Spirepoint’s Paul Blacquiere Interviews Sens Founder Bruce M Firestone About Entering the Commercial Real Estate Business
Ottawa Senators founder Bruce Firestone talks with Spirepoint’s Paul Blacquiere about:
1. how to get started in the commercial real estate business/buying when no one else is buying
2. different types of commercial real estate
3. how the Internet, things like Facebook advertising, is changing commercial real estate
4. why 61 out of the top 100 richest families in Canada have all or substantially all of their wealth in real estate
[youtube https://www.youtube.com/watch?v=aAt36-bkKE8]5. pitfalls when buying property/never buy property that doesn’t cashflow/quickest way to turn billionaire into millionaire or millionaire into pauper
6. the value proposition of residential and commercial realtors
7. how to analyze real estate opportunities
8. issues with city planners and rezoning
9. need for specialization
10. what to look for when hiring a realtor
11. how and why to own your own building
12. why realtors should share information freely
13. why realtors should belong to their real estate boards
14. what is a CMA, comparative market analysis
15. how long is a due diligence period in commercial real estate
16. how big should a deposit be
17. how to finance commercial transactions
18. what is seller take back financing
19. examples of great deals and poor ones
20. why real estate delivers performance superior to most other investments such as mutual funds, banks accounts, CDs, GICs, etc
21. no 1 risk factor in purchasing commercial property is… zoning
22. what it’s like to a 55-year old apprentice
23. why it takes 10,000 hours to master anything
24. how long it takes to close a commercial office or industrial condo deal
25. doing environmental phase 1, 2 and 3 studies/tests/remediation
26. marketing and leasing during conditional periods
27. everything in real estate must be in writing
28. distraining and absence of RTA (residential tenancy act) in commercial
29. triple net leasing
30. longterm leasing for commercial uses, e.g., 10 year terms with 10 year options for new restaurants/bars
31. real estate is a very local business, e.g., Olympia and York’s failure in London with their Canary Wharf project
32. realtors can’t do everything and should specialize
33. California model versus Ontario model– being either buyer agent or seller agent but not both
34. young client buys 5,000 square foot office condo in downtown location for $5 per square foot
35. theming real estate adds value/turning disadvantages into advantages
36. add cashlfow to create value
37. how Canadian Tire Centre (the Palladium) almost never came to be
38. no 1 thing in real estate is the same as everything else–build a trusted team
@ profbruce
bruce.firestone @ century21.ca
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