Today’s show features Craig Berger, Founder and CEO of Avid Realty Partners, a commercial realty firm focused on hotel and multi-family apartment assets.
Craig speaks about how he scaled up his company, the challenges he faced along the way, and the successes he enjoyed with his business model.
Quotes:
“It’s a less efficient market. It’s harder to sell a hotel asset than it is a multi-family asset.”
“We were on our downside scenarios. If we lose revenues 30%, how long will our cash last before we’re in trouble? If revenues drop 20%, how long does our cash last before we’re in trouble?”
“A lot of people don’t want to own anymore so the underlying trends and demographics still are very favorably for the multi-family sector. But the prices continue to make me nervous.”
“First of all, I’d say, find some good mentors. That’s always important. Find some talented people to work with that are willing to work with you.”
“Find your passion. Find your inspiration and reach for the stars. You gotta go for it.”
“Have cash on hand. Protect yourself. Be willing to make mistakes but hopefully not fatal ones. And make sure you’re measuring the downside, the recession scenario, and how long you’re going to be able to survive if business shrinks 5%, 10%, 15% from current levels.”
“Take some Excel classes. Try to get a basic model out for your revenues and expenses. If revenues shrink 10%, expenses don’t.”
Discussed in this Episode:
- Introduction to Craig Berger and his background in the real estate business
- Evolution of the business
- Hedging against risk
- Deals that didn’t go as planned
- Property management
- Advice that Craig would give himself 4 years agoJob Opportunities with my Team: Click Here
Recommended Resources:
- Check out our company and our partnership opportunities by visiting SunriseCapitalInvestors.com
- Would you like to partner with us on future MHP deals, call 844-CASH-FLW to learn more or click here to schedule a time on our calendar.
- Grab a free copy of our book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them click here
- Visit Avid Realty Partner’s Website
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