Ten Suggestions for Landlords and Managers of Residential Properties – Josh Diggs

Posted on September 28, 2015 by admin

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Okay. So you have made the leap and acquired a real estate investment asset to begin your portfolio. The next step, managing the property, is a recurring problem that arises for many investors. Real estate needs to be managed. A poorly managed property is a strain on any investor’s time and finances.

Josh Diggs, of Palm Capital Partners of Tampa, shares with us 10 tips for successful and effective property management. With years of experience in owning and managing investment real estate, Josh has crafted the essential shortlist to property management. His 10 tips cover all the points landlords and managers need to know about residential property management.

Due diligence on tenants
1. Background checks, credit checks
Don’t make exceptions on tenant-screening policies
Don’t buy used appliances
1. Repair costs on used appliances total more than purchasing new
2. It is better and more cost-effective to purchase new appliances w/ warranties
Condition forms
1. Have tenants complete and sign formal acknowledgments of unit conditions upon move-in
Be cautious hiring sub-contractors
1. Cheap ones may be appealing but service is unreliable/faulty
2. Referrals and word-of-mouth are best vehicles for finding reliable sub-contractors
Bed tenants mean bad communities
1. If existing tenants are bad influence on community, remove them
Complete regular property inspections
1. A/C, smoke alarms, etc.
Always deal with tenant directly
1. Don’t allow friends or family of tenant to intervene in matters involving the property
Maintain timely property maintenance
1. Waiting on necessary replacements and repairs may have serious long-term consequences
Always be professional
1. Regardless of situation, never allow personal matters to affect business

Josh’s company Palm Capital Partners, LLC is always looking for new investment opportunities. They are mainly interested in B+C multi-family properties.

If you have any questions on investing in the Tampa area or have a property you wish to sell you can contact Palm Capital Partners at 888-805-9317

or you can contact Josh directly at 727-859-6510

How to Make $100k Investing in Mobile Home Parks

Posted on September 21, 2015 by admin

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Mobile home parks seem to have earned an unjustly bad rap in the investment game. As a primarily affordable income based asset class, mobile home parks have received the reputation of being an investment with low returns and little value to an investor’s portfolio.

Mike Conlon, the “Mainstreet Millionaire” has some pretty convincing arguments that prove otherwise. After cutting his teeth in the Florida multi-family market, Mike bought his first 4-acre, 80 unit mobile home park in the mid-2000s. Now President of Affordable Communities Group (ACG) Mike’s company owns and manages 25 mobile home communities throughout the southeast. With each complex netting over $100k in returns, Mike shows that with due diligence and an emphasis on community, mobile home parks may present a sizable addition to any investors’ portfolio.

Mobile Home Park or Trailer Park?
- Change the paradigm: affordable housing is not sub-standard
Property Class with Room to Grow
- +50k parks in U.S.
- No new developments in past 20 yrs.
Low Turnover on Units, but Stable Revenue Base
- Permanent living situations for majority of residents
- Costly and difficult to tow a mobile home, low incentive to leave
Own the Soil, Not the Unit
- Easier and more cost-effective to lease space to mobile homeowners.
Recession-resistant… With Proper Management
- Property class affected least by economic downturn
- Demand for affordable housing increases during recessions
How to Earn +$100k
- Know the area and the market
- Stay within 30-40 min of metro areas
- Look for high-occupancy complexes or look to improve occupancy
- Build communities and increase resident involvement

You can get Mike’s best-selling book, Unconventional Wealth: The New Main $treet Millionaires on Amazon

Mike attributes his success in real estate to the book Rich Dad, Poor Dad, available on Amazon

Interested in a mentorship under Mike? Want to stay up-to-date with market news and information? Visit Mike’s website www.mainstreetmillionaire.com for these resources and more!

For more information on Mike’s mobile home parks visit acgmhc.com

Ep. 46 Steven McCraney – Talks Industrial Property and Why He is Bullish on the Central Florida Market

Posted on September 14, 2015 by admin

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Steven McCraney, President and CEO of McCraney Property Company, lives his life by the Helen Keller quote: “Life is either a daring adventure or nothing.” The West Palm Beach developer is an avid outdoors-man and mountain climber, scaling notable peaks such as, Mt Elbrus in Russia, Mt Rainier in Washington and Mt Aconcagua in Argentina. He has now turned his attention to the I-4 corridor and intends to build that area between Orlando and Tampa in to the next great industrial powerhouse. He has multiple projects in various areas of the corridor, but most recently, he is teaming with Northwest Mutual on a $30 million development of 603,000 square feet of warehouse space in Davenport, near US 27 and I-4.

Steven has developed, owned and managed over 3,000,000 industrial properties all over Florida. This episode, Steven discusses the merits of the industrial property market as well as his philosophy to approaching the market. This show is a must listen for stakeholders in Central Florida!

Industrial Property Market is New Retail
- Rise of online-shopping leading to emphasis on warehouse/storage space
- Companies expanding warehouse/distribution centers
Central Florida new ‘Hot Market’
- I-4 undergoing expansion project
- I-4 corridor (Tampa-Orlando-Space Coast) anticipating boom
- Amazon, Walmart developing large-scale distribution centers along corridor
Other FL Markets
- Daytona, Space Coast growing
- South Florida good sellers’ market
- Lakeland
Tips for Success
- Treat clients as customers, not tenants
- Strive for class “A” properties and class “A” clients
- Anticipate change
- Keep close working relationship with financiers (banks, lenders, investors)
- Never be afraid to take the next step!

For more information on Steven’s company or to check out current projects visit his website.

Ep. 45 What Real Estate Investors Need to Know About the Family Office Market

Posted on September 7, 2015 by admin

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The elusive family office market. Investors may have heard that it offers a deep pool for raising capital for deals, but for many it remains an enigma: a veritable El Dorado of investment capital, discussed in hushed tones in investment seminars and conferences throughout the country. What IS the family office market? How do you get involved in it?

This week, we have Brian Burke stop by. Brian is the co-founder and managing director of Praxis Capital, an investment firm that manages investments in a variety of markets. In addition to his extensive knowledge and experience in single and multi-family markets, Brian also has invaluable experience working in the family office market. He discusses what the family office market is exactly along with providing tips for working your way into the market.

Family Office Market
- High net-worth families that need to invest
- Usually managed by family member or RIA
- Offers high investment opportunities, but difficult to get into
How to Get Into Family Office
- Get Noticed – use word-of-mouth and alternative press (podcasts, radio shows) to get word out
- Do not solicit to family office markets…You will be approached if there is an intereset
- Attend family office conferences
- Networking is key