Episode #188: Confidence in Commercial Real Estate with Trevor Thompson
05/03/21 • 21 min
Creating wealth out of the opportunities found in commercial real estate can be challenging and daunting. Tough, it doesn’t need to be. If you can hone your skills through mentorship programs, find good partners and sponsors, and ask intelligent questions, the rest will take car of itself. Today our guest is Trevor Thompson, and although his entry into real estate has been a little less than conventional, he has closed nine successful deals in his real estate career to date. To open the show, Trevor talks about his professional history and touches on companies he’s worked for like Ripley’s Believe it or Not and Guinness World Records. We then dig deeper into his real estate journey and find out why he chose multifamily as his niche. Trevor goes on to tell us about his first deal, as well as the value he found in mentorship programs as an up-and-comer. As our conversation develops, Trevor talks about some of his key lessons, some of which have come from managing assets during the height of the Coronavirus pandemic. Later, we ask Trevor about how he keeps his portfolio diverse, and the best ways he connects with sponsors. To bring the show to a close, Trevor gives answers to questions about which real estate tools he uses most, some of his biggest mistakes, and what you need to know to grow your life to the next level. Be sure to join us!
Key Points From This Episode:
- Introducing Trevor Thompson to the show.
- We give a brief background of Trevor’s professional career.
- Trevor expands on his journey and tells listeners about his colorful history.
- How Trevor entered passive income.
- Hear about Trevor’s first deal.
- Why you should join a mentorship program.
- Some of the key lessons Trevor has learned during his time in commercial real estate.
- How Trevor has ensured diversification among his nine investments.
- The boxes Trevor checks when looking for sponsors.
- Trevor talks about his hit rate when it comes to viewing deals.
- Hear about how Trevor’s assets have performed during COVID.
- The types of intelligent questions Trevor asks sponsors and partners.
- Hear our final-four questions for Trevor.
Tweetables:
“Feeling part of a community made me feel a lot safer in doing this investing.” — Trevor Thompson [0:03:54]
“I definitely learned that going into deep value-add and then running into a pandemic is much more challenging.” — Trevor Thompson [0:05:00]
“I wanted to be able to be diverse so that it could understand definitely different asset classes ... I wanted to earn and learn.” — Trevor Thompson [0:08:10]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate Facebook Group
Creating wealth out of the opportunities found in commercial real estate can be challenging and daunting. Tough, it doesn’t need to be. If you can hone your skills through mentorship programs, find good partners and sponsors, and ask intelligent questions, the rest will take car of itself. Today our guest is Trevor Thompson, and although his entry into real estate has been a little less than conventional, he has closed nine successful deals in his real estate career to date. To open the show, Trevor talks about his professional history and touches on companies he’s worked for like Ripley’s Believe it or Not and Guinness World Records. We then dig deeper into his real estate journey and find out why he chose multifamily as his niche. Trevor goes on to tell us about his first deal, as well as the value he found in mentorship programs as an up-and-comer. As our conversation develops, Trevor talks about some of his key lessons, some of which have come from managing assets during the height of the Coronavirus pandemic. Later, we ask Trevor about how he keeps his portfolio diverse, and the best ways he connects with sponsors. To bring the show to a close, Trevor gives answers to questions about which real estate tools he uses most, some of his biggest mistakes, and what you need to know to grow your life to the next level. Be sure to join us!
Key Points From This Episode:
- Introducing Trevor Thompson to the show.
- We give a brief background of Trevor’s professional career.
- Trevor expands on his journey and tells listeners about his colorful history.
- How Trevor entered passive income.
- Hear about Trevor’s first deal.
- Why you should join a mentorship program.
- Some of the key lessons Trevor has learned during his time in commercial real estate.
- How Trevor has ensured diversification among his nine investments.
- The boxes Trevor checks when looking for sponsors.
- Trevor talks about his hit rate when it comes to viewing deals.
- Hear about how Trevor’s assets have performed during COVID.
- The types of intelligent questions Trevor asks sponsors and partners.
- Hear our final-four questions for Trevor.
Tweetables:
“Feeling part of a community made me feel a lot safer in doing this investing.” — Trevor Thompson [0:03:54]
“I definitely learned that going into deep value-add and then running into a pandemic is much more challenging.” — Trevor Thompson [0:05:00]
“I wanted to be able to be diverse so that it could understand definitely different asset classes ... I wanted to earn and learn.” — Trevor Thompson [0:08:10]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate Facebook Group
Previous Episode
Episode #187: Billion Dollar Broker with Brent Sprenkle
It's not every day you meet a broker who has sold over 1.2 billion dollars in commercial real estate. Today’s guest, Brent Sprenkle, has done just that. He has more than 20 years of experience as a broker in Los Angeles at two of the nation's top firms, Berkadia and Sperry Van Ness. Brent helps his clients achieve their goals of exchange, expansion, consolidation, and disposition. In this episode, Brent sheds light on the current state of things given the pandemic, where he touches on deal volume, rent changes, and the eviction moratorium. We also talk about how to mitigate the risk of the moratorium if you are buying properties at the moment. Even though California's landlord-tenant laws are less than favorable, Brent shares why it is still such a great place to invest in property. The show wraps up with Brent giving his top tips on connecting with your broker. Tune in today!
Key Points From This Episode:
- Get to know Brent, his real estate journey, and what he's up to now.
- Deal volume in 2020 and the outlook for 2021.
- Brent's experience of how investor sentiment has changed as the pandemic has continued.
- Seller versus buyer expectations: what Brent is doing to bridge the gap.
- Rent changes in California and difficulties in the different asset classes.
- Brent's take on when the eviction moratorium will end.
- Some of the ways that you can underwrite to reduce eviction moratorium risk.
- Why California is still a good place to buy multifamily.
- Hear about the ADU program, which Brent calls the next big thing in multifamily.
- The biggest lesson Brent has learned about being a successful real estate investor.
- Brent's top tips on building and maintaining a relationship with a broker.
- Final four with Brent: The tool he can't do without, his biggest mistake, and more.
Tweetables:
“Now, vacancies are not really much fun. Lenders are also cognizant of it and when these buildings have over, you know, five, 10% vacancy, they’re pulling back on the proceeds or they just don’t want to fund it at all.” — Brent Sprenkle [0:07:43]
“If you're buying now, you just have to underwrite properly. Just keep in mind that brokers are always telling you that there’s no collection issues.” — Brent Sprenkle [0:10:53]
“California is always going to have more appreciation on values on the rents than other states.” — Brent Sprenkle [0:13:14]
“This is a long game. It takes patience.” — Brent Sprenkle [0:16:47]
Links Mentioned in Today’s Episode:
Brent Sprenkle Phone Number — 310-621-8221
Passive Income Through Multifamily Real Estate on Facebook
Schedule a Call with Kyle Mitchell
Garzella Group
Virtual Asset Management Summit 2021
Next Episode
Episode #189: The Parallels between Sales and Real Estate with Joseph Fung
The qualities needed to be an excellent salesperson are the same qualities that are found among successful real estate investors. Today we speak with serial tech entrepreneur and Uvaro CEO Joseph Fung about the many parallels between sales and real estate. We open our conversation by exploring why many real estate professionals are entering the tech space as salespeople. Joseph then shares how his company trains people to sell tech products. Reflecting on his experience, Joseph unpacks the practices that lead to being a top salesperson. After highlighting how many of these practices come naturally to real estate investors, we discuss why the prevalence of technical solutions means that quality salesmanship has never been more important to tech companies. From sales to company-building, we ask Joseph for insights on creating and scaling strong businesses. His answers touch on the importance of company culture, setting values, and hiring the right people. Later, we chat about why Joseph primarily invests in women-led companies before asking him about the tools that he can’t live without, his biggest investing mistake, and what he’s doing to take his life to the next level. Tune in to hear Joseph’s insights on sales, startups, and setting up your company.
Key Points From This Episode:
- Introducing today’s guest, serial entrepreneur and Uvaro CEO Joseph Fung.
- How real estate professionals have found sales roles in the tech world.
- Why you don’t need to know how to code to join tech companies.
- Exploring Uvaro’s unique business model.
- Hear about the top practices that will boost your sales.
- Why quality salesmanship is increasingly needed in tech.
- The importance of setting the right company culture.
- What Joseph does to ensure that company values are promoted.
- Why founders and CEOs need to follow company values.
- Joseph shares his super secret weapon to scaling startups.
- Advice on making your first company hires.
- We talk about why Joseph invests in women-led companies.
Tweetables:
“I’ve scaled a number of tech companies and growing a sales team has always been one of the biggest challenges.” — @josephfung [0:02:56]
“If you build a really good culture, you’ll attract the right people and they’ll solve problems and treat your customers well.” — @josephfung [0:10:20]
“Build a shortlist of people who you want to work with and tell them that. When you do end up working together, they become the biggest flag bearers of your company’s culture, vision, and mission.” — @josephfung [0:16:34]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate on Facebook
Schedule a Call with Kyle Mitchell
RedIQ
Virtual Asset Management Summit 2021
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