Ep 111: Overcoming New Real Estate Challenges and Changes
As we approach the end of the year, we use this episode to reflect on the new challenges and changes that hosts Chris Grenzig and John Cohen have seen in real estate. We open our conversation by exploring the issues that arise from the ‘new normal’ of pandemic real estate investing. After highlighting the importance of doing your due diligence on a deal, we discuss how to best handle unexpected property costs. A key part of this, as John explains, is to communicate with your investors and educate them about the costs of doing business. Chris and John then share details about their current projects, touching on the opportunities presented by mobile home investing and why population growth might be the most important factor in real estate. We speculate on how new taxes might impact the market before Chris opens up about his experience learning how to manage properties from the ground-level. As Chris talks about the top lessons he’s picked up, we look into the value of developing a holistic understanding of how real estate works. Later, we speak about why you should train your tenants before wrapping up the episode by chatting about the benefits of house hacking. Tune in to hear more about the investing challenges that Chris and John have recently overcome.
Key Points From This Episode:
Exploring recent challenges that Chris and John have faced.
The importance of doing your due diligence on properties.
How scaling up can help you balance otherwise debilitating costs.
Helping investors understand why costs are part of doing business.
What you can do to ensure that your investors feel comfortable.
Hear about what Toro Real Estate Partners have been working on.
Why population growth is the most critical factor in the housing space.
Chris talks about his current real estate project.
How speculations around new tax laws might impact the housing market.
Chris’ experience learning how to manage properties.
The value of knowing how long construction and maintenance takes.
Why you should always train your tenants to meet your expectations.
Insights into the benefits of house hacking.
“For 2021 I plan to speak to every single one of our investors — current, past, and future — on at least a quarterly basis to keep them as comfortable as possible.” — John Cohen [0:12:50]
“Currently, population growth is the most critical factor in the house space.” — John Cohen [0:19:44]
“As a business owner, people always try to satisfy the customer but you also have to train people on what the rules are.” — John Cohen [0:45:00]
Links Mentioned in Today’s Episode:
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Connect with Chris - https://linktr.ee/chrisgrenzig
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