Getting into Real Estate for the Long Haul
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They represent the future of real estate in this time of uncertainty — 17 bright-eyed and eager students, median age 40, sitting for three hours in a classroom while I click slowly through a 50-slide Power Point presentation with embedded video and audio. These are small investors, a mixed group of young and old, Realtors and nonRealtors, and all ethnicities — a true mix of the modern-day urban market. |
They want to know what I can tell them about renovating one-to-four unit properties cost-effectively, whether or not to hire an architect, what to look for in a contractor, what will put their rentals a cut above the others without breaking their budgets. These are not flippers. These folks are in for the long haul, agreeing with some expert who told me this week that this isn’t the time to experiment with real estate but to get serious about it. One of the experts whose video was embedded in the Power Point was Carl Dranoff, a developer who was one of the pioneers of the warehouse to loft conversion boom on the late ’70s to mid-’80s in many of our older cities.
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