Married in to CRE family.
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[{"id": "f3u5juq", "text": "Listen 10 times for the amount you speak 1 time.\n\nSoak up what you hear and always ask yourself:\n\n'what benefit is there for the person telling me this information'", "replies": [{"id": "f3uajrs", "text": "Oh man, that\u2019s the truth.  I always have a reason I\u2019m telling you something, but that comes with the territory (broker).", "replies": [], "depth": 2}, {"id": "f3umqlz", "text": "This is great advice for just about any business.", "replies": [], "depth": 2}, {"id": "f3uo3wc", "text": "Yes. From my experience, if the holdings are structured as partnerships, they're likely to have been formed decades ago on a handshake and have developed organically through trust, with partners marching in lockstep most of the way. The older ones will bristle at the slightest hint of disruption, but will also delight in telling you about the intricate history of their growth \u2014 who did what when. It's fascinating, really.", "replies": [], "depth": 2}, {"id": "f3vjh2a", "text": "2nd and 3rd opinions are invaluable.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f3uefk2", "text": "Industrial is the most \"old school\" of all the CRE product types. It's very relationship driven.\n\nThe main thing is that it's a small world and everyone talks. It takes years to slowly build a good reputation and minutes to wreck it. It's not rocket science, but basically only promise something if you can/will do it. You may be tempted to tell people what they want to hear, but don't do it. Tell them you'll look into it, or need to check or run some numbers or whatever, especially if you are new to the business. It's 1000x easier to do that then to have to go back on what you said after expectations have already been set.", "replies": [], "depth": 1}, {"id": "f3uufih", "text": "Dont promise anything, dont share much. Keep your tenants happy. Brokers will love to lease your property, because you are going to pay them an arm and a leg for a new lease. They'll also want to know about when leases expire, what rents you are at, etc. to poach your tenants. Consider finding an owners rep to keep on retainer if you have significant holdings.\n\nBasically, as others have said, if they are telling you or asking you something, its because anyone can develop/own real estate, but the ones with good information actually make money in real estate.", "replies": [], "depth": 1}, {"id": "f3v88df", "text": "Oh get ready for a bunch of new friends.  Good and bad.  Be Careful.  Stay patient with quick advice too.", "replies": [], "depth": 1}, {"id": "f3vp8jv", "text": "If you have no stomach for having people try to take what's yours from your arms and the headache of having a lot to lose, consider selling.", "replies": [], "depth": 1}, {"id": "f3w2gp1", "text": "Depends. When will the transfer take place? Is this soon? 20 years out? 30?\n\nHow many properties? Enough to warrant having a property manager on the payroll? If so take them to lunch. Get to know the buildings and the tenants. Learn when the leases are rolling. Learn where the rents are in relation to the market. \n\nIt all depends on the timing. But you can start learning now. If the ball is in your court soon and they\u2019re good assets then hold them. If they\u2019re older properties with a lot of deferred maintenance consider renewing as many leases as possible and unloading the portfolio. Cap rates are ridiculous right now and there is more money looking to be placed than there are opportunities. \n\nAny other questions feel free to ask.", "replies": [], "depth": 1}, {"id": "f3w9h7u", "text": "Take a real estate class asap atleast understand the basics\n\nWhat are different asset classes, what are the PE types (core vs core plus vs value add vs opportunity), how do people look at deals, who the players in the industry, how would you do a basic valuation model (really the important question is what are the levers)\n\nThen pick up an industrial real estate book or read the 10k of an industrial REIT like prologis or read an industry report to know what's going on in the sector (if you're in warehousing then amazon buying e-commerce for last-mile delivery for example)", "replies": [], "depth": 1}, {"id": "f3wknfw", "text": "Unfortunately, most wealth does not last past the 2nd generation. People are stupid, we waste money, make bad bets, and bad decisions. The children are not raised in the same socioeconomic conditions as the parents who created and maintained that wealth.\n\nA good place to start would be to read the rental agreements and google the terms you do not understand. Learn the real estate laws of your state, city, and municipality. Are you inheriting industrial real properties or a real estate brokerage company that deals in it?\n\nIf you will become a landlord, take a look at the liabilities and what you can do to minimize, prevent, or prepare for them. Industrial properties create pollution, what kind of hazards will your tenants be leaving you in the future?\n\nWill your future tenants still be an ongoing concern? Or are they a paper company in a paperless world? You will need to use your imagination to predict what you will need to do in the future.\n\nWhy are you so surprised that the world is so relationship based? The economies of developed countries are becoming more and more services oriented. A services economy is more dependent on relationships.\n\nSource:  [https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-their-wealth-in-the-2nd-generation-2018-10](https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-their-wealth-in-the-2nd-generation-2018-10)", "replies": [], "depth": 1}]