My guest this week is Keith Wasserman, co-founder of the real estate investment firm Gelt.This was my first fully dedicated conversation on direct real estate investing, so we cover many different topics, including the pros and cons of different types of real estate, current valuations, risk vs. reward, tax protection, and the most interesting emergent areas.  You can tell Keith is an entrepreneur at heart so I enjoyed his energy and all that he has learned. Please enjoy.For more episodes go to InvestorFieldGuide.com/podcast.Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.Follow Patrick on Twitter at @patrick_oshagShow Notes1:15 - (First Question) – Their interest in apartments and mobile homes as investments2:32 – The returns spectrum for different classes of real estate4:03 – His early entrepreneurial ventures and the start of Gelt7:45 – Don’t be afraid of negotiating8:34 – Going through early deals in real estate11:57 – How he determines when it’s time to sell a property14:13 – How do they think about taxes in their investment offerings16:57 – Depreciation strategies in real estate investing18:27 – The evolution of the types of real estate properties they’ve invested in21:41 – Most important factors when evaluating a building to invest in23:50 – Barriers to entry25:41 – Changes in his cost of capital28:51 – Cost of debt and deciding how much to put into a building30:33 – A look at the competition34:51 – Effective marketing strategies37:07 – How demographics impact their strategies39:11 – The co-living space40:34 – Cloud kitchens and how he would invest in these46:11 – How autonomous vehicles will impact real estate47:52 – Pros and cons of developing new properties vs buying existing ones49:59 – Early stage investing interest53:48 – Favorite business/entrepreneur story55:10 – Advice for younger entrepreneurs57:09 – Kindest thing anyone has done for KeithLearn MoreFor more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub