129: Advice From a New York Sales Broker; Why You Should Network; How to Find a Property Gem; Investing in Your Own Backyard

In this episode of "Kiss My Assets", hosts Jamison Manwaring and Heather Andrews interview James Nelson, a real estate professional with a background in commercial real estate development. They discuss the differences between opportunities in New York City and places like Phoenix, highlighting James' recent property showings and the unique potential for development in each location. James shares his journey into real estate, from starting as a sales associate to becoming a partner in Massey Knakal Realty Services, emphasizing the importance of handling failure and challenges in the industry.   The conversation also delves into the hosts' experiences in the real estate industry, including interactions with famous individuals and professional athletes who have invested in their fund. They explore the value of real estate as an asset, recognizing its limited nature and the desirability and long-term value of properties in New York City. Overall, the episode provides insights into James Nelson's background and experiences in commercial real estate, as well as the dynamics and opportunities in the industry, particularly in relation to New York City.   Moving on, the speaker discusses various aspects of real estate investing and offers valuable advice. They emphasize the importance of understanding one's goals and available resources when entering the real estate market. While some may be drawn to development and redevelopment projects for potentially higher returns, the speaker suggests considering cash-flowing properties as a viable option. They highlight the significance of being well-informed about the market, studying comparable sales, and comprehending specific metrics of the asset class and neighborhood being considered.   Underwriting a property is also discussed, with an emphasis on the need for financial modeling expertise. The speaker emphasizes the importance of understanding property value and the market, going beyond book knowledge by researching comparable sales and understanding the underlying factors behind them. They advocate for exploring off-market opportunities, conducting thorough research, and building relationships to discover potential investment gems. The conversation concludes by encouraging aspiring investors to start early, seek partnerships with experienced operators, and embrace mistakes as learning opportunities in the ever-rewarding world of real estate.   Together, these discussions provide valuable insights into the real estate industry, covering topics such as market dynamics, development potential, handling challenges, financial modeling, and the importance of research and relationship-building. Whether exploring opportunities in New York City or considering different investment strategies, these conversations offer guidance for aspiring real estate professionals and investors.