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Lifetime Achievement Award Recipient, Inland Co-Founder G. Joseph Cosenza Shares Lessons Learned
Connect CRE recently hosted hundreds of attendees at the Connect Midwest Multifamily conference in Chicago. The event brought together a wide range of real estate experts to discuss insights and opportunities in the multifamily, affordable, student & senior housing sectors.
The one-day conference kicked off with a notable interview featuring keynote speaker G. Joseph Cosenza, Vice Chairman and one of the original principals of The Inland Real Estate Group and President of Inland Real Estate Acquisitions. In the late 1960s, Cosenza, along with three other Chicago Public School teachers, decided to invest in real estate to earn extra money. They gathered investments from family, friends and colleagues to build and buy assets around the Chicago area during their off-school hours.
“We were still school teachers, and we learned from one another. We would sit there, and we would role-play,” Cosenza said. The group applied the same principles of leading the classroom to their real estate endeavors. “You could say we expect that if we do the right job, we could sell it for XYZ, no guarantees, etc., and we bounce ideas off one another,” he explained. “We would bounce ideas off of one another, including what to buy, what to do if the corporations can’t buy what they want to buy, what happens.” When asked what cycle commercial real estate is in, Cosenza drew laughter from the crowd, dropping to the ground and stating, “We are on the floor.”
“As a teacher, I would have a lesson plan because I needed to know where I was going to be in that chapter,” he said. “In a deal, I still today write out everything I want to say to a seller, whether I’m on the phone or a call or even in person, because I’m telling you, when you’re negotiating as good as you are, you’re nervous, and you’re going to forget something. Have your notes written down whatever your business happens to be.”
Cosenza reflected on past challenges in the market, saying, “My advice to my younger self would be to watch out for 2009 and don’t have any debts come due in 2009 and 2010.” He also spoke about how fortunate he was to meet three fellow teachers and form what is now The Inland Real Estate Group. “Get a partner. You don’t need a money partner. You need a partner so that you can talk to one another and bounce ideas off of one another.”
Consenza, an industry veteran who has also been prominent in the banking industry, was presented with a Lifetime Achievement Award during the event.
