Sep 18, 2018
Sometimes it takes a bit of
blind confidence to get going. Take Josh Eitingon for example. He
has always been drawn to multifamily real estate. So at 25, he
jumped at a short sale opportunity for a distressed 20-unit
property in a neighborhood he wouldn’t want to hang out in at
night. He didn’t have the capital so he raised debt equity for the
deal. His early vigor led to a portfolio growth in multiple
markets. He is the perfect epitome of starting, then learning and
improving along the way. Learn how Josh positions himself and his
team to be at the forefront of advantageous opportunities in
hot markets.
Key Market Insights:
- Drawn
to multifamily & residential real estate
- Bought a short sale 20-unit distressed deal in
Cincinnati, Ohio at the age of 25 for $175,000
- Put
in additional $200,000
- Financed his property through debt: Promissory
note (family & friends), $145,000 loan from the bank, plus $40k
from his own pocket
- Acquired another 44-unit and 62-unit in
Cincinnati, 70-unit in Florida, 96-unit and 80-unit in
Charleston
- One
of the two acquisition members of URS Capital Partners, where he
led the purchase of over $100 million worth of multifamily real
estate
- Founder of JAE multifamily, a real estate
investment company, responsible for acquisition, asset management,
and investor relations
- Overseas all the major operations of the
company
- Property Manager - a key piece in sourcing a
good deal
- Cincinnati: Diversified employers and
strong solid population
- How
to Identify Markets: Established relationship with a handful of
brokers and property managers
- A
good deal has a compelling value, which you can either buy or
create
- How
to Choose a Good Property Management Company: Check on their
presence and their resources available in the market
- Charleston Market: Insurance is typically
higher than in the Midwest due to a number of
hurricanes
- Debt
vs. Equity: Debt, loaning money that needs to be repaid at a set
interest rate; Equity, investing money in exchange for an ownership
percentage
- Indianapolis Market: An older city with good
employment & sales force, lower home prices compared to a lot
of other cities and some of the Southeast markets
- Currently, closing a 90-unit deal in
Indianapolis and working on a Westchester deal and retail in New
York
Bull’s Eye Tips:
Winning Your
Market: Have the right
team in place that can adjust to different market
conditions.
Tracking Marketing
Changes: Be consistent
in making necessary adjustments, and try to be at least in the
forefront of any opportunity you can take advantage of.
Daily Habit:
At the end of the day, allot some
time to plan out the day ahead.
Book Recommendation
Think and Grow Rich by Napoleon Hill
Digital Resources:
BiggerPockets - https://biggerpockets.com
School Digger -
https://www.schooldigger.com/
Tweet this:
“I don't think the strategy to
finding opportunity changes wherever you are but how you underwrite
definitely does.”
“It's less about the cap rate.
It's more about your business plan and the ability to create
value”
Places to Grab a Bite:
All Americans
Connect with Josh:
LinkedIn - https://www.linkedin.com/in/josh-eitingon
Website - https://www.jaepropertygroup.com/