Carson Hess – Leaving the 9-to-5, Using Proptech to Level the Playing Field

Carson Hess – Leaving the 9-to-5, Using Proptech to Level the Playing Field

Carson Hess was a mechanical engineer designing railway systems in major cities before turning to real estate. Using his skills, he started a company called Development AI, artificial intelligence to help identify underutilized properties and reduce entitlement risk.

He’s also house hacking and investing passively in ground-up construction.

What You’ll Learn In Today’s Episode:

  • There’s no better way to get started with real estate investing than house-hacking, especially if you’re low on cash.
  • Don’t over-renovate. You need to have a good sense of the market and what renters will actually pay for.
  • Look for synergy and play to your strengths!

Key Phrase:

“I think where prop tech can really augment some individuals is in situations where maybe they don’t really have that deep market knowledge or deep industry connections.” – Carson Hess

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Preferred Return 101

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Virginia

Hollywood SubmarketHome to the entertainment industry, this is a densely populated and economically diverse area...

Danny Monempour – From Broke Grad Student to Multifamily Mogul, Lessons Learned Over Decades-Long Career

Danny Monempour – From Broke Grad Student to Multifamily Mogul, Lessons Learned Over Decades-Long Career

Danny Monempour built a multifamily investment, management, and syndication company from scratch in one of the most competitive markets in the U.S. He’s the founder of Monem Corp, which operates 100+ properties from Venice Beach to LA, and has 50 team members. He’s also a guest lecturer with UCLA extension program and was featured in the new book Billion Dollar Portfolio.

Mark and Danny sit down to discuss the importance of keeping things simple, looking at obstacles as opportunities, and how to take a holistic approach to acquisitions.

 

What You’ll Learn In Today’s Episode:

  • Keep your structures simple. People don’t invest in what they don’t understand. Danny has closed on over 150 properties using roughly the same deal structure as he did on his first property.

  • Look for opportunities in seemingly difficult situations. Danny was able to find tremendous opportunity in the inefficiencies created by rent control, while other investors shied away. Danny was able to leverage that inefficiency to create outsized returns.

  • Don’t focus on just one metric when buying properties. Take a holistic approach and look for the outliers, whether good or bad, that force your hand.

Key Phrase:

“ If it wasn’t for rent control, I would not even be successful. I wouldn’t even be in business.” – Danny Monempour

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Preferred Return 101

Preferred Return 101

Offering a preferred return (or “hurdle rate”) continues to grow in popularity. As an investor, it’s very likely...

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Portfolio

Virginia

Virginia

Hollywood SubmarketHome to the entertainment industry, this is a densely populated and economically diverse area...

Rama Krishna – 10 Apartment Communities Within 3 Years From California

Rama Krishna – 10 Apartment Communities Within 3 Years From California

Rama Krishna is a San Francisco Bay entrepreneur who built and sold two tech companies before shifting to multifamily. He’s the founder of Zovest Capital and has built a portfolio that spans 300 units in markets such as Raleigh,  Atlanta, Jacksonville, Kansas City, and Cleveland. He’s now venturing into new construction with over $120M worth of projects in the pipeline.

Rama and Mark sit down to discuss new construction, defining your criteria, and leveraging ‘dollar’ markets to invest nationwide.

 

What You’ll Learn In Today’s Episode:

  • Some people live in deal markets, some live in money markets. Rama lived in the Bay area, a money market, and used this to his advantage when sourcing capital.

  • Know your criteria! Clear and specific ideas of what you are looking for give you the ability to look nationally and pick the best properties and markets for you.

  • Start with your market criteria, then apply your property criteria, rather than the other way around.

    Key Phrase:

    “The reality won’t work like your excel sheets. It’s completely different. You’ll get bombarded with completely different things.” – Rama Krishna

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    Preferred Return 101

    Preferred Return 101

    Offering a preferred return (or “hurdle rate”) continues to grow in popularity. As an investor, it’s very likely...

    Strategy

    Portfolio

    Virginia

    Virginia

    Hollywood SubmarketHome to the entertainment industry, this is a densely populated and economically diverse area...

    Creative Cash with Bill Ham

    Creative Cash with Bill Ham

    Bill Ham is a multifamily investor and syndicator, entrepreneur, public speaker, and COO of Broadwell Property Group. He’s also the author of a new book, ‘Creative Cash’. He’s a repeat guest on the Wild West Real Estate Show, and is always bringing some fresh insights, especially now in a different economy and real estate market than his last appearance.

    Bill and Mark sit down and discuss creative financing and how to close deals when traditional lending isn’t an option. Be sure to check out Bill’s new book, Creative Cashwhere he gives step-by-step instructions on how to identify, analyze, negotiate, structure, and close creative financing opportunities.

    What You’ll Learn In Today’s Episode:

    • Buy low and sell high. It’s one of the oldest maxims for successful investing, but as the market continues to heat up and asset prices fluctuate wildly, be sure that you’re buying with enough margin to protect your downside. 
    • Don’t go looking for seller financed deals. Approaching brokers looking for owner financing opportunities can make you seem inexperienced and lacking capital. Rather, have the owner financing skill in your tool belt, and use it when analyzing deals that won’t work with traditional financing.
    • You need to be flexible when analyzing deals. With delinquency rising and rent/eviction moratoriums extending, lending is beginning to tighten up. Distressed assets can be great deals, but likely won’t qualify for any attractive financing, requiring you to either pass on the deal or invest a significant amount of equity and dilute your returns. Having creating financing options can open doors to opportunities that other investors have looked over.

    Key Phrase:

    “If you can buy the property with a traditional loan, and it’s a good deal and it works, then I say you take that route. If the answer is no to the loan, then instead of throwing that deal in the trash, pull it out and try a few of these techniques. If any of those solve the problem, then make the offer. All we’re doing is increasing the probability of finding a good deal.  ” – Bill Ham

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    Preferred Return 101

    Preferred Return 101

    Offering a preferred return (or “hurdle rate”) continues to grow in popularity. As an investor, it’s very likely...

    Strategy

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    Virginia

    Virginia

    Hollywood SubmarketHome to the entertainment industry, this is a densely populated and economically diverse area...

    Creating Opportunities From Nothing & Learning Through Distress with Nick Lamagna

    Creating Opportunities From Nothing & Learning Through Distress with Nick Lamagna

    Nick Lamagna is an investor and fundraiser who started with fix-and-flips the got into wholesaling, multifamily, and mobile home parks. He primarily invests virtually and has recently delved into land development. He’s also a jiu-jitsu black belt and the host of the A-Game Podcast.

    Mark and Nick sit down to discuss the importance of learning through distress, creating your own opportunities, and not making any excuses.

     

    What You’ll Learn In Today’s Episode:

    • Vet your mentors! Picking a mentor is a process, not an impulse buy. Anyone can call themselves a mentor and charge you for guidance and wisdom they may not possess.

    • Manage your manager. 3rd-party property management is an amazing resource. In theory, an experienced operator can take over the day-to-day operations and free up your time to look for more deals. Take advantage of this, but don’t let them take advantage of you. You still have a role and responsibility to oversee that manager.

    • Focus on “how can I,” rather than “why I can’t.” These are two very similar phrases rattling around our brains. One asks a question, the other is a statement. One opens doors, the other shuts doors.

    • Things can, and often will, go wrong in an investment. Problems plague all real estate investors, but successful ones know how to use them as a motivator to get better.

    Key Phrase:

    “ I had a choice of ‘my life is over, this is just who I am now’ or ‘I’m going to turn this into one the best opportunities in my life.’” – Nick Lamagna

    Resources In Today’s Episode:

    Books Mentioned In Today’s Podcast

     

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    Preferred Return 101

    Preferred Return 101

    Offering a preferred return (or “hurdle rate”) continues to grow in popularity. As an investor, it’s very likely...

    Strategy

    Portfolio

    Virginia

    Virginia

    Hollywood SubmarketHome to the entertainment industry, this is a densely populated and economically diverse area...

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