His instinct told him to raise his hand at a real estate auction. That’s when Adam Cohen became Real Estate Investor.
He knew the street and what recent sales prices were. That’s all he needed to roll the dice.
Instinct is something you have or you don’t. Adam has it. He has a sense of things that are not learned in a book.
Some Real Estate Investor lessons are learned only after you jump into a deal.
Most beginner investors spend days, weeks and more trying to figure out the numbers and if they can make money.
Adam has the ability to see the opportunity and act. This ability has enabled him to see the situation for what it is. He identifies who needs to get out and a way for them to get out with some dignity a way for Adam to win.
Adam’s Initial growth came from working a down market in smaller coastal towns where there were few buyers for desperate sellers. This marketplace provided almost unlimited opportunities for Adam. Half of the asking price was a typical offer from Adam. The majority of these were accepted.
Today, Adam prefers dealing in US primarily markets; Los Angeles, Miami, New York & Chicago. Reasons to stay in these markets include; higher caliber tenant, built in demand for both tenants & buyers. He likes flips, and buy & hold.
His current investments include multi tenant properties and high value well located single family trophy properties. Adam has found that these properties are significantly easier to sell when dealing with cash buyers compared to lesser priced properties with buyers requiring financing.
What is more difficult, finding the Money or Property?
Adam’s experience and track record have made it easy for him to attract capital. As the continues to improve, the challenge is finding the suitable properties that can be profitable to flip.
Lesson he learned;
Learn about financing. In order to maximize your ability to grow, you need the leverage financing provides. Don’t use all of your cash to get into the deal.
Good/ Fast / Cheap
Cheap can be problematic. It is always better to find Good & Fast.
An Ideal property is:
A distressed property with a story, a ship in the open water that has run out of fuel with no one to help it, it’s a sitting duck waiting to be prayed upon.
Connecting to others is easy today. Adam’s contacts on Linkedin are over 30,000 he regularly stays in touch with about 150 monthly.
Those who said they did their best, come in second. Go for it! Throw caution to the wind, put your boxing gloves on and go for it! There is only winning and succeeding.
Advice to investors:
Move cautiously. Don’t overextend yourself. Pick wisely and have a long term plan. Look to accumulate long term net wealth.
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When my interview with Adam was done, we kept talking, and I kept recording. He shared enough for a second interview. He shared specifics on another deal and what he sees as the difference between investors that can make deals happen and those who cannot. To hear part II, be sure to subscribe on itunes.