Gerald Lucas’ 10 Real Estate Commandments
MY REAL ESTATE STORY by Gerald Lucas
After finishing college, I wasn’t sure what career path to take. Before I settled into real estate, I held more than a half dozen different jobs. I wandered from one unfulfilling corporate position to another. The pointless meetings, stifling bureaucracy and office politics made me sick.
I stumbled onto real estate accidentally in 2000 when my Mom visited me on her week off from work. Mom found a local real estate agent who showed us some properties for sale. I had no savings, but made an offer to buy one of the cheapest places I looked at–a small tenant-occupied condo. When my offer was accepted, I had to use a credit card cash advance to come up with the down payment and closing costs.
While I waited for my tenant’s lease to expire, I noticed that similar apartments in the neighborhood were renting for significantly more money per month than my tenant had been paying. If I became a landlord and increased my tenant’s rent to the average rent in the area, his new monthly rent payment would cover my mortgage payment, condo fees and leave me with some extra money at the end of each month. At that moment, a light bulb went off in my head—had I discovered a viable path to financial freedom?
Real estate became my new passion. I tried to learn everything I could about real estate investing first by reading books and listening to real estate audio courses and later by seeking the advice of experienced real estate investors in my area. I began building a small portfolio of properties by partnering with other people who had money to invest. At the time, I was a Director at a Fortune 100 company and found myself spending more of my time working on real estate deals. Although I was earning a six-figure salary, I was miserable—it was time for a change.
Mom thought I was crazy, but in 2002, I took the plunge and became a full time real estate investor. Now that I control my time, thanks to real estate, I’ve travelled to every continent on earth, I spend several weeks every winter in South America and I volunteer with Big Brothers Big Sisters in my community. I also get to indulge my lifelong love of music by performing live on a regular basis both as a singer-songwriter and as a member of the band, GMJ Groove. What would you do if you had more control of your time?
Over the years, I’ve developed a love for teaching people how to invest in real estate. I now have hundreds of former real estate students throughout the United States and Canada. Many of my students have found success investing in real estate, earning extra income buying and selling property for profit and building wealth over time with rental properties.
About Performance Property
Performance Property is a real estate company based in Jersey City that helps people to achieve financial freedom through real estate. We buy, sell, renovate and manage residential property and provide free short sale negotiation services for our clients. We also raise money for real estate deals and transactions.
Our Founder and Managing Director, Gerald Lucas is a real estate investor, best-selling author and licensed Realtor with more than 15 years of real estate experience. Gerald authored the Amazon #1 Best-Seller, “Dare To Succeed” with Jack Canfield who wrote The Chicken Soup For The Soul Book Series. Gerald is also the author of “Short Sale Specifics: An Easy-To-Read Homeowner’s Guide To Short Sales” which draws from his experience successfully negotiating hundreds of real estate short sales. Gerald has appeared on NBC, ABC, CBS and Fox and was named one of “America’s Top Business Leaders” in FastCompany Magazine.
A landlord and condominium developer, Gerald has owned and managed properties that range in size from condos and single family homes to big apartment complexes. An educator, Gerald has coached hundreds of students throughout the US and Canada how to invest in residential real estate. As a college professor, Gerald designed, developed and taught the small business certificate program at Hudson Community College. Gerald holds business degrees from both Howard University as well as MIT’s Sloan School of Management.
Gerald’s Fund Experience:
US Masters Residential Property Fund
In 2011, Gerald partnered with an Australian pension fund to form a REIT (Real Estate Investment Trust) called US Masters Residential Property Fund (see prospectus below). Together they raised over $100 million to invest in residential property. Gerald developed the REIT’s entire investment strategy, handpicked the REIT’s initial team of professionals (attorneys, title company, property manager, property insurance broker) and oversaw the first $20 million of all property acquisitions.
NNG Capital Fund
In 2017, Gerald Lucas co-founded NNG Capital Fund, a $25 million real estate fund that gives accredited passive investors unique access to a diversified hybrid portfolio of mortgage notes and residential real estate at attractive annual yields.