Rising Star’s Family Real Estate Secrets Revealed on The Closing Table – Auston Cook
On this episode of The Closing Table, we sat down with Auston Cook!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Auston Cook…
The conversation began with Austin talking about his degree in Mathematics and how he initially thought he’d be in statistics but it did not pan out that way. Growing up under a real estate developer, he shares some of the valuable lessons he learned from his dad. As he grew up during the recession, he witnessed how they came from having everything to losing everything overnight. This got him thinking about why would people even get into real estate.
He then described an accident that occurred during his time as a climbing guide. As a result of the situation, he is forced to return to live with his parents. During his recovery, he attempted his skills in sales and became the company’s top seller in just two months. He learned more about real estate insurance while doing so and decided to get his license anyway. It all led to him working in insurance and eventually selling houses. When it comes to avoiding the negative effects of a housing crash in the future, Austin emphasized how overleveraging is a factor to be mindful of as it’s a trap that can be easy to fall into. He also noted the importance of acquiring contingencies in an asset for rainy days that may come.
The two then talked about Cook & Associates Realty, which his father founded in 1979. There were 14 brokerages at the time. Then, in 1983, a recession hit, and 11 of them closed. He made sure his agents were employed, and he was convinced he could keep the company afloat. Following the recession, all of the agents from other brokerages applied to their brokerage, leading to his brokerage’s independence.
Kevin asked Austin if he would want his children to manage the family business or if would he be okay with them choosing other professions. As his relationship with his dad really grew as they worked together, he’d want that same bond as well. But there is also value in finding your way to it as he experienced.
Following that, they discussed Cook Development Company which he explained is a continuation of his partnership with his dad. He then talked about his Bay Inn of Petoskey project and shared the story of how he got into long-term rentals. He also shared how different commercial real estate is, especially in terms of scalability, compared to residential.
The conversation concluded with Austin discussing how they help in the high housing shortage in Metro Detroit by repurposing establishments. He also shared the factors that contribute to it including such as land scarcity, landowners overpricing their lands, permit processing delays, and an increase in development costs. If Austin were to describe himself outside real estate, he is a man who loves to climb and travel.
Check out Auston Cook:
https://www.facebook.com/austoncook
https://www.instagram.com/austoncook/?hl=en
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