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
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.
Huge amounts of construction (Multi-family and Single-family)
Rents steadily increasing across all sub-markets
Residential condos offered stable investment asset class
Florida real estate investors should be familiar with the name McKinley. With over 55 million square feet of commercial and residential real estate in 34 states, McKinley, Inc. is 37th largest real estate investment and management firm in the nation.
Albert Berriz, CEO, Co-owner & Co-Managing Member of McKinley talks with us this week about the firm’s special interest in Florida. The Interstate 4 Corridor, connecting Tampa, Lakeland, Orlando and Daytona Beach is favorite of McKinley for it’s unique position as a major economic engine for Florida. The firm owns and manages 55 multi-family communities along the I-4 corridor. Albert discusses the firm’s attraction to the corridor as a region of of immense population growth.
6.5 million residents (6th largest population concentration by geographic area in U.S.)
1.3 times over growth rate of South Florida
Panama Canal to introduce Port of Tampa to new markets
All Aboard Florida rail project to provide high-speed transit between Orlando and South Florida
Theme Parks in Orlando and Tampa
For any investor seeking to improve their success in the real estate market, Albert believes that a mentor is an invaluable resource for investors. The expertise and understanding of a seasoned investor can provide knowledge and guidance to make actionable investment decisions.
Albert cites Colin Powell as a distinct influence on his development as a leader. Despite his focus in military and politics as opposed to business, Gen. Powell established himself as a true leader in his field and exhibits the qualities of leadership that can be applied to any individual.
Check out Colin Powell’s literature on leadership on Amazon
To find out more about Mckinley’s properties in Florida visit their website
Single-family investors looking to transition to multi-family investing? It is important to remember that multi-family investing has different rules and procedures than single-family. It is crucial to have an understanding of the dynamics of multi-family markets. While a working knowledge of multi-family markets is vital, even seasoned investors cannot oversee all aspects of property management.