As we head into increasingly uncertain times, it is important to have financial contingency plans for investment properties. There are numerous ways to conserve cash, from only doing essential renovations to delaying investor payments. Our guest today, Gary Lipsky, joins us to talk about how he has been preparing for the consequences of the coronavirus pandemic. We kick off the episode by following up on some of the deals Gary had underway during his last appearance on the show.
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We find out the incredible profit they have managed to achieve and how they convinced investors to sell after holding the property for less than a year! Gary also walks us through a deal they are best in final on and how that’s going. We learn more about how the coronavirus has affected Gary’s business so far and the lasting effects he sees it having. He highlights the importance of being understanding and kind to your tenants because you will still get cashflow. These are trying times for everyone, and joint solutions are the only way forward. Gary’s expertise, as usual, was valuable, and we know you’ll learn a great deal from him too. Be sure to tune in today.
Key Points From This Episode:
- Learn more about Gary and his background and updates since his last time on the show.
- Find out what prompted Gary to sell his 42-unit property less than a year after purchase.
- How they reached out to investors to see if they were on board with selling the property.
- The details of a deal that Gary and his company are best in final on.
- Why it’s important to have a financial contingency for coronavirus.
- The effects that coronavirus has had on Gary’s business and the cash flow problems.
- The importance of having cash reserves, particularly as the coronavirus crisis escalates.
- A recent business improvement, meeting investors, and a contributor to Gary’s success.
[bctt tweet=”You have to build in safeguards during these times because you just don’t know what is going to happen and you got to protect your investors’ money. — Gary Lipsky” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Gary Lipsky
Gary Lipsky has been a real estate investor since 2002. He runs four real estate meet-up groups in Los Angeles and Phoenix, is a regular at real estate conferences nationwide and has been a guest on many podcasts. Gary is a Real Estate Financial Modeling Certified and has been a successful business operator for over 30years. Gary is the Founder/President of Break of Day Capital, which provides passive investment opportunities for busy people. They focus primarily on C Class value-add opportunities in high growth population areas. Gary has $17MM AUM. Before that, Gary was the Founder/Co-President of arc from May 2001 to December 2016. He grew the company to over $12 million in revenue and over 700 employees while positively affecting over 9,000 students daily throughout Southern California. Gary is also one of the founding Board Members of CORE Educational Services. He founded the non-profit to change the lives of under-served youth throughout Southern California in 2005. Gary was also an independent Film Producer from 1994 to 2001. He went to Boston University and graduated with a Bachelor of Science in Business Administration in 1992
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