It's not every day you meet a broker who has sold over 1.2 billion dollars in commercial real estate. Today’s guest, Brent Sprenkle, has done just that. He has more than 20 years of experience as a broker in Los Angeles at two of the nation's top firms, Berkadia and Sperry Van Ness. Brent helps his clients achieve their goals of exchange, expansion, consolidation, and disposition. In this episode, Brent sheds light on the current state of things given the pandemic, where he touches on deal volume, rent changes, and the eviction moratorium. We also talk about how to mitigate the risk of the moratorium if you are buying properties at the moment. Even though California's landlord-tenant laws are less than favorable, Brent shares why it is still such a great place to invest in property. The show wraps up with Brent giving his top tips on connecting with your broker. Tune in today!
Key Points From This Episode:
- Get to know Brent, his real estate journey, and what he's up to now.
- Deal volume in 2020 and the outlook for 2021.
- Brent's experience of how investor sentiment has changed as the pandemic has continued.
- Seller versus buyer expectations: what Brent is doing to bridge the gap.
- Rent changes in California and difficulties in the different asset classes.
- Brent's take on when the eviction moratorium will end.
- Some of the ways that you can underwrite to reduce eviction moratorium risk.
- Why California is still a good place to buy multifamily.
- Hear about the ADU program, which Brent calls the next big thing in multifamily.
- The biggest lesson Brent has learned about being a successful real estate investor.
- Brent's top tips on building and maintaining a relationship with a broker.
- Final four with Brent: The tool he can't do without, his biggest mistake, and more.
Tweetables:
“Now, vacancies are not really much fun. Lenders are also cognizant of it and when these buildings have over, you know, five, 10% vacancy, they’re pulling back on the proceeds or they just don’t want to fund it at all.” — Brent Sprenkle [0:07:43]
“If you're buying now, you just have to underwrite properly. Just keep in mind that brokers are always telling you that there’s no collection issues.” — Brent Sprenkle [0:10:53]
“California is always going to have more appreciation on values on the rents than other states.” — Brent Sprenkle [0:13:14]
“This is a long game. It takes patience.” — Brent Sprenkle [0:16:47]
Links Mentioned in Today’s Episode:
Brent Sprenkle Phone Number — 310-621-8221
Passive Income Through Multifamily Real Estate on Facebook
Schedule a Call with Kyle Mitchell
Garzella Group
Virtual Asset Management Summit 2021