How to start investing in real estate

The Street

Ryan Serhant of "Million Dollar Listing New York" tells TheStreet his best investing advice.

Transcript

00:00 - For everyone who's watching who may want to learn more

00:01 about investing in real estate,

00:03 even if that person's just getting going,

00:05 what advice would you have for someone

00:06 who might be on the outside of this conversation

00:08 but wants to learn more?

00:09 - Well, one, I would always say,

00:12 take it slow and do your research, right?

00:16 Work with a seasoned professional

00:18 and treat them as your partner.

00:21 Maybe they come in on a deal with you,

00:23 but if they don't, they're financially incentivized

00:26 for you to win, both on the buy

00:28 and on the potential sell or lease out of the space,

00:31 if that's what you're doing,

00:32 and really treat them as your investment advisor

00:35 or your partner and really know

00:37 what you're getting yourself into.

00:38 I would move to the opposite direction of any trend

00:42 and just be really, really, really, really smart.

00:44 Do it once, make sure it works,

00:46 and then continue to go from there.

00:48 If you look now, like, you know,

00:50 I think the biggest concern for any real estate investor

00:53 today is probably regulatory changes and different hurdles.

00:57 Like, you know, there's a lot of talk about Airbnb

00:59 and the crackdowns, which is all about money

01:02 at the end of the day.

01:03 Like, New York City's issue with Airbnb

01:05 isn't because we don't want people

01:07 renting other people's homes,

01:08 it's because New York City wants their hotel tax.

01:11 You know, it has nothing to do with safety, clearly, right?

01:14 If New York cared as much about safety as I think we all do,

01:17 New York would probably feel a bit different right now,

01:19 but they care about money, right?

01:20 And they care about that tax.

01:22 And so if you're an investor

01:23 and you're banking on those Airbnb rates, right,

01:27 and that ROI, and then Florida

01:30 enacts some sort of regulatory change that says,

01:32 "Nope, no more short-term leases in the entire state,"

01:34 which is not on the board, but could be, you never know,

01:37 that immediately changes your investment,

01:40 and it will for everybody else

01:41 that bought for short-term housing reasons.

01:43 So there's things like that

01:44 that you just have to think through.

01:46 (silence)

01:48 (silence)

01:50 [BLANK_AUDIO]

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