After a 9-month interview process, John Cohen earned a job as stock broker with Morgan Stanley at the tender age of 22. However, the day he started he saw grown men crying over the Facebook IPO and ended up quitting that same day. From there John put his energy into real estate, first as a commercial broker and then as an investor and multifamily syndicator. John gives some great tips on investing in multiple markets and growing a real estate business on this episode of Target Market Insights.
Key Market Insights
Started career as a stockbroker, but hated the lack of control over company execs and their decisions
Facebook IPO was defining moment, saw grown men having meltdowns, quit the same day he started at Morgan Stanley
Started in real estate with tax deed properties, purchased a SFR and rented to a rugby team in East Stroudsburg, PA
Became a commercial broker, built a network of clients in Bedstuy, Brooklyn, and Queens, NY
Began networking with clients, family friend introduced him to his mentor
Mentor had great contacts in Cincinnati, started looking in nearby areas and landed on Columbus
Drove 20 hours to be in market for only 6 hours to view an apartment
Huge believer in direct mail, consistency is more important
Likes the growth in the Southeast region from the Carolinas, down to Florida, and over to Alabama
Suggest being an expert in a market, uses a color coded map for submarkets
Brokers, property managers, put the market in a quadrant
Biggest challenge is becoming an expert in various markets
If I win a deal on my first bid, I overpaid, but we bid based on fundamentals in the market
Not a business you can do by yourself, the more people in your database, the better equipped you are if the deal goes sideways
Just finished due diligence on 453 units in Jackson, MS with $4MM in deferred maintenance
Bull’s Eye Tips:
Winning Your Market: Get out and get active, no one will knock on your door with a deal
Tracking Market Changes: Operations team does market surveys weekly, PM gives monthly reports, quarterly reports
Daily Habit: Write down goals every morning and night
Best Business Books:
Principles by Ray Dalio
Trulia Crime Maps
"Where are people moving, target that then look at supply and demand"
"You have to educate your database, use your resume and background, put a good team behind you"
"Call police precincts, find out where crime is"
Places to Grab a Bite:
Center Cuts Butcher Shop
Boulevard 25 opens in February 2018
Connect with John:
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