Ep 36: How to Make it in America with Omar Khan from Boardwalk Wealth
Updated: Mar 6, 2020
The US real estate market is truly different to anywhere else in the world and here to explain why is our friend Omar Khan from Boardwalk Wealth. Omar was born in Pakistan, then moved to Canada and finally settled in Texas! Omar begins by explaining why America is the best place to do business, in real estate or otherwise and why if you cannot make it in the US you won't make it anywhere. We discuss the usefulness of networking during your college years and why you have to choose your friends wisely from a young age. You could be drinking with the wrong crowd in the wrong fraternity! This flows into a discussion on the best benefits of tertiary education as well as the overrated parts.
Omar weighs in on the load structure of the US and how surprised he was to find non-recourse loans when he arrived. The last part of the episode is spent talking about investor expectations and what to do when they want unrealistic projected returns. It is as if some investors want you to lie to them and will be happy if you do! Omar talks about why there will still be a need for the middleman in real estate even with all the projections of an economic downturn. So for all this and a whole lot more on getting and staying ahead in the game, listen in with us!
Key Points From This Episode:
Omar's background in finance, his education and the connections he made in his fraternity.
Moving to the US from Canada and what Omar loves about Texas.
Networking at college and why it is important who you drink with!
The cost of college and weighing up the benefits when you think about tuition fees.
Omar's CFA qualification and how much it has helped in the real estate game.
How referencing and double-checking comes into any expertise no matter what the field.
The mistakes that Omar has made in commercial real estate and the lessons he has learned.
Benefits of buying and investing in B-class properties.
The opportunities that are exclusively available in American real estate right now!
Non-recourse loans and how these influence business in the market.
Omar's thoughts on the recession and why America is obsessed with a day of reckoning.
Surprising investor attitudes towards 14% returns and why people have it so wrong.
Investors who want you to lie; difficult positions to be in with regard to forecasting.
The future of the middleman; communication and skills in the modern economy.
“They were making good money, don't get me wrong. But none of them were making what you would call 'fuck you money.’” — Omar Khan [0:02:44]
“What I really like about Texas is that people are very entrepreneurial. People want to get shit done.” — Omar Khan [0:04:41]
“Partying in this case, really paid off.” — Omar Khan [0:06:01]
“You can make mistakes. You can make a social faux pas and not get penalized.” — Omar Khan [0:07:42]
Links Mentioned in Today’s Episode:
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