Ep. 64: Finding Real Estate Opportunities in Hot Markets with Josh Eitingon

Sometimes it takes a bit of blind confidence to get going. Take Josh Eitingon for example. He has always been drawn to multifamily real estate. So at 25, he jumped at a short sale opportunity for a distressed 20-unit property in a neighborhood he wouldn’t want to hang out in at night. He didn’t have the capital so he raised debt equity for the deal. His early vigor led to a portfolio growth in multiple markets. He is the perfect epitome of starting, then learning and improving along the way. Learn how Josh positions himself and his team  to be at the forefront of advantageous opportunities in hot markets.

Key Market Insights:

• Drawn to multifamily & residential real estate
• Bought a short sale 20-unit distressed deal in Cincinnati, Ohio at the age of 25 for $175,000
• Put in additional $200,000
• Financed his property through debt: Promissory note (family & friends), $145,000 loan from the bank, plus $40k from his own pocket
• Acquired another 44-unit and 62-unit in Cincinnati, 70-unit in Florida, 96-unit and 80-unit in Charleston
• One of the two acquisition members of URS Capital Partners, where he led the purchase of over $100 million worth of multifamily real estate
• Founder of JAE multifamily, a real estate investment company, responsible for acquisition, asset management, and investor relations
• Overseas all the major operations of the company
• Property Manager – a key piece in sourcing a good deal
• Cincinnati: Diversified employers and  strong solid population
• How to Identify Markets: Established relationship with a handful of brokers and property managers
• A good deal has a compelling value, which you can either buy or create
• How to Choose a Good Property Management Company: Check on their presence and their resources available in the market
• Charleston Market: Insurance is typically higher than in the Midwest due to a number of hurricanes
• Debt vs. Equity: Debt, loaning money that needs to be repaid at a set interest rate; Equity, investing money in exchange for an ownership percentage  
• Indianapolis Market: An older city with good employment & sales force, lower home prices compared to  a lot of other cities and some of the Southeast markets
• Currently, closing a 90-unit deal in Indianapolis and working on a Westchester deal and retail in New York

Bull’s Eye Tips:

Winning Your Market: Have the right team in place that can adjust to different market conditions.

Tracking Marketing Changes: Be consistent in making necessary adjustments, and try to be at least in the forefront of any opportunity you can take advantage of.

Daily Habit: At the end of the day, allot some time to plan out the day ahead.

Book Recommendation

Think and Grow Rich by Napoleon Hill 

Digital Resources:

BiggerPockets – https://biggerpockets.com

School Digger – https://www.schooldigger.com/

Tweet this:

“I don’t think the strategy to finding opportunity changes wherever you are but how you underwrite definitely does.”

“It’s less about the cap rate. It’s more about your business plan and the ability to create value”

Places to Grab a Bite:

All Americans

Connect with Josh:

LinkedIn – https://www.linkedin.com/in/josh-eitingon

Website – https://www.jaepropertygroup.com/