How to Find a Mentor in the Real Estate Business

Real estate markets are really cyclical. We were hitting a correction point in New York, but the broader market was not. I think that the key things for success in real estate in any market is there any cycle,. The first is you got to be passionate about what you're doing.

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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

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
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.

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