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Turning Distressed Properties into Maximum Profit with Alex Pal
Manage episode 385528264 series 3527885
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Alex Pal is a real estate investor with a strong background in project management and engineering. He has handled some of the worst renovations in his area and turned them into beautiful, habitable properties, and he is on the Self Wealth Real Estate podcast today to talk about how he is able to do that and more!
Listen now to learn more about Alex, how his engineering and project management background helps him with his real estate investments, and how you can turn the most distressed properties into beautiful homes again!
Key Talking Points of the Episode
00:00 Introduction
01:21 What is Alex’s background?
03:25 How did house hacking help Alex get started in real estate investing?
05:42 What did Alex learn from house hacking his first property?
07:45 How much would it cost to renovate a property in today’s market?
09:07 What was Alex’s worst real estate project like?
11:30 Why does Alex take on complicated renovation projects?
15:10 How involved is Alex in their renovations?
18:05 What is the importance of being involved in at least the final part of a renovation?
20:01 Why is it important to understand that you make your money when you buy?
23:24 What kind of properties does Alex usually deal with?
29:36 What were the numbers on Alex’s first real estate property?
32:09 How did Alex’s preferences for buying properties change over the years?
33:06 How does Alex fund their real estate projects?
36:02 How can having proof of concept help you gain access to more capital?
43:31 What was Alex’s best deal like?
47:46 Why is it important to know what your strengths are?
49:18 What makes a good project manager?
50:45 What lessons did Alex learn from his worst deal?
56:07 What has changed in Alex’s approach to real estate?
57:33 What would Alex tell his younger self?
59:20 What is the most overhyped real estate investing today?
01:01:12 How can you get in touch with Alex?
Quotables
“There is a truth about the school of flip. You just have to immerse yourself and you hope that you don’t lose money.”
“Even in Canadian real estate, even the slightest adjustment on an interest rate can cause a swing that will erode your profits in a heartbeat and you gotta be very conscious of that or else you’ll go under.”
“I think that’s what makes a good project manager – you have to be versatile. You have to be, on a whim, bend and twist to make it work.”
Links
Website: Pal Property Solutions
https://www.palpropertysolutions.com/
Instagram: Alex Pal
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