All-In: A Poker Player’s Guide to Real Estate Success

It is common for people to associate success in real estate with a traditional business background. However, what if your path to property ownership began on the opposite side of the felt? That’s Pasha Esfandiary’s unconventional journey. With his unique skill set and relentless drive for success, Pasha has moved from poker tables to real estate investment.

Pasha is a seasoned investor who has been investing in real estate for more than a decade. After starting out flipping auctioned homes, he now invests in residential, commercial, and multifamily properties. In 2021, Pasha founded Evoke Capital to help others achieve financial freedom through real estate. The company has grown to manage over 1650 units in just a few years. Ultimately, he wants to create sustainable communities by providing residents with educational resources, financial literacy, and emotional well-being.

So, let’s look at his extraordinary story and see what you can learn from it.

From Poker Tables to Property Deeds

His brother’s victory at a poker tournament inspired Pasha’s enthusiasm for the game’s intellectual challenges and competitive nature. However, his desire to find a more stable and fulfilling path ultimately led him away from professional poker. When he was 26, he transitioned to real estate, beginning as a flipper and quickly developing a passion for the industry.

Poker left an indelible mark on Pasha’s business approach. In addition to sharpening his ability to analyze patterns and make quick decisions under pressure, he also learned the importance of risk management. These skills would be crucial for his success in the complex world of real estate.

The Allure and Challenges of Multifamily Investing

In his early real estate ventures, Pasha focused on multifamily properties. In the following years, he acquired a 74-unit building and subsequently an even larger 180-unit complex. Even though these investments were substantial, he soon faced recurring challenges: compressed cap rates and intense competition. There was a nagging question: why were investors content with modest returns in such a seemingly lucrative sector?

The Evolution of a Real Estate Portfolio

Pasha began his property-buying career at auctions, learning valuable lessons along the way. Having found success flipping properties in Las Vegas, he expanded into Los Angeles. Although LA is a big city, the high home prices make him feel small. Taking advantage of his poker experience, Pasha shifted his focus to less competitive fields, such as land development and hillside luxury homes.

A Pivot to Mobile Home Parks

After speaking with partners with experience in mobile home parks, Pasha saw a new opportunity. Compared to his apartment complexes, their first joint venture in this asset class was significantly more profitable in terms of cash flow and equity. Pasha became fascinated by these results and delved deeper into the world of mobile home parks, building a substantial portfolio around them.

The Mobile Home Park Advantage

What makes mobile home parks unique? They are attractive for several reasons:

• High cash flow. The cash flow generated by mobile home parks is typically higher than that of traditional rental properties.
• Tax advantages. It is possible to save significant money on taxes by taking advantage of depreciation.
• Stability. Tenant turnover is generally lower in mobile homes, resulting in more predictable income streams.
• Supply and demand dynamics. Despite the growing demand for affordable housing, there is a limited supply of mobile home parks.

Real Estate Syndications vs. Real Estate Funds

Pasha also discussed the pros and cons of syndications and funds in real estate investing. A syndicate raises money for a specific deal, whereas a fund enables diversification across a variety of properties. Pasha found that the fund model provided greater diversification for investors and streamlined the capital-raising process.

Operations: In-House vs. Outsourcing

Regarding property management, Pasha prefers to keep things in-house rather than outsourcing. He says the owner cares more about the property and can ensure better management than a third party. Pasha’s team has built a robust infrastructure to meet the challenges of property management and scaling.

Lifestyle Investor Mastermind: Lessons and Inspiration

As a community builder and advocate, Pasha strongly believes in the power of intentional relationships. Through the Lifestyle Investor Mastermind, he strives to elevate himself by surrounding himself with empowering individuals.

He values authenticity and vulnerability to foster strong connections and personal growth. Pasha emphasizes the importance of consciously choosing one’s community, citing the Lifestyle Investor Mastermind as an example of a community that fosters growth, knowledge sharing, and mutual support.

As an investor and individual, participating in this group has provided him with invaluable insights and inspiration.

Building a Real Estate Empire Through Communities 

Pasha’s success is not solely due to his investment strategy. He advocates creating supportive communities of like-minded people and believes in the power of mentorship and collaboration, which is why he joined the Lifestyle Investor Mastermind. Through the company of inspirational peers, he has fostered both personal and professional development.

Conclusion

The journey of Pasha from poker player to real estate mogul illustrates the power of adaptability, continuous learning, and strategic investment decisions. For aspiring investors seeking to diversify their portfolios, his focus on mobile home parks provides valuable insights into this often overlooked asset class.

Key Takeaways

• Diversify your portfolio. Don’t be afraid to invest in unconventional asset classes like mobile home parks.
• Build strong relationships. Make sure you surround yourself with people who share your values.
• Continuous learning. Keep up with market trends and keep an open mind.
• Focus on cash flow. Invest in investments that generate consistent income as a priority.
• Leverage tax advantages. To maximize returns, understand and utilize available tax benefits.

Featured Image Credit: Javon Swaby ; Pexels, Thank You!