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In a compelling episode of the Straight Up Chicago Investor Podcast, hosts Mark Ainley and Tom Shallcross welcome back Jared Kott, a seasoned real estate investor, to reflect on his transformative 10-year journey from corporate America to full-time real estate. Jared shares invaluable insights, hard-earned lessons, and some thrilling adventures, making this episode a must-listen for anyone involved in or considering a career in real estate.
Reflecting on a Decade of Real Estate Experience
Jared kicks off the episode by diving into his decade-long journey in real estate, reflecting on the challenges and triumphs he’s encountered along the way. Leaving the stability of the corporate world to venture into real estate wasn’t an easy decision, but Jared’s story is a testament to the rewards that come with taking calculated risks and staying resilient in the face of adversity.
The Challenges of Operating in C/D Class Neighborhoods
One of the episode’s highlights is Jared’s candid discussion about working in C/D class neighborhoods. These areas, often characterized by higher crime rates and economic challenges, can be tough to manage. Jared doesn’t shy away from sharing the gritty realities, including a particularly tough situation involving a slip-and-fall incident at one of his properties. Despite his best efforts, Jared was found guilty in court, and he shares how he navigated this stressful experience, offering listeners a real-world example of the risks involved in property management.
Insights on Chicago’s Southeast Side
As the conversation progresses, Jared offers his perspective on the trajectory of Chicago’s Southeast Side, an area often overlooked by investors. He discusses the potential he sees in this neighborhood, touching on the factors that could influence its future growth and investment appeal. Jared’s insights are particularly valuable for investors looking to explore opportunities in less conventional areas.
Dealing with Non-Paying Tenants: Emotion vs. Business
Another critical topic Jared addresses is dealing with non-paying tenants. He emphasizes the importance of separating emotion from business decisions, sharing his strategies for handling difficult tenant situations. Jared’s advice is grounded in his belief that staying professional and detached can help investors manage their properties more effectively, even in challenging circumstances.
Adventures in Michigan: Short-Term Rentals and Boat Rentals
Toward the end of the episode, Jared shifts gears to talk about his more recent ventures in Michigan, where he’s been exploring short-term rentals and boat rentals. These ventures represent a new chapter in his real estate career, highlighting the diversity of opportunities available within the industry. Jared’s adventures in Michigan not only demonstrate his entrepreneurial spirit but also provide listeners with fresh ideas for diversifying their own portfolios.
Key Takeaways and Final Thoughts
Jared closes the episode with a few key pieces of advice for new investors. He stresses the importance of perseverance, continuous learning, and being prepared for the unexpected. Jared also shares what he does for fun, along with some recommended books, podcasts, and self-development activities that have helped him along the way.
This episode is rich with practical advice and personal stories that offer both inspiration and caution to real estate investors at any stage of their journey. Jared Kott’s experiences remind us that the path to success in real estate is rarely smooth, but with the right mindset and strategies, it’s certainly achievable.
Watch Straight Up Chicago Investor Podcast Episode 284 in Full Here
Questions We Answer In this Show:
Q. The Unknown Downside to Investing...
Q. Why is Chicago so Slow?
Q. Have You Looked Into These Areas?
Show Notes:
02:00 Housing Provider Tip - Shop around for home insurance to get the best value.
04:02 Intro to our guest, Jared Kott.
07:03 Reflecting on a decade of experience!
14:22 Jared’s recent slip-and-fall incident.
26:23 Trajectory of Chicago’s Southeast Side!
42:34 Dealing with non-paying tenants.
48:50 Jared’s Michigan adventures!
56:25 What is your competitive advantage?
56:55 One piece of advice for new investors.
57:22 What do you do for fun?
57:40 Good book, podcast, or self development activity that you would recommend?
58:17 Local Network Recommendation?
58:42 How can the listeners learn more about you and provide value to you?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Jared Kott
Guest Company: Marblestone Property Group
Guest Link: https://www.mpghousing.com/
Other Links for show notes:
12 Week Year (Book Recommendation)
Show Sponsors:
Real Estate Agent Accelerator Course
Looking for a property manager?
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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