. We have not had to lay anyone off, apply for any gov- ernment grants or mortgage forbearance and our col- lections have been surprisingly strong. As a long-term hold investor, it is critical that we maneuver multiple business cycles with flexibility in order to achieve the levels of appreciation we’re hoping for. Given the start of a new cycle it is our view at Ernst Equities that now is the time to grow and acquire more properties. We are excited for the climate ahead and look forward to achieving our goals in the years to come! What unique qualities and or personality do you feel makes youmost successful in your profession? In order to be a real estate entrepreneur, you need several qualities to succeed. Most important of those qualities are 1. understanding the big picture, 2. confidence in your ability to execute, and 3. flexibility when dealing with problems. Often I speak with young aspiring real estate professionals who are caught up in the minutia of the issue at hand instead of looking at the whole picture. A good example of this is during the underwriting of a deal; if you verify your assumptions and hit your projected return hurdles, then you should feel comfortable taking the risk and executing the deal. A lot of time, I notice people are caught in the small details and begin to doubt themselves or talk themselves out of making the leap by imagining a bunch of issues that could potentially arise. Being a real estate entrepreneur is like drinking water out of a fire hydrant, and issues will undoubtedly pop up. My advice is to work through themwith conviction, have flexibility in your approach and trust in your abilities to perform. Several times during the development process, I will butt heads with someone I am negotiating with (whether it is a seller, sub-contractor, tenant, etc.) and I know to take a step back and look at the big picture. It is oftentimes worth giving a little during these times to ultimately hit your overall vision. MAREJ
Real estate organizations/affiliations: Young Real Estate Professionals (YREP)
What is your greatest professional accom- plishment? My greatest professional accomplishment is when I was recruited to be a Director at Berkadia Real Estate Advisors along with my career-long mentor Cameron Webb. From a young age on I idolized Warren Buffett. To be a part of the Berk- shire Hathaway and Jefferies Financial Group family is a dream come true. This is when I real- ized that hard work does pay off. How do you contribute to your company and / or the industry? The most important thing that I strive to con- tribute to my company is hard work, positive energy and integrity. From my first day working at Berkadia, people told me that at this company “We say what we mean and do what we say”. This accountability for my team and company is what I aim to contribute to my colleague and client relationships. Who or what has been the strongest influ - ence in your career? The strongest influence in my career has been my mentor Cameron Webb. When I started work- ing in the industry after graduating from The University of Maryland, I knew nothing about Real Estate. Cameron gave me a chance and told me that if I worked hard, I could build a successful career and future in this business. Many people that I started with in the industry quit within the first year. Cameron always kept me motivated by being a great mentor and most importantly, a good friend. Loyalty is very important to me and I am proud to be able to chase the dream alongside Cameron every day. What were some of your early goals and did anything happen to change them? When I started in the business, my main goals were monetary. I was focused on commissions and saw deals as paychecks versus seeing them as opportunities to be an advisor to my client. As soon as I started being more detached and advising versus selling, my business grew substantially. Commissions are only by-products of being strong advisors. Our one and only objective is serving our clients in the best way possible. This business is not a sprint, it’s a marathon. What unique qualities and or personality do you feel makes you most successful in your profession? I feel that the most important part of our profes- sion is transparency and accountability. Cameron always told me to try my best to “under promise and over deliver”. This way we continue to build trust with our coworkers and clients. I believe that I have done a good job at internalizing these values and successfully have integrated these attributes into my business relationships. Perseverance is the key of this business. 90% of the days are hard and sometimes it’s difficult to see a path to closing your next transaction. You just have to keep on keeping on, and when you do get to that 10%, it’s all worth it. MAREJ
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