Technology is simply defined as the application of scientific knowledge for practical purposes. It is helping many industries to cope with the demand of time and that includes real estate. Now, properties such as multifamily or apartment buildings need to use technology for security, leisure, and more. Some examples are the use of WiFi, applications to pay rent, or applications for cleaning services, gym schedules, and more. In today’s episode, we pick the brain of Michael Parks of Spire Real Estate Investing Group and he tells us how technology is impacting real estate, specifically multifamily.
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Using strong analytical skills, technology, and a conservative approach, Michael evaluates risk to identify wise investments that maximize returns while preserving capital. Michael also shares his journey that he had seeking passive income – from franchising a business to taking a whole other path in real estate. Michael emphasizes the need to have a partner with the boots on the ground, who knows the ins and outs of the area. Tune in now!
Key Points From This Episode:
- Michael shares his journey in real estate.
- Is it advisable to invest in vacation rentals or not?
- Michael shares what he is looking for when he buys multifamily deals.
- Ways to find data or information to have an intimate knowledge of the market.
- How to find the best partner who has boots on the ground of the property you are investing in?
- How can a new investor start investing in real estate big time – be a passive investor or a limited partner (LP).
- How technology is affecting the apartment business?
- Where can investors or operators learn about the technology that they can incorporate in the multifamily or apartment business?
- Michael shares how he prepares for a downturn.
- Michael’s projections in the real estate market over the next six to twelve months.
- The daily habits that help Michael achieve success.
- Michael’s best source for meeting new investors right now.
- The number one thing that contributed to Michael’s success.
- How does Michael like to give back?
“Multifamily, the demographics of population growth in this country, in particular, if you picked the right geographies, the demand for multifamily continues to grow, rents continue to increase, and the ability to borrow against multifamily is quite advantageous. So I love multifamily and apartments.” [0:05:18]
“There are a lot of syndicators that will, you know, look at into areas that are great markets but not have the intimate knowledge of the market. So for me, I partner with people that have boots on the ground in those markets that can really tell well, you know, this particular neighborhood is better or not, or not as good as others.” [0:07:40]
“The great way to get into this game and start to see it without having to take on a lot of risk as a passive investor or a limited partner in a real estate syndication.” [0:11:29]
“The great thing about being a passive investor is that you only put at risk the money that you’ve put into the deal, and you get a front-row seat to see how the deal is being executed. You’re an owner in the property.” [0:11:45]
“The connected tenant experience, it’s now taken in the apartment building and made it a platform for living not just a space to live in.” [0:14:01]
Links Mentioned in Today’s Episode:
About Michael Parks
Michael’s mission is to help busy professionals achieve financial security for themselves and their families — taking away the frustrations and fears that come with relying on their job or Wall Street for money. He wants everyone to experience the same liberating freedom that he has found by living a life of financial independence with the security of knowing that what he holds close and dear is protected.
Michael has been involved in multifamily, vacation rentals, hotels, commercial office, logistics, and senior living assets for over 10 years. Michael has experience in underwriting, property valuation, acquisition, construction, leasing, management, and financing. He is primarily focused on acquiring and repositioning multi-family communities.
Through his company Spire Investment Properties, Michael has built a robust network of real estate professionals for sourcing and operating great real estate investment opportunities for people in his Spire Real Estate Investing Group. Using strong analytical skills, technology, and a conservative approach, Michael evaluates risk to identify wise investments that maximize returns while preserving capital.
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