Getting creative in the ultra hot Phoenix market with Jon Stark
Episode description
Join Vince as he chats with Jon Stark about getting creative in the ultra-hot Phoenix market. Jon is a commercial real estate broker focused on industrial product types and off-market multifamily deals. After working in the restaurant industry for so long, he thought of starting a new venture in real estate by wholesaling houses and eventually becoming a broker. But Jon saw that many people from his circle of influence owned and operated multifamily units. And so, about a year ago, he joined Jake and Gino LLC, hoping to transition to the owner-operator side as soon as possible. Today, Jon shares his journey, from flipping houses, brokering deals, and getting into multifamily real estate. There’s a lot to unpack, so stay tuned and enjoy the episode!
About Jon Stark:
Jon is a real estate entrepreneur and an experienced commercial real estate broker. He started his career in commercial real estate as an investment sales specialist with Marcus & Millichap, brokering the acquisition and disposition of industrial properties for one of the top-grossing teams in the firm. Jon is still an active broker with Voit Commercial Real Estate in San Diego, specializing in industrial and multifamily product types.
Outline of the episode:
· [01:11] What drove Jon to pursue multifamily not as a business but as a personal goal
· [04:51] How office leasing is still a resilient asset class despite being a niche market
· [07:17] The biggest hurdle he had to overcome when getting into multifamily
· [10:10] An overview of the first deal Jon ever closed, from the business plan to the numbers after
· [14:17] The value of a good broker-investor relationship when trying to close a deal
· [19:25] The business structure of his first deal and the stabilized value on the pro forma
· [25:18] How relying on the pro forma helped Jon get creative in the Phoenix market
· [27:38] The importance of developing your team to make sure you get the right people in the right spot
· [29:31] Jon Stark’s outlook on the commercial real estate industry
· [32:05] What the next five years working in multifamily look like for him
· [34:11] The best book Jon recommends other than Rich Dad Poor Dad
· [35:24] Jon’s superpower of being relentless in his approach and believing in his “why’s”
· [36:00] The most important lesson he has learned over his career
· [38:06] Jon Stark’s advice to achieve financial freedom for the busy working professional
· [39:14] How you can get in touch with Jon and learn more about him
Resources:
· Extreme Ownership by Jocko Willink
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