S.E.C. Real Estate Observer

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Paul Winger, born in 1928 in Milwaukee, Wisconsin, spent his childhood years in Skokie, Illinois. He graduated from Elmhurst College, Elmhurst, IL with a B.A. in Sociology and then moved on to the University of Denver for a Masters in Philosophy. He attended seminary in Denver and was ordained as a minister in the Congregational Church, and completed all the requirements except his dissertation for a Doctorate in Philosophy. In 1955, he joined the faculty at the University of Denver and taught for 3 years in the philosophy department and humanities division.

In 1958, while living on $400 a month as an assistant professor, Paul took a part time job at a local brokerage firm to boost his income. His first task was a listing on a house sitting on a commercially zoned lot. Much to his amazement (and delight) he sold this house with a $1,000 commission or nearly three months income. His academic career took an abrupt change towards commercial real estate, bringing in $12,000 by the year’s end.

But his love for learning and teaching did not diminish and he taught real estate courses in the GRI program and at the business school of the University of Colorado for 10 years. A primary area of real estate was property management. He earned designations as a Certified Property Manager (CPM) and S.E.C.

Paul moves between a condo in Newport Beach, CA and his residence in Denver and wherever his current properties are. He and his wife, Karen, have three sons. Paul Martin and Nate work in real estate business. Kip is a composer and leader of his band, “Winger”.

Past civic involvement includes managing little league teams for his children, Boy Scouts, and Indian Guides. Clubs are Rotary, Kiwanis, and SWAP (Salesmen With A Purpose). He served as President of the Denver Exchange Group and taught estate building in a program of the Denver Public Schools.

Paul’s early wish was to enjoy each day of his life. This meant having a wonderful family and a meaningful career. Later, he decided to work towards owning ten good “A-Bag” properties, changing them with the business cycles. He views real estate as a long-term investment and a flexible dollar asset, an asset that must be managed with an active position.

Some of the rules he uses to guide his real estate investments are:

1. Set up security safeguards in any investment.
2. Work on projects that fall in a 1-to-2 million-dollar value range.
3. Never do a deal that does not offer the potential for making at least $50,000.
4. Never juggle more that 5 deals at one time.
5. Always take in a partner to bounce off ideas in a project.

Paul’s strength in real estate is that he is a Certified Property Manager and brings extensive management expertise to his projects. His weakness is that he tends to be too optimistic, exhibiting what he calls the 3 fallacies of youth.

1. You think your undertaking will cost less than it turns out to cost.
2. You think it will be quicker than the time commitment turns out to be.
3. You think it will be easier than it is.

The best moments in real estate for Paul have come when working on deals with other members of the S.E.C. His membership is over 20 years. He believes his most significant event has been his partnership with Jack Hunt. The fun, the chase, and results have been outstanding.