CFD 478 – Having a Vision in the Real Estate Industry
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Eddie Lorin is a multi-family real estate veteran with over 40,000 units transformed and over $3 billion transacted (acting as either Principal or Advisor) nationwide. He is passionate about helping communities have access to affordable housing and improve the quality of life.
Eddie Lorin is the Founder of Impact Housing REIT, company that focuses on both impact investing and multifamily real estate to provide financial, environmental, and social returns to its investors. He is also the co-founder of Healthy Apartment Property Initiative, a 501C3 nonprofit that provides free on-site social, health, and wellness programming for families living in apartment communities.
Podcast Highlights
- Who is Eddie Lorin?
Eddie Loren prides himself as a dreamer, a doer, and a proponent of the underdog. He shares that his childhood was filled with love and respect while living in a small apartment with his single mother and siblings. Losing his parents at a young age became a pivotal point in Eddie’s life. At the age of 17, he was learning to live and survive alone. He remembers how tough it was emotionally, psychologically, and financially.
‘Just one more day.’ This is what he uttered to himself every single day. According to Eddie, as bad as things come into your life, take in mind that there could be worst. And instead of letting them get him down, he just looked forward, had hope, and dreamed for the day ahead.
From his experience and his empathic observation of his surroundings at that time, he wanted to make a difference in the world. Eddie’s mission now is to provide clean, safe, and affordable housing for working class. He does this through his company Impact Housing. He’s also very outspoken on criticizing inflated housing prices in America.
- Having a vision in the real estate industry
It wasn’t the easiest road to take when he started in real estate. While trying to make a name for himself in the industry, there were so many bumps on the road he had to pass through. First, he experienced being taken advantage by people because he was always ‘the nice guy.’ He learned that he had to be firm and also respectful to get his message across.
There was also a feeling of despair, angst, and turmoil from time to time. He drove them away by calming and meditating. He always taught himself since then that from every mistake, you gotta keep going wherever your goal is.
If one thing was made clear during those times, it was the fact that real estate is where he needed to be. At first, he tried dealing with commercial and industrial properties. But then he discovered that in multifamily business he can make a lot of money and at the same time help the masses. And thus, the birth of Impact Housing.
Eddie says that his ultimate gift is having a vision in renovation. Just one look at an old property, he already knows how to turn it into something different. He says that he finds those properties through his connections or a brokerage community.
- Do well and do good simultaneously.
Eddie chooses to invest on B and C class properties and turn them into something better rather than stick with the A class. Well, aside from the reason that A class properties don’t generate cash flows, he’d choose the option where the masses will be more benefitted.
He was an expert in creating value for the property and making it not just livable but also a quality affordable housing for everyone. If he doesn’t renovate B & C properties, he brings the people together at apartment communities. Through Healthy Apartment Initiative, a nonprofit that he and his wife started, he provides free on-site social, health and wellness programming for families living there. He is also urging apartments to have community gardens to promote healthy living.
It’s always a matter of priorities according to Eddie. You can choose to prioritize money or prioritize changing the lives of others.
- The Future of Real Estate
It’s always challenging to buy the right property and properly transform them to make them affordable for the low-income earners especially in the inflated housing prices in America.
He tries to seek help from the government just to make sure that tenants are paid well to keep their housing. He hopes that the poor will be given priority. For example, low-interest vouchers or housing loans can be given to them. He also suggests public-private partnerships especially when incomes are stagnating and rents are rising. The private sector should step in and offer help to the unfortunate ones.
- Eddie’s Takeaway
For the future entrepreneur who’s about to enter real estate, Eddie Lorin advises that you look for appreciative capital. Go for people who are going to appreciate you and what you do. Make sure they are on the same page as you do. Also, investing has more impact if people who are really in need will be the ones who’ll benefit.
If you’re still on the fence, Eddie says to let go and remember that fear is not rational. Whatever you’re compelled to do, if it’s sound and you’ve done your research, get ready to bounce and let go. If you don’t let go, it will keep you from being who you want to be.
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