Episode 48: The Doctor of Motor Row - David Shifrin
For everyone working a W2 job, our guest today, David Shifrin, is a great example of how to incorporate real estate into your long-term plan without having to give up your current career.
David Shifrin wanted a way to marry his professional career as a plastic surgeon to his interests in becoming a real estate investor. This path led him to Motor Row and an acquisition of a historic Chicago building. Listen as he describes why he is bullish Motor Row and the lessons he learned as he simultaneously built two businesses from the ground up right on Motor Row.
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Guest: David Shifrin of David Shifrin MDSponsor: John Warren of Second City Real Estate Sponsor: Appeal.tax Link: Am I Being Too Subtle?: Straight Talk From a Business Rebel Link: Evergreen Bank Group | Oak Brook, Evergreen Park, Hinsdale, IL Link: Mike Chock on LinkedIn Link: Robert Sikkel | Goose Island Real Estate Broker | @properties Link: David Shifrin MD | Chicago Plastic Surgeon
Landlord tip of the week 4:20
Guest Intro 7:15
What excited you about investing in real estate? 8:00
Why did you decide to go down the hands on approach rather than a syndication? 9:00
Description of motor row? 10:30
Was the building vacant when you bought it? 13:00
What types of challenges did you have when you took on this project? 14:00
Can you explain TIF funding? 16:40
Did you know you were investing in a historical district and the challenges that presents? 20:00
Can you explain cost segregation? 21:30
While you were doing the work on your building, are you continuing to look at other deals? 25:50
What’s your primary strategy for searching for buildings? 27:30
Wrap Up Questions
What is your competitive advantage? 32:30
What is one piece of advice you’d give to a new investor? 33:30
What do you do for fun? 34:09
What is a good self development tool you’d recommend? 34:40
Name one person you’d recommend as a good local resource? 36:37
How can we learn more about you? 37:25
Chicago Fact 38:05
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Production House: Flint Stone Media
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