How to start investing in real estate
Ryan Serhant of "Million Dollar Listing New York" tells TheStreet his best investing advice.
Transcript
00:00 - For everyone who's watching who may want to learn more
00:01 about investing in real estate,
00:03 even if that person's just getting going,
00:05 what advice would you have for someone
00:06 who might be on the outside of this conversation
00:08 but wants to learn more?
00:09 - Well, one, I would always say,
00:12 take it slow and do your research, right?
00:16 Work with a seasoned professional
00:18 and treat them as your partner.
00:21 Maybe they come in on a deal with you,
00:23 but if they don't, they're financially incentivized
00:26 for you to win, both on the buy
00:28 and on the potential sell or lease out of the space,
00:31 if that's what you're doing,
00:32 and really treat them as your investment advisor
00:35 or your partner and really know
00:37 what you're getting yourself into.
00:38 I would move to the opposite direction of any trend
00:42 and just be really, really, really, really smart.
00:44 Do it once, make sure it works,
00:46 and then continue to go from there.
00:48 If you look now, like, you know,
00:50 I think the biggest concern for any real estate investor
00:53 today is probably regulatory changes and different hurdles.
00:57 Like, you know, there's a lot of talk about Airbnb
00:59 and the crackdowns, which is all about money
01:02 at the end of the day.
01:03 Like, New York City's issue with Airbnb
01:05 isn't because we don't want people
01:07 renting other people's homes,
01:08 it's because New York City wants their hotel tax.
01:11 You know, it has nothing to do with safety, clearly, right?
01:14 If New York cared as much about safety as I think we all do,
01:17 New York would probably feel a bit different right now,
01:19 but they care about money, right?
01:20 And they care about that tax.
01:22 And so if you're an investor
01:23 and you're banking on those Airbnb rates, right,
01:27 and that ROI, and then Florida
01:30 enacts some sort of regulatory change that says,
01:32 "Nope, no more short-term leases in the entire state,"
01:34 which is not on the board, but could be, you never know,
01:37 that immediately changes your investment,
01:40 and it will for everybody else
01:41 that bought for short-term housing reasons.
01:43 So there's things like that
01:44 that you just have to think through.
01:46 (silence)
01:48 (silence)
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