Real Estate Investing for Cash Flow with Kevin Bupp FBF #746: Starting Out, Thinking Like a Developer, and Gaining Momentum with Brent Sprenkle
Today's Flash Back Friday episode is from #321 that originally aired on May 21, 2021.
Brent Sprenkle is a real estate expert and senior managing director at Berkadia.
Berkadia is a leader in the commercial real estate industry, offering a robust suite of services to the multifamily and commercial property industry.
Berkadia was formed in 2009 as a joint venture of Berkshire Hathaway and Leucadia National Corporation (now Jefferies Financial Group) - both of which are renowned for their capital strength and sophisticated investment strategies.
Brent has more than twenty years of experience and expertise in commercial real estate at nationally recognized firms such as Berkadia and Sperry Van Ness, where he has been involved in more than $1.2 billion worth of commercial real estate transactions
In addition to his real estate activities, Brent is also a published author with the upcoming release of his book, Billion Dollar Portfolio. In this new book, Brent takes a deep dive into the certain personality type and key attributes it takes to thrive in and build a substantial portfolio of commercial real estate.
Quotes:
"If you underwrite 2-3 deals a day, and write 1 deal a day, that 5 offers a week. You're going to end up landing way more deals than you know what to do with. At the end of the day, you're going to lose all of your money by the down payments. You're going to go broke, but then you bought all of these incredible deals and other people are going to see what you did and you're going to be able to go out and get investors for these properties. So, at some point, you will spend all of your liquidity, but if you're buying amazing properties, and other people see you're able to source deals, manage them, turn them over, and prove them, you're going to wind up with more investors than you know what to do with."
"You have to have a developer's mindset to the property. In this competitive market, where commercial real estate is so highly valued, you have to come in like a developer thinking how are you going to improve the asset. What are you going to do to take it from a 4 cap to a 5 ½ cap? How are you going to add value?"
Highlights:
2:44- Brent talks about his background and how he found himself in the real estate world
8:45- Brent tells what separates the successful from the unsuccessful in the brokerage world
16:40- Brent shares what makes a top-notch investor and talks about some of his best clients
19:41- Brent talks about how new investors can grab the attention of someone like himself
25:06- Brent talks about market-specific direct impacts that he's seen on pricing with multi-family assets
33:48- Brent shares about how he stepped into the investment arena and how he juggles that along with brokerage
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