We Can All Adapt And Reap
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It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast. We're talking to Eileen Prack from Bonnevest Capital in Orange, California in the US. Welcome to The Real Estate Podcast, Eileen.
Hi, thanks for having me.
Hey, great to have you on. Firstly, I wanted to get your take, particularly in the U.S., on what you've seen in the real estate market since COVID-19 has hit and what perhaps has struck you as maybe one of the single biggest surprises in the market across the U.S. ?
Since COVID hit, what we've seen in the U.S. is there has been a huge movement of people who are no longer bound by location due to their jobs. Because with COVID now, everybody has the flexibility of working remotely. So a lot of people have taken that opportunity to move to more affordable places. They've moved from the cities into more of the suburban areas, moved closer to home with family, places that they actually want to live in, not because they have to live in because of work. One of the biggest trends I think that was most surprising was we're not really seeing people moving to specific areas or city areas, but they're moving more towards actually tertiary markets. So not like much further away from the cities and everything like that so that it's more affordable.
You know, they want a little bit more space. They're looking for places where they can, you know, create families for themselves. You can have a little bit more room to breathe and to grow. So they're not really looking for places where it's very busy anymore. They're moving towards more suburban areas.
Isn't it interesting because it's something that we've spoken about a lot on the Real Estate Podcast, and that is COVID has repositioned people's mindset, whereas without COVID, this wouldn't really be happening.
Yeah, absolutely. I think especially with COVID, people have really come to realize how important time is, how important and how valuable time is. And people value their health a lot more now.
What insights does Aileen Prak share about the U.S. real estate market post-COVID?
People really put a lot of emphasis on work-life balance and putting their health and their families and really their time first now.
So with people that obviously you're connecting with through Bonnevest Capital, How relevant is that with people's mindsets, just with that whole complete 360 dynamic in terms of let's just re-evaluate life, let's look at some passive investing, which is, we could talk about that, it's something that you do. How many of these clients are coming through with that sort of mindset?
A lot of them actually, what they're seeing is that there's other ways and alternative ways to actually create income for themselves that's not just through the typical W-2. They are able to create things through passive investments. So a lot of people now are starting to look for different avenues on to create different streams of income through passive investing. And so one of the areas that we focus on primarily are like multifamily syndications where that is like a true passive, what we call mailbox money type of investments where you're partnering with different sponsors in the market who are doing the operations. They're talking to the property managers or working with the residents. where the investors themselves are just bringing the capital they can partner on, they can enjoy the cash flow.
And at the same time, at the end of the life cycle of the project, they can also enjoy the appreciation at the same time. So they're not having to deal with all the active side of things of real estate, where they can just truly focus on just getting that cash flow and just very, very hands off.
So do you think that the whole passive investing is fitting people's lifestyle now with this re-evaluation on life?
Yeah, absolutely. Because what we've noticed now is that we're able to, the mind shift now is, you know, let's try to make our money work for us instead of us having to work for money. So instead of leaving it, you know, working and trading our time, working in a W-2,
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