Manage episode 249612011 series 30962
Today's Flash Back Friday Episode is from Episode #91 that originally aired in October of 2015. Our guest for this week’s show is multifamily expert and cofounder of the Bascom Group, Jerry Fink. In today’s interview I speak with Jerry about the founding of his investment group some 19 years ago and how he and his team have been able to complete more than $9.5 billion of multifamily repositioning’s and have owned more than 70,000 doors. Jerry’s story is both inspiring and educational as he shares with us the core ingredients that got him and his team to where they are today and how you can apply these same principals to your own real estate business.
In this show with Jerry you’re going to learn:
- How Jerry got his start in the business prior to forming the Bascom group.
- The valuable lessons he learned from flipping distressed single family homes prior to leaving his corporate job.
- The opportunity he saw during the mid-nineties RE crash which led him and his two former college buddies to all jump ship from their corporate gigs and launch the Bascom Group to focus on distressed multifamily properties.
- The many reasons why they decided to choose multifamily as their asset of choice versus one of the other commercial sectors.
- The challenges he and his team faced during the recession of 2008 and how they were able to survive and thrive while others were forced to close up shop.
- His method for looking at 1,000 potential opportunities only to find 10 or less that fit his investment model, and then narrowing it down to 1 or 2 that make the final cut.
- Why he suggests that you should never buy solely on cap rate, and if you do, why you run the risk of missing some potentially great deals.
- Why they prefer to hire the best in class property Management Company rather than vertically integrating the management duties in-house.
- The reason he feels that we’re currently in inning 6 or 7 of the current real estate cycle and what this means for you.
- The process that Jerry and his team goes through when repositioning a property and how they can sometimes experience a significance decrease in tenant occupancy before being able to make any forward progress.
- Why he feels that passion should fuel what are of real estate that you focus in and why you need to surround yourself with experts and professionals who know more than you.
- And much more
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