NUTS & BOLTS COACHES CORNER
STRATEGIES: REITs Think Realty Coaches
PAMELA J. GOODWIN: “THE POWER BROKER” “I have a property under contract right now for $500. It’s a vacant 2,864 square-foot fast food building with a drive-thru. A lot of people are looking for second-generation built-out properties since they are quicker to open and more cost effective. I’ve had several offers from people already, asking if I will flip it to them. “Most people do not even realize it is an option to say, ‘Okay, I’m going to get a property under contract and flip it to a national retailer or restaurant,’ but it is completely possible and it is one of the best ways to make big profits quickly in commercial investing. You truly can put a piece of commercial property under contract for a relatively minimal amount, then sell it the same day for a much higher price. My preference, however, is to do a five- or 10-year ground lease [on this property].”
Fostering Entrepreneurial Spirit and Community
t the end of the day, it’s all about the numbers for real estate inves- tors. However, those numbers can look very different from deal to deal even if each of the deals in question is profitable. In this month’s Panel in Print, three of our coaches get into the details about the hard numbers, the specific markets, and the important fine print they factored in for specific, successful deals. A Panel in Print: Hard Numbers and Real Deals THINK REALTY COACHES REVEAL THE DETAILS ON RECENT DEALS.
THINK REALTY COACHES PROVIDE SUPPORT ACROSS THE SPECTRUM.
by Carmen Inman
e are happy to introduce the newest coach in the Think Realty coaching program, Ben Rao. Ben enters the program with a true entrepreneurial spirit and a great sense of community. Successful real estate investors and even real estate agents all have a commonality when it comes to the entrepreneurial drive they share. I enjoy seeing the determination, creativity, and peer-to-peer encouragement that thrives in that environment. Ben, who is an experienced investor as well as a professional community builder, fulfills on all of those fronts while providing the helpful reminder W
BEN RAO: “THE ENTREPRENEUR” “About three years ago, I bought two duplexes for just about $8,000 out of pocket for closing costs and $5,000 cash to the seller. I had gotten the lead a few months earlier. They were in a great area but the properties were trashed: water damage, mushrooms growing because it was so damp, lots of leftover stuff from an old tenant. I only wanted them at the time if the seller would hold the note [seller-finance so that there were no immediate purchase costs] but she did not want to do that. A few months later, my phone rang and the seller agreed to hold the note while I repaired the properties and put tenants in them. Then I went back and refinanced at a five-percent interest rate and now I have an amazing equity position in two cash-flowing properties.”
that successful investors focus on the things that are truly important. This is a perspective often needed in this space. While Ben’s experience spans various industries, he un- derstands the importance of establishing business and brand properly as well as the power of community. I love Ben’s suggestion to investors starting out: Re- member to build up your community. Whether you build across multiple regions by uniting investors in a single technological platform or focus on contributing to your local community, it’s a positive and inspiring message. That pay-it-forward mentality typically results in investors accomplishing many forms of good for both themselves and the community around them. Think Realty welcomes Ben to the program and feels his contributions as a coach align with our “Time. Wealth. Purpose.” message.
ABHI GOLHAR: “THE CONNECTOR” “Not that long ago, I bought a little boarded-up house in a booming pocket in south Atlanta. It wasn’t designed well: It was really wide and really tight. This type of property will sit on the market, even in hot areas, because of its layout. As real estate investors, we’re always looking for an opportunity to add value. If you can make improvements and change the flow of the house by knocking down walls and opening up the space, you have the potential to get a long-term renter or have buyers in a bidding war ready to pay a high sales price. “Why? Because you’ve made the home more comfortable and that makes people want to stay. For our little house, we’re going to completely adjust the layout in that house, get rid of the weird drop zone where you get stuck figuring out whether to go up into the family room or down into the kitchen, and that house is going to be worth so much more than what we paid in one of the hottest neighborhoods in the city.”
COACH BEN RAO
We are also pleased to continue providing sound education and investing videos from members of our existing coaching team: Sonia Booker, Tameka Bryant, Abhi Golhar, Pamela J. Goodwin, and Eddie Wilson. The Think Realty Coaching team works continuously to bring investors the information they use on a daily basis to grow within the industry. Read more about Think Realty’s newest coach, Ben Rao, on p. 34. Read about the latest courses in the Think Realty coaching series on p. 30 •
The first episode of each course from each coach is viewable at the free, introductory level of
Carmen Inman works closely with the Think Realty coaching team, membership, and educational programs at all tiers of the organization. She may be reached at email@example.com.
Think Realty membership at www.thinkrealty.com/coaches .
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