Patch of Land recently spoke to one of our borrowers, Michael Kevorkian, who is helping to grow communities by rehabbing sections of Chicago. Michael has 14+ years of experience as licensed Realtor and has been working almost exclusively on property investment projects for the past 10 years. He focuses on short sales, auction, rehab and quick flip projects and has successfully turned over more than 200 properties. His development team also owns New Market Realty Inc., an established Real Estate Brokerage with nearly 50 independent agents.
Related Video: Borrower Webinar with Michael Kevorkian
During our conversation, we got a more in-depth look into Michael's introduction to real estate, crowdfunding, and his overall experience with Patch of Land. We hope you enjoy the following:
Patch of Land Reviews: Real Estate Crowdfunding with Michael Kevorkian
PoL: How did you first get started in the real estate industry?
MK: I got started in real estate in 2001 as a real estate agent. At the time I was managing a restaurant in Chicago and I had a friend who said I was good with people so I should get my real estate license and become an agent, so I did it. It took me a couple years before I discovered the importance of lead generation and the marketing aspect behind the business. However, after advertising to sellers through canceled and expired listings, an elderly lady asked me if I could just skip the listing process and outright buy her property. After going through with it, I shifted my focus and researched different niche markets within the real estate industry. From that point on, I transitioned into becoming a real estate investor.
PoL: How many deals have you done since your first introduction into the real estate industry?
MK: It’s been about 15 years now and, all-in-all, my company and I are able to claim a little over 800 transactions in total. As far as actual investments that we have solely had control over, the number recently broke the 250 threshold and is approaching 300. We’ve gotten off to a good start this year so hopefully 2015 will see us reach that mark.
PoL: Do you have any advice for newcomers into the industry?
MK: In my opinion, this is something that should not be looked at or treated as a hobby. This is a business, we are creating housing and affecting the livelihood and welfare of others. So things have to be done right and they have to be done consistently.
PoL: How did you hear about real estate crowdfunding? What made you try real estate crowdfunding? And why did you chose Patch of Land?
MK: While listening to a podcast I heard an ad about it from one of Patch of Land’s competitors. I figured I’d try it out and placed a project proposal on their portal for people to invest in and for some reason it never generated interest. So I looked online for other real estate crowdfunding portals and found Patch of Land.
PoL: What do you like about working with Patch of Land?
MK: With Patch of Land I found there to be 3 major keys: 1) Ease of doing business as a borrower. 2) They are very thorough with their underwriting and due diligence process. 3) I don’t believe in zero risk, but for the investors financing the projects, this is the closest thing I’ve seen to zero risk investing. They really do lookout for their end investors, as well as the borrowers (Developers) by giving them access to capital and funding very quickly.
PoL: Will you submit another proposal for a project with Patch of Land? Would you recommend Patch of Land’s real estate crowdfunding platform to your peers and colleagues?
MK: I’ll definitely be working with Patch of Land as long as they'll have me. It’s been a great experience and I’m very impressed with the level of organization and communication from them. I’ve attempted using a couple other real estate crowdfunding platforms and Patch of Land has been the only one that’s been responsive. As far as real estate crowdfunding is concerned, I really got nowhere until I reached out to Patch of Land, so thank you. For the guys and gals that are in my shoes as a Developer, Patch of Land is a great company to work with, I highly recommend them.
Thank you Michael for all your hard work and dedication. You are a true success story and an inspiration for all the rebuilding you're doing within your local communities. Your reputation speaks for itself and we look forward to building solid relationships and doing business with professionals like you all across the nation. If you’re a real estate investor & Developer like Michael, please apply and submit your project proposal today!
Free Download: Top 10 Crowdfunding Questions
Take a look at some of the most commonly asked questions we receive about real estate crowdfunding on a daily basis and find out why so many people are crowdfunding real estate projects across the country with Patch of Land
If you still want to know how Patch of Land works for professional real estate developers and accredited investors, please visit Patch of Land’s FAQ section and learn more today.
