Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Irwin Boris. He is the Head of Acquisitions for Peykar Capital, focusing on investments & asset management. Irwin is a former CPA and underwriter turned industrial real estate investor with over a decade of experience specializing in industrial and small-bay flex properties. Prior to joining his current firm, he worked on sourcing acquisitions for several private investors (foreign & US), where he was responsible for deal sourcing, negotiation, underwriting, due diligence, and financing; and was a top originator during his 10-year career with Capmark Finance. Irwin has more than 25 years of experience in real estate finance, investment, and asset management and has participated in more than $5 billion of real estate transactions. Erwin, thank you so much for being on the show today.
Irwin:
No, that’s great. Thank you so much for having me today. So
Charles:
You have you have an interesting background as being a CPA, an underwriter before becoming a real estate investor, which is a little different path than many people that we have on the show. But can you tell us a little bit about yourself, a little bit more in depth than that personally and professionally prior to really transitioning to what you’re doing now as a small bay industrial sector investor? Sure,
Irwin:
My pleasure. You know, when I got outta school and I took the CPA exam and the reason, you know, of course I studied accounting and it was sort of an interesting discipline as compared to, you know, marketing or finance or, or management, like some people, you know, programs that people take as an undergraduate. And I thought it was a good skill to have because you’d always be able to read a financial statement and you would know what, you know, where to trace the information. And, you know, when I went to work for A-A-C-P-A firm, the most of the firm’s clients that I worked on were real estate related. And then you’re just really seeing numbers. And even when, you know, as an investor, someone gives you a set of numbers, you don’t really know what’s in those numbers. You know, they’re looking at the calculations, everything looks good, but really what goes in there, and it wasn’t until I, I decided I had enough of accounting ’cause it was kind of boring at least for me that I went to work for one of the firm’s clients who was a a major owner operator of, of apartments in the New York area on the Forbes list.
Irwin:
And the family is still on the Forbes list. And they taught me the management side of the business. They threw me in some, you know, rent-stabilized apartments as we have here in the northeast. And I had to deal with the union crew. I had a thousand apartments I was responsible for. I had to deal with federal and state agencies. They even had to go to landlord tenant court and try to collect rent. And you really got an appreciation for how hard it is sometimes to maintain the properties, get the, keep the staff motivated, get the repairs done, get tenants to pay on time. So you sort of learn a lot of public relations and trying to, you know, make nice with the tenants, get them to understand that, you know, we’re fixing as fast as we can. You still have to pay your rent on time and, and even sometimes if there’s an emergency, you have to be capable at least, you know, calling the right people and getting everybody in place at, at the right time.
Irwin:
So I really thought that was an interesting learning experience. And, you know, through the years being working for owners and working on acquisitions and working with banks and then being a lender, I’d like to think that I’ve heard all the stories, the good, the bad, the ugly who’s lying who’s being truthful, who you could trust, who you don’t trust. And even today, when I go into meetings and, and people use certain phrases, you know, your antenna go up, you’re like, you know what? I don’t know if I could trust this person. And then, you know, real estate under the uniform commercial code for things to be enforceable, everything has to be in writing so you can at least enforce your rights. And I noticed there, there are people that performed on a handshake and there are people that you need to hold to the letter of the document.
Irwin:
And oops, I love these energy saving lights. I get in the dark all the time. And, and so I’ve learned that you really need to have good documents with partners, even if it’s partners you’re related to. Because when it comes down to it and there’s a, a disagreement and any potential litigation, it, it’s a question of how clear the document is. You know, how is it gonna be interpreted? And you know, even for someone who’s investing, you know, in a syndication, you really have to understand the documents to understand what they say, to know what your rights are.
Charles:
Yeah, no, thank you very much for that. I would imagine New York City adding in the hurdles with just multifamily investing in general. Now you add in union crews and you’re adding in rent control. I mean, oh my God. And like maybe some of the least landlord friendly laws and regulations in the country. I mean, what, what a, what a difficult place to be a landlord. I mean, it it just seems like a very difficult place to manage property.
Irwin:
No, it is, it is. It is. It still is a difficult place, especially if you have a one of the few rent control to run stabilized properties around. But still the operating costs especially in any metropolitan area, really eat into your profitability. I was fortunate enough that, you know, through all the people that I worked with, you know, and, and you know, encountered both as a lender and, and working for operating platforms, I got to work on a lot of different asset classes. You know, everything from office buildings to retail to multifamily to to industrial. And you know, more recently we’ve been focusing, although we still like multifamily, it’s just hard to make a deal work with given where, you know, capitalization rates and operating costs are. But, you know, shallow Bay flex has always been around. It’s never been sexy.
Irwin:
It’s in everybody’s neighborhood. You probably just drive by it and you don’t know it’s there. And it, I like the fact that I’m insulated from changes in operating expenses. You know, I, I sold the last one of our last multifamily holdings a couple months ago. And you know, I remember when insurance went from two 50 a door to 1100 a door. And if you have 440 apartments, you can imagine what that does to your cashflow. And getting labor is a problem and getting supplies. And when we first started renovating apartments five years ago, I think it was 10 or 12,000 for one bedroom, and then it’s up, now it’s up to 22,000. And you can’t even get contractors to really do the right job. And now with tariffs, everyone thought, well, we’re gonna import containers of stuff from China and we’re gonna drop them on the property. So we’re gonna have ca, you know, countertops and cabinets and floor <laugh>. You know, that’s not working out too well either. And, you know, when you look at, you know, apartments, you, you hope you can renovate them fast enough. But then given that the cost of rent I think is rising faster than household income, you end up displacing a lot of people and have a lot of turnover. So you know, that’s really one reason that we’re really focused on multi-tenant industrial and Shallow Bay today.
Charles:
So let’s just break that down a little bit for listeners that maybe don’t know what that is. And as you said, are these like a dozen to two dozen different units for small contractors? Something like this? If, yeah,
Irwin:
I, I, I guess I, I could break it down really simple. If you think of, you drive by a self storage facility and you see all those garage doors, you know, those are like, typically, typically a garage. There might be eight by 10, maybe you could pull a car in there and, you know, salesmen have them, or, you know, for goods, you know, and samples. And sometimes, you know, people put their goods in there if you’re emptying out a house. So, but these are something like that, but much larger where you might have a building or a several buildings together. They might, you know, might be 50,000 feet or it might be 200,000 feet. And you might have tenants anywhere from, you know, 2,500 square feet to 10,000 feet. You know, think of, you know, the plumber, the electrician, the painter the guy that does the sheet rock, the guy that repairs appliances.
Irwin:
You need a little bit of office space in the front for people to take the calls, order the parts. You need a place to store the parts. And then doors in the back that, you know, put the equipment into your vans or your trucks or taking deliveries. You know, in the most basic term, think of auto repair in everybody’s neighborhood. You find these buildings that might have three or four, you know, order shops in one building you know, might, might even be back to back with a tire store you know, with the retail piece. So that’s really on, on the really small side. ’cause Those could, will serve no matter who the tenant is if somebody moves out. But we typically like something that’s at least 80,000 square feet. ’cause You have economy of scale for operations.
Charles:
Interesting. Okay. Do you have money sitting in the stock market and you’re worried about it? Or worse, you have money sitting at the bank not keeping up with inflation? My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to working real estate but can’t find deals, don’t have the time to get funding. And the last thing that productive people want to do is manage real estate. We find the deals, we fund the deals, and we manage the tenants, the termites and the properties. Partner with us@investwithharborside.com. That’s invest with harborside.com. Go to invest with harborside.com.
Charles:
If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time, go to invest with harborside.com. That’s invest with harborside.com. You’re finding, so a number of different tenants find these properties. Is there a difficulty of building them? Is it harder to get ’em in specific areas? I have a friend that is a he’s a contractor that works on land development in the sense of prepping lots for construction. And he’d always say, when you go into a new area, finding the field, finding a lot where he can put his equipment close, you know, 45 minutes or so to where he wanted to be doing these jobs. Is this what you’re finding with the tenants that you’re renting to in the sense that they wanna be close to where their jobs are and if they expand, they have to find this type of industrial near where that that new location where they’re working
Irwin:
People there? There’s very low turnover in these, you know, in the, the shallow bay buildings. For, for that reason, people wanna be close to their home, close to their customers, close to their labor, because if you pick up and move 20 miles in one direction, you may lose some of the people that work for you. So the tenants are very sticky. And you also have to have, the reason I like the, the, the flex aspect is it is as your business grows, you know, tech, I could potentially knock somebody out next to you to allow you to break through the wall and expand and contract and which, which is good for businesses that are growing. And yeah, some people have more parking needs, and so we always look for oversized lots where there’s grass and I could always put down gravel and create more parking. We have one property in, in one of the Georgia submarkets where I have a couple of acres and people like to use it for a lay down yard just to, you know, drop equipment, excess trailers, containers piping materials they’re gonna use for construction on a nearby development site that they’re not ready for yet. So it’s a lot of uses for, you know, in industrial or, or stuff with buildings, with outside storage availability.
Charles:
No, it makes perfect sense. Having an additional room for people so their outside equipment can stay on your property as well, which is a huge another way of pulling people in and keeping them there for renting. I’ve read somewhere about the rezoning of older industrial areas. How is that affecting kind of your investment strategy and philosophy?
Irwin:
Well, in some cases, the industrial was there before some of the neighborhoods were built. And so what’s filled in around you is, is more upscale, might be retail. I looked at a a, a property a few weeks ago out down in Boca Raton, Florida, and it’s an older flex property, and it’s actually zoned for residential development. And, and one of the major residential guys built something across the street. And if the property was not fully occupied with, you know, average lease term of, you know, five plus years, it, it would sell for dirt for a lot more than you could buy the building occupy for. And then when you think of replacement costs today you gotta buy the land first and you gotta build it. And so a lot of these buildings are difficult to build, and that’s also why they’re in, in demand.
Irwin:
And they, they tend to stay full. Sometimes you can take retail strip centers because they’re typically 14 or 16 foot ceiling heights and they probably have delivery doors in the back, and you can redevelop some of the older retail that way. Just put roll top doors in the back and, and rank them out. I’ve seen some of those converted successfully. I’ve even seen some, you know, old big box retailers, stick of the old Kmarts and JC Penney’s and things like that. To the extent the zoning will allow that to be converted to industrial use that’s successful also. But in, in general, years ago when people tried to build industrial, and I’m talking about big box industrial it was always a, you know, people, it was permitting people and then power. Now the first thing that new development is concerned about is power. It’s power, the ability to get permitted, and then you worry about people because there are less people with automation. And now with all these data centers, it’s a hundred percent power driven and even, you know, industrial, you know, thing, don’t forget Amazon, but that, that’s going extreme. But a lot of the industrial needs, especially on a larger, other than Shallow Bay, everything is electric. Whether you have forklifts in there you have some infrastructure, you might have some equipment in there, you need to know you have capacity to run it. Okay.
Charles:
So with all these different markets that you invest in, when you’re looking to invest into a new market what are kind of like the stats that you’re looking at the numbers, the figures that you want to see in an area, or maybe the growth that’s going on there from specific larger maybe larger fortune 500 companies that are maybe moving in. What are you looking at that makes you choose that this is a market that we can invest into? Sure.
Irwin:
I, I like to, I, I like what, what we call wheel and spoke cities where there’s a good perimeter road that circles around the city, and then of course, major north, south, east, west roadways. I like to know what part of the country can be driven in a day’s time for deliveries. I like to know who the major manufacturers are in the neighborhood. And then during due diligence, you know, unlike, you know, multifamily where you are gonna there we go again with the lights. You’re worried about rent comps and sales comps and rent per square foot and things like that. Here, when we interview the tenants and we do walk the properties and we talk to, you know, every tenant then they’re, they’re, you know, a facilities manager. You know, how’s the space working for you? Is your business growing? Is it expanding?
Irwin:
You know, what are your major obstacles? We like to see how the business is performing. And we’ve learned over the time that they’re there in, you know, several reasons. One of several reasons. The close to the customers, close to the suppliers, it’s roadway access or they’re tied to their labor. So we always ask, you know, you know, how difficult it is to hire here you know, what’s the average tenure, you know, trying to figure out how long employees have been there. And then, you know, if, if they’ll, if they have the data, you know, how, how long is the average commute? Where are people coming from to work here? And that tells us, you know, that they’re sticky because it’s a lot easier over you know, a 10 year lease to end up paying two or $3 a square foot over time than it is to pick up and move and have to rebuild your space, put new infrastructure in, and hire and train all new staff.
Irwin:
So it, it’s really come full circle and for us, it gives us a better understanding on what a lot of businesses actually do to make money. And so we can take that from city to city and state to state and, and people who are in similar industries and compare numbers. And actually sometimes we, we help tenants by saying, Hey, you know, here’s what, here’s what a similar tenant is doing in another city. Did you ever look at this? And so it’s also about tenant relations. Just like you’d have somebody in the leasing office, in an apartment building, trying to always be friendly and be amicable with your tenants. You have somebody who’s doing your tenant relations also knowing about the tenant’s business, knowing about what their needs are, helping them if they need something far expanding need, you know, helping them structure something if they need to downsize and move into a smaller space. It’s, it’s all about relationships with your tenants. Yeah.
Charles:
How are you is there any type of, first of all, how long are the leases typically? And then also is there any type of ti or tenant improvements that you provide for your tenants? I know that the majority of this is warehouse, but yes, that HVAC contractor might need that a hundred by a hundred off or you know, 10 by 10 office, whatever it might be for some of their files and whatnot. Do you ever find that you have to put money in for bringing any of these tenants in? Sure.
Irwin:
There’s always a, a tenant improvement allowance, just like on an office building, but it’s a lot lower amount. And, you know, here you might need, you know, if it’s 10,000 square feet I mean a 10,000 square foot space, they might need, you know, 1500 square feet of office. You’d have to make sure there are bathrooms in there offices. You might have to create several offices and, you know, air conditioning system. So you might have a drop ceiling for, it’s better for heating and air conditioning in the hot weather and the back, it’s full ceiling height for storage and racking. So yeah, there is a tenant allowance that’s there. And, and it’s much lower than an office, much lower than our retail. And a lot of times we’re able to reuse a lot of what’s in place already as tenants move in and tenants move out. Nice.
Charles:
How does your firm handle property management with deals all over the country?
Irwin:
We have a few management relationships. You know, some are managed ourselves. We always work with a local manager who’s in our footprint that we have a good relationship with that does a good job. And that gives us also economy of scale on buying power for things like insurance where we’re not insuring one property, we’re part of a blanket and it’s worked out, you know, really well that way. We still get to each property every other month. Sometimes when we’re looking at new properties we drop in unannounced, and they’ve learned to expect us at any time. And it’s, you know, it’s good ’cause I also get to meet some of the tenants as they move in and out, which is also important. ’cause Then I, I have a, a keen understanding of what the space looks like and what their tenant needs. And even sometimes the tenant will call me direct and say, Hey, I, here’s, I’m having an issue with the local property management and here’s what it is.
Charles:
Nice. So you strike me as a very disciplined investor when you’re making decisions on, when an investing and knowing when to walk away is a difficult discipline for many real estate investors to master, especially myself. I mean, what thresholds kind of do you set for walking away from a deal? What would be there that would be critical for you to kind of throw up your hands and walk out?
Irwin:
Oh, sure. First of all, as as I, I tell people in, in real estate, the you gotta make your money on the buy, meaning you can’t overpay you, you don’t really need a deal that bad. And with, with some syndicators, that’s how they keep the lights on. It’s all fees. And, you know, that’s not our background. We always used to invest a hundred percent just for ourselves and, and the family. And then, you know, it became the extended family. And then over time, you know, as friends and family and you know, you don’t never invite us into your deals and, and we like what you’re doing. And, and, and so now we, we, we’ve opened it up. You know, we have other families that invest with us. We have some a whole bunch of accredited investors we’ve met over time. And every year somebody brings a couple friends or relatives, and we’ve even accommodated a few people with their 10 31 exchanges by creating, you know, tick structure in some of our more recent deals, which has helped people be, you know, selling other assets that don’t want to be stuck in a, you know, in a Delaware statutory trust.
Irwin:
And this way they can experience almost the same, you know, partnership like benefits. So if there’s a cash out refinance, they get their money. Well, you can’t do that in a DST. . So we don’t have a problem with that as far as, you know, finding deals. But it, it, it’s a question also where, you know, if you think of the apartment buildings, you go in at a low cap rate, you have to raise all this extra capital for renovations. And so you might have negative cashflow for a while. And, and the return is more backended here. If I can’t distribute seven to 8% in the first year on a fully capitalized deal, I don’t really have that strong of an interest. I’m not betting on the future. The only thing I, I really know the day I close is what my cash on cash return is after the mortgage. And so that’s really what I, what I’m looking for is cash flow. It’s, it’s cash risk adjusted return versus the treasuries or what, you know, what you can get in the bank. Yeah.
Charles:
Yeah. I think one of the downfalls with syndicators that are not well capitalized, they become kind of syndication machine kind of acquisition machine machine syndicators. And like you said, I mean, they’ve got a huge payroll when you look on their website and there’s just tons of people that, you know, they’re cutting checks to every couple weeks. And this is, they have to come up with that money some way if it’s not coming outta their pocket and it’s coming out of acquisition fees. So they just have to do deals, good, bad, stagnant markets, whatever it might be.
Irwin:
Yeah. When I look at what happened with some of these, these multifamily deals you know, part of it, you know, I, I have to blame on the investors themselves, like, you know, with that, that are in deals that are trouble or have lost their money. Part of it, you have to blame on the sponsor. You know, if you think about what happens, you know, since 2010 through 2000 call 21. And so I think people that started doing this in like 2010 through 2015, 16 made a lot of money. And, you know, after 2015, 16, I think they did less due diligence on new opportunities. ’cause They figured, you know, they couldn’t lose, you know, they walked on water and everything was gonna be fine. And as cap rates continued to compress and operating expenses continued to increase, I, I think the deals were more financially engineered to show, you know some IRR and some equity multiple and, and people became less sensitive to the fact that there was no cash flow during the hold period, or very little.
Irwin:
And, and so it’s actually, it’s kind of interesting story. I, I saw a, an offering on about a year ago from someone that has a 40,000 unit, someone that’s always out there in the market, and they already owned the buildings. ’cause I looked on CoStar and they were out to raise money. I figured, all right, rescue money, whatever it is. And so I get the investor relations person on the phone, like I’m an investor, and I said, look, I understand you have like 10 deals I’ve heard there are no distributions on. He says, yeah, you know, it’s, it’s unfortunate, you know, operating expenses, interest rates, and, and, and I, I said to, so what did you really learn over the last couple years? You know, floating rate debt, you know, better underwriting. So the answer was no. We need to order container loads of materials so we have, we could renovate faster. Not that we shouldn’t use a lot of leverage, not that we, we shouldn’t screw down the model to assume there’s no expense growth over time. <Laugh>, not that we should buy a full term interest rate cap, none of that. And, and so I can understand, I said, all right, that’s, that’s a guy who’s probably gonna take people’s money again at some point in time. Again, they have a big payroll, it’s a big shop, and now they’re out marketing that, you know, the, the market has changed and they understand where they went wrong and trying to build up investor confidence again.
Charles:
Yeah, it’s funny. I don’t know if, I imagine you see it too, when I started buying multifamily in 2006 not the best time, but I kind of was like lucky to go through oh eight and oh nine to buying real estate. And the thing though was I found is that when I would speak with what we’d call older mom and pop investors, they never had a lot of debt. You know what I mean? There was never, I never spoke to someone that was in their sixties or seventies, like, oh yeah, we just refinanced this thing. 80% loan to value, we’re doing great. It was always no debt or very, very little. Or they’re like, we have like three leaders left on this, like before we’re gonna pay it off in the balloon or whatever it is. How did you find that when you were working with investors? ’cause I mean, working with a lot of family offices, wealthy people, how do you see that with a loan to value? Maybe goes a much with more experience as the investor is, there’s a lot less risk that they’re taking on with debt. No,
Irwin:
That’s true. Well, well with multifamily, to get a lot of these deals to work, you had to take highly structured loan for the leverage or else you had no return. So that should have really, you know, raised everybody’s eyebrows. You know, you take, you, you have no cash flow, you’re way upside down. It, it’s a highly structured lung with a high rate. And if you know you don’t have a lunar eclipse, you’re, you’re, you’re, you’re, you’re outta luck. But that’s one reason that we don’t borrow more than 60 or 65% even on the industrial. I like to know if I lose a couple tenants there for a period of time, I can still pay the mortgage. Alright, depending on what’s going on. God forbid you have to suspend the distribution for a short period of time, but you’re still paying the mortgage.
Irwin:
I still don’t need to to have a capital call. And so I have investors that look at my, my capitalizations and they’re like, oh, what’s all this extra money for? You know, you, you’re, you’re imputing the the need for ongoing tenant improvements and leasing commissions that, you know, that’s hitting the cash flow and you, you’re calling all this extra money upfront. I’m like, what’s called what if money? I, you know, ’cause what if you get a credit tenant that needs that’s gonna sign a much longer lease and needs more than you’ve underwritten for that particular year. You need to have some money. What if, you know, you, you, although the roof inspection was good, there’s a problem and you need to replace part of the roof. And what we’ve done is you’ve typically by year two or three, if we haven’t found the need for that money, we’ve distributed back.
Irwin:
And actually, I’ll tell you a true story. I, I called an extra $500,000 on purpose in the upfront capitalization. And two years later, you know, I got a lot of phone calls from investors, you know, it’s December, and I was able to make the, the quarterly distribution before the end of the quarter. And they’re calling me, oh, I I think you wired to us twice. We got <laugh>, we got do several wires. I, I said, no, I, I said, if you read the email <laugh> that talked about the distribution, it said there was gonna be an excess distribution because we, the roof, we got the seller to pay for the roof. And once the lender released the money, we didn’t need it anymore. We returned it to you. So that, that tells you that some investors don’t even read the monthly reports. And our monthly reports are quite thorough.
Irwin:
They’ve all said to me at first, you know, what’d you send me? It’s five megabytes. I said, it’s a monthly financial statement. <Laugh>, we’ve never seen something like this before. I, I, what is it? I said, well, as a partner at a deal, you get a balance sheet, you get an income statement, you get a general ledger detail, you get accounts receivable, you get accounts payable, you got a rent roll, you get copies of the bank statements for, for the, for the property. They’re like, do we need all this? I’m like, no, but you’re supposed to have it. I said, you wanna file it away somewhere, that’s fine, but expect to see this every month because that’s what you supposed to get yet. Well, how do we know what happened at the property? I said, just read the body of the email. If there’s something you should know it, it’s there. And if there’s something before I send out the monthly report, you’re gonna get an email. <Laugh>
Charles:
<Laugh>. Oh yeah. It, it’s a amount, it’s a crazy, from different passive investor I’ve made the how, the difference in information and reporting you’ll get from like a little screenshot and maybe once in a while getting more reporting to some that are very in depth with a quarterly report that, like you said, is 30, 40 pages, PDF. You know what I mean? So it’s something definitely when you have to speak to other investors, this is stuff you ask when you’re talking to ’em. I remember being at a conference years back and they’d say, who gets emails from syndicators? And they put their hand up and who has syn passive investments with syndicators and would like to have better communication, pretty much everybody’s hand, you know, was up. And it’s, it’s true. I mean, you want to know, especially during uncertain times or any times really. It’s really where your investment is and what’s going on, and it, it makes it much easier. So you shouldn’t have to be reaching out to that syndicator to kinda pull for information it should be offered.
Irwin:
No, that that’s true. I, I, you know, being an accountant, I, I like transparency and that’s why I like to do the in investor relations because you know, even, even when we’re talking to investors trying to, you know, help, you know, round out and raise the capital to even post-closing, you know, you get an investor relations person on the phone, typically they’re very disconnected from the, from the asset and they have to, oh, we’ll have to get back to you. I’d rather be able to make people comfortable that I actually have a an answer for them because I’m involved in the operations and the asset management. And so it looks like, you know, it looks like we know what we’re doing. ’cause We really do. Yeah.
Charles:
No, Erwin, well, as we’re wrapping up here, just one more question before we get more information on what you’re doing in your contact info. What would you say are the main factors contributing to your success from being a CPA and an accountant all the way to, you know, multifamily commercial real estate investor and now a small bay flex industrial investor?
Irwin:
I think, you know, I’d like to say it’s the depth of the experience that we look for. When I go into new market, I’m not just looking at the asset type that we’re there to, to visit, to acquire. I’m also looking at what’s going on in the real estate market in general. Are the new housing starts, you know, how apartments are performing? What does the retail look like? What, how decimated is the office? Are people back to work? So I’m looking at overall economic conditions, and I think that that’s really one of my strengths, you know, based on my experience and also being in all the asset classes and also having been a lender for many years. So I, I like to think that you, you, you know, in this business, you really need to wear a lot of hats. And, you know, some syndicators are more, you know, finance junkies, they, they’re spreadsheets and and, and I I like that we actually get out and touch the bricks because it’s important. And, you know, we typically put at least 20% of the money in on every deal. So we’re all sharing, you know the risk together. And, you know, being a family operation here the pay cards are on there going into the fourth generation now. We don’t like to lose money. It’s okay if you, you know, you hold it and you got some cash flow and God forbid that something happens and, and you get out whole, but it’s not okay to lose any of the principle.
Charles:
Great. Well, thank you so much for coming on today. How can our listeners learn more about you and your business? Sure.
Irwin:
I am highly searchable as you put my name into any of the search bars. You know, Irwin Boris you’ll find me on LinkedIn. I’m on Instagram, I’m on Facebook. And by all means, you know shoot me an email, text me dm let me know you have an interest. I’ll put you on, you know, give me your email. You wanna book a call. There’s a calendar link on my LinkedIn profile. I’m happy to, you know, give you a half hour and tell you what we do from, you know, we, as I said earlier, we don’t live on getting deals done. We find deals and we do them when they’re, they’re right and opportunistic. We are always looking at new opportunistic opportunities. And at least if you’re, you’re on the distribution list, you’ll, you’ll know that they’re there. And if you have an interest in investing, you know, we, we’d love to have you in off part of our family. Awesome.
Charles:
Erwin, thank you so much for coming on today and looking forward to connecting with you here in the near future.
Irwin:
Great. Thank you so much for having me.
