We sat down with real estate investor, Kerry Lampkin, based in Detroit and discussed pivoting and preparing for real estate investment success in this new economy. The following are ways investors can up their competitive game and prepare themselves for even greater real estate investing success in 2020.
Q: What are ways that real estate investors can be more efficient, what technology can be used to increase productivity and success?
A: I believe it is very important to evolve!!! Computers and technology allow for faster processing of data, easier retrieval of information and automation can reduce or replace physical employees. These are realties that investors must adapt to and get ahead of.
When people perform tasks by hand, it can be time consuming and full of human errors. The property Management software I use is called Cozy (www.Cozy.com). Cozy is an easy way to collect my tenants rent online and screen tenants at no cost. Online Rent Collection, is a game changer in this new economy. I can also do Tenant Screening, Credit Checks, Market my property Rentals, Choose The Right Tenants and Stay Organized & more. My goal is to always use as much technology and automation as possible to help increase productivity and the scale my business.
Q: What ways do you suggest for real estate investors to stay ahead of the curve and sharp during this economic transition?
A: Use downtime to improve your knowledge and skillset . Audiobooks, podcasts that keep your aware of the economy, real estate investment circles. You want to stay up on trends by the moment such as the current increase in multi-family homes, revived interest in looked over markets, etc.
Q: What are your thoughts on investment clubs? Or joint collaboration on real estate investment acquisition from an economic empowerment standpoint?
A: I love investment clubs. I have and will always invest with a groups of people when it makes sense for all parties involved. We diversify our investments and make decisions together. We buy & sell based on our member vote.
Q: Since Detroit is your home, you have decided to take people behind the scenes of what goes into making sound real estate investments with your new show “Detroit Dealmakers Project” tell us more about this?
A: Detroit Deal Makers is a 60 minute television series that teaches the ins and outs of real estate investing to a group of contestants who then pitch their development plans for Detroit properties to a host of investors included myself, Dr. Jewel Tankard, the hosts of the His & Her Money Podcast and more. One contestant will be selected to win a complete investment deal.
This project came about through my Possessing The Land project which is a digital investment training through e-courses in the spring of 2020 in the midst of the coronavirus pandemic. Through the development of the course, I decided that the students just learning online was not enough and that they had to learn by real life application in the field. I decided to give away a piece of land I owned. The students were to submit an evaluation of what they’ve learned during the course and how they would use the land if selected as a winner.
A: What is your advice for anyone looking to get into or pivot in the world of real estate investing?
For centuries real estate investment has been a major tool to generate wealth, and that’s true now more than ever. With the current uncertainties of not only our health, but also the health of the economy – land is a definite and stable resource. You can print more money, drill for more oil, or even dig for more gold, but the amount of land on the earth is definite. Owning land is a resource that does not depend on the economy for value. For more information or to connect with me visit www.KerryLampkin.com
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