In this episode of the Real Estate Investing for Cashflow podcast, Kevin welcomes back real estate investment expert, Brian Murray. Brian is the founder and CEO of Washington Street Properties, a commercial real estate investment and property management company and one of the nation’s fastest growing private companies. Brian is also the author of the best selling book, Crushing It In Apartments and Commercial Real Estate, a definite must-read for anyone who wants to start in the commercial real estate space.
Brian talks about real estate management and how he manages to spread his focus geographically and on different asset types. He shares some insights about multifamily vis-à-vis commercial property real estate. He shares details on how his company re-purposed an old hotel into a thriving apartment complex. Kevin and Brian also discuss how to find great opportunities and give some advice on how to thrive in these challenging times.
“That first acquisition kind of set the tone in terms of how I developed my own company and it’s really based on value adds.”
“We’ll increase the income, drive those expenses down, create value and then we pull some cash out and grow, but that’s becoming more of a challenge now.”
“I feel like you’ve got a lot more control with multifamily, when you’re managing a commercial property, it depends on the specific property but many, many times you have a disproportionate amount of rent coming in from individual tenants so if you lose a tenant in a commercial property, depending on the specific property, you may lose ten percent of your rent or even a hundred percent of your rent.”
“With our residential tenants, we have primarily workforce housing type tenants, you know, people who are down to earth and frankly, I’ve been more comfortable dealing with them.”
“Cap rates are so much higher in hotels right now than they are in multifamily that I think there’s a lot of opportunity out there that people can pursue.”
- 6:52 Start of Brian’s career in real estate and how it’s changed over the years
- 10:47 Expanding geographical horizons
- 14:00 Comparing multifamily and commercial real estate
- 22:18 Brian’s hotel conversion project
- 35:54 Expansion to other asset classes
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