Real Estate Developer KO Enterprises tackles the challenges of building during a Pandemic
Kareem Okereke, CEO of Ko Management Inc is an expert project management executive with a proven track record of effective and efficient process management in Construction Building, and Product Procurement fields. Mr. Okereke has successfully built multi-million dollar projects from Atlanta, Georgia to Lagos, Nigeria. Mr. Okereke has over 18 years experience as an executive director of business development, entrepreneurial commercial and residential building with years of turnkey Commercial Construction expertise.
Boss XL Mag - How did you get started in the Real Estate Development industry?
The vision started when I was in graduate school working on my MBA at Morgan State University and had a roommate who had a mortgage which we shared , I thought it was high and started playing "what if". "What if" I had the money on www.realtor.com and dreamed of what I would buy back in Syracuse because of the affordability of properties. I actually purchase my first property for $10,500 which had two tenants at a auction in Syracuse. The "what if" strategy is something we currently use today, Its dreaming with plan!
Boss XL Mag - What were some of your main challenges?
The major challenge for real estate developers is financing. Typically banks do not like to fund infrastructure development (clearing, grading, water, sewer, etc) and some actually do not lend on land purchase or give you less desirable terms. What's interesting, is that after you take the risk, buy the land and complete infrastructure everyone wants to give you money.
Another challenge which is weird and unusual but extremely important to acknowledge, is self doubt because of the long process and delays. Real estate development has so many moving parts ranging from lawyers, engineers, public hearing for rezoning to planning home design, parking, amenities etc. This complicated but necessary process can create doubt so it is important to constantly maintain a relationship with God and breath life into your vision daily. Always expect the unexpected...
Boss XL Mag - What direction do you see the industry going in?
Due to the effects of the Covid-19 pandemic and the reality of working from home, we see a major migration of people moving to the suburbs.
Many people want to get away from the traffic and are actually home more now than ever. This trend make the request for smart homes in the suburbs to be on the rise. Many future developers are taking positions in the suburbs.