Living in his Shadowâ€Ś
A day in the life of Joseph Gasbarra: Real Estate Broker at Coldwell Banker Real Estate
• 7:30 AM – I meet Joe at the Starbucks on Lake and LaSalle. • 8:00 AM – We go to his office at 180 N. LaSalle Suite 3700. • He only comes to his office once or twice a week, he usually works from home. So he collects and goes through a pile of mail that was waiting for him on his desk and then he checks his email.
â€˘ 9:00 AM â€“ One of his clients had just sold a condo at 303 W. Ohio so we went to Chicago Title at 10 S LaSalle, 28th floor for the closing. He made $9,000 for the sale.
**NEW FACT: The buyer does not pay any of the commission for either the buying or selling real estate agent. The seller pays all of it.** **FUN COINSIDENCE: His client also owns a condo at The Larabee, which is a condo Association that my company manages. I had just spoken with said client on the phone the week before , completely unrelated to this particular venture.**
â€˘ 12:00 â€“ We met with Eugene Beckles at Bar Louie on 5500 S Lakeshore. Eugene Beckles runs an investment services firm called Show Me the Numbers LLC which is a company that locates properties for investors who then purchase, rehab, and sell the properties for profits. â€˘ 1:30 - We went to the property which was located at 8023 S Hermitage Ave and we met with Dolora Sullivan, the general contractor. It was a gut rehab so all that remained was the outside structure of the home. Joe purchased the property for $47,000 but anticipates selling the property for $165k within two months.
• 3:00 - Joe has an open house at 653 N. Kingsbury. It was a 1200 square foot two bedroom condo which was going for just under $500K. • The property has been staged for potential buyers and he has appointments with four potential buyers. • Joe schmoozed the other random people that came to look at the place until the first appointment came. It was a thirty-something- year-old couple who almost immediately offered $10,000 over the listing price.
â€˘ 4:30 - I live right down the block and I had already been with Joe since 7:30 AM (and I had to be at class at 6:30) so I thanked him for his time and went home.
• I do not want to be a real estate broker. • I do not want to have to schmooze people and drive around so much. • However, there are many facets of the real estate field that do interest me. • After meeting Eugene Beckles I am now very interested in the concept of flipping houses.
• I exchanged information with Eugene Beckles when we were at lunch and I have already been in contact with him. • He has hired me to draft Joint Venture Agreements for investors and developers. • I get paid $100 per deal. • It takes me fifteen minutes. • So I guess I should say, “thanks, Ken and Diane.”