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Real Estate Investor Makes $11,875 a Day in Profit on Koenigsegg Supercar He Owned for Five Months

When California real estate investor Manny Khoshbin spent $2.2 million on the fastest street-legal car in the world, he had no idea it would also become the fastest-appreciating asset he’d ever own.


“Quickest $1.9 million I ever made,” Khoshbin told CNBC.

Khoshbin is an Instagram influencer with almost 1 million followers who eat up the almost daily car porn he posts. His feed is filled with pics and videos or his personal collection of insanely expensive rides — many of which sit in the middle of his real estate office, which doubles as a private super-car showroom.

Parked next to his 1,400 pound black aluminum desk, which is shaped like a stealth-bomber, are more than a dozen cars, including a one-of-a-kind Pagani Huayra Hermés edition, a Bugatti Mansory Linea Vincero and a full-body exposed carbon matte finish McLaren P1.

But none of those wheels are as fast as the Koenigsegg Agera RS he had delivered 12 months ago. The hypercar set at least five world records for speed for a street-legal car, with the fastest run clocking in at just over 284 miles per hour. Only 25 were ever made during its three-year run and they sold out in the first 10 months of its debut at the 2015 Geneva Motor Show. Khoshbin was in line for the last one, an Agera RS Gryphon that crashed in a test run when the driver lost control at a wet track in Trollhattan, Sweden, in 2017.

Koenigsegg said on its Instagram page at the time that it reached “a mutually satisfactory outcome” with Khoshbin “to spec an all-new Agera RS that will blow everyone’s mind.”

Khoshbin added some over-the-top upgrades, including a 1,400 horsepower engine, a $300,000 tail wing for increased aerodynamics and lots of 24 karat accents, including the gold-covered exhaust pipe. Parts of the engine and the stripes that run around its entire carbon body are covered in gold.

Khoshbin dubbed it the Agera RS Phoenix, rising out of the ashes of the Gryphon. Besides the pricey add-ons, it was the last Agera RS Koenigsegg ever made — making it highly desirable to collectors.

“I wasn’t thinking about selling it. Honestly, I was buying to keep it permanently, but I got an offer I couldn’t refuse,” Khoshbin told CNBC.

He says a mutual friend connected him to a prospective buyer who, like Khoshbin, had an appreciation for carbon fiber dripping in gold.

“He had another Koenigsegg in carbon and gold and this was a perfect match to the other in his collection,” Khoshbin said. Just like the Agera RS, the deal moved super fast. It took about a week to negotiate a price, he said. “I said $5 million, we negotiated and landed at $4.1 million.”

In just over five months, Khoshbin pocketed $1.9 million in profit — which works out to roughly $365,595 a month, $11,875 a day or $495 an hour.

While the real estate investor says he’s made millions of dollars buying and selling buildings, he’s never made this much money in so little time.

Soon after closing the Phoenix deal, he used the cash to buy a Bugatti Veyron Grand Sport Vitesse Rembrandt with just 770 miles on the odometer. The bronze-colored beast, which can go from 0 to 60 in a mind-blowing 2.6 seconds, was a bargain at $2 million. The car’s previous owner, a Texas billionaire, bought the Bugatti new in 2014 for just north of $3 million.

Khoshbin at dealership eyeing his Bugatti Rembrandt with Nick Jones, General Sales Manager of Bugatti Long Beach
@mannykhoshbin on Instagram

“I love cars, but at the end of the day you got to be strategic and smart with your money,” said Khoshbin.

He’s passionate about rare cars and says investing in them is more fun than other collectibles like art. “You can’t take your Picasso to lunch, but you can drive your Bugatti to the restaurant,” he said.

When I asked Khoshbin if there’s a car in his collection that he won’t sell he answered without skipping a beat.

“No, the only thing I won’t sell is my wife and kids,” he said.

His car obsession continues in the meantime. He’s already put a deposit on a replacement for the Phoenix, ordering a Koenigsegg Jesko with 1,600 horsepower that will cost him around $3 million.

Source: Cnbc

6 tips from top entrepreneurs on turning real estate into real wealth — even if you start with nothing

At least 30 U.S. billionaires made their money from real estate; some say that it’s the greatest way to create real wealth and financial freedom.

These six tycoons and members of The Oracles suggest how you can invest $100,000 or start with nothing.

1. Start small.

Although I’m a businessman first, I’ve always been a part-time real-estate investor. You can do both, too. Have a business or career that creates positive cash flow, which you can diversify into part-time real estate investing. I’ve done it for many years.

If you’ve never invested in real estate, start small and don’t use all your money. No one’s ever looked back and said, “My first deal was my best.” You’ve got to learn how to read the contracts, build your network of specialists — for example, lawyers and realtors — and develop a good eye for it. This only comes from experience.

The beauty of real estate is that you can learn the ropes while starting small: Find some cheap properties, like single-family homes, renovate-and-flips, multi units, or commercial properties. Try to commit as little as possible while you get some notches under your belt. Joel Salatin, my mentor, always said, “Make your mistakes as small as possible without catastrophic consequences.”

If you have zero cash, maybe do wholesale deals. A business partner, Cole Hatter, and I created a real-estate program teaching you how to put a property under contract for very little money down, sometimes less than $1,000; you sell that contract to another buyer before the contract expires.

Worst case: You just lose under a grand. Best case: You make $5,000-15,000 positive cash flow that can be reinvested in long-term holdings.


2. Think big.

It’s easy to give up on the real-estate game because you don’t have any money, but it’s the deal that matters, not how much money you have. Chase the deal, not your budget.

I know a guy who saved $50,000 and started chasing $200,000 deals. First of all, you can’t buy more than four units with that budget. The problem with four units is that each can only produce maybe $1,000 or $2,000 per month. And that’s only after you’ve done thousands of dollars in work around the units to make them rentable in the first place. That math isn’t difficult — there’s just not enough money to make it worthwhile.

That’s why you’ve got to go big from the start — with 16 units, minimum. Don’t buy less. Without 16 units, you can’t have a manager, and if you can’t have a manager, you’re going to either dedicate all your attention to the property or to your full-time job. To get 16 units, you will need to wait and save more money or use other people’s money (but you’ll need to learn how to sell).

3. Understand the economics, then find a mentor.

The real-estate deals that look the prettiest and are easiest to find — such as buying a property that has a tenant and management in place, joining a crowdfunding website, or buying into a publicly-traded real estate investment trust — yield the lowest returns. The most profitable opportunities are the ones no one else knows about, which you find and create.

Due to a strong economy, high consumer confidence, historically low inventory levels, and extremely low interest rates, it’s the best time to flip houses in the past 40 years.

High consumer confidence and a strong economy give retail buyers the feeling that “now is a good time to buy” rather than retreat in fear and continue renting. Low interest rates allow retail buyers to purchase more of a home than if the rates were at historical average levels, like 6%. Low inventory levels create bidding wars by retail buyers, which increase the prices that investors sell their flipped houses for.

So, if you can find the deals before the competition, you can transform a little bit of money into a whole lot in a relatively short period by flipping houses.

If you’re seeking tax-advantaged passive income, thanks to the rise of the sharing economy and services like Airbnb and HomeAway, short-term renting of residential properties is producing the highest returns. (It’s not uncommon to obtain more than a 20% return on very nice properties in beautiful areas.) The majority of my real-estate holdings are now in short-term rentals.

Unfortunately, real estate is full of pitfalls. Getting educated through reputable online sources can help, but an article, book, or how-to video will be of little assistance in answering the most important questions you’ll have in the heat of a deal. That’s where the right real estate mentor becomes an invaluable resource.

4. Learn, then earn

Before throwing money away on the HGTV pipe dream, educate yourself! Don’t spend thousands of dollars on coaches and seminars. No matter how shiny they make it or how much you’re told you need an expensiveeducation, you don’t. Information is inexpensive and plentiful. Find it or someone specializing in investment real estate, like me.

Holding assets is the way to build wealth through real estate. Shelter is a basic need. Dirt, in and around major metro areas, is a finite resource, and demand is constantly increasing. By owning a rental on that dirt, you have a small business that works to pay off your mortgage. Flipping is over glamorized, in my opinion. Rent and hold for the win.

Boomers and millennials want smaller housing, closer to cities. Additionally, real-estate investors commoditizing American suburbs and re-gentrification has pushed lower income families out. Because of this, America’s suburbs have seen a 57% increase of people living below the poverty level in the last 15 years. Buy your cities.

Don’t blow your budget. Most projects have surprises or overruns; it’s just part of the business. Keep a cushion for the unexpected. Lever your funds to increase returns and reduce risk. Start with one project. Get your model set, tweak, then buy two. Continue and progress until you build a solid portfolio.

Educate yourself, hustle, and create value. Take massive, determined action daily. Talk to brokers, call contractors, view open houses, and go to meetups. Learn! And when you’re ready, door knock! The best deal is the one that isn’t for sale. Find it, then find someone like me and close it down.

5. Start today.

In building over $100 million in real estate, I’ve personally used three strategies many times.

One: Purchase a low-income property, typically for $35,000 to $55,000. Costs are low but yields are consistent. Hand over all management to a third-party company, and collect your monthly rent passively, bringing in annual returns of 8% to 10%. If you purchase two to three properties like this per year, you will have a portfolio of 20 to 30 in a decade.

Two: If you can fix things yourself, do a “live-in flip.” Buy a house that needs a little work at a great deal; live in it for one or two years while you rehab it. Then flip the house for an appreciated value and profit. Doing this five times in 10 years could generate $300,000 to $500,000 net profit. That would let you buy your own house in cash! Or reinvest into rental properties, which would cover your cost of living anywhere in the world.

Three: Joint venture on a deal. People have money; they just need the right opportunity. Find a good deal and tie up the property with a contractual clause, pending financing approval within 30 days. Then find another investor to partner on the flip with you. Explain that you secured the property and just need the funds for a specific period, and the return will be split between you both.

Make enough calls, and you’ll find a joint venture partner easily. Just ensure you correctly calculate the cost of rehab and expected sale price. Most people mistakenly underestimate the rehab cost and overestimate the sale price, killing their margins.

6. Profit is in the purchase.

Source transactions that contain some core elements: They take the shortest amount of time to complete, and provide the maximum amount of profit while minimizing risk and the amount of cash you invest initially.

Before really embarking, solidify your A Team (advisors whose opinions you trust) and B Team (associates who turn the gears).

Once you have a plan, pull the trigger. Don’t just have a backup plan — ensure that even the most airtight scheme has at least five exit strategies. Experience has taught me that the winds of a favorable real estate market can shift rapidly; the last thing you want is to be anchored to a dozen unsellable investments.

Finally, know the difference between buying, holding, and trading. Buying is a no brainer, but it’s what you do with a property that determines your success. My primary strategy has been holding onto commercial real estate for the long term and trading out residential pretty quickly. Know your market.

Source: The Oracles, Enterpreneur

Why celebrating the achievements of the industry is so valuable

Earlier this month we celebrated the 16th annual ESTAS Awards, once again hosted by TV property expert Phil Spencer.

The glittering ceremony took place on Friday May 10 at the Grosvenor House Hotel in London and there were over 1,000 attendees from across the property industry.

The event, which champions customer service, provides a perfect opportunity for the hard-working people of the industry to be acknowledged for their achievements.

But the ESTAS and other events like it are about much more than savouring your moment in the limelight. They provide a range of benefits for those taking part (see below), and we were delighted to be involved in another hugely successful ESTAS ceremony.

Celebrating the people that make the industry

At PayProp, we’re extremely proud to sponsor the ESTAS People Awards, which recognise the efforts of individuals – a valuable task in a profession which can sometimes be thankless.

The lettings profession is most certainly a people business and always will be. A huge part of an agent’s day is dedicated to dealing directly with customers, helping to find solutions to a range of problems.

It’s this human element of the job which should always be celebrated and that’s why the People Awards are such an important part of the ESTAS.

Technology has an important role to play in the future of the industry, but providing a personal service should remain a top priority for all agents. The best tech products can help to make agents’ lives easier and give them more time to focus on customer service, but they will not replace jobs as people remain so integral to the property letting process.

You can see the five winners of this year’s People Awards here.

Feedback helps improve agents’ offerings

It was a pleasure to see so many top letting agents in attendance and picking up awards at this year’s ESTAS. From the large national group winners such as Andrews, down to the single office independent winners such as Chamberland Residential, all these agents have one thing in common – putting their customers first.

The fact that ESTAS awards are based purely on customer feedback means that any agency that is recognised can feel proud that their clients have taken the time to fill out a feedback form to acknowledge the service they have received.

As well as contributing to the awards scheme, this feedback can be used by agents to further improve their offering and impress even more clients in the future.

We’re all aware that it’s a challenging time for the lettings market, with the fees ban and a number of other obstacles on the horizon. However, what the ESTAS shows is that the agencies who choose to focus on providing outstanding customer service and value for money can future-proof their businesses by securing repeat custom from delighted clients.

Identifying top suppliers can help agents thrive

The ESTAS is also a great opportunity to celebrate the best industry suppliers assisting agents in their day-to-day work.

Working with the best suppliers and using the best products can help agents to streamline and grow their businesses, while saving valuable time and becoming more profitable.

Awards like these allow agents to easily identify the suppliers who really care about their customers. This has become essential following the PropTech boom and the sheer number of products and suppliers that agents now need to consider.

At PayProp, we were delighted to receive the Best in Sector supplier award for payment services for the second year running.

Winning this award is a real testament to the team behind PayProp – we didn’t rest on our laurels after winning last year, and continued to improve the platform and provide great customer service to our clients.

It’s one thing to get an award from a panel of judges, but to win an award based purely on customer feedback you need to put in the groundwork over an entire year – everyone from the person who answers the phones to the bosses need to be 100% customer-focused and invested in helping our clients succeed.

We now look forward to a busy year of development as we support our customers through the tenant fees ban and introduce new features to help them grow their business.

The ESTAS are a truly fantastic event, celebrating the dedication of the whole industry in doing their best for their clients. Congratulations to Simon Brown and all the ESTAS team – we’re already looking forward to next year!

Source:  Estate Agent Today

Confidence in economy, appropriate pricing pull real estate sector out of 3-year recession

Improving investor confidence in the Nigerian economy and appropriate pricing by product suppliers were the major drivers of the positive growth that pulled the real estate sector out of a three-year recession in the first quarter of 2019, players in the sector have said.

Nigeria’s real estate sector had been in negative growth territory in the last 12 quarters, long after the wider economy exited the 15-month economic recession in the second quarter of 2017.

The GDP growth for the real estate sector in the first quarter of 2019 was 0.39 percent, according to the National Bureau of Statistics (NBS) in its Q1 2019 report released on Monday. This represents the first positive growth in the sector since the first quarter of 2016 when the economy as a whole slipped into recession.

A close look at the 0.39 percent growth shows that it is 10.33 percent higher than the growth in the sector as reported in the first quarter of 2018, when the sector recorded the worst contraction at -9.40 percent. The 0.39 growth is also about 4.78 percent higher than the -3.85 percent recorded in Q4 2018.

“Though it is still a challenging environment, we have seen investors’ confidence in the economy improving. Economic outlook has also improved and product pricing is making more sense to buyers now than before. These are essentially the drivers of the growth recorded in the sector,” Obi Nwogugu, head, real estate unit at African Capital Alliance, told BusinessDay on phone.

Nwogugu added that people have decided to get on with life and are, therefore, making investment decisions because they don’t have to wait indefinitely for things to get better in the economy.

He disclosed that the company had already achieved 50 percent commitment with more interest coming for its ongoing Blue Water development in Lekki, Lagos. This is the largest modern and best-in-class residential development in Nigeria, sitting on 4 hectares, about 37,000 square metres, of land. The development, which is estimated to cost $165 million, will deliver 600 apartments on completion.

In the build-up to the general elections in Nigeria in February this year, investors and home buyers adopted what was clearly a wait-and-see attitude to the economy generally, withholding investment, especially in real estate where market demand flattened out up to the last quarter of 2018.

But now that elections have come and gone, “people now see some clarity in governance; they are almost sure of policy direction of the government because things are not going to change overnight”, said Udo Okonjo, CEO, Fine and Country International, in a telephone interview.
Okonjo said there was a sense of confidence in the economy, more so as the market has become a lot more stable than it used to be, leading to the growth so far recorded which, according to her, is stronger in the commercial real estate space.

“The key thing here is that the long drought in the real estate market has made landlords more reasonable with pricing. Office space prices are now between $650 and $850 per square metre, depending on location and quality of finishing,” Okonjo noted.

She said further that some serious investors were adapting quickly and moving with time, unlike the others she described as “legacy investors with patient capital” who, according to her, are the reasons for the many empty houses, especially in Ikoyi where vacancy rate hovers between 20 and 30 percent.

MKO Balogun, CEO, Global PFI, attributed the Q1 2019 growth in the sector to a new consciousness in the residential segment of the property market, explaining that investors have become wiser and more attune to market realities.

Demand in the market now, he explained further, favours small size apartments such as 1-bedroonm and 2-bedroom.

“Over 60 percent of people looking for homes to buy or rent are not looking for 3-bedroom or 4-bedroom apartments. They want something smaller,” he said.

Balogun noted that many of the big mansions are no longer empty because landlords now allow apartment-sharing whereby three people can come together and rent a 3-bedroom apartment. Again, developers now tailor their developments towards market demand, such that most of the upcoming developments are in small-size, multi-family units.

In commercial real estate, he said, vacancies are reducing because landlords are now ready to rent out smaller spaces such that where a landlord before insisted on 1,000 square metres, a prospective tenant looking for 500 square metres can easily get one.

“And new developments are being modelled to reflect that demand,” he said.


Stakeholders Reject Proposed 10% Tax on Commercial Rent in Lagos

The stakeholders made the appeal at a one-day public hearing on “A Bill for a Law to Regulate the Relationship of the Parties Under Tenancy Agreements and Specify the Procedure for the Recovery of Premises in Lagos State and for connected purposes.’’

The public hearing was organised by the House Committee on Housing, chaired by Olanrewaju Layode.

The stakeholders said the 10 per cent being proposed as Deductible Tax, from the gross rent payable to the Lagos State Tax Authority will discourage investment in real estate.

Section 9 of the proposed bill says: “Where a payment for rent becomes due or payable to the landlord, a commercial tenant shall deduct 10 per cent of the gross amount of the rent as tax on the date the rent is paid and immediately pay the amount deducted to the Lagos State tax authority.

“The commercial tenant shall, in addition to the remittance to the Lagos State Tax Authority, render a written account of deducted tax.’’

The stakeholders also advocated that the Lagos State Real Estate Transaction Department (LASRETRAD)  be made a full agency of government; for effective monitoring.

On his part, immediate past president of Nigerian Institution of Estate Surveyors and Valuers, Bolarinde Patunola-Ajayi, urged lawmakers to look into the 10 per cent tax on commercial rent and avoid double taxation as landlords are already paying Withholding Tax on rent.

Patunola-Ajayi, however, noted that the bill has simplified handling of tenancy related-matters and removed a lot of complicated issues, amd called on the lawmakers to make LASRETRAD a full-fledged agency.

He also urged the lawmakers to ensure the proposed law addresses the control of service providers, which he said are estate agents.

“Estate agency is a purely professional service and should be handled by professionals.

“Let the law restrict the professionals that would handle estate agency to be registered estate surveyors and valuers and estate agents registered with LASRETRAD,’’ he added.

Also, Chairman of Ikeja branch of the Nigerian Bar Association (NBA),  Dele Oloke, described the bill as a good development but should be subjected to innovations and amendments.

Oloke said: “The issue of saying commercial rent should pay 10 per cent, I don’t think it will be allowed by the Joint Tax Board because that will become issue of double taxation.

“It will only discourage investment in real estate.

“It is the duty of government to provide shelter. Where that duty is abdicated for investors who take bank loans at commercial rates, you cannot now gag what they do with it or that they should give you part of that money.

“That will be added to their liability to the banks, when they default in paying that loan, the banks pound on their property.

“A lot of foreign funds are in real estate; we should not discourage investors. It is not the best,’’ Oloke said.

A Real Estate Consultant, Mr. Osagie Odiase, said the bill is good

“We want all agents are properly documented and registered in the state.

“We are saying upgrade LASRETRAD to an agency and enforce it (so) that all property owners engage only registered agents so that everybody can be held accountable.

In his overview of the bill, Majority Leader, Sanai Agunbiade, said the proposed law is very rich and makes provision for property recovery.

He said the new law seeks to repeal the 2015 tenancy law.

Source: Sunnews

Spain’s Richest Person Bets Billions on Prime U.S. Real Estate

Amancio Ortega is a Spaniard conquering the U.S. in the 21st century.

This month, the investment vehicle of the multi billionaire behind Zara owner Inditex SA completed a $72.5 million deal for a downtown Chicago hotel. That followed purchases within the past six months of a building in Washington’s central business district and two Seattle offices leased by Amazon.com Inc. for a combined $1.1 billion.

Ortega’s U.S. spending spree increases the value of his global property empire beyond $13 billion, according to the Bloomberg Billionaires Index, giving him the biggest real estate portfolio among Europe’s super-rich. Diversifying his fashion fortune to preserve his sizable wealth, Ortega has invested more than $3 billion in U.S. real estate over the past six years, acquiring landmark properties like Manhattan’s historic Haughwout Building and Miami’s tallest office tower.

“If I’m a billionaire investor trying to preserve my wealth for the long term, I’m looking at key buildings in major cities,” said Alex James, a London-based associate partner at real estate broker Knight Frank’s private client team. “Most billionaire clients we deal with are looking to buy in cash. They compete with major institutions — typically cash buyers, too — so it all comes down to price.”

The economic stability of the U.S. has made it a popular destination for foreign real estate investors. Cross-border acquisitions of U.S. commercial property totaled $94.9 billion last year, near a record high, led by Canadian, French and Singaporean buyers, according to Real Capital Analytics.

U.S. property makes up the largest share of the real estate owned outside Spain by Ortega’s main investment vehicle, Arteixo, La Coruna-based Pontegadea Inversiones SL, regulatory filings show. In March, the firm paid $740 million for the Amazon-leased properties, which the local county assessed at $550 million, the Seattle Times reported. The deal is among Pontegadea’s biggest and rivals what it paid last year to acquire a London office building from Blackstone Group LP.

“The Amazon deal is a statement as it’s a major infrastructure office,” James said. “The difference between Pontegadea and a Blackstone or another private equity firm is that billionaire capital can afford to hold the asset for a lot longer. They won’t have a five-year hold and then sell it off.”

A spokesman for Pontegadea and Ortega’s charitable foundation declined to comment.

Beyond the U.S., Pontegadea has invested in property around the U.K., Canada and Ortega’s native Spain, focusing on major cities including Madrid and Toronto. In a rare move away from real estate, the investment firm agreed last year to acquire a stake in Telefonica SA’s tower unit — Telxius Telecom SA — for 378.8 million euros ($423 million).

Ortega, 83, has a net worth of $63.6 billion, according to the Bloomberg index, making him the world’s sixth-richest person. Most of his fortune derives from his majority stake in Inditex, the world’s largest fast-fashion clothing chain operator. Ortega, unlike other multi billionaires, funds his investment vehicles through Inditex dividends instead of pledging shares to finance loans for other acquisitions.

SoftBank Group Corp. founder Masayoshi Son has pledged about a third of his holding in the firm, filings show, while Larry Ellison has pledged millions of Oracle Corp. shares. Since Inditex’s initial public offering in 2001, Ortega has received more than $9 billion of dividends, according to data compiled by Bloomberg.

Once the world’s second-richest person, Ortega’s wealth slumped as Inditex’s revenue growth stagnated. Its shares have dropped more than 30% since hitting a record high two years ago.

“Revenue was growing 10% a year about a decade ago, but they were less mature then in almost every market in which they now operate,” Charles Allen, a Bloomberg Intelligence retail analyst, said in an interview. “The big market where they still remain quite small is the U.S.

Ortega has spent most of his life in the garment business. The son of a railroad laborer, he started working in a clothing shop in the northwestern city of La Coruna at age 13. In 1963, he began making women’s bathrobes with his siblings and soon-to-be first wife, Rosalia Mera. He opened the first Zara store in 1975 and incorporated Inditex, a holding company, a decade later.

Ortega stepped down as Inditex chairman in 2011. He never had his own office, preferring instead to work alongside employees in the main design area, according to “Zara and Her Sisters: The Story of the World’s Largest Clothing Retailer” by Enrique Badia.

“He comes across as very authentic,” said Keith Johnston, CEO of Family Office Council, a U.K. network of about 100 family offices. “He’s a man of the people.”

Source: Bloomberg

African American CEO Aims to Revolutionize Real Estate Investing

Ryan Williams is on a mission to revolutionize the stodgy real estate industry.

Williams, the 31-year-old CEO and co-founder of fintech startup Cadre, has won the backing of high-profile investors like Mark Cuban, George Soros, Peter Thiel and Jared Kushner. He’s been on the cover of Forbes and built Cadre into a company worth nearly $1 billion.

But as an African American executive trying to disrupt real estate, Williams has also faced his fair share of skepticism.

“Real estate is a Jurassic industry. It’s antiquated,” Williams told CNN Business from the sidelines of the SALT Conference in Las Vegas earlier this month.

The Cadre CEO said he’s aware of the fact that he looks different from many of his peers, noting that both the tech and real estate industries suffer from an “out sized lack of diversity.”

Williams, who grew up in a working-class household in Baton Rouge, Louisiana, views his background as an opportunity to reset preconceived notions.

“At the end of the day, it’s about results and what you’re able to deliver,” Williams said, “not about the color of your skin, not your sexual orientation, not your socioeconomic background.”

Using tech to disrupt real estate

According to Cadre, Williams worked his way through Harvard University and launched his first real estate company during his senior year there. After stints at Goldman Sachs and Blackstone, Williams started Cadre in 2014 as a digitized real estate investment platform. Cadre’s mission is to level the playing field in an industry that is often tilted toward the biggest players.

Individuals, groups and institutions willing to invest at least $50,000 can comb through vetted real estate projects listed on Cadre’s online marketplace.

“It’s taking what’s been an offline industry and making it online and transparent,” Williams said.

Using machine learning and statistics, Cadre says it has built a technology program that provides analytics for real estate investors.

“We’re leveraging information and insight to allow people to make better investing decisions,” Williams said.

Cadre says it typically pursues deals requiring an equity investment of at least $50 million and structures the transactions as limited partnerships. The firm evaluates more than 500 real estate opportunities each year, but says it only approves about 2% of those investments.

Williams said that Cadre’s use of technology to “transform” real estate was initially met by apprehension from many in the industry.

“You’re going to get push back and people who don’t believe in this idea or concept,” Williams said. “That’s how all great innovation begins.”

He credited a network of mentors with helping to turn Cadre into a success. Among others, Williams pointed to Michael Fascitelli, the former CEO of real estate firm Vornado Realty, who now leads Cadre’s investment committee.

“I’ve bypassed a lot of mistakes I would have otherwise made because of the people around me,” Williams said. “They’re really propelled me.”

Cadre lists a number of major firms as investors, including Goldman Sachs, SL Green Realty and venture-capital leaders such as Andreessen Horowitz, Founders Fund and General Catalyst.

Kushner connections

But Cadre’s connections to Kushner, President Donald Trump’s son-in-law, have caused controversy.

Kushner was an early Cadre investorHe owns a stake in the firm worth up to $50 million, according to Kushner’s 2018 federal financial disclosure form.

Kushner’s wife, White House adviser Ivanka Trump, was involved in the creation of a new program that gives tax breaks for investors in “opportunity zones.” Cadre has launched a fund focused specifically on investing in these economically distressed communities. Those connections led a watchdog group in January to accuse Trump of a financial conflict of interest — a charge that Ivanka Trump’s attorney called “meritless.” Kushner’s financial assets are tied to Ivanka Trump’s.

“Jared was one of the key people early on. And his contributions were critical,” Williams said.

Thrive Capital, a venture firm founded by Jared’s brother Josh Kushner, was another early backer.

However, Williams stressed that Jared Kushner has “no involvement” and has sold off a “substantial portion” of his equity investment in Cadre.

And Williams insisted that the Kushner controversy “doesn’t bother us” and said his team is focused on building a great platform.

“It’s hard enough to build a business in an industry like real estate without any of the other sort of noise,” he said.

Will Cadre go public?

The Cadre platform faces intense competition from other options for investors who are looking for alternative ways to bet on real estate.

The most popular way, besides actually buying property, is real estate investment trusts, or REITs. These publicly traded companies own properties and pay out generous dividends.

There’s also Crowd Street, a rival online commercial real estate investment marketplace that was also founded in 2014. And Crowd Street’s minimum investment size of $25,000 on some funds is half Cadre’s.

So what’s next for Cadre?

It’s possible Cadre could eventually team up with a more established real estate firm or even a tech company.

Cadre could also be tempted to follow in the footsteps of Uber, Lyft and Pinterestwhich have raised billions of dollars this year by going public.

Williams didn’t want to speculate about a potential Cadre IPO, though he noted the parade of companies going that route lately.

“We think our opportunity in some ways is bigger than the vast majority of those companies,” he said.

Source: Crossroadstoday

real estate marketing

5 Fantastic Content Ideas for Real Estate Marketing on Instagram

Instagram is unique from other social media platforms because it is built for mobile-usage. Users must edit and upload content through the app on their phone, while Instagram’s website limits users to viewing, liking, and commenting.

Real estate agents regularly struggle to make content that performs well on Instagram. Those agents who are willing to learn, however, are reaping the rewards in the form of brand awareness and new business.

Instagram content is not limited to well-framed pictures of vibrant home exteriors and interiors. Eye-catching photos are great for promoting certain listings, but you will need a variety of content to engage your audience and gain more followers.

Key Takeaways

  • Promote a listing with an eye-catching photo of the home’s unique features
  • Take your followers on a virtual tour through a listing on your Instagram Story
  • Reinforce your brand with images that reflect your market’s lifestyle and trends
  • Share glimpses into your personal life to form stronger connections with followers
Source: Realvolve


Instagram: The Basics

Here is a quick rundown of what you need to know about Instagram:

  • Instagram is photo and video-sharing social network.
  • Everything is done through the app on your phone (although there is a “lite” desktop-friendly website for viewing posts).
  • Tons of editing options make it easy to create polished and professional-looking images and videos.
  • It’s an ideal platform for targeting a Millennial audience—60% of users are ages 18-34.

Now, if I still have your attention, let’s get to the good part—the tactics! Read on to learn 5 ways you can use Instagram to grow your real estate business and strengthen your relationships.

1) Promote listings

On Instagram, you can get really creative about how you promote your listings.

You can share an eye-catching photo of your listing—like @seatownrealestate does so well—or even a series of photos.


2) Post a virtual tour

In addition to regular posts that show up in the feed, you can also create a Story—a collection of your videos and photos that has a shelf life of just 24 hours—that will appear at the top of a user’s screen.

This is a cool way to do a virtual tour of a property—you can include a mix of short video clips, images, commentary, and captions. And because a Story doesn’t live (publicly) online for all eternity, there’s less pressure to make sure it’s perfect. Your followers will be expecting something more off-the-cuff than a typical social media post.

real estate marketing

3) Share glimpses into your personal life

Don’t just post about listings—allow your followers to learn more about you. Share photos of your life…your dog, your vacation, the sunrise at the end of your morning jog. Just remember to keep a healthy balance—even the most dashing #dogsofinstagram pics aren’t gonna sell houses.

4) Promote your brand

How have you differentiated yourself from other real estate agents in your area? However you’ve branded yourself, you can use Instagram to increase your brand awareness.

5) Provide useful [visual] information

A great way to attract followers on social media is to provide valuable information—something educational or useful.

Design inspiration is a popular topic on Instagram, and a great one for attracting potential future clients. Check out searches like #interiordesign, #homedecor, #farmhousedecor, and #dreamkitchen to see what types of photos people find most interesting. For this type of post, you could even repost other people’s compelling content.

Trust Your Guru: Three Ways To Vet Real Estate Investing Coaches

Nine years of strong economic growth has led to an explosion of real estate investing “gurus.”  They span every niche and asset type: assisted living, land, flipping, syndications of all flavors. The list is epic. When you hear the term “guru,” what emotions does it elicit for you?

When I hear it, it evokes feelings of skepticism. My guard goes up, immediately. There’s something about the phrase “real estate guru” in particular that evokes imagery of a shifty, fast-talking, high-priced “expert” — a slick operator who promises big financial outcomes if you follow their proven playbook.

In reality, there are dozens of high-caliber, successful real estate mentors with reputable coaching programs. These professionals are not so-called gurus, in my mind. They are competent professionals who operate with integrity and legitimately arm their students with the skills and knowledge to change their lives.

Full disclosure: I have personally participated in four different real estate coaching programs in recent years. As of this writing, I am actively participating in two paid coaching programs. That may or may not make me an expert on gurus, but there are some insights I can pass along from my experience of finding and vetting the coaching programs that I ultimately chose.

The Landscape Of Coaching Programs For Aspiring Real Estate Investors

Let’s get specific about the group we’re referring to. Gurus, in this context, commonly include:

• Thought leaders with paid platforms: They offer some content for free, but to access the “good stuff,” students are often prompted for a one-time payment and/or paid subscription. “Good stuff,” in this case, can include video content, white papers, calculators, guides, templates, etc.

• Private coaches: Fees range broadly, depending on the experience level of the coach, from $1,000 to $50,000 or more (prices can go much higher for elite coaches), with a possible monthly subscription free for established coaches. Mentees are offered direct access to the expert with a capped amount of time to talk on the phone or ask questions via email.

• Small group coaching: Fee ranges here are broad, typically from $500 to $5,000-plus.

• Large group coaching: These fees tend to range from $50 to $500-plus. These are typically hosted online. Popular formats are private Facebook groups and website forums.

• Meeting organizers: From meetings to masterminds, there is range of format, quality, size and substance in this bucket. Some of the old-school formats out there are still deploying the strategy of “attract attendees and give them the hard pitch by the end of the meeting.” More modern formats provide meaningful value before ever broaching the topic of asking for your money.

There are more formats not included, but this paints a clear picture: There are many options available of varying quality and costs. There are actually so many options that it can leave new investors feeling overwhelmed and frustrated. Two steps can aid you in the program selection process:

1. Set a coaching budget: Knowing your financial limit for coaching will narrow your search quickly.

2. Assess your working style: Are you disciplined? Then perhaps you will thrive in large group coaching. A benefit of private coaching is having a one-to-one accountability partner. When you jump on a call with her, she will ask you to explain why you haven’t made progress on that project you discussed last month, whereas a large group coaching program will be more self-regulated.

Three Ways To Vet A REI Coach

Once you have identified a coach you are willing to invest in, it’s time to vet them. Here are some best practices to use when vetting coaches:

1. Interview them: Approach it like a interview, where you are the interviewer making a hiring decision. They are your hire. You are the hiring manager. You have established the job description, the scope of responsibility and the results you want to see this person produce. You are going to interview them in a friendly, professional conversation that confirms your goals for the engagement are aligned. Once you establish this mindset, your selection strategy will adjust accordingly.

2. Confirm their track record: Don’t skip this step. It’s tempting to blow it off, but it’s arguably the most important. The most meaningful way to confirm the effectiveness of their coaching program is to check referrals. In this case, the referrals are former coaching students. Reach out to the students themselves. Speak with them. Ask them questions about their experience. Of course, there’s a handful of other ways to confirm someone’s track record. The simplest way is to Google them and corroborate their career moves. Claims of success on a guru’s website are just about as reliable as a pro forma financials on a property marketing brochure. Take the time to “underwrite the deal.”

3. Match for style: You will be listening to this person share their perspective on a regular basis. I think it’s important you actually enjoy their company. Reflect on a few guiding questions before making a decision: How naturally did the conversation flow between you? Was it forced and awkward? Was it natural and easy? After you finished the conversation, did you find yourself looking forward to the next chat, or does the thought trigger a fight/flight response? Each of us only has a limited amount of energy each day. If you aim to grow rapidly and achieve success through real estate investing, you need to conserve your energy wherever possible. You can’t spare extra energy emotional energy psyching yourself up to talk to a coach you don’t enjoy.


In the real estate business of 2019, you will encounter values-driven, excellent gurus who share their knowledge freely. They operate from an abundance mindset. They understand that when they pay it forward to up-and-coming real estate professionals, those newbie relationships will eventually reward them tenfold — whether it’s via new relationships, knowledge, deals or cash.

At their best, coaching programs matched with massive action can compress timetables, years at a time. Before taking the plunge and investing in a real estate investing coach, the first step is getting clear on your goals.

Source: Forbes

National Assembly Probes Abandoned NSITF Property in Lagos

Finally waking up to the realities that some Federal Government properties still rot away in Lagos, the National Assembly has begun investigation into the abandoned National Provident Fund building, now known as Nigeria Social Insurance Trust Fund (NSITF) along the Badagry expressway.

The culture of waste that has recently dotted the Nigeria’s landscape, continued to take its toll on properties and infrastructure. The edifice whose value experts say worth about N50 billion has been lying idle over 40 years.
Located on approximately two acres of land, on Essume Street, opposite Ade and Ola Streets, Iyana Era, the over 18-floors controversial building with other adjoining structures has become a safe den for smokers, criminals and abode for miscreants who visit the project, on a daily basis.

The Guardian investigations revealed that the project conceived in 1979, during the regime of a former president Olusegun Obasanjo was to be developed into a befitting headquarters for the NSITF. The project is proximal to National Postgraduate Medical College, Federal Government College Ijanikin, among other institutions.NSITF is one of the foremost social insurance organisations in Africa with a long history of service dating back to 1961. It started in 1961 as the National Provident Fund with the mandate to protect employees in the Nigerian private sector who were mostly in non-pensionable employment.

The General Manager, (Administration) of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Segun Basorun confirmed the development.He said that the decision on what to do with the building is entirely in the hands of the National Assembly stressing that NSITF can’t on its own take a decision on it.

“The issue of that building is before the National Assembly because someone raised the issue with both committees. The National Assembly said they were going to get back to us and we are waiting for their directive on the issue.
“NSITF cannot go ahead and do anything with the building now that the National Assembly has shown interest in how the building should be handled. The NSITF cannot pre-empt the National Assembly on the matter”, he said

But the project has not been in use for any good reason regardless that the construction has reached an advanced stage for decades. Young boys in the locality now use the premises as suitable football pitch where they play games on daily basis especially in the evening.The surroundings of the building have also been turned into a dunghill and there hasn’t been any report on whether the structure has been put up for redevelopment.

The Guardian visit to the location last week further showed that many of the occupiers of the edifice are area boys who smoke and drink right in the heart of the building while some young boys were also seen playing with their lovers.
Residents of the area have also turned the premises of building now standing in the middle of a bush into other various uses like selling of motor engine oil, alcoholic drinks, food and auto-mechanic workshops where all kinds of faulty vehicles were repaired.

Despite being situated close to different churches (white garment and Pentecostal) right from the entrance of the street, the structure has become a mecca for nefarious activities as confirmed by a resident of the area, Mr. Jude Alozie. Inside the down floor are old looking arranged white plastic chairs, which he stated are used by some group of people for regular meetings.

Alozie said the police had in the past raided the building to arrest people that come to there to smoke and engage in other anti-social behaviour, but shortly afterward the usual police raids, the perpetrators would return, for their usual dealings.

“We always see young men and girls parading the location for some unknown motives. Some associations have made the building their meeting venues. It is very pathetic that the building has been there for a while and nobody has done anything significant to ensure that it is put to good use.

Source:  Guardianng

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