Harvard Can't Teach What You Learn from the Streets: The Street Success Guide to Building Wealth through Multi-Family Real Estate

by Sam Liebman

Overview

"...if you're looking to achieve a higher level of excellence in business by becoming remarkable...this will inspire you and focus your efforts on success while building real wealth! Simply put... it's a great read!"--Tim Sabean, CEO of Sabean Media and former SVP of the Howard Stern Channels

There are many paths to becoming successful in real estate. But flipping houses, holding a license or owning a home is only the beginning of what could be a long and transformative journey to building lasting wealth through real estate.

Your new instructor is about to arrive, but he won't be sitting you down in a classroom--instead, the opposite. Real estate investment icon Sam Liebman will whisk you straight from your seats down to the streets.

Harvard Can't Teach What You Learn from the Streets is no ordinary real estate investment guide. It's Sam Liebman's "no holds barred" deep dive into the fine art of becoming a real estate mogul yourself.

Liebman experienced a rise to notoriety as a real estate investor after taking 4 vacant stores in Manhattan and building a new 21-story luxury condominium project with a sellout in excess of 100M. He has a penchant for taking property from rubble to ritz, and breaks down exactly how even a beginner investor can replicate the process.

A classroom environment can only teach you so much. But raw experience can take even the greenest investor and forge them into a seasoned pro. Through transparent access to Liebman's expertise, you'll be on the fast track to commercial real estate success.

Sam Liebman will teach you...

To master the core fundamentals of real estate systematically, one step at a time.

The financial categories and components of a property's revenue and operating expenses.

The tricks of the trade, the knowledge the pro's use, and what goes on in the backroom.

How to uncover the "Inside Story" of a property allowing you to find opportunities overlooked by others

And much, much more!!!

Harvard Can't Teach What you Learn from the Streets paves the way for new investors to transform their lives through the power of commercial real estate. And by standing on the shoulders of giants such as Sam Liebman, you'll be able to reach far beyond where you've ever thought possible.

Product Details

ISBN-13:	9781641466523
Publisher:	Made For Success Publishing
Publication date:	01/11/2022
Pages:	367
Product dimensions:	6.00(w) x 9.00(h) x 0.77(d)

About the Author

Sam Liebman is currently the founder and CEO of WealthWay Equity Group LLC, a New York based private equity and real estate Development Company (www.wealthwayequitygroup.com). He has owned substantial interests in over 70 properties during the past 30 years, ranging from multifamily communities, office buildings and shopping centers to the ground up construction of a luxury 21-story condominium development in Manhattan. Liebman has extensive experience in finance, property management, acquisition, and development.

He is also the chief executive officer of Rolling Cash Realty, Inc., a real estate management company, as well as a partner in Tepper & Co., a certified public accounting firm. From 1983 to 1986, Mr. Liebman served as the chief financial officer of Mountain Development Corp., a leading New Jersey real estate development company. Liebman has extensive experience representing owners, choosing properties for acquisition, and subsequently negotiating their purchase and sale. He has overseen new building construction and interfaced with renovation and operational staff, architects, engineers, and contractors.

In 2008, he formed a fund that turned $9,000,000 in capital into a portfolio of 20 properties with an aggregate market value that has grown to over $120,000,000.

After decades of experience, he's now committed himself to teaching others how to build lasting wealth through real estate. His promise is to teach his students the fundamentals and tricks of the trade so that their knowledge of real estate will increase exponentially!

Table of Contents

PREFACE: BECOME A REAL ESTATE PROFESSIONAL

FOREWORD

INTRODUCTION

CHAPTER 1: WELCOME TO THE NEW MILLENNIUM, WHERE INSTANT GRATIFICATION TAKES TOO LONG

How to Not Become Successful

Et tu, Harvard?

Learn Street Knowledge

Learn to Be a Student of the Game

The World’s Largest Book: The Book of Excuses

FEAR! The Number 1 Stumbling Block for Success

What this Book Offers

CHAPTER 2: UNDERSTANDING THE BASIC ARITHMETIC & ANALYTICAL CONCEPTS NEEDED FOR SUCCESS IN THE REAL ESTATE BUSINESS

Understanding the Rent Roll

The Effect of Capitalizing and Compounding the Rent Roll

Understanding Net Operating Income (NOI)

Understanding Cap Rates

Understanding the Difference Between Gross and Rentable SF

The Effect of Upgrading Units and Increasing the Rent Roll

Introducing a Potential Pitfall - The Maxed-Out Rent Roll

Understanding the Statement of Net Cash Flow

Understanding Effective Gross Income

Understanding Operating Expenses

Understanding Cash-On-Cash Return on Investment

CHAPTER 3: ANALYZING THE OFFERING MEMORANDUM (OM)

Summary of the Offering Memorandum (OM)

Offering Summary

Site Description

Building Information

Construction Information

Mechanical Information

Utilities

Amenities

Tax Information

Zoning Information

School Information

Unit Mix

Financial Information

CHAPTER 4: THE LETTER OF INTENT (LOI)

Introductory Paragraph

Purchase Money Mortgage

Closing Date

Real Estate Commissions

Earnest Deposit

Closing Costs

Inspection of the Property

Due Diligence Period

Title Insurance and the Title Company

Financing Condition

The Contract

Withdrawal of Property from Market

Non-Binding Agreement

Confidentiality

CHAPTER 5: PERFORMING PSYCHOLOGICAL DUE DILIGENCE

Psychological Due Diligence

Analytical Due Diligence

Uncover the Inside Story of the Property

Ask! Answer! And Analyze!

Every Property Has Two Personalities

CHAPTER 6: THE PROPERTY PROFILE

What is it? What was it? What can it be?

Third-Party Reports

Put on Your Detective Hat and Start Interviewing

Highest and Best Use

Appraiser’s Methods to Value Property

CHAPTER 7: THE FOUR BASIC METHODS TO INCREASE PROPERTY VALUE

Purchase a Property and Do Zippo (Nothing)

Purchase a Property and Increase the Property’s Revenue

Increasing Revenue

Billing Tenants for Utilities

Purchase a Property and Increase the Property’s Rentable Square Feet

CHAPTER 8: PURCHASE A PROPERTY AND DECREASE THE PROPERTY’S OPERATING EXPENSES

Management

Supervisory Management

Decreasing the Property’s Operating Expenses

Real Estate Taxes

Warning: Danger! Danger!

Contractors, Subcontractors, and Vendors (collectively “Contractors”)

CHAPTER 9: UNDERSTANDING WHY CAP RATES CHANGE

A Narrative of the Changes in Cap Rates: 1991 to 2019

The Start of a Comeback: Cap Rates Decrease 1997 to 2000

Factors Contributing to the Current Low Cap Rate Environment

Tax Benefits: Before Trump’s New Tax Laws in 2017

A NOTE FROM SAM LIEBMAN

APPENDIXES

Chapter 2 Appendixes

Chapter 3 Appendixes

Chapter 4 Appendixes

Chapter 6 Appendixes

Chapter 7 Appendixes

Chapter 9 Appendixes

 

Editorial Reviews

"Sam's real-world and practical approach to teaching investment methodology creates a fundamental knowledge base for anyone considering a career in real estate investing. As a 20+ year industry veteran leading both acquisition and property management teams, Harvard Can't Teach What You Learn From The Streets will be required reading for my first-year team members to augment their educational coursework with real-world considerations."
—Stephen Mitchell, EVP of Asset Living, a multi-generational family business that is currently ranked the 5th largest property management company in the United States by NMHC

"Sam Liebman has created a manifesto for anyone who wants to up their game, not only in the Real Estate space but in business in general…if you're looking to achieve a higher level of excellence in business by becoming remarkable…this will inspire you and focus your efforts on success while building real wealth! Simply put… it's a great read!"
—Tim Sabean, CEO of Sabean Media and former SVP of the Howard Stern Channels

"Harvard Can't Teach What You Learn From the Streets follows my personal mantra of quality over quantity. The book's content is so strong that it's one-stop shopping for anyone who wants to learn the real estate business. Funny, witty, and extremely informative. It's a first-round draft pick."
—Mike Tannenbaum, ESPN NFL Front Office Insider, executive vice president of football operations for the Miami Dolphins (former), and general manager for the New York Jets (former)

”Sam's book is a candid and effective blueprint for running a successful real estate business. His straightforward, real-world approach makes this a compelling and invaluable must-read for any real estate professional from the title forward. Sam's knowledge extends beyond just real estate, and his approach to business is something that any entrepreneur can learn from. This book should be on every business person's list to read."
—Thomas M. Sparico, Entrepreneur & Venture Capitalist, Managing Partner of Brand New Matter, Named Inventor on 100+ Patents, Founding Team of Priceline.com

"The most practical book on real estate I've ever come across. Sam takes you on a rarely seen insider's view of the real estate industry and teaches the skills you need to amass wealth over time. Not a get-rich-quick book—this is a get-smart quick book. A real-life study of the business through the eyes of a master player. A must-read for anyone seriously looking to improve their skills in the game."
—Joel Schechter, retired CEO of Honora Pearl and QVC on-air personality (former)

“This is the book you never knew you needed...What if you could take a masterclass in real estate with a true master? Sam Liebman brings us just that—street smarts instead of book smarts—breaking down the real estate game in an easy-to-understand, step-by-step workbook. So pick up your copy of Harvard Can't Teach What You Learn from the Streets. Whether a newbie or a veteran, dog-ear it, mark it up. Sam cuts through the mystery of buying, maintaining, and managing Real Property. Sometimes hilarious, but always on point, this is a must-have in every real estate professional's library."
—Brad Szollose, Serial Entrepreneur, Award-winning author of Liquid

"Sam Liebman effortlessly produces enviable results with his masterpiece tome, Harvard Can't Teach What You Learn from the Streets. In this riveting book, you learn many little-known, step-by-step life and business strategies to accomplish getting to the top. It's better than any how-to-do-it book - Liebman's life and career are about utilizing the most effective and uber-practical strategies to excel not only in real estate but in any foray you embark. This page-turner will help catapult you into the elite stratosphere of high achievers. A book that will become an instant top bestseller!"
—Ian Halperin, NYT Bestselling author, and award-winning filmmaker

“Sam Liebman has had an incredibly successful career in the real estate space. His book, Harvard Can't Teach What You Learn From the Streets offers incredible insight into the essentials for business success. His techniques are proven, and he has the results to back them up. His principles and concepts are targeted toward real estate but can be utilized in a multitude of different businesses as well. After you finish this book, you will have additional insights that are essential in the business world."
—Bill Porricelli, Music and Entertainment Industry Executive, SVP for Paul McCartney's MPL Communications Inc. (former)

"This book is essential reading for anyone entering or already in the real estate industry. A great playbook for real estate and business in general."
—Marvin Washington, Medical Cannabis entrepreneur and NFL Superbowl Campion (former)

"Sam Liebman is an incredibly knowledgeable business person who has had great success in his career. To have the opportunity to learn many of the things Sam has learned over the years is something everyone who wants to be successful in real estate will value. What makes this business book unique is that in addition to being informative, Sam was able to make it an enjoyable read. Harvard Can't Teach What You Learn From The Streets is a book everyone must-have for their business library."
—Ken Cage, CEO of IRG Group, the world's premiere Airplane Repossession company and Star of the Discovery Channel's hit TV show, Airplane Repo

"Harvard Can't Teach What You Learn from the Streets is the most comprehensive and practical book on real estate I have ever read. The book provides the perfect game plan for learning how to build lasting wealth through real estate. I will be strongly recommending the book to my clients and friends. Great job, Sam!"
—Richard "Big Daddy" Salgado, CEO of Coastal Advisors LLC, and correspondent for Fox News, ESPN, the NFL Network, and Bloomberg

"Sam Liebman has written a delicious as well as a digestible guide to real estate! He shares his deep insights… similar to a famed chef featuring the nuances of their epicurean talents via a cookbook—A MUST READ for the seasoned real estate professional as well as anyone desiring to learn what a CAP rate is. My cap or is it chef's hat off to Sam!"
—Donna Drake, of The Donna Drake Show: Live it Up! Award-winning creative artist, writer, producer, actor, and influencer

"Harvard Can't Teach What You Learn From The Streets brings to attention and answers many questions that should be asked and answered before making any real estate or business decisions. Sam clarifies the fundamentals of real estate effortlessly; I earned another degree after this great read!"
—Mark MK, Singer/Performer, Media Maven, collaborator and performer with John Legend, Flo Rida, Snoop Dogg, and Sean Paul

From the Publisher