Join Vince as he chats with Gary Lipsky about mastering class asset management. Gary is a real estate entrepreneur who focuses on multifamily syndication. So far, he manages about 41-billion dollars worth of assets with more deals in the pipeline. Gary is also the president of Break of Day Capital, which aims to positively impact its investors’ lives and communities through a high level of transparency and fiduciary responsibility. He also hosts The Real Estate Asset Management Podcast, where they bring in other real estate experts to educate both aspiring and veteran asset managers. Today, Gary will also talk about his book, Best In Class, which he co-authored with Kyle Mitchell. “Best in Class” lays out the foundations for creating better systems so that you can take control of your property and build wealth for you and your investors. There’s plenty to take away from today’s episode, so make sure to stay tuned and enjoy!
About Gary Lipsky:
Gary has been a real estate investor since 2002 and has invested in over 1900 units with $65MM AUM. Gary is also the Co-Founder of the Asset Management Summit, Real Estate Asset Management Podcast, and Co-Author of the book Best in Class. His expertise in asset management is his secret sauce, and he started developing those skills at a young age.
Outline of the episode:
• [01:42] Who Gary Lipsky is and how he got to where he is today
• [03:12] The “why” behind Gary’s new venture into passive income
• [05:04] What drew him to asset management and eventually teaching it to others
• [07:40] What “Best In Class” is about and some of Gary’s favourite topics in it
• [10:14] How making your property managers a part of your team sets them up for success
• [12:54] The importance of holding people accountable and effective ways to do so
• [14:35] The value of being able to pivot from a business plan that no longer works
• [21:32] How to get the most of your properties’ utility savings by applying for grants
• [19:24] Why being flexible is essential in becoming a good asset manager
• [26:58] His experience managing assets and running properties amid the pandemic
• [29:19] Why passive investors nowadays should chase good operators and not IRRs
• [33:58] How you can get in touch with Gary Lipsky to learn more about him and his work
Connect with The Cashflow Project!
The Cashflow Project
This is for busy professionals who are looking for financial freedom through passive income, with a focus on cashflow assets in Multifamily Real Estate. We will be covering a variety of topics such as buying, managing, and selling real estate assets, specifically apartments.
To learn more about us, visit tricityequity.com