Monday, March 4, 2013
Interview Blog Post with Gary Fox
Blog Post 1
Interviewee: Gary Fox
Why did you get started in real estate?
Because the property itself is a tangible item and there are so many sectors in real estate presenting numerous opportunities. He use to rent light industrial properties to run his day business as a water well driller. He saw the demand for those properties and when the right opportunity came he purchased a property and put up some light industrial buildings, and moved his drilling company into one of the structures while renting out the rest.
What types of properties do you focus on?
Light industrial, because it is an easy property to sell and rent, and he likes to carry the note after selling properties. He also finds dealing with tenants easy, he says when tenants are making money they tend to be punctual on payments and are happy to be there, when tenants are dong poorly they tend to just want to get out, and has never had any altercations with his tenants.
What are some of the property features you look for when investing into real estate?
Price, accessibility, and buildability. Properties must also be visible from the highway.
How do you minimize your risk when investing into real estate?
Only buy property that is a bargain! Getting too attached to a property can be a bad thing. Evaluate
What would you recommend to someone who is considering entering into real estate investment?
It really depends on their personality, he chose light industrial because he figured out how to rent out industrial properties and what properties were suitable. It’s more about what you are familiar and confortable with.
How do you stay up to date in the real estate market?
Watch the sales, stay on websites such as Loopnet and Costar, look at sale information available on sites and keeps a constant eye out on properties looking for the right buy.
What are some of the major issues you have encountered over the years?
He says the biggest issue he has faced is from Fish and Game, because they come out do environmental impact reports and they are very protective threatened and endangered species, and the can stonewall any project.
Has real estate been rewarding to you?
Yes, he’s been extremely fortunate and feels that real estate has been very rewarding over the years.