On Episode #39 of the Profits Over Wages Podcast we sit down with Emil Khodorkovsky. Emil immigrated from Russia to the US at the age of 10. He started at an entry-level position at a mortgage company, quickly advanced, and ultimately became a partner at the firm. During that time, he began investing in real estate through private trust deeds as well as the acquisition of performing and non-performing notes. In 2011 he started Forbix - establishing a commercial mortgage bank, a direct lending platform for private debt, and an acquisition and development arm - all under one roof.
He has vast knowledge in the areas of real estate finance, asset management, construction, and has acted as a court-appointed receiver for real estate properties in California. Clients value his advice in real estate related matters including 1031 exchanges, multi-family developments, CMBS financing, and FHA apartment and construction financing. It is his unique background in both lending and real estate investment that has proven to be invaluable to his clients.
On the lending side, Forbix has collectively been involved in over $3 billion of debt funding, providing permanent, bridge, construction, mezzanine, private debt financing, agency, CMBS, portfolio loans, and 35-40 year fixed loans for existing and new construction of multifamily properties. On the investment side, Forbix focuses on value-add deals, with ownership of over 1,000 units nationwide, 500 units under development, and another 400 units starting construction in the next couple years, with a total aggregate value of $250 million. Emil also founded a non-profit organization to foster entrepreneurship among kids.
On this episode we go in-depth about financing real estate projects, both commercial and residential, Emil talks about the growing pains of starting and growing a company and from a lenders perspective, Emil shares his thoughts on the current state of the real estate market.
SHOW NOTES & LINKS
- Who is Emil khodorkovsky?
- How and why did you decided to found Forbix?
- What was the environment when you first started Forbix in 2011?
- Have you had started a company in the past? Or was this your first venture?
- How did the opportunity to start Forbix come about?
- Emil talks about his strategy in the early days of Forbix
- How is Forbix setup? Are there different divisions?
- Emil talks about FHA apartment and construction loans and Forbix being 1 out of 100 designated lenders
- What loan products do you have available for developers?
- Why do you not do your own fix and flips anymore?
- Emil talks about his strategy when it comes to buying investments
- What is mezzanine financing and how does it work?
- What are your thoughts on the current state of the market?
- Emil talks about why investors choose to invest in markets like LA
- What are your most active markets?
- What factors do you look at when doing commercial loans?
- How did you come up with the name Forbix?
- What are some of the growing pains you encountered from starting Forbix?
- How many partners are there in Forbix?
- What was your vision when you first started Forbix? And has it changed since then?
- Where do you see Forbix going in the future?
- What has been your favorite projects that you’ve funded so far?
- What is your bread and butter project that you finance?
- How long have you been in the lending industry? And why real estate?
- As a hard money lender, how and where do the funds come from?
- What habits helped make you successful?
- What is your best hiring tip or secret?
- Have you ever turned down a client?
- What is one thing you find to be true that most people would disagree with?
- Do you have a favorite? Is there one that set you up for a future success?
- If you had the chance to start over again, what would you do different
- To what do you attribute your success?
COMMENTS & QUESTIONS
If you’d like Ricardo & Matthew to play and answer your question on the podcast during the "lightning-round" section, please leave a voicemail at 847-999-4486.
If you have any other questions or comments you can leave a reply below or email us at firstname.lastname@example.org. We'll also answer them during the "lightning-round" section from Facebook & Instagram if you use the hashtag #AskTheProfitsPodcast.
If you like the podcast, please leave us a comment iTunes. We would really appreciate it and it would us help a lot on reaching more people.
LEAVE A REPLY
PREVIOUS PODCAST EPISODES
#38 - GET OUT OF YOUR OWN WAY: DONE IS BETTER THAN PERFECT WITH BOB MCINTOSH
On this episode we talk about how to get out of your own way - why done is better than perfect, the current state of the real estate market when it comes to rehabbing homes for profit, and practical and simple ways to generate leads online organically through search engine optimization.
Bob also gives us an insight into his next book on how to become the general of your business instead of the soldier and how The Absolute Best or TAB retreat came about and why you should be there next time around.
#37 - THE $100 MILLION MORTGAGE MAN WITH JOEL SCHAUB
On this episode we talk about how Joel has been able to get to $100 million in volume over the last 3 years and he gives advice on how to get started and how to grow your book of business as a new loan officer. We also talk about how Joel was able to not only survive but thrive after the real estate market crash and why in business you must focus on building life-long relationships and giving back as much as you can.
#36 - BECOMING A SEXY BOSS: EMPOWERING WOMEN TO PURSUE BUSINESS & ENTREPRENEURSHIP WITH HEATHER ANN HAVENWOOD
On this episode we talk about the power of podcasting and why as a small business owner you shouldn’t avoid it, why in entrepreneurship is best to not be attached to your creation, how to work your list and double your business, and Heather talks about empowering women to pursue business and entrepreneurship.