Passive Investing Mistakes to Avoid with Kent Ritter
Our guests for today serve as the managing director at the multifamily private equity firm Birge and Held asset management. In his role. Kent leads the private select portfolio, which has a unique strategy of leveraging Birge and Held scale and latest technology to create outsized returns from acquiring and improving mismanaged, undercapitalized, and undervalued properties.Our guests is dedicated to teaching others how to make good investing decisions. He is the host of the Ritter on Real Estate podcast and YouTube channel, where he provides impactful interviews and practical tips for investors. Kent has achieved financial freedom and now is on a mission to empower others to do the same through multifamily investing.Let’s dive right in and learn from Kent Ritter on how he started his real estate investment career[00:01 – 10:30] Opening Segment We introduce our guest, Kent RitterKent talks about his backgroundKent give a short story of what not to do[10:31 – 20:34] Vetting The Operator With Questions and Looking for Red FlagsKent talks about the top 4 characteristics#1 Integrity#2 Track Record#3 Financial Means#4 Skin In The Game[20:35 – 42:09] You Should Only Start With 100+ Units!Kent's bad investing adviceKent talks about his firms and private select portfoliosReducing the properties basis while renovating [42:10 – 46:16] Looking Back And Realizing You Were Stupid Last YearFinal thoughtsKent's book recommendations:Think Again: The Power Of Knowing What You Don't KnowTweetable Quotes:“you have to understand you need to understand how people are paid. And once you understand how people are paid, then you can understand how they're going to act.” – Kent Ritter“So I started out with the intent to be active and then once I learned about syndication, I said, OK, well, I don't you know, I'm self-aware enough to know there's a lot that I don't know and there's a lot that I don't even know.” – Kent Ritter“I'm always thinking about it from as an investor, what I want to know that. Right. Or is that something I'd be interested in?” – Kent RitterConnect with Kent Ritter! See the links below:Go to his LinkedIn, Facebook, Twitter, and Instagram, pages to connect with Kent Ritter. Visit his Website, Podcast, and YouTube.