December 21, 2024 • 17 mins
Join us as we welcome Karl Krauskopf from Gold Multifamily, who shares his fascinating journey from corporate strategy to mastering the challenging Seattle real estate market. Discover how Karl's transition from day trading led him to the intricacies of multifamily property investment, starting with a humble duplex. We explore the trials and triumphs of managing multifamily properties, with a special focus on tenant retention and streamlining operations. Karl's passion for endurance athletics, particularly ultra-marathons, becomes a metaphor for the discipline and persistence required in real estate. His love for Seattle's mountainous landscapes serves as the perfect backdrop for his blend of physical and professional endurance.
Looking ahead, we delve into the future of commercial real estate with Karl's insights on a stable market trajectory and the innovative role of AI in underwriting processes. We discuss the implications of national debt on treasury rates and the opportunities within secondary and tertiary markets. Karl candidly reflects on missed early investment opportunities and the critical role of rental income, sharing his enthusiasm for educating the next generation about real estate. With a focus on supporting active investors and prioritizing family time, Karl invites listeners to connect through LinkedIn and Gold Multifamily's platform. Tune in for an engaging exploration of real estate strategies, endurance, and personal growth.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
Welcome to Heather Ewing, the CRE Rundown.
Today I have a terrific guestfor you.
It is Karl Kruskopf.
He is with Gold Multifamily,karl, welcome.
Speaker 2 (00:15):
Hey, how you doing, how you doing.
Thanks for having me, heather.
It's super excited to be hereand, yeah, I was excited to talk
about some more enduranceathletes and sports that we do
and hopefully we get into thatand obviously on the CRE side.
Speaker 1 (00:28):
I like it.
It's the perfect combination,right?
Yep, yeah, exactly so I'veknown you, for I think what is
it?
It's a couple of years or so onLinkedIn.
So for those that may not haveheard of you yet, can you share
a little bit more about yourself?
Speaker 2 (00:42):
Yeah, so I am a multifamily operator out in the
Pacific Northwest, specificallylocated in Seattle Washington
where people like to notnecessarily it's not your first
idea of where to start investingin multifamily right?
It's a little bit moredifficult to manage a property
simply because it's not thetraditional landlord-friendly
(01:04):
area.
However, again, I am somewhatof a contrarian thinker and I do
love working with and managingapartments out here, spent a lot
of time in the residentialconstruction and new development
rehabs for the first portion ofmy career, and before that I
was in corporate strategy forabout a decade.
Speaker 1 (01:25):
Very nice portion of my career, and before that I was
in corporate strategy for abouta decade.
Very nice.
It's interesting how everythingin our past kind of helps us on
the path to our currentrendition, isn't it?
Speaker 2 (01:34):
Yeah, absolutely.
I spent a lot of time growing abook of business and really
focused on EBITDA improvements,so profit improvements and a lot
of that goes straight intomultifamily.
How do you grow your tenantbase, how do you retain your
tenants and how do you reduceexpenses in the operations?
Speaker 1 (01:55):
Definitely.
And what got you into theinvesting world right?
You hear a lot about it.
People either seem to reallylove stocks, some are real
estate only, some understand abalance between the two.
How did you get into all ofthis?
Speaker 2 (02:07):
Sure.
So I actually started tradingday trading when I was a little
bit disenchanted with my job atthat point let's say this was
about seven years ago Reallystarted looking at some
additional ways to make moreincome.
And we were having a kid mywife and I were going to have a
kid and again we started lookingat different options, started
(02:30):
day trading wasn't really mything, didn't have the compute
power at that point and couldn'treally make make it work with
the day job at the same time.
Look, started looking atalternative investments and
stumbled into owning a duplexObviously, there was about six
months worth of education priorto purchasing that duplex and
(02:52):
just fell in love with it.
Fell in love with the rental,holding rental and getting
monthly income.
Yes, of course, you still haveto manage the property
management company Definitelynot a passive investment by just
buying a rental.
Bought a couple of those andthen quickly realized we were
running out of money and had tostart flipping and gaining more
(03:13):
capital.
And this was back in 2019, whencapital was free flowing and
people were buying houses and weflipped a ton of homes at that
point.
Speaker 1 (03:22):
Perfect, and now you're an endurance athlete, so
of course that's near and dearto my heart.
How did you get into that?
Speaker 2 (03:28):
Oh, good question.
So I have always been hiking.
I've loved hiking.
I say always.
We moved out to Seattle aboutseven years ago, a little more
than seven, and we moved outhere for the love of mountains,
so it was always into hiking.
Since we've been here, I havenever really been the type of
person who can walk up amountain.
(03:49):
So hike up a mountain and havea conversation.
You know it would be at the topof the mountain that I'd be
able to talk, or coming down themountain that I would be able
to talk.
Meanwhile, I'm hiking withother people that can have those
types of conversations, longwinded business conversations.
I start hiking and running with,um, you know, business partners
and mentors, essentially, andagain, I can't talk while
(04:12):
they're running, um.
So I've realized, hey, I got toget improved calisthenics,
improved cardio.
So about 18 months ago Idecided, hey, I got to start
running.
Running on my own Wasn'tworking, hired a coach, hired a
running coach.
And uh, this was back in.
Hey, I got to start running.
Running on my own Wasn'tworking.
Hired a coach, hired a runningcoach.
And this was back in.
Let's call it August of lastyear.
And since then it's been.
You know, ran my first 50Kultra marathon about four months
(04:36):
later.
That's awesome.
Yeah, I've done three so farthis year.
Speaker 1 (04:42):
How would you say, in pushing yourself to that level,
how has it affected you as aninvestor and also as as a person
?
Speaker 2 (04:51):
Yeah, I think.
I think it's all aboutdiscipline and just realizing
that you have to put in themotions.
There are certain motions thatyou have to put in in order to
be successful and it may notit's certainly not going to come
overnight.
You know, with investing orwith entrepreneurship, you know
that you have to underwrite.
Right now I know that I have tounderwrite roughly about 110
(05:11):
deals before you know we'reclosing on a deal.
And you know, when you're atdeal number three it's like,
okay, now I've got 100,.
You know 107 left to go.
It's going to take a while, buthey, we gotta.
We gotta get those that muscledone, or we gotta get those, uh,
those reps in.
So same thing with enduranceathlete.
Uh, you know I don't reallywant to wake up at 4.00 AM
tomorrow, like we were talkingabout earlier.
(05:32):
I don't want to spend two hours, two hours running in the dark,
um, but I know that's the onlyway to be successful and not get
an injury when it gets torunning.
You know what I call in seasonrunning and competition season.
Speaker 1 (05:48):
So tying into that and this is also why you know
with me, marathoning you doingyour longer runs is the
equipment matters right.
And that's where we can easilyliken that to commercial real
estate and investing.
Of the different tools andresources, what have you found
works really well for thoseultras and, comparatively, what
(06:11):
do you find works really well inthe investment world?
Speaker 2 (06:15):
Yeah, so I think resources from in the investment
space is simply, I would say itwould be relationships, right?
So brokers, whether it's fromthe debt side, the equity side,
as well as, obviously, the dealsize, the deal side of things,
and so making sure that you knowI'm actively engaged in
conversations with each one ofthose players that holds
(06:36):
essentially the keys to the nextdeal, and so then, obviously,
there's other resources likeCOSAR reports and things of that
nature.
From a data perspective, thatcertainly is absolutely helpful.
In terms of, obviously, running.
One of the reasons why I loverunning as opposed to any of the
(06:57):
other endurance sports is it'sto me it's one of the cheapest
sports.
All I really technically needare a pair of shoes.
You know, most people wouldwant me to have some shorts on
and more people would want me tohave a shirt on.
I can do it with it with justshoes.
Speaker 1 (07:12):
Right?
Yep, that's great.
Well, and I think also it's thesimplicity of it, which is what
you're saying, and that's why Ilike too, when we're traveling
you know whether it's differentbusiness events, networking,
things of that nature that youjust grab your tennis shoes and
you can go from anywhere, whichis really nice.
Yeah, yeah.
Speaker 2 (07:35):
And I think the simplicity goes back to.
You know, I think investing inreal estate is one of the most
simple things, but it's also themost difficult thing.
And in the fact that it's just,it takes discipline right.
Same with endurance, running,same with investing, is it?
It's simple, we know what thesteps are to do and what to and
how to be successful.
It's just actually putting inthe reps.
Speaker 1 (07:56):
Right, and I think also, another big point is
seeing the big picture andbreaking it down and staying
with it consistently, which, asyou know, with investing there's
always.
You can put a great plantogether, but there's always
going to be some type ofsurprises that come along.
So it's that endurance, longterm mindset and the
relationships, as you earlierpointed to, that really bring
(08:18):
things across the finish line.
So, with that mindset, how doesthat tie in?
Where do you see the gaps andwhere do you see are places that
people can really execute dueto mindset?
Speaker 2 (08:39):
due to mindset?
Yeah, good question.
So you know where I think toomany people rely on motivation,
to getting them up in themorning, to getting them and
helping them find either theirnext deal, whether it's real
estate or whether it's, you know, whatever it happens to be you
know too many people rely justpurely on motivation.
Again, I'm a strong, strongbeliever of set out your goals.
What is your end result thatyou want to be at?
It doesn't have to be the10-year result, it can be the
(09:00):
one year result.
What is your one year result?
Where you want to be in oneyear and then work backwards and
figure out what are those stepsand then again just remind
yourself, reminding ourselves,of what that one year goal is
and how.
Then you know if you're faralong enough in your whether
investing journey, businessjourney, you can start
extrapolating that one to threeto five-year goal and then even
(09:22):
a 10-year goal, and you knowsome people go beyond that.
And that's where you knowinspiration, motivation starts
kicking in, and you know not todownplay motivation and
inspiration at all.
It's, you know, that's whatconnects the discipline to the
emotional side of things, and soI'm a huge advocate of
(09:43):
motivation and staying motivated, but again, finding those
things, those steps that youneed to be in order to stay
disciplined, coming in day inand day out.
Well, and I'm sure you hear itall the time too, because you're
very- consistent.
Speaker 1 (09:53):
Well, and I'm sure you hear it all the time too
because you're very consistent,you've been doing this for years
, similar to myself of well,it's easy for you, carl Right,
where people have a premise that, just because you're consistent
and you deliver for yourselfand also in your races, that
it's something that you lovedoing every day.
And, to your point, it's notwhere we love being motivated
(10:16):
and we're frequently motivated,inspired, but some days it's the
last thing you want to do, kindof like you getting up at 4 am
tomorrow.
Speaker 2 (10:23):
Yep, and it'll probably rain tomorrow as well,
so that's raining 39 degreessounds fun.
Speaker 1 (10:31):
Yeah, and I'm sure we're wired the same way, in the
sense that it's who you becomebecause of your diligence.
And doing that, the dedicationto the sport, the dedication to
your clients, investors, thatit's very fulfilling and I think
that's why it creates such apositive loop that continues
forward for years and decades.
Speaker 2 (10:49):
Yeah, certainly positive feedback loop.
Speaker 1 (10:53):
Definitely so.
What would you say is somethingthat you envision for the
future, with investing and allof those different assets of
commercial real estate?
Right, we continue to evolveand expand.
Obviously, 2020 was a big yearseveral years ago.
We're in a completely differentarena in some ways, but yet not
(11:15):
.
What are you envisioning forthe industry?
Speaker 2 (11:19):
Yeah, good question.
So, from an industryperspective and then maybe a
corporate perspective, obviously, from the industry, I think
we'll continue to see what Iwould say a sideways market.
I don't think we're going tosee, but what I hope that we
don't see is any kind of massivedownturns and I would define
massive downturns as huge spikesin unemployment and then, all
(11:42):
of a sudden, we need to startbringing down the rates
radically too quick.
I think that that's going to bea more or less a doom loop.
You know, I think if we'retalking about, you know, more
globally, you know, talkingabout national debt, I think
that is a big crisis that weneed to solve and certainly is
going to weigh on a lot of ourmetrics 10 year treasury, five
(12:04):
year treasury, etc.
And so, again, my, myanticipation of what we're going
to see between now and the endof 2025 is just a continued
sideways market.
And if you're, if you're, in aposition to buy, you know, I
don't, I don't think this is atall a bad time.
I think this is a great time tostart buying, which we are
(12:25):
doing ourselves in the Northwest, and it's all about finding the
best cost basis on these dealsand making sure that you're not
going into an oversaturatedinventory market is what we're
looking at, and that kind ofplays into the corporate
landscape as well.
Well, as you know, we'recontinuing to find secondary,
(12:50):
tertiary markets that aren'toversaturated in terms of supply
, that have good, strongfundamentals in terms of
population and job growth, wagegrowth as well, and you know
places that people want to liveand want to recreate.
Speaker 1 (13:03):
How do you see the interplay of AI affecting this?
Speaker 2 (13:07):
Yeah, I absolutely love it Great question, right.
Yeah, no, absolutely.
There's just too many ways thatAI can impact all aspects of
CRE.
We're starting to see more andmore startups that can help
generate underwritten files forboth investors as well as debt.
(13:31):
Let's call it five, fivestories and above, where you
know it would be unsafe to bringsomebody in, or rather would be
(13:55):
more.
It would be expensive to havesomebody come in and do it via
drop downs, and so, again, I seeevery aspect of it impacting
the market.
It's just where where the focusis, and making sure that we
don't get the shiny objectsyndrome.
Speaker 1 (14:11):
Right, exactly.
Speaker 2 (14:13):
All right, here's a good one for you.
Speaker 1 (14:15):
If you were to reflect on the past five to 10
years, what is something thatyou would have advised yourself
to make things easier?
Speaker 2 (14:24):
Yeah, I would have bought a duplex sooner or a
small multifamily sooner.
You know, my wife talked aboutbuying a duplex probably about
12 years ago.
And I was like you know, wasvehemently against the idea
because I didn't want to share awall with somebody.
Now, wanted my own yard, my ownspace.
And now it's like well it was.
(14:46):
We should have done that 12years ago.
You know we, we, we bought aremodel.
You know, home to remodel, uminitially, and then we lived in
a bunch of single family homesand you know, live in flips.
But you know I would have lovedto have started that.
You know, rental income uh,sooner, um, but you know that's,
that's part of of the part ofthe learning process and I'm
(15:07):
teaching, start a teaching gig,um for high school kids, uh,
next year in january, oh, that'sterrific, yeah, teaching them
more about that basics andbasics of real estate investing
is the the course topic and, um,yeah, really excited about that
are you going to extend that toa basic offering, though?
Speaker 1 (15:27):
I mean that would be ideal for people that are new to
investing in general at any age.
Speaker 2 (15:33):
You know I certainly wouldn't.
So it could be a consideration.
I wouldn't.
I'm not looking at it in termsof offering like a coursework
and classwork and coaching andaccountability programs not
something that I would look toget into.
But certainly I always offerour investors hey, I'm happy to
(15:54):
help work with somebody to gettheir next loan, their next
purchase.
So I do do that right now forour active investors, but
wouldn't be looking to expand itor commercialize it.
Speaker 1 (16:05):
Rather, Right, right, okay.
Here's the final hard-hittingquestion.
All right, so what does livingfully mean to you, carl?
Speaker 2 (16:15):
Living.
I think living fully means theability to spend time with the
people that we want to spendtime with in the way that we
want to.
So to me, what that would looklike in a picture perfect world
is spending the most amount oftime with my, my family, my
daughter, my and you know.
Again, being in places that wewant to be.
I would say largely we do that,and obviously now we're in the
(16:38):
confines of, you know, schooland my wife's work work
environment, so we do have somebounds on that.
And so, yeah, I mean I thinkit's mostly just spending time
and being with family.
Speaker 1 (16:51):
Yeah, definitely, it's really that simple right.
Yep, yeah, all right.
So where can people find you,carl, if you can share that?
Speaker 2 (16:59):
Sure, two places I'd love to post.
I post daily on LinkedIn justeducational topics.
You know lessons learned thatI've had going from single
family homes to owning will be alittle over 100 units in
February and post there daily.
And then secondarily would begold-mfcom.
So Gold Multifamily is ourcompany and our website is
(17:23):
gold-mfcom.
Speaker 1 (17:26):
Perfect.
Well, Carl, thank you so muchfor joining me today and I look
forward to next time.
Speaker 2 (17:31):
Thanks, Heather.
Speaker 1 (17:33):
You bet.
Welcome to Heather Ewing, the CRE Rundown.
Today I have a terrific guestfor you.
It is Karl Kruskopf.
He is with Gold Multifamily,karl, welcome.
Speaker 2 (00:15):
Hey, how you doing, how you doing.
Thanks for having me, heather.
It's super excited to be hereand, yeah, I was excited to talk
about some more enduranceathletes and sports that we do
and hopefully we get into thatand obviously on the CRE side.
Speaker 1 (00:28):
I like it.
It's the perfect combination,right?
Yep, yeah, exactly so I'veknown you, for I think what is
it?
It's a couple of years or so onLinkedIn.
So for those that may not haveheard of you yet, can you share
a little bit more about yourself?
Speaker 2 (00:42):
Yeah, so I am a multifamily operator out in the
Pacific Northwest, specificallylocated in Seattle Washington
where people like to notnecessarily it's not your first
idea of where to start investingin multifamily right?
It's a little bit moredifficult to manage a property
simply because it's not thetraditional landlord-friendly
(01:04):
area.
However, again, I am somewhatof a contrarian thinker and I do
love working with and managingapartments out here, spent a lot
of time in the residentialconstruction and new development
rehabs for the first portion ofmy career, and before that I
was in corporate strategy forabout a decade.
Speaker 1 (01:25):
Very nice portion of my career, and before that I was
in corporate strategy for abouta decade.
Very nice.
It's interesting how everythingin our past kind of helps us on
the path to our currentrendition, isn't it?
Speaker 2 (01:34):
Yeah, absolutely.
I spent a lot of time growing abook of business and really
focused on EBITDA improvements,so profit improvements and a lot
of that goes straight intomultifamily.
How do you grow your tenantbase, how do you retain your
tenants and how do you reduceexpenses in the operations?
Speaker 1 (01:55):
Definitely.
And what got you into theinvesting world right?
You hear a lot about it.
People either seem to reallylove stocks, some are real
estate only, some understand abalance between the two.
How did you get into all ofthis?
Speaker 2 (02:07):
Sure.
So I actually started tradingday trading when I was a little
bit disenchanted with my job atthat point let's say this was
about seven years ago Reallystarted looking at some
additional ways to make moreincome.
And we were having a kid mywife and I were going to have a
kid and again we started lookingat different options, started
(02:30):
day trading wasn't really mything, didn't have the compute
power at that point and couldn'treally make make it work with
the day job at the same time.
Look, started looking atalternative investments and
stumbled into owning a duplexObviously, there was about six
months worth of education priorto purchasing that duplex and
(02:52):
just fell in love with it.
Fell in love with the rental,holding rental and getting
monthly income.
Yes, of course, you still haveto manage the property
management company Definitelynot a passive investment by just
buying a rental.
Bought a couple of those andthen quickly realized we were
running out of money and had tostart flipping and gaining more
(03:13):
capital.
And this was back in 2019, whencapital was free flowing and
people were buying houses and weflipped a ton of homes at that
point.
Speaker 1 (03:22):
Perfect, and now you're an endurance athlete, so
of course that's near and dearto my heart.
How did you get into that?
Speaker 2 (03:28):
Oh, good question.
So I have always been hiking.
I've loved hiking.
I say always.
We moved out to Seattle aboutseven years ago, a little more
than seven, and we moved outhere for the love of mountains,
so it was always into hiking.
Since we've been here, I havenever really been the type of
person who can walk up amountain.
(03:49):
So hike up a mountain and havea conversation.
You know it would be at the topof the mountain that I'd be
able to talk, or coming down themountain that I would be able
to talk.
Meanwhile, I'm hiking withother people that can have those
types of conversations, longwinded business conversations.
I start hiking and running with,um, you know, business partners
and mentors, essentially, andagain, I can't talk while
(04:12):
they're running, um.
So I've realized, hey, I got toget improved calisthenics,
improved cardio.
So about 18 months ago Idecided, hey, I got to start
running.
Running on my own Wasn'tworking, hired a coach, hired a
running coach.
And uh, this was back in.
Hey, I got to start running.
Running on my own Wasn'tworking.
Hired a coach, hired a runningcoach.
And this was back in.
Let's call it August of lastyear.
And since then it's been.
You know, ran my first 50Kultra marathon about four months
(04:36):
later.
That's awesome.
Yeah, I've done three so farthis year.
Speaker 1 (04:42):
How would you say, in pushing yourself to that level,
how has it affected you as aninvestor and also as as a person
?
Speaker 2 (04:51):
Yeah, I think.
I think it's all aboutdiscipline and just realizing
that you have to put in themotions.
There are certain motions thatyou have to put in in order to
be successful and it may notit's certainly not going to come
overnight.
You know, with investing orwith entrepreneurship, you know
that you have to underwrite.
Right now I know that I have tounderwrite roughly about 110
(05:11):
deals before you know we'reclosing on a deal.
And you know, when you're atdeal number three it's like,
okay, now I've got 100,.
You know 107 left to go.
It's going to take a while, buthey, we gotta.
We gotta get those that muscledone, or we gotta get those, uh,
those reps in.
So same thing with enduranceathlete.
Uh, you know I don't reallywant to wake up at 4.00 AM
tomorrow, like we were talkingabout earlier.
(05:32):
I don't want to spend two hours, two hours running in the dark,
um, but I know that's the onlyway to be successful and not get
an injury when it gets torunning.
You know what I call in seasonrunning and competition season.
Speaker 1 (05:48):
So tying into that and this is also why you know
with me, marathoning you doingyour longer runs is the
equipment matters right.
And that's where we can easilyliken that to commercial real
estate and investing.
Of the different tools andresources, what have you found
works really well for thoseultras and, comparatively, what
(06:11):
do you find works really well inthe investment world?
Speaker 2 (06:15):
Yeah, so I think resources from in the investment
space is simply, I would say itwould be relationships, right?
So brokers, whether it's fromthe debt side, the equity side,
as well as, obviously, the dealsize, the deal side of things,
and so making sure that you knowI'm actively engaged in
conversations with each one ofthose players that holds
(06:36):
essentially the keys to the nextdeal, and so then, obviously,
there's other resources likeCOSAR reports and things of that
nature.
From a data perspective, thatcertainly is absolutely helpful.
In terms of, obviously, running.
One of the reasons why I loverunning as opposed to any of the
(06:57):
other endurance sports is it'sto me it's one of the cheapest
sports.
All I really technically needare a pair of shoes.
You know, most people wouldwant me to have some shorts on
and more people would want me tohave a shirt on.
I can do it with it with justshoes.
Speaker 1 (07:12):
Right?
Yep, that's great.
Well, and I think also it's thesimplicity of it, which is what
you're saying, and that's why Ilike too, when we're traveling
you know whether it's differentbusiness events, networking,
things of that nature that youjust grab your tennis shoes and
you can go from anywhere, whichis really nice.
Yeah, yeah.
Speaker 2 (07:35):
And I think the simplicity goes back to.
You know, I think investing inreal estate is one of the most
simple things, but it's also themost difficult thing.
And in the fact that it's just,it takes discipline right.
Same with endurance, running,same with investing, is it?
It's simple, we know what thesteps are to do and what to and
how to be successful.
It's just actually putting inthe reps.
Speaker 1 (07:56):
Right, and I think also, another big point is
seeing the big picture andbreaking it down and staying
with it consistently, which, asyou know, with investing there's
always.
You can put a great plantogether, but there's always
going to be some type ofsurprises that come along.
So it's that endurance, longterm mindset and the
relationships, as you earlierpointed to, that really bring
(08:18):
things across the finish line.
So, with that mindset, how doesthat tie in?
Where do you see the gaps andwhere do you see are places that
people can really execute dueto mindset?
Speaker 2 (08:39):
due to mindset?
Yeah, good question.
So you know where I think toomany people rely on motivation,
to getting them up in themorning, to getting them and
helping them find either theirnext deal, whether it's real
estate or whether it's, you know, whatever it happens to be you
know too many people rely justpurely on motivation.
Again, I'm a strong, strongbeliever of set out your goals.
What is your end result thatyou want to be at?
It doesn't have to be the10-year result, it can be the
(09:00):
one year result.
What is your one year result?
Where you want to be in oneyear and then work backwards and
figure out what are those stepsand then again just remind
yourself, reminding ourselves,of what that one year goal is
and how.
Then you know if you're faralong enough in your whether
investing journey, businessjourney, you can start
extrapolating that one to threeto five-year goal and then even
(09:22):
a 10-year goal, and you knowsome people go beyond that.
And that's where you knowinspiration, motivation starts
kicking in, and you know not todownplay motivation and
inspiration at all.
It's, you know, that's whatconnects the discipline to the
emotional side of things, and soI'm a huge advocate of
(09:43):
motivation and staying motivated, but again, finding those
things, those steps that youneed to be in order to stay
disciplined, coming in day inand day out.
Well, and I'm sure you hear itall the time too, because you're
very- consistent.
Speaker 1 (09:53):
Well, and I'm sure you hear it all the time too
because you're very consistent,you've been doing this for years
, similar to myself of well,it's easy for you, carl Right,
where people have a premise that, just because you're consistent
and you deliver for yourselfand also in your races, that
it's something that you lovedoing every day.
And, to your point, it's notwhere we love being motivated
(10:16):
and we're frequently motivated,inspired, but some days it's the
last thing you want to do, kindof like you getting up at 4 am
tomorrow.
Speaker 2 (10:23):
Yep, and it'll probably rain tomorrow as well,
so that's raining 39 degreessounds fun.
Speaker 1 (10:31):
Yeah, and I'm sure we're wired the same way, in the
sense that it's who you becomebecause of your diligence.
And doing that, the dedicationto the sport, the dedication to
your clients, investors, thatit's very fulfilling and I think
that's why it creates such apositive loop that continues
forward for years and decades.
Speaker 2 (10:49):
Yeah, certainly positive feedback loop.
Speaker 1 (10:53):
Definitely so.
What would you say is somethingthat you envision for the
future, with investing and allof those different assets of
commercial real estate?
Right, we continue to evolveand expand.
Obviously, 2020 was a big yearseveral years ago.
We're in a completely differentarena in some ways, but yet not
(11:15):
.
What are you envisioning forthe industry?
Speaker 2 (11:19):
Yeah, good question.
So, from an industryperspective and then maybe a
corporate perspective, obviously, from the industry, I think
we'll continue to see what Iwould say a sideways market.
I don't think we're going tosee, but what I hope that we
don't see is any kind of massivedownturns and I would define
massive downturns as huge spikesin unemployment and then, all
(11:42):
of a sudden, we need to startbringing down the rates
radically too quick.
I think that that's going to bea more or less a doom loop.
You know, I think if we'retalking about, you know, more
globally, you know, talkingabout national debt, I think
that is a big crisis that weneed to solve and certainly is
going to weigh on a lot of ourmetrics 10 year treasury, five
(12:04):
year treasury, etc.
And so, again, my, myanticipation of what we're going
to see between now and the endof 2025 is just a continued
sideways market.
And if you're, if you're, in aposition to buy, you know, I
don't, I don't think this is atall a bad time.
I think this is a great time tostart buying, which we are
(12:25):
doing ourselves in the Northwest, and it's all about finding the
best cost basis on these dealsand making sure that you're not
going into an oversaturatedinventory market is what we're
looking at, and that kind ofplays into the corporate
landscape as well.
Well, as you know, we'recontinuing to find secondary,
(12:50):
tertiary markets that aren'toversaturated in terms of supply
, that have good, strongfundamentals in terms of
population and job growth, wagegrowth as well, and you know
places that people want to liveand want to recreate.
Speaker 1 (13:03):
How do you see the interplay of AI affecting this?
Speaker 2 (13:07):
Yeah, I absolutely love it Great question, right.
Yeah, no, absolutely.
There's just too many ways thatAI can impact all aspects of
CRE.
We're starting to see more andmore startups that can help
generate underwritten files forboth investors as well as debt.
(13:31):
Let's call it five, fivestories and above, where you
know it would be unsafe to bringsomebody in, or rather would be
(13:55):
more.
It would be expensive to havesomebody come in and do it via
drop downs, and so, again, I seeevery aspect of it impacting
the market.
It's just where where the focusis, and making sure that we
don't get the shiny objectsyndrome.
Speaker 1 (14:11):
Right, exactly.
Speaker 2 (14:13):
All right, here's a good one for you.
Speaker 1 (14:15):
If you were to reflect on the past five to 10
years, what is something thatyou would have advised yourself
to make things easier?
Speaker 2 (14:24):
Yeah, I would have bought a duplex sooner or a
small multifamily sooner.
You know, my wife talked aboutbuying a duplex probably about
12 years ago.
And I was like you know, wasvehemently against the idea
because I didn't want to share awall with somebody.
Now, wanted my own yard, my ownspace.
And now it's like well it was.
(14:46):
We should have done that 12years ago.
You know we, we, we bought aremodel.
You know, home to remodel, uminitially, and then we lived in
a bunch of single family homesand you know, live in flips.
But you know I would have lovedto have started that.
You know, rental income uh,sooner, um, but you know that's,
that's part of of the part ofthe learning process and I'm
(15:07):
teaching, start a teaching gig,um for high school kids, uh,
next year in january, oh, that'sterrific, yeah, teaching them
more about that basics andbasics of real estate investing
is the the course topic and, um,yeah, really excited about that
are you going to extend that toa basic offering, though?
Speaker 1 (15:27):
I mean that would be ideal for people that are new to
investing in general at any age.
Speaker 2 (15:33):
You know I certainly wouldn't.
So it could be a consideration.
I wouldn't.
I'm not looking at it in termsof offering like a coursework
and classwork and coaching andaccountability programs not
something that I would look toget into.
But certainly I always offerour investors hey, I'm happy to
(15:54):
help work with somebody to gettheir next loan, their next
purchase.
So I do do that right now forour active investors, but
wouldn't be looking to expand itor commercialize it.
Speaker 1 (16:05):
Rather, Right, right, okay.
Here's the final hard-hittingquestion.
All right, so what does livingfully mean to you, carl?
Speaker 2 (16:15):
Living.
I think living fully means theability to spend time with the
people that we want to spendtime with in the way that we
want to.
So to me, what that would looklike in a picture perfect world
is spending the most amount oftime with my, my family, my
daughter, my and you know.
Again, being in places that wewant to be.
I would say largely we do that,and obviously now we're in the
(16:38):
confines of, you know, schooland my wife's work work
environment, so we do have somebounds on that.
And so, yeah, I mean I thinkit's mostly just spending time
and being with family.
Speaker 1 (16:51):
Yeah, definitely, it's really that simple right.
Yep, yeah, all right.
So where can people find you,carl, if you can share that?
Speaker 2 (16:59):
Sure, two places I'd love to post.
I post daily on LinkedIn justeducational topics.
You know lessons learned thatI've had going from single
family homes to owning will be alittle over 100 units in
February and post there daily.
And then secondarily would begold-mfcom.
So Gold Multifamily is ourcompany and our website is
(17:23):
gold-mfcom.
Speaker 1 (17:26):
Perfect.
Well, Carl, thank you so muchfor joining me today and I look
forward to next time.
Speaker 2 (17:31):
Thanks, Heather.
Speaker 1 (17:33):
You bet.
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Ridiculous History
History is beautiful, brutal and, often, ridiculous. Join Ben Bowlin and Noel Brown as they dive into some of the weirdest stories from across the span of human civilization in Ridiculous History, a podcast by iHeartRadio.