Reid Bennett
Real estate syndication is actually a very lucrative business, but is not very well known compared to other businesses like multilevel marketing. However, there are more opportunities for building wealth and success in real estate syndication than in any other types of business by comparison. Listen to what our next guest has to say about and decide for yourself! Reid Bennett is the National Council Chair of Multifamily Properties for SVN International and a Senior Vice President for SVN – Chicago Commercial. As a licensed managing broker, he focuses primarily on the sale of apartment communities across the Midwest and also teams up with members of his council to serve clients across the country in over 150 markets.
Important Points in This Episode
- Reid got into the multifamily real estate syndication business, because of one deal from the past and he’s been in the business ever since
- Before he joined SVN and became a Certified Commercial Investment Member (CCIM) he was making real estate deals from person to person (multifamily apartment owners)
- He recommends people to read Rich Dad, Poor Dad book by Robert Kiyosaki, because he personally saw his colleague transitioned from being a college kid to full on entrepreneur as a result of reading that book and he regrets not reading this book sooner
- People’s priority during the corona virus outbreak was to pay rent, because they would want to have shelter and remain indoors and safe, so the prediction that there would be a major problem in the multifamily real estate business did not happen and it went completely in the opposite direction
- SVN was founded based on cooperation and is the reason why it’s so successful
- The best part about being a real estate broker is that you get to see so many different groups of execution strategies on how they’re going to take down a deal
Resources
- SVN Commercial Real Estate Advisors website
- Listen to Reid Bennett’s podcast
- Email Reid Bennett at reid.bennett@svn.com
- Find Reid Bennett on Twitter
- Find Reid Bennett on LinkedIn
Quotes
- “Yeah, kid! If you get me $6 million I’ll sell the deal, so $60,000 a unit (for the multifamily apartment building) and I went back to them and talked to them about submitting an offer. I believe we submitted an offer that was $50,000 below that and it was $5,950,000. And then after I handed it to him, he said ‘you know, I didn’t think you were gonna bring this to me. After you asked me if I would sell it, I had looked at my management documents and it said that we had to list it with a nationally recognized firm and you’re a boutique brokerage firm, so I cannot accept this offer.’”
- “Multifamily is thriving because the rents are being collected and the operations are looking good, and the thing I think that a lot of the owners have noticed is that since people are going to be at home, their main priority is to pay rent, so they can have a home.”
