SAN DIEGO—During the borrower/developer panel at MBA's CREF/Multifamily Housing Convention and Expo 2017, Steven Kenny, SVP, CREB East Executive, Bank of America Merrill Lynch, began by asking panelists about how to differentiate themselves today to come out the winner of a property or of business.
“When you go and buy real estate, you need to have a plan and the capital going in there and really understand how much everything is going to cost,” said panelist Paul LeBeau, principal and CFO of Bollert LeBeau Commercial Real Estate. “You really better make sure you are well capitalized and can execute your business plan and that is where a lot of entrepreneurial companies come up short.”
According to LeBeau, what is most important is really knowing your strengths as a firm. “The business has changed on the office side and has gotten a lot more institutional. The cost and size of the deals have gotten so much larger.”
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