HEATHER EWING: The CRE RUNdown

Ep. 21 Young Lee - The Sky's the Limit

• Heather Ewing, CCIM • Season 1 • Episode 21

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Entering the World of Commercial Real Estate!

From the City of Angels, Young Lee joins me sharing his recent entrance into CRE. Young sheds light on how the pandemic nudged his career down a new path, focusing on the specialty of single-tenant net leases and the complexities of working with retail and office spaces. 

The conversation shifts gears as we explore what it truly means to live life to the fullest. Young and I examine the philosophy of giving your all—perhaps even pushing beyond—to the endeavors you commit to, trusting that such dedication will eventually bear fruit.

We delve into the concepts of integrity, cherishing life's ephemeral moments, and the idea that the journey and the effort are rewarding in themselves. This heart-to-heart leaves us with a renewed appreciation for those who pour their essence into their work and life, and a sense of anticipation for the beautiful connections that lie ahead. 

Heather Ewing, CCIM:

Welcome to Heather Ewing, the CRE rundown. Today I have a special guest for you, all the way from Los Angeles in beautiful California. It's Young Lee Welcome.

Young Lee:

Hello, Nice to meet you. Thanks so much for having me.

Heather Ewing, CCIM:

Heather, definitely you are a commercial real estate sales associate at CBI Commercial. Tell us a little bit more about you for those that don't know you.

Young Lee:

Yeah, I was born in Korea, came to where I was racing San Francisco Bay Area ever since I was five. I just went to college down here, saw the opportunity, so I stayed in LA. Yeah, I actually was originally a business major. I just kind of wanted to go along that route. I knew business finance, something along that route was meant for me. I just stayed here, looked around, covid hit, which actually made me change my career path into commercial real estate. I just thought let's do something long-term, let's do something for my future. You're young, let's just see if you can get your foot in early so that later on it gets a little easier down the road when things do get better. Fingers crossed still for that. Yeah, just to stay down here.

Young Lee:

Found CBI I worked with under George Pino and Joe Killinger. It's been a good opportunity. Been learning a lot. Yeah, I focused on the STNL Singleton and that lease aspect, their niche market, learning a lot every day. I also do leasing retail office as well, just picking little things here and there, just connecting all the dots, just dipping my feet into every little place, just to get that experience. Definitely, here I am now.

Heather Ewing, CCIM:

Right. Well, you're learning from the best on the West Coast, so that's perfect too. One of the fun similarities between us is that I started my firm Abstract Commercial Real Estate right at the beginning of COVID, similar to you in the sense of I saw the opportunity that everything was much slower, pretty much shut down, that it would give me time to create it, get all of the website, the social media, all these different facets together. My goal was to come out 200% out of the gates when things did start to open For yourself. For me, that time was very well spent.

Young Lee:

Yeah, I guess. Thank you to having everything shut down, you really got that time to really focus. I think I took a few steps back, saw what I could redo. My dad always told me call it a reset button, but then again COVID felt like another reset button on top of that that was weird.

Heather Ewing, CCIM:

Great, it's a whole new me.

Young Lee:

Yeah, I expected it. I'm sure everybody was. I mean, it's scary times. You've been still right now and just got to go for the best, though oh definitely Well, and I love, too that you really went inward to figure out.

Heather Ewing, CCIM:

What do I want to do? Also, so much of commercial real estate is investing in the present for your future. There's a lot of unknowns, absolutely as you know that something is always changing. There's no guarantees and it's really being agile, being resourceful and, I think, also having a clear goal, and of course, that's going to change and up and flow depending on what's happening, but it's one of the essential skills I would say.

Young Lee:

Yeah, totally. It's another thing, yeah, you're right, goals that's that really is making that path, you know, knowing what you want. And one thing that I really learned, especially commercial real estate, is you got to be patient. You have to be patient, I realize you know rushing things doesn't get you anywhere. You got to take the time, you know really just take things one by one. I think that was like the best thing how I went along with my deals, just listening to everybody making sure that each and everything's communicated, and yeah, you never know what's going to happen. You know I've had deals fall through. What can I say?

Heather Ewing, CCIM:

you know we all have Just the time goes typically, but then you're right, they get more complicated and there's longer due diligence and different classes, and I think it's an arena where you can continually grow for the rest of your life.

Young Lee:

Yeah, looking forward to it. Just just got to wait and see. Really it's just a matter of time. No one has a crystal ball, it's just hanging in there. Really in focus, I think, only go the goals.

Heather Ewing, CCIM:

Exactly Written goals make such a difference in adjustment. So one of the nice things is, since you're newer to the arena, we've had a lot of seasoned commercial real estate brokers here. So the fun thing in our time together is what are some of the thought processes that you went through in making the change and you're also you know some of the action steps. If you were talking to a friend or someone that reached out to you and they're like young, I'm interested in commercial real estate. What advice would you give them at this point?

Young Lee:

Wow, yeah, I mean I've actually had a few friends actually asked me this question. More on the residential real estate side, I mean the biggest switch is obviously it's not the lifestyle that you think you're going to have To focus and zoom in. You know off, we all come to the office every day. You know expect that a lot more calls, but you know it's everything here though it's. You know you're investing in yourself pretty much and I think you know just knowing what you want and you know commercial real estate is different in the sense that what I liked about one thing I liked about commercial real estate is it's a lot of a, it's a people business almost. You need that personal interaction. You know I need to hear what my client wants and their needs and you know listening to that. You know even going to the site as well, just having that more of a personal aspect to it got me more interested. I knew I wasn't. I knew I wasn't going to be fit like staring at a computer, like typing digits and coding.

Heather Ewing, CCIM:

I knew that wasn't for me, I don't blame you, that would not be. Yeah, that would be tough.

Young Lee:

Yeah, I need to go outside, I need my son. You know, and you know, while you're working at that, like while you're working outside meeting people, creating connections, you never know who you're going to meet, and just establishing those relationships. That's what I really liked about it. It really got me to open my mind. And I mean, you never know, like yeah, I never said you never know who you're going to meet out there.

Heather Ewing, CCIM:

That's one thing.

Young Lee:

Yeah, you're definitely going to. It's a different life than others who aren't in the real estate industry. It's, if real estate even was a passion for you, why not go for it? You know I always had a thing for that, for real estate. You know, growing up, my mom and I we always like to drive around and checking out homes, even for sale. And then you know you keep growing and growing and then you see more of like the commercial, bigger buildings, like oh, these are fancy or these are cooler, and my interest was always peaked in it and I always recommend to my friends if you also have that and if you're interested even in learning, then go ahead, because I think you know real estate is one of those things in life where it's important to know. Even with like finance, with law, you actually get both of those in real estate as well. And even for me you know who doesn't love passive income Exactly right Now.

Heather Ewing, CCIM:

Pass on that, Thanks.

Young Lee:

Yeah, you know I'll stick to my job, but no, but you know there's so many benefits to commercial real estate. It's just the people, even me, even the team that I work with. Everybody's great. Just a different energy, that's perfect yeah.

Heather Ewing, CCIM:

What would you say was something that took you by surprise, that you just weren't expecting in commercial real estate.

Young Lee:

Ooh.

Heather Ewing, CCIM:

These are the hard hitters, John.

Young Lee:

I know these are the hard hitters, and I think I'm going to go back to the point where I learned that this job is going to take time. Don't be scared though. I'm not scaring anybody away it will. The deal will close. But yeah, you just have to be patient, and rushing and having that feeling of it's only going to stress yourself. You just catch yourself If you just take a deep breath and just wait for it. If you did everything correctly, then there's nothing that could go wrong. Really. Sure, maybe there is some extra thing out there, but what's the chances of that? Just be patient, really.

Heather Ewing, CCIM:

Which is sage advice, and I think the really neat thing that you've hit on a couple of times is it's a very relational business and that's an area I thrive in as well, because it's so nice to work with clients that you respect, that you appreciate that you're able to utilize your experience and your skill set to get them a really great deal, and this changes people's lives. It's not a small dollar amount and there's so many different artful ways that a deal can be structured. It's really quite fun. So skipping gears a little bit on those stressful days.

Heather Ewing, CCIM:

I noticed you're a tennis player, right and basketball.

Young Lee:

Yes, basketball, how do?

Young Lee:

you utilize sports for that stress relief. I'm a big believer in that work-life balance and just taking the time out there. You're going to have stressful days, everybody has stressful days, but finding something to take that tension off you, I think, is crucial. Everybody has different hobbies. Even just going to the gym could be one thing. Going on a hike, going to run, something that you know where you can really get your mind off of things. I think that was really big how I incorporate even just the sport itself. I don't know about basketball I wasn't really competitive in that but with tennis it's just more of that mental game and you really got to take your time. You got to read the situation, you read the ball, you read your opponent, you read the clients, all that stuff. It naturally kind of hit in and just connecting those little dots here and there just helped me figure it out as well.

Heather Ewing, CCIM:

I love that and I'm a runner, so I'm right there with you. I think it's integral, in my opinion, to really merge some type of physical fitness with commercial real estate or really any career arena. I think you're at the top of your game, both mentally, physically, spiritually, otherwise, and it's really important to do that. Jumping to AI, right? So this is where, too, I would love your opinion on this. So you're newer to the commercial real estate realm, so you've got a good taste of it. You've been doing some good deals great mentors, great brokerage firm. How do you see AI interacting? Right? Like certain people have the fear of it's AI and from my vantage point, with all of the relationships and the varying scenarios, in that sense, I feel like we're cushioned more than several other career renails. What are your thoughts on that?

Young Lee:

I definitely think so as well. Yeah, ai is growing fast, faster than we may even know, but it is useful, yeah. So when we have people I know our marketing team likes to mess around with AI to get some ideas it definitely helps. It's great aid. But when it comes to the job itself for us, I will say, yes, we are a little bit cushioned, because I think commercial real estate still requires that human aspect to it, because you still want to create. I mean, does anybody like talking to an AI or an interface?

Heather Ewing, CCIM:

Right, right.

Young Lee:

Like these days you want to call your bank, you're on the phone for at least 30 minutes just waiting, just waiting, but you don't want to deal with that. And yeah, there's also that personal aspect with owning something, I'd say. And so everybody who has purchased something has at least seen it in person and getting even professional help people who've actually been in scenarios, or agents, brokers, who have been in certain scenarios where they can actually explain to their client, you know just pro certain pros and cons, I think In that sense, yes, commercial real estate is still a little cushioned, a little protected, but we never know. You know how fast they I could really grow.

Heather Ewing, CCIM:

Right, right, it's all the speculation, right yeah, I will say yeah. So you've been in commercial real estate a bit. Is there a certain asset category that you're preferring one over the other? Where are you at in that?

Young Lee:

arena. Yeah, so you know I mentioned earlier in your video about passive income. There's several ways nowadays apartments, office buildings but what I actually focus on is the STNL, the single tenant net lease. So focusing more on the triple net. There are some double net, double net, pro lease term leases out there, but you know, focusing more on zero landlord responsibility. You know most of our clients. You know they are looking to either pass it down to their kids or give it long term and something that's really safe. So you know that's where we look at tenant credibility. Or even franchisees will look at how many locations, number of locations do they have? Rent to sales ratios, demographics, traffic counts, everything to incorporate to minimize landlord responsibilities yet maximizing profits.

Heather Ewing, CCIM:

Yeah, that's the way to go. So, last but not least, this is the hard heading question for you. Okay, is what does living fully mean to you?

Young Lee:

Living fully, you know I wanna say just maximizing your time. You know there is time and place for everything, just making sure you're putting your full effort into it. I always say you know if you gave it, if you gave it your all, your 100%, maybe 200%, you know there's nothing else you can do. You know you put your effort into it. Someone and people aren't gonna recognize your effort. You know work doesn't go unnoticed and just pretty much. Yeah, I mean just maximize your time. Do what's right, do the right thing, enjoy every single moment, though I definitely would say that, Absolutely so.

Heather Ewing, CCIM:

Sage advice young, and I wanna thank you so much for jumping on with me today.

Young Lee:

No, thank you so much.

Heather Ewing, CCIM:

Definitely, and I look forward to connecting with you further.

Young Lee:

Absolutely. Thank you, heather.