Ep. 64: Finding Real Estate Opportunities in Hot Markets with Josh Eitingon
Ep. 64: Finding Real Estate Opportunities in Hot Markets with Josh Eitingon
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 wouldnāt want to hang out in at night. He didnāt 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 Ā to be at the forefront of advantageous opportunities in hot markets.
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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 Ā 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 percentageĀ Ā
- Indianapolis Market: An older city with good employment & sales force, lower home prices compared to Ā 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
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Bullās Eye Tips:
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Winning Your Market: Have the right team in place that can adjust to different market conditions.
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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.
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Daily Habit: At the end of the day, allot some time to plan out the day ahead.
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Book Recommendation
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Think and Grow Rich by Napoleon HillĀ
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Digital Resources:
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BiggerPockets - https://biggerpockets.com
School Digger - https://www.schooldigger.com/
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Tweet this:
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āI don't think the strategy to finding opportunity changes wherever you are but how you underwrite definitely does.ā
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āIt's less about the cap rate. It's more about your business plan and the ability to create valueā
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Places to Grab a Bite:
Connect with Josh:
LinkedIn - https://www.linkedin.com/in/josh-eitingon
Website - https://www.jaepropertygroup.com/
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