#8 - Real Estate: How The Wassermans Do What They Do

The partnership was gonna dissolve and you guys were just not gonna do real estate anymore. Yeah, because he was in big credit card debt and we weren't making much money the first few years, so he was he was really ready to get a j you know, a G A J O B a job, you know? And uh You almost couldn't even spell job. You're like I don't even know what this is. It's a G O B. I've never had a job in my life Uh yep, that's my friend Keith Wasserman. And if you can't tell, I think it's uh been a little while since he had a job. Keith and his wife, Galena, are into real estate. And I've been excited to do a real estate episode for a while. Real estate intrigues me because

Instead of going to a desk and working a job and getting a salary, people who own real estate have properties out there that are working for them. And that's true wealth to me, when your assets earn you money, pay you in cash flow every single month. And so I wanted to find out how they got started in real estate. how they make money in real estate, and the difference between their two models, because they're very different. They are a husband and wife duo, which is really cool, but they actually do very different things. Galena started off as a broker on the commercial real estate side. She was one of the few young female brokers doing commercial real estate in California. And she's since transitioned to doing her own real estate development projects, where she buys a building.

and fits it out to do to serve the purpose that she's looking for. Her company Skya is really interesting. So she talks a little bit about that, and Keith talks about his company, GELT. What Keith does is different. Keith is what we call a syndicator, where he raises money from investors and he buys buildings that he thinks he can add value to, increase the rents or cash flows, and then sell it after some holding period of maybe five or seven years. They got started back in 08, right after the real estate crash, and owned at that time zero dollars of assets and knew nothing about real estate. And if we fast forward just about 10 years, together they've purchased over a billion dollars of real estate assets and done phenomenally well. So I'm really glad that they flew up from LA to do this interview. And uh I hope you like it.

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