Best Ever Real Estate Investing Advice with Joe Fairless
‘Best Ever Real Estate Investing Advice’ Podcast with Joe Fairless
Earlier this month, Chris Powers sat down with Joe Fairless to pass along his ‘Best Advice Ever’. Joe’s podcast, The Best Ever Show, is the longest-running daily real estate podcast in the world. He’s interviewed some of the most influential real estate moguls including Shark Tank’s Barbara Corcoran, CNBC Star Sean Conlon, and even Emmitt Smith who has ventured into real estate post-NFL.
In this episode, Chris chats about Fort Capital’s acquisition strategy and latest industrial activity.
Click here to listen to the podcast or read the transcript: Finding Your Market & Going ALL IN with Chris Powers.
Episode Summary
The conversation kicks off with Chris sharing his journey in real estate, emphasizing his focus on commercial real estate. He provides a detailed walkthrough of a specific industrial real estate deal, shedding light on the strategic advantages of acquiring older properties in prime locations. He highlights the potential of such properties for future development, while also drawing attention to the benefits of their lower rental rates compared to new constructions. This, he explains, positions us competitively in the market, attracting a diverse tenant base.
Diving deeper, Chris discusses the unique attributes and considerations of industrial real estate. He underscores the importance of understanding specific characteristics such as building depth and clear heights, which play a crucial role in determining the value and potential of industrial properties. This part of the conversation is particularly enlightening for listeners who may not be familiar with the nuances of industrial real estate, providing them with valuable insights to consider in their investment decisions.
The dialogue then shifts to the topic of real estate development during economic recessions. Chris shares his perspective on the opportunities and challenges that come with developing properties in such times. He explains how the decrease in the cost of labor and construction materials can create favorable conditions for real estate developers, allowing them to build new properties at a lower cost. However, he also notes the increased risks, as economic downturns tend to make people more cautious about investing. This part of the conversation provides listeners with a balanced view of real estate development in different economic conditions, helping them make informed decisions based on market dynamics.
As the conversation progresses, Chris delves into the topic of building trust with investors. He emphasizes the importance of treating investors as valued customers, cherishing the relationships formed over time, and earning their trust through consistent and transparent practices. This, he believes, is key to building a strong investor network and ensuring long-term success in the real estate industry.
The podcast then transitions to discuss the differences between working with high net worth individuals and family offices. Chris draws a clear distinction between the two, explaining that family offices typically employ investment professionals tasked with deploying capital to generate steady, consistent wealth. This results in a more rigorous evaluation process, with a focus on long-term wealth preservation rather than seeking high returns. High net worth individuals, on the other hand, may have different investment goals and criteria, leading to a different dynamic in the working relationship.