Ep. 99 Phillip Smith and Jason Schaller: What You Need to Know About Multifamily Design and Amenities

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Apartment investing is undergoing a profound transformation in regards to multifamily design and amenities. The age of the shoe-box apartment is over. Changing climates in construction, social trends, economic growth and consumer demand have forced apartment investors and developers to re-examine what apartments could and should provide tenants. Apartment investors, whether they are refurbishing existing buildings or developing new complexes, are taking a drastically different approach to multifamily design and amenity provisions. This episode, we are fortunate to have two guests lending their insight and experience to the changing perceptions of what tenants want out of an apartment space.

multifamily design and amenitiesPhillip Smith is CEO of Framework Group, LLC, a multifamily development and construction group based out of Tampa, FL. Phillip oversees acquisition, design and development of multifamily communities. Currently, Framework Group has projects under construction in Tampa, Orlando and Sarasota, with projects under contract in Jacksonville. Framework Group’s goal is to provide multifamily communities with location and amenities that highlight and promote the urban lifestyle. By pushing the envelope of what makes a sensible investment to what meets with consumer demands, Framework Group has become a major figure in and development, offering full-service, high end apartments in Tampa and along the I-4 Corridor.

multifamily design and amenitiesJason Schaller is Managing Director of Property Management for McKinley. McKinley owns and operates a $4.6 billion real estate portfolio, 35,398 apt. units and 21 million SF of shopping centers and office centers around the country. The Michigan-based firm has a special interest in Florida’s I-4 Corridor with much of their Florida portfolio focused on it. Jason currently oversees Mckinley’s line of boutique apartment projects in Tampa, Mckinley | Hyde Park. Jason brings over 20 years of design and construction experience to multifamily design, refurbishing older and historic buildings and adapting them to suit the growing urban lifestyle.

Amenities

  • Reinforce and promote urban lifestyle
    • bike-share programs
    • Canoe, kayak, bike storage
    • Outdoor kitchens
    • Functioning communal spaces
    • Technological integration
  • Health and Wellness Focus
    • Hot/cold plunge pools and resistance pools vs. traditional pools
    • High-end exercise equipment
    • Classes, training courses: yoga, exercise, massages
  • Pet amenities
    • Green spaces
    • Grooming

Multifamily Design and Development

  • High-end finishing/fixtures
    • Quartz counter-tops
    • Rain-style shower-heads
    • Upgraded moldings
    • Wine glass racks
    • Kitchen storage
    • Stainless steel appliances
  • Individual feel
    • Corridor entrances
    • Lighted unit numbers
  • Space
    • High ceilings
    • Larger rooms
  • Décor
    • Natural finishes
    • Authentic colors and textures

If you are a building owner in the Tampa area and you think it might make a great addition to the McKinley | Hyde Park portfolio, visit the Principal to Principal contact page on their website. To find out more about becoming a resident at a McKinley | Hyde Park project, visit the Apartments page on their website for more information.

Framework Group, LLC provides general contracting services and selective development consulting in addition to project development and construction. To find out more about current and upcoming projects along with services offered, visit their website.

 

Sandra Adomatis: Energy and Sustainability Initiatives to Increase Your Bottom Line

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sustainabilityCommercial real estate investors and developers know the term: “Green”. In Florida, it seems that “green” is the phantom criteria for real estate: many have heard of it, few have seen it. The term brings to mind vague notions of sustainability and energy efficiency, but what exactly is it? What is the merit in “going green”? As an effort to shift toward sustainability becomes a rising trend in the nation, Florida continues to lag behind as commercial developers and investors grapple with the nebulous nature of sustainability and green construction.

Sandra Adomatis, SRA, and LEED green associate is an appraiser with a focus on green initiatives and sustainability in real estate. Based out of Punta Gorda, Florida, Sandra has over 25 years of experience in real estate appraisal in the state of Florida. Sandra is a green valuation expert for the Appraisal Institute. Through course development, seminars and literature, Sandra has been helping commercial real estate investors integrate sustainability and energy efficiency into their investments.

  • 6 Elements of a True Green Building
    • Site orientation
    • Water efficiency
      • Low-flow plumbing, greywater recycling, rain barrels/cisterns, energy star rated washing appliances
    • Energy efficiency
    • Environmentally-friendly materials
    • Clean air circulation
    • Operations & maintenance
  • Adapting Existing Structures
    • Lighting
    • Heating/cooling
    • Insulation
  • Energy Modeler/building scientist
    • Assess what existing structures can handle for energy and sustainability adaptations
    • Calcs-Plus (Florida)
  • Green building investment appeal
    • Low-interest, flexible financing exclusive to green buildings
    • Cost-saving on appliances and utilities
    • 2-10% sale premiums vs. traditional structures
  • Resources and Info

To find out more about sustainability options or for appraisal services, visit Susan’s website or email her at adomatis@hotmail.com

Ep. 96 Jillian Bandes: Making a Complex First Invest in Small Multifamily

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multifamily investListeners of the show will remember Jillian Bandes who, in episode 74, discussed what real estate investors should consider about building structure when looking at commercial multifamily investing. The project manager for Bandes Construction covered 6 hot topics on building structure and maintenance that investors should be aware of with commercial multifamily properties.

In this episode, we discuss Jillian’s first investment property….a single family home with an ajacent rental apartment.  She discusses razing the property, dealing with the local code and building officials and her plans on whether to rent the units or live in one and rent the remainder.  The property was purchased through a foreclosure and we cover the online methods now employed by Pinellas County.  Not only is this project about a potential home and investment, but Jillian is  passionate about blazing the trail for urban renewal and redevelopment in St Petersburg’s core and her unit is in the heart of a rapidly changing area.

  • Residential property permitting and zoning regulations differ from commercial properties
  • Property location
    • Choose property in an area you are familiar with
    • Walk surrounding neighborhood
  • If investment property, define target rental market
  • Due-diligence
    • If foreclosure property, know state of title (liens)
    • What is the property zoned for? Is property up to code? Accessory buildings permitted?
  • Work with local and municipal officials
  • St. Petersburg, Florida
    • Undergoing immense urban growth period
    • Investors need accessibility to invest in properties with potential for redevelopment/renewal
    • South St. Pete offers development opportunity and reasonable prices w/ proximity to cultural amenities

Jillian extends a big thank you to Carlyn Neuman of Tampa’s 360 Realty for helping to navigate online foreclosure bidding as well as to Katrina Trump of Bank of Tampa, for assisting with securing financing.

 

Ep. 95 Bijan Gorji: Making Money with Residential Condos

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investing in residential condosWho is this man and why is he smiling?

This man is Bijan Gorji, a real estate investor based in Sarasota, FL. Bijan is a special kind of investor though. Bijan invests solely in one asset class–one often overlooked by other real estate investors–residential condos.

Bijan believes that residential condos as an investment asset class have been an unfairly neglected market for too long. Where others see problems, Bijan sees potential… and it is paying off well for him. Since moving to Sarasota from California in 2012, Bijan and his wife have acquired a portfolio of over 35 residential condos with plans to continue investing in more residential condos. This episode, Bijan will discuss why he settled on residential condos as his chosen asset class and why it should appeal to investors from a financial standpoint along with providing a brief overview of Sarasota’s real estate investment market.

  • Pros of Investing in Residential Condos
    • Easy property-management compared with single-family
      • Low upkeep costs
      • Ability to self manage properties
    • Tenant profile allows fluid leasing
      • 1-2 bedroom units to working professionals or grad students; no families
      • Tenant turnaround quicker
    • Buy-and-hold investment w/ monthly cashflow
    • Hands-on investing allows oversight over all facets of investment
  • Investing Tips
    • Check HOA regulations for condo before investing
    • Find properties within driving distance if self-managing
    • Finding tenants is biggest issue with residential condos: list on Craigslist, Zillow, Hotpads, etc.
  • Sarasota Market
    • Huge amounts of construction (Multi-family and Single-family)
    • Rents steadily increasing across all sub-markets
  • Inspiration

If you think you have an investment deal or if you have more questions about how to make money investing in residential condos, contact Bijan directly by email at bgorji@gorjillc.com

Ep. 92 John Fedro: Using Mobile Homes to Get Started Investing in Florida Real Estate

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mobile home investingFlorida has its fair share of mobile homes. Whether providing seasonal residences or  year-round affordable housing, mobile homes have become an ever-present property class in the Florida real estate market. Though they have been a historically neglected asset class, investing in mobile homes can provide strong, consistent returns. As markets in other asset classes become more competitive, mobile homes may be a rising hot market for investors.

John Fedro is one investor who discovered the opportunity in mobile home investing early on. After entering full-time real estate investing in 2002, John purchased his first mobile home in a park in Florida. He quickly saw the potential investing in mobile homes and after his first year had acquired 14 properties. In a virtually untapped market, John was able to develop an investment strategy exclusively for mobile homes that ensured strong returns. He has since expanded his portfolio to Texas and is actively sourcing deals in other states.

  • Mobile Home Investment Types
    • Private land mobile homes – longer to close, traditional sale of real estate;
    • Mobile homes in parks – categorized as personal property in most states, not subject to title issues/other typical
    • Mobile Home Parks
  • Financing
    • Little to no conventional lending; mainly cash deals
    • Seller financing
    • Dodd-Frank regulations do apply to mobile homes w/ financing
      • Mortgage loan originators can assist with compliance
  •  Costs + Fees
    • Purchase for >$10k
    • Sell for <$25k on payments
    • Buyer repays minimum $300/month on property
    • Mobile homes in parks, buyer pays lot fees, utilities, possibly insurance
  • Move-in ready
    • Buyers will usually do refurbs/improvements
  • Marketing
    • Mobile homes in parks: Craigslist, driving through parks, talking w/ park managers
    • Mobile homes on private land: networking, direct-mailings, bandit signs, seller lists
  • Hot Florida Markets
    • Miami, Jacksonville, Tampa, Gainesville
    • Rural areas, small towns
    • Panhandle
  • Investment Tips
    • Do multiple deals
    • Effective marketing strategies
    • At least 60 mile radius for investment market
    • Seek knowledgeable investor

Check out John’s website for even more information on successful investment strategies for mobile homes. John has free videos and a podcast where he covers tips for investing in mobile homes. Contact John directly by email at support@mobilehomeinvesting.net

Ep. 90 Gary Beasley, CEO: Buying Single Family Homes with a Cash Flow Through Roofstock

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Buying Single Family Homes Through RoofstockOne of the downsides for real estate investors buying single family homes has always been the large amount of time and financial investment it takes to certify an asset. Buyers most conduct thorough due diligence to verify a property’s physical condition, legal standing and yield potential. Buying single family homes can be a stable financial option, but it requires a lot of personal commitment that some investors just can’t afford.

Roofstock may provide investors with a solution to this problem. This episode, Roofstock CEO Gary Beasley stops by to talk about the new platform that is changing the way investors are buying single family homes. By removing the stress and mess of the due diligence process, Roofstock can greatly decrease transaction fees and increase market fluidity by providing investors with a certified, reliable and transparent marketplace for buying single family rental homes. They are also proving that buying leased single family homes can be a greater asset than vacant singe family properties.

Roofstock:

  • Launched in FL – Tampa, Orlando, Cape Coral, Jacksonville, Miami
    • Also Atlanta and California
    • Grow to 10+ markets in U.S.
  • Due Diligence
    • 3rd party valuation report, title report, property inspection, rent surveys, financial calculator est. returns based on several rental situations, vets tenants and property managers
  • Hands-off Investing
    • Buyer freed from operational component of investing
    • Buyers able to rely on surety of data
  • Cheaper, More Effective than MLS
    • Roofstock – 2.5% transaction fee from sellers; .5% marketplace fee from buyers : MLS – 6% transaction fee
    • Standardized marketplace of available, leased single family homes
  • Investment fund opportunity
    • Recent launch of 100-property fund
  • 1031 Exchanges
    • Provides readily available market for investors in need of exchange property

To find out more about the great services Roofstock offers investors buying single family homes, check out their website! You can also contact Gary directly at gary@roofstock.com or the senior client adviser, zack@roofstock.com

 

Ep 87 Tom Blazejack: Miami Real Estate Market Overview

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business-portraits-009Things are happening in the Miami real estate market… Well things are always happening in the Miami real estate market, but BIG things are happening right now. Miami has long been the focal point for real estate investors due to the density and scale of development and the investment opportunity for a variety of asset classes. Real estate investors all over Florida have looked towards the Miami real estate market as a forecast for current and future conditions throughout the state.

Tom Blazejack, of Blazejack & Company knows all of the ins and outs of the Miami real estate market. In addition to nearly 40 years’ experience as a real estate appraiser and analyst, Tom is also a native of Miami. Tom’s extensive appraisal knowledge of commercial and residential properties and intimate knowledge of the Miami real estate market make his consultation highly sought after by investors. This episode, Tom gives us an overview of the Miami real estate market, including development highlights and what investors should expect.

Miami Real Estate Market

  • 2011 purchase of Miami Herald building for $236 million marks return of market
  • Foreign investment and cash-heavy market
    • Foreign investors seeking stable properties to invest cash
  • Development spikes
    • New deposit requirements for investors and developers insures accountability
    • Lenders alleviating construction loan costs for developers
    • Projects moving quicker
  • Land price increases
    • Miami seeing $200-300/sqf on new commercial developments but even as high as $3000 in some prime locations
    • Residential continues to increase… up to $3/sqf in best projects
  • Emerging Markets
    • Development spreading into surrounding Miami
      • Little Havana, Wynwood, Coral Gables all seeing new projects
  • Major Projects

To contact Tom with for an appraisal consultation or for further analysis of the Miami real estate market visit his website. He can also be emailed at tom@blazejack.com

Ep. 86 Jonathan Moore: You Will Want to Know These Real Estate Development Hot Points!

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Real Estate DevelopmentReal estate development in Florida is currently in great demand. With real estate investors turning towards ground-up real estate development as an increasingly more viable means of investing, new projects are springing up state-wide. However, with increased pressure on real estate development and a construction workforce stretched thin, it is important to keep in mind key points if looking into real estate development as an investment goal.

Jonathan Moore, AIA is president and founder of InVision Advisors. His firm offers owner’s representation and project consulting services for owners and investors, architects and contractors during real estate development. As owner’s representatives, InVision Advisors takes a comprehensive approach to real estate development deals handling day-to-day and overall project oversight. As an experienced architect, Jonathan brings a unique insight to his knowledge of the real estate development industry. This episode, Jonathan discusses hot points for investors to know about real estate development.

 7 Real Estate Development Hot Points

  • Sub-contractors
    • Markets state-wide are saturated with work
    • Sub-contractors control velocity of development
    • Artificial inflation caused by over estimation of construction costs
  • Communication
    • Problems frequently arise due to lack of communication
    • Loss of face-to-face time and on-site meetings contribute to communication breakdown
  • Land Quality
  • Construction Quality
    • Large loss of construction force from mid-2000s recession
    • Current construction force stretched thin over spike in development
  • Unrealistic Project Expectations
    • Make sure all involved parties are in agreement over project deadlines
  • Scheduling
    • Scheduling oversights complicate and potentially ruin deals
  • Mitigating risks
    • All real estate development deals have inherent risks
    • Hold parties accountable for actions
    • Thoroughly research deal
    • Partner or work with experienced real estate development investors

To contact Jonathan about the services offered by InVision Advisors or to discuss more about real estate development, visit www.invisionadvisors.com or call 813-784-3146

Ep. 85 Eric Black: Tips for Out of State Real Estate Investors

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out of state real estate investorsReal estate investors know that Florida’s real estate markets are tightening up. As the demand begins to outweigh supply, real estate investors are having to become much more diligent in their property searches. This is especially true for out of state real estate investors looking for Florida properties. Out of state real estate investors must not only know their desired market, but also how to acquire and execute deals from a remote location. How can out of state real estate investors keep track of the Florida markets?

This episode, we speak with Eric Black. Eric is an investor based out of California who has owned properties in several different states, including Florida (Brevard County). Eric’s position is a unique one in that real estate investing is currently ancillary to his full-time job in the technology industry. With the ultimate goal of a transition towards full-time real estate investing, Eric has adopted an interesting perspective on real estate investing that may be helpful for other out of state real estate investors. This episode, Eric discusses how he handles a full-time job along with being an out of state real estate investor and shares tips for others.

Tips for Out of State Real Estate Investors Looking for Properties

  • Adopt Marketing and Search Strategies
    • Build local network to market your investment goals and aid in property search (realtors, contractors, developers, investors, financiers, etc.)
    • Direct mailings
  • Know Your Market
    • Best to visit your desired market area with a knowledgeable local contact
    • Statistics and data research
    • Google Maps/Google Earth
  • Have Effective Property Management
    • Property management benchmarks: vacancy turnarounds, communication with owner
  • Helpful Tools for Investors
    • Find a mentor or follow someone who has found success in your desired market
    • Rich Dad Poor Dad, by: Robert Kiyosaki

Also discussed in this podcast are past episodes that could be relevant to out of State investors:

http://investfloridashow.com/ep-84-daren-blomquist-florida-markets-hot/

http://investfloridashow.com/ep-83-eric-nathanson-winning-strategies-bidding-foreclosures-broward-palm-beach/

For any out of state real estate investors who would like to contact Eric to discuss more about his investing strategies and goals, email him at: emblack@gmail.com

**  Special thanks to Nicole Valentin for making a guest referral to our show. Check her out at http://www.nvadvertising.com/.

Ep. 84 Daren Blomquist: Which Florida Markets are Hot? Which are not?

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headshot_daren_blomquistReal estate investors always keep an eye on Florida real estate markets. Not only does the state serve as a national indicator of market trends, but Florida also represents a major real estate market in itself. Despite ups and downs, Florida has remained an appealing market for investors. Investors must stay on top of changing market trends and know what the hot Florida markets are as well as the ones that aren’t.

Listeners may recognize Daren Blomquist from his previous appearance on the show. Daren is senior Vice President of RealtyTrac, a nationwide real estate data analysis firm, providing real estate professionals in-depth and up-to-date information and research on a variety of markets. This episode Daren discusses the changing face of Florida real estate as he covers some hot Florida markets emerging as well as ones that are winding down.

  • Florida market in strong recovery, but not at previous peak
    • 52 consecutive months of year-over-year increases in home appreciation
    • 12% in  appreciation since April
    • Successful transition from cash-buyers to FHA financing
      • 26% increase in FHA financing
      • 11% decrease in cash purchases
  • Foreclosures still lead, but in decline
    • 11 month decrease in foreclosures
    • 10% increase in flips statewide
      1. Deltona, Daytona Beach, Ormond – 49% y-o-y
      2. Tampa – 11%
    • Jacksonville – hot flipping market and highest gross returns on flips
  • Home appreciations on the rise
    • Cape Coral and Punta Gorda lead state, though seeing decrease in flips
  • Affordability remains market concern
    • Home appreciations are outpacing wage growth
    • Affordability index of 100 or above is normal; below 100 is less affordable
      • Cape Coral – 100
      • Punta Gorda – 100
      • Naples – 102
  • Institutional buyers in decline, but still active
    1. Jacksonville
    2. Pensacola
    3. Tampa
    4. Ocala
    5. Lakeland

Investors and listeners can find out more about current, local affordability index data by visiting www.realtytrac.com/news

For those who want to learn more about the hot Florida markets and the premium service packages offered by RealtyTrac, visit their website and subscribe! Listeners to the Invest Florida Show are eligible for a discount on subscription. To find out more about this offer, contact marketing@realtytrac.com or call 888-408-4396.