Chay Lapin

My journey into real estate began during my time as a student-athlete at UCLA. Playing water polo at a high level, and eventually training for the Olympics, required an all-in commitment with a rigorous schedule that didn't leave much room for traditional career paths like investment banking.
Since we spent a lot of time training and competing in Europe, I knew early on that pursuing a conventional 9-to-5 job right after college wouldn’t be feasible. During my freshman year, someone suggested I explore real estate as a flexible career that could align with my athletic goals. That advice opened the door to what eventually became a rewarding path in the real estate investment world.

I always knew I wanted to be involved in real estate, and I was fortunate enough to connect with a UCLA alumnus who mentored me at his real estate firm in Los Angeles. He helped me get my real estate license while I was still in school, giving me hands-on experience in various aspects of the industry, from leasing and property management to asset management and brokerage.
This broad exposure allowed me to understand different segments of real estate, and I was constantly networking to learn more. That’s when I met Dwight Kay, the founder of Kay Properties. At the time, he was focusing on 1031 exchanges and Delaware Statutory Trusts (DSTs). After retiring from water polo, I joined Kay Properties and began working exclusively on the capital markets side, diving deep into DSTs. It’s been an incredibly rewarding journey ever since.

One of the vital lessons that Dwight taught me well is the importance of taking a conservative approach to real estate investing, emphasizing the preservation of capital above all else. Because of this basic philosophy, I learned to rely on certain strategies that are the investment hallmarks of Kay Properties and the www.kpi1031.com 1031 exchange DST investment marketplace. Some of these investment lessons I learned include:
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1. At all costs, avoid the higher-risk asset classes – for example, hotels, senior care, oil and gas, solar, and complex land development structures. These higher-risk asset classes have much higher risk to investor equity than typical stabilized real estate asset classes such as apartments, industrial, net lease, and self-storage.
2. Don’t over leverage and if possible don’t use any debt at all. Personally, I have dozens of investments in debt-free DST properties as I like to lower risk potential where possible.
3. Don’t put all your eggs in one basket and that means you should diversify. Although diversification does not guarantee returns or protection against losses, I do recommend it for investors to consider.

One of my proudest achievements at Kay Properties was co-founding our sister company, Cove Capital Investments, alongside Dwight Kay. As Managing Members and Co-Founders, we created Cove Capital to address a key gap in the Delaware Statutory Trust (DST) space—offering debt-free real estate investments that focus on risk mitigation and capital preservation. This was a unique approach that we felt would resonate with investors looking for a more secure strategy.
Today, Cove Capital has over 1,700 investors, manages more than 100 properties, and has sponsored over 2.3 million square feet of real estate. It’s incredibly fulfilling to see how far we've come, knowing that we’re providing a valuable option in the DST and 1031 exchange market.

One of the unique aspects of Kay Properties is our proprietary marketplace at www.kpi1031.com, which was specifically created for 1031 exchange investors seeking a wide variety of DST sponsors and investment options. When qualified investors sign up, they gain free access to over 25 different DST sponsor companies and typically offer 20 to 40 different DST investments at any given time.
This level of variety and transparency sets us apart, as many financial advisors often offer only one or two DST options. Our platform empowers investors with more choices, enabling them to make more informed decisions tailored to their specific financial goals.

My advice for anyone looking to enter the real estate field, especially in areas like Delaware Statutory Trusts, is to seek out someone already established in the industry and learn from them. Don’t be afraid to ask questions and engage in conversations with experienced professionals. Most real estate veterans are more than willing to offer guidance to someone just starting out.
Whether you’re interested in residential sales, commercial real estate, or investment opportunities, building connections with people in the field can be incredibly valuable. It’s a mutually rewarding experience that can open doors and provide insights you might not find elsewhere.

One of the key strategies that has been instrumental in Kay Properties' growth is our commitment to educating our investors. We take the time to thoroughly explain both the potential benefits and risks of investing in Delaware Statutory Trusts (DSTs) and real estate. Clients have consistently told us that this transparent, fair, and balanced approach sets us apart in the industry.
Additionally, we’re not afraid to advise clients when a particular investment or strategy may not be the right fit for them. This honesty and personalized guidance have helped build trust and foster long-term relationships, which is something clients truly appreciate.
Lastly, our founder's experience - the fact that Dwight Kay started working with DSTs and 1031 exchanges nearly two decades ago, has been through multiple market cycles, wrote what is considered to be the first published book on Delaware Statutory Trust properties in existence as well as has personally invested in over 90 different DST offerings from multiple different DST sponsor companies. All of this has helped thousands of 1031 exchange investors from across the United States over the years choose to work with Kay Properties and Investments as they are all looking to tap into our hyper-specialized experience as they consider the DST 1031 as an exit strategy for their appreciated investment real estate.