The HyperFast Agent Podcast

Episode #119 Act with Certainty with Kevin Palka

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During this HyperFast Wealth segment, host Dan Lesniak speaks with Kevin Palka of MVP Equity & Asset Construction about working as a highly successful real estate developer. They discuss important keys to running a construction business and pursuing development projects, as well as how to create good habits that will impact every area of your life. 

Episode Highlights: 

  • Kevin Palka started in real estate at age 18, and grew up in the construction industry.
  • If someone has a track record that goes back prior to 2008, that means a lot to Dan.
  • Asset Construction is a general contractor that does work for developers.
  • MVP Equities is a development company. They acquire land and title. They determine the highest and best use for that piece of dirt.
  • Keeping cost to a minimum without sacrificing quality is a huge key to running a construction company.
  • Do your homework when choosing a construction company.
  • From the developer side, it's all about location.
  • Developers need to find deals that make sense and bring them to the marketplace.
  • Developers need good deal flow and must stay disciplined. As a developer, you must always act from a place of certainty.
  • Kevin works with real estate brokers and architects to generate his deal flow.
  • To maintain that deal flow, Kevin has at least one networking meeting daily.
  • If you’re just starting out in this business, hire a coach or partner with someone who has done a deal. This will help you compress time.
  • Have good metrics and track them.
  • Kevin provides insight into his personal habits. He journals daily. 
  • What is the one door I want to open this week? What are the four keys to opening that door?
  • Kevin also reviews his progress weekly. You can course-correct on a daily basis.
  • Focus on changing habits. It takes ninety days to change a habit.
  • Kevin’s longer-term goals are to focus on areas of high growth and to develop six hundred units per year.
  • Sometimes they sell the property after three years. They also partner with national management properties. If they keep a property long term, they'll refinance it in ten years, take some equity out, and do another project.
  • Avoid competing commitments. They will bring your production down.
  • Dan and Kevin discuss the importance of focusing on your strengths.
  • Bring in the right people to compensate for your weaknesses.
  • If people want to invest, investing in apartment buildings is a great way to do it.
  • There's a huge need for quality housing. Providing brand new quality housing is helping people out.
  • His biggest advice to a new investor is to do your research and hire the right people to help you evaluate the project.
  • His biggest advice to a seasoned investor is to find the best financial term sheet for the project for your lenders.
  • His biggest mistake in business was taking a higher interest loan than he should have.
  • His biggest win was when Asset was named the DC Historic Preservation Award Winner in 2012 for a project they designed and built in Capitol Hill.
  • Network with like-minded investors that could help you generate equity or a down payment to purchase a piece of real estate.

    • 3 Key Points:

    1.   Do your due diligence when hiring a construction company. Good crews can be hard to come by. 
  •   Generate deal flow by working daily to build and maintain your network.
  •   Choose to develop better habits and track your progress.

    • Resources Mentioned:

    • Learn more about Hyperfast Academy; HyperFast Wealth
  • Dan Lesniak bio, Facebook, Twitter
  • Kevin Palka: Call Kevin at (703) 201-5330
  • MVP Equities
  • Asset Companies
    • ...more
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    The HyperFast Agent PodcastBy The HyperFast Agent
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