Ep 80: Important Mindset Shifts for Real Estate Success with Jorge Abreu
Growing your confidence and comfort is an important aspect of the real estate journey, and moving forward from learning experiences, stronger and more assuredly is a huge contributor to future successes. Jorge Abreu, one of the managing partners at Elevate, is a great example of this kind of upward curve, and he joins us on the show today to unpack his path in real estate, spanning longer than a decade now! We talk about his initial forays into the game, what drew him to multifamily, and the things that had to align for him and his team to confidently make this leap. Jorge shares his thoughts on what a reputation can mean for outcomes, and we also get into how the construction side of Elevate has contributed to better results. We spend some time thinking about what it means to really get to know a new market and area, and how subtle distinctions can make all the difference in the valuation of your properties. Our guest shares his experiences moving into the Houston market and the important moments in this process. Jorge also talks about his first syndication deal and how far he feels that he and his team have come since then! To finish off we talk about the current software stack at Elevate, and how good systems and a really organized way of doing business can take you to the next level!
Key Points From This Episode:
The issue of tenants ramming into, and breaking gates.
Jorge's history in real estate and how he got into the game out of college.
The attraction of multifamily for Jorge; higher returns and more convenience.
Jorge's process of entering into the multifamily space and learning about syndication.
The importance of your management's reputation as you take over a property.
Moving from construction to ownership; Jorge's strategies and thinking during this process.
Doing research and due diligence about new areas — nothing beats repeated site visits!
Getting into the Houston market and how Jorge became familiar and comfortable in the area.
Talking to locals and getting access to the most important information.
Conversations with law enforcement and how to manage these interactions.
In-house construction at the company and the benefits these signals to investors.
Jorge's first syndication deal and the partnership that made it possible.
How raising capital fits into Jorge's current outlook and the confidence that he has grown in this regard.
Major lessons that Jorge has learned — implementing systems and getting organized!
The software that Jorge makes use of currently for the business.
“About four years ago, I kind of woke up, and it felt like I had just been grinding for ten years.” — Jorge Abreu [0:04:06]
“Until then I had no idea that you could do a syndication, I thought you had to have millions of dollars to come and buy one of these 100-plus unit apartments.” — Jorge Abreu [0:07:38]
“We would go after the fire damage, the ones that are falling apart. There's more opportunity there and I feel comfortable with my construction company doing the work.” — Jorge Abreu [0:26:43]
Links Mentioned in Today’s Episode:
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