Chay Lapin, President of Kay Properties & Investments, has established himself as a visionary leader in the real estate investment sector. With deep expertise in Delaware Statutory Trusts, he has guided the firm in participating in over $30 billion in 1031 exchange offerings, helping investors utilize an exit strategy from their appreciated real estate holdings.
A graduate of UCLA, Lapin’s leadership skills were first honed in the athletic arena, where he was a four-time Academic All-American and a standout water polo goalkeeper with a trip to the 2012 London Olympic Games where he represented Team USA. His insights and strategic thinking continue to influence both the real estate industry and the thousands of investors he advises. His unique experiences and journey from Olympic-level athlete to industry leader have shaped his approach to business and investment in fascinating ways.
What brought you to the field of real estate?
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.
How did you find yourself in the business of real estate investments and specializing in Delaware Statutory Trusts (DSTs)?
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.
What are the top two or three lessons you’ve learned in your real estate investment career?
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:
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.
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.
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.
What do you consider one of your greatest achievements at Kay Properties & Investments?
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.
What sets Kay Properties apart from other real estate investment firms specializing in DSTs?
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.
As someone who has achieved significant success with Delaware Statutory Trusts and other real estate investments, what advice would you give to someone looking to enter this field?
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.
What are some key strategies or approaches that have been instrumental in expanding Kay Properties & Investments and establishing it as a leading firm in the industry?
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.
About Kay Properties and www.kpi1031.com:
Kay Properties helps investors choose 1031 exchange investments that help them focus on what they truly love in life, whether that be their children, grandkids, travel, hobbies, or other endeavors (NO MORE 3 T’s - Tenants, Toilets, and Trash!). We have helped 1031 exchange investors for nearly two decades exchange into over 9,100 - 1031 exchange investments. Please visit www.kpi1031.com for access to our team’s experience, educational library, and our full 1031 exchange investment menu.
This material is not tax or legal advice. Please consult your CPA/attorney for guidance. Past performance does not guarantee or indicate the likelihood of future results. Diversification does not guarantee returns and does not protect against loss. Potential cash flow, potential returns, and potential appreciation are not guaranteed. There is a risk of loss of the entire investment principal. Please read the Private Placement Memorandum (PPM) for the offering's business plan and risk factors before investing. Securities are offered through FNEX Capital LLC member FINRA, SIPC.
