Thank you for joining us for another episode of the Real Estate Asset Management Podcast! During today’s conversation, Gary Lipsky shares all the details of a deal he closed in early 2021. You’ll hear how, when you focus on a few markets, you can become an expert in those markets, what it was like to close a deal within the seller’s tough time constraints, and how a zoning attorney can be useful. The real work begins when you take over a property, and Gary shares some insights into what that process looked like during this deal. Get a glimpse into the process of successfully closing a deal and everything that comes after that when you tune in today! 

Key Points From This Episode:

  • Details of the deal Gary closed in early 2021.
  • Why he chose the deal: the price point, the size of the units, and the number of units in total.
  • How, when you focus on a few markets, you can become an expert in those markets.
  • What time constraints were put on the deal by the seller: to close in 45 days.
  • The challenge of changing the use of the property from student housing to multifamily.
  • Why it was necessary to work with a zoning attorney to close the deal on time.
  • How often you will find that your attorney is not on the same timeline as you.
  • Why the real work begins when you take over a property.
  • Why Gary needed to hire an engineer to do an IPP (individual parking plan) assessment.
  • How they changed one bedroom into a kitchen area.
  • Why this is a ‘to be continued’ story: they are close to submitting to the city for phase two.
  • How they scaled the staff after the hurdle of turnover they have overcome since July.
  • The outperformance of the last few months and the units they still need to attend to.

Tweetables:

“What intrigued me about this deal was the price point, the size of the units, which were big, and the number of units in total, which was right in our sweet spot.” — @garylipsky [0:01:48] “When you focus on a few markets, you can be [an expert] in those markets and jump quickly on a deal if it makes sense.” — @garylipsky [0:02:03] 

Links Mentioned in Today’s Episode:

Asset Management Mastery Facebook Group

Break of Day Capital Break of Day Capital Instagram

Gary Lipsky on LinkedIn

Gary Lipsky on TwitterGarzella Group

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