- Chris & John
EP 08: Knowing Yourself in the World of Real Estate with Josh Eitingon
Our guest on the show today is Josh Eitingon, the co-founder of DXE Properties. In this episode, we talk about starting out in the real estate investing space, including the challenges that come along with part and full-time involvement and the conflict of interests that often occurs when you work for a firm while also doing your own deals on the side. We discuss why we prefer certain cities over others, what is OK and not OK for investors to do and ask, how to keep these relationships transparent and the three most crucial things an investor should know about an offering. What emerges from our conversation is the highly individualized field that real estate is, because what might look like a great deal on paper simply might not suit your personality and your unique set of circumstances.
It’s not only about the dollars you can get out of a deal – it is imperative to know yourself well enough to be able to tell when an arrangement will not work for you. Some people prefer bigger properties while others enjoy the smaller deals, but while there is a great deal of nuance, there are also those universally important aspects such as buying the right piece of real estate in the right location. Join us for another great conversation!
Key Points From This Episode:
An overview of Josh’s educational background and his process of getting into real estate.
Navigating the conflict of interests that goes along with doing your own deals on the side.
Why it is a difficult business to do part-time and the cost of jumping in full time.
Getting to the place where you have more leverage and leeway with deals.
Focusing on those specific cities where they believe the most growth potential is.
Three things investors should be considering when looking at an offering.
When investors question everything and learning to choose the right ones.
The importance of open communication and being able to justify decisions.
Examples of the kind of deals that Josh is currently interested in.
Relentlessness in pursuing relationships with brokers.
Why going bigger is not necessarily better and why you have to really know yourself.
Setting goals that are not based only on financial outcomes.
Thoughts about sacrificing deals for better structures or different investors.
Not allowing fear to determine the decisions you make.
Why you will always win if you buy the right piece of real estate in the right location.
And much more!
“Starting a business, you do whatever you have to do to create revenue, to stay afloat and then at a certain point you’re like, ‘I don’t need to jump through hoops, I don’t need to negotiate everything, I’ve got enough leeway or room or revenue already that I know that I’ll get that I can start to draw firmer lines in the sand or I can narrow down what I’m going to do.’” — @JoshEitingon [0:08:27]
“Anyone who started with you probably invested more so in you than in the deals themselves because you didn’t really have that much on your track record.” — @JoshEitingon [0:18:13]
Links Mentioned in Today’s Episode:
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Toro Real Estate Partners - http://tororep.com/
The Real Estate Investing Experience - https://www.thereiexp.com/
The REI Experience YouTube - https://www.youtube.com/channel/UCjt6pmkA8ogACZ26oqhBM0g
The Real Estate Investing Experience Podcast - https://podcasts.apple.com/us/podcast/the-real-estate-investing-experience/id1481520260