Although Joseph Lubeck left home at age 15 with only $400 to his name, he has become one of the world’s most successful real estate investors and is the Chairman and Co-Managing Partner of Electra America, and Founder and Chief Executive Officer of American Landmark.
In this fascinating episode of Let’s Talk Business, Joe lets Meny in on the secrets of his success and the ways that anyone can learn how to wisely invest in the real estate market. Among the topics they discuss are what you need to do to start off in real estate, whether down cycles should be seen as an obstacle or an opportunity, why some successful real estate investors sometimes lose everything (and how to avoid falling into that trap), the biggest mistakes people make in real estate, and much more. He also tells his own story and emphasizes the importance of charity not just as a religious obligation, but also in creating a company culture where people can thrive.
[00:01 - 07:59] Joseph Lubeck's Inspiring Journey to Success
• Joseph has overseen the build-out of four successful multifamily portfolios
How he got involved in real estate and became COO of an early apartment company• In 1996, Joseph took every penny he had and bought one building in St. Petersburg, Florida
• How hard work and giving can lead to success
[08:00 - 16:03] Navigating Real Estate Cycles
• American Landmark has 800 full-time employees and 36,000 apartments
The value of customers, investors, and team members• Giving till it hurts is important to HaShem
• The quote 'Buy when there's blood in the street'
[16:04 - 24:49] Low Leverage Real Estate and Taking Advantage of Opportunities
• Why you should be as lowly leveraged as possible
• Sleep at night by having good partners rather than lenders
• Cycles must be expected and anticipated
• Specialty businesses require sophisticated knowledge
[24:50 - 34:30] Tips for Protecting Your Life Savings
• Take a job and learn from somebody else before starting on your own
Surround yourself with people smarter than you• Start small and use smarts to grow - Make HaShem your partner
• Stay under control and don't get involved in bidding wars
[34:31 - 42:55] Closing Segment
• Stay under control and don't get involved in bidding wars
• Don't go outside your area of expertise
• Joseph on the rapid-fire questions
Want to connect with Joseph? Follow him on LinkedIn. Head to American Landmark and create healthy, equitable, and sustainable environments!
Key Quotes:
"Customer service is everything. Giving people a good, affordable, clean, and modern place to live is part of our mantra. It's part of our mission." - Joseph Lubeck
"The less debt you take on, the more you're able to manage through cycles." - Joseph Lubeck
"Surrounding myself with people who are smarter than me and who I learn from is one of the keys in my view to success." - Joseph Lubeck
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