Exclusive: Real Estate Entrepreneur Tim Bishop Shares Advice For Investors And CEOs — 'Knowing What You Don't Know Is Important'

With high-interest rates, the world of real estate investing has changed. A recent Benzinga exclusive interview with Tim Bishop highlights several key lessons for entrepreneurs and real estate investors.

What Happened: Bishop doesn't expect interest rates to last at 7% forever. He is positioning the company he founded to operate in the current environment.

The Iconic Equities CEO says there is upward pressure on rents and valuation. No new supply is coming online and real estate is expensive to build.

Starting with $200,000, Bishop built Iconic Equities into a real estate investment and development firm. He is now buying properties valued in the millions of dollars.

"It does take time to make money," Bishop said on a recent episode of "The Raz Report."

Bishop has had four exits in less than three years.

During the episode, Bishop shared thoughts on the value of equity in the business, challenges he's faced in the real estate sector and strategies to help investors exit.

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Advice from Tim Bishop: One of the hardest things Bishop has to do for the business is manage people. That comes after transitioning from being a deal guy in the world of finance to now owning a company.

"The biggest thing is knowing what you know and knowing what you don't know," Bishop said. "Knowing what you don't know is important."

Bishop said he has a deal background but needed to hire someone to help execute.  

The real estate investor said that the market can be tough and he has been on the verge of bankruptcy previously and gone through tough times.

"You grow the most and you gain the most perspective when you have the biggest setbacks,” he said. “You've got to be thankful for setbacks."

Offer equity in companies to employees to help incentivize work, he advises. With his business, everyone who works on the deal gets part of the profits when an exit occurs. This creates a vested interest in the success of that exit.

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Watch the full "Raz Report" episode below.