Most people in the real estate industry have probably read the book Rich Dad, Poor Dad. It is like a solid foundation for all investors. But in this episode, Luc D’Abreau talks about the things that are not true or articulated well enough in this book. One of the things Luc mentioned is the amount of education that’s needed if you are going to become either a business owner or an investor. According to him, you need to know the amount of responsibility you need to take for yourself or other people because you’re either responsible for their paychecks or their investments.
So listen now to this podcast as Luc gives tips on successfully transitioning from LP to GP. He’ll talk about what he looks for in a team, how he vets the team that he wants to invest with, and how he gets comfortable with them. Click the play button now and enjoy learning!
Key Points from This Episode:
"There's just a lot of different options out there whether somebody wants to start on single-family or they do multifamily right off the jump." [00:04:33]
"So, the transition was that my wife and I ended up looking at where we were and what our goals were not only financially but just lifestyle and what we wanted out of life. And we knew that, okay, we've been involved with multifamily for a couple of years passively, to be able to get to where we want to go, being a GP is the best bet. And so for us, the strategy that we used was moving into the market." [00:14:40]
“If you look at any organization that has a group of either count managers or customer success managers, relationship managers, whatever they might end up being, they're there, they're there for a reason. It's a matter of maintaining those relationships. It's a matter of being responsive. It's a matter of educating and providing information back to the potential investors to the “customers”. [00:19:22]
Links Mentioned in Today’s Episode:
About Luc D’Abreau
Luc’s educational and professional experience is in the Architecture, Engineering, & Construction industry. His varied and in-depth experiences range from project management to business development, to strategic initiatives. His inherent systems thinking strengths, coupled with forming customer relationships and business strategy experience enables him to identify opportunities and layout tactics to leverage solutions. He has been involved with projects valued at over $750MM over the last 9 years. He is a limited partner in 445 units across two assets in Texas (totaling $36.8MM in value) and is part of the National Black MBA Association and African American Real Estate Professionals. His goal in real estate is to create generational wealth, leave a legacy, and provide a better life for his family. He holds a bachelor of science in architectural engineering from California Polytechnic State University, San Luis Obispo, a master of science in civil engineering from the University of California, Los Angeles, and soon a master of business administration from the University of Illinois, Urbana-Champaign.