Ep. 197 Michael Mincberg: Mixed-Use Development

Posted on March 9, 2020 by Tim

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Mixed-Use Development

On this week’s podcast we talk with Michael Mincberg about multifamily and mixed-use development. Michael talks us through everything from what he looks for in multifamily investments to his decision-making process for ground-up deals and the regulations and zoning issues around mixed-use.

Michael also tells the story of how how he got started in real estate. He acknowledges that while he is now at the top of his game, it took a lot of hard lessons from tough experiences to get him to where he is today. These experiences helped Michael understand the importance of forming long-term relationships over just “getting the deal.”

Key Discussion Points

[04:35] About our guest: Michael Mincberg

[05:46] How did you get started in real estate?

[10:13] Tell us about your first investment

[11:35] How did you get into multifamily projects?

[20:28] How did you get into multifamily projects?

[30:45] Where in Florida are you doing your deals right now?

[37:14] Tell us about the markets – which ones stand out and which ones make you more hesitant

[48:21] Looking back, what would you do differently?

[51:45] How can people reach you?

[53:14] Closing remarks by Eric and Steven

About Our Guest

Michael Mincberg is the founder of Sight Real Estate (sightrealestate.com) which is a development firm specializing in urban infill ranging from boutique historic re-purposing to institutional grade mixed-use developments. The focus is on urban development both on re-positioning, value-add assets, and on infill new construction.

They have a unique approach to real estate investing and develop custom strategies that pair local knowledge and relationships with institutional level execution.

website: sightrealestate.com
email: Michael@sightrealestate.com

Ep. 196 James A. Schmidt: Foreign Investors (and what they should know)

Posted on February 24, 2020 by Tim

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Foreign Investors (and what they should know)

Today we talk with James A. Schmidt, Esq. about foreign investors and the things they should be aware of when investing in the U.S. and Florida. Foreign buyers need to take special precautions to ensure a smooth investment process.

Foreign investors need to learn the market, get good advice, and build a team that consists of:

brokers
property managers
laywers
accountants
and others who can deal with zoning, property inspection, and possibly engineering

It’s particularly important for the foreign buyer outside the country to have people local to the area that they can trust who can help them execute whatever goals they have on a particular asset that they are purchasing.

Key Discussion Points

[05:48] About our guest: James A. Schmidt

[11:54] What are some things foreign investors need to aware of when investing in Florida

[14:19] Explanation of FIRPTA (Foreign Investment in Real Property Tax Act)

[18:22] When a foreign investor comes to you, what is the process to ensure everything is properly executed and that the transaction and asset is properly managed?

[22:07] What are the problems you see with the standard Florida Real Estate contracts?

[25:00] Are there any issues that are important to lenders when dealing with foreign investors?

[28:59] Discussion about the FAR/BAR contract (Florida Association of Realtors and the Florida Bar Association)

[35:00] How can people contact you?

[36:15] Closing remarks by Eric and Steven

About Our Guest

James A. Schmidt is the founder of the Tampa law firm of James A. Schmidt, P.A. He practices in the area of business, tax, and real estate law. James actively represents a global client group in the Florida and syndication markets.

James belongs to an international network of professionals, which is a useful platform for his global client base that is interested in investing in the U.S., and more specially Florida.

Website: https://schmidtlawoffice.com/

Ep. 195 James Donnelly: Residential Property Management

Posted on February 10, 2020 by Tim

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Residential Property Management

With the cap rate compression environment that we’re in right now, it’s more important than ever for multifamily investors to be creative about how they add value in order to increase rents and get a good return on their investment.

In this week’s podcast, we talk with James Donnelly, Founder and CEO of Castle Group, which focuses on residential property management. James discusses the 3 main strategies he employs to add value to his company’s investments and deliver top level services and amenities to a new generation of every more demanding residents.

The 3 main categories James discusses to add value to an investment is:

Traditional value-add – e.g. painting, putting in a new floor, or adding new amenities
Technology – using technology to make you not only more efficient, but also using that as a revenue stream
Better management and service

Join us for this podcast as James gives his investment advice and his take on the multifamily market in Florida.

Key Discussion Points

[04:48] About our guest: James Donnelly

[06:28] How did you get started in Residential Property Management?

[11:29] How did you end up in South Florida?

[14:40] Where do you see the multifamily market going?

[18:36] What cap rates are you seeing around Florida?

[23:27] What are some of the other value-add plays that are emerging right now?

[25:33] What common mistakes do you see property managers or others making?

[31:09] How can folks contact you?

[31:53] Summary of where we are, where we’re headed, & what you would tell someone who’s calling about a deal in Southease Florida

[37:42] Closing remarks by Eric and Steven

About Our Guest

James Donnelly is the Founder and CEO of Castle Group. He has over 30 years of experience serving residential communities in managing residential properties. James is a CPA, general contractor, investor, and prominent speaker in the industry. He is very active in the community and benefactor of numerous philanthropic organizations.

Most recently, James, received the Sun Sentinel’s Excalibur Business Leader of the Year for Broward County as well as the 2019 Terry Stiles South Florida Leadership Award presented by the Greater Fort Lauderdale Chamber of Commerce. He has also been recognized in the South Florida Business Journal as one of Broward County’s Ultimate CEO’s, was inducted in 2014 into the Hall of Fame at Nova Southeastern University’s H. Wayne Huizenga School of Business and Entrepreneurship and was honored by Palm Beach Atlantic University in 2017 on Free Enterprise Day as a Companion Medalist.

Website: castlegroup.com
Phone: 800.337.5850

Ep. 194 Mac McWhirter: Land Trusts

Posted on January 27, 2020 by Tim

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Land Trusts

In this episode we discuss land trusts with Mac McWhirter, executive director of WorldWide Trustee Services LLC. And we explore the many advantages land trusts have to offer. Some of the main advantages are privacy of ownership (anonymity) and the possible avoidance of a probate. A land trust can also help protect against judgments and liens, facilitate estate planning, prevent land partition, and ease real estate title transfer. And Florida is one of the best states to hold title in a land trust!

Mac also discusses some potential disadvantages of land trusts such as the false belief that the trust protects property owners from all liability. The other key thing to realize is that, even though there is anonymity for the property owner, a court can order full disclosure of property owners for certain civil and criminal complaints.

Key Discussion Points

[07:52] How did you get into land trusts?

[08:51] What problems does a land trust solve?

[10:26] Does a land trust work like an LLC?

[11:49] Can somebody still file a lien against a property owned by a land trust?

[16:23] What are some of the downsides to land trusts?

[17:28] What are the tax consequences of a land trust?

[19:10] If something happens to the land trust owner, how will the property continue to get transacted properly?

[20:22] What are the costs for an investor compared to an LLC?

[21:47] What are the typical land trust fees?

[22:36] What are the typical land trust fees?

[23:45] Is Florida a good state to hold title in a land trust?

[24:43] Does a land trust have to be a single entity beneficiary or can it be a partnership?

[29:01] Closing remarks by Eric and Steven

About Our Guest

Mac McWhirter is the executive director of WorldWide Trustee Services LLC based in Tampa, Florida. Mac was previously a real estate investor buying, rehabbing, and then selling real estate. In 2008 he started WorldWide Trustee Services in order to respond to a need for land trust services by investors.

Website: https://worldwidetrusteeservices.com/
Phone: 813-690-6678

Ep. 193 Derek Waltchack: Opportunities in the Florida Retail Market

Posted on December 16, 2019 by Tim

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Florida Retail Market Opportunities

On today’s podcast, we talk with Derek Waltchack about the retail asset class with a focus on strip centers. As Derek shares, there is a lot of misinformation about the retail asset class. Many investors steer clear of retail, especially when retail assets like malls are not doing so well — but malls are not the real “bread and butter”. Despite what you may hear, retail is a very stable asset class, especially when it comes to strip centers in good neighborhoods.

Derek also takes us into the new modern world of blockchain, the record-keeping technology behind bitcoin that is used to store digital information in a public database, and which is starting to be used in real estate transactions.

Key Discussion Points

[06:02] How did you transition from broker to owner?

[10:47] What investments are you looking for in Florida?

[18:44] Why did you choose Florida / I-4 corridor for retail investments?

[25:30] What kind of cap rates are you looking for?

[38:42] Where does your debt financing come from?

[31:01] From an underwriting standpoint, what are a few important things you look for when someone wants to bring you a deal?

[33:43] Tell us about blockchain technology that is starting to be used in real estate

[43:00] How can folks contact you?

[44:43] Closing remarks by Eric and Steven

About Our Guest

Derek is a partner at Shannon Waltchack based in Birmingham, Alabama. Derek has extensive experience in commercial real estate. In Birmingham, he spearheaded a $4.5 million renovation that transformed a 100 year old warehouse into a cutting edge business center known as railroad square. He also did the first crowd source development in Birmingham, and that development is known as the Stockyard Birmingham. Currently he is working on projects in central Florida.

Derek is also a subject matter expert on bitcoin, blockchain, and how those technologies are impacting the economy, specifically in general and commercial real estate.

Website: https://shanwalt.com/
Email: dw@shanwalt.com
Twitter: @dwaltchack

Ep. 192 Daniel Jaramillo: South Florida Market

Posted on December 2, 2019 by Tim

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South Florida Market

In this episode, our guest Daniel Jaramillo gives us his take on the South Florida market. The low caps are making finding deals more difficult, but they are out there. And although prices remain about the same, it is taking longer to make deals. Also, the South Florida market is changing, and suddenly it is making sense to do construction again.

Daniel has an interesting perspective since he deals not only with domestic investors, but also with both foreign investors, particularly from South America. Some of his advice for foreign investors (and domestic investors) is to do your due diligence before spending money on investments, especially if you aren’t familiar with the area. And, don’t make the mistake of thinking you don’t need property management just because you are buying condos and think that is less of a risk. Also, when you’re first starting out, sometimes the best way to get a deal done is to partner with someone.

Key Discussion Points

[05:05] How did you get started in real estate?
[08:16] Overview of the Miami Market
[11:26] For multifamily, what types of cap rates are investors looking for in South Florida
[14:54] What mistakes are investors making with regard to property management?
[18:17] What are some of the data points you look for that convince you this might be a deal to consider further
[23:09] Discussion about syndication and the best way for people to get started with it
[35:55] Are the low cap rates creating opportunities for construction?
[38:21] Opportunity Zones
[42:19] Eric & Steven’s concluding remarks

About Our Guest

Daniel Jaramillo is the CEO of Strategic Properties based in Miami, Florida. This is a real estate investment and property management company, specializing in multifamily and property management.

Website link:

strategicproperties.com

Ep. 191 Melanie Finnegan: Tax Lien Investing

Posted on November 18, 2019 by Tim

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Tax Lien Investing

With $14 billion in unpaid property taxes each year in America, tax lien investing is getting more and more attention from investors these days as a lucrative, low risk alternative to the volatility of only investing in the stock market.

When property taxes are not paid, counties are not able to fund services such as school teachers, police, and firemen and this in turn disrupts life as we know it. The solution? States have been assigning and transferring these unpaid taxes as liens to private investors which gives local governments an immediate infusion of cash with low risk.

Join us for this week’s podcast as our guest, Melanie Finnegan, gives us an overview of what tax liens are as well as her investment strategies and things to watch out for when investing in tax liens.

Key Discussion Points

[07:47] Overview of what tax liens are
[10:28] Overview of what happens when someone doesn’t pay their property tax
[11:13] What is the going rate to purchase a Tax Lien Certificate from the county?
[13:50] Melanie’s strategy for investing in tax lien certificates from the secondary market
[29:26] What are some things investors need to be aware of when investing in tax lien/deed certificates?
[32:01] What do you anticipate would be the return for an investor in the new fund you are setting up?

About Our Guest

Melanie Finnegan is the founder and CEO of Tax Lien Wealth Solutions where she manages its daily operations and handles its company portfolio management and portfolio consulting.

She is also a certified tax lien professional and has been investing, educating, and assisting clients in becoming successful tax lien investors for over 10 years. She has educated herself in every area of the tax lien investing process, and she helps clients implement a strategy that allows them to maximize their ROI and compound their interest.

Website link:

taxlienwealthsolutions.com

Ep. 190 Coworking Space in the Office Market

Posted on November 4, 2019 by Tim

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Coworking Space in the Office Market

The coworking space has grown significantly, and it’s going to continue to be the fastest growing sector in the Office Market. Coworking has become a transition space between coffee shops and full-time commitment on office space.

WeWork is a disruptor in the coworking space, but recently is having financial issues which could cause some ripples in this arena, but would probably not be catastrophic and will most likely be absorbed.

The whole economy in America is changing as we become more of a service economy, but office space will always exist.

Join us for this week’s podcast as Eric Odum and Steven Silverman share their thoughts on the Office Market, specifically the coworking space.

Key Discussion Points

[08:25] Medical Office Space Market
[12:42] General Office Space Market
[13:59] Coworking Space in the Office Market and discussion about “WeWork.com”
[31:12] Office Market Investment Opportunities
[34:20] Summary of Coworking Space and the Office Market

About Our Hosts

Eric Odum and Steven Silverman are the hosts of the Invest Florida Show podcast — actionable real estate investment talk with a focus on Florida.

Florida Investment Real Estate provides turnkey real estate investment solutions for our clients. With a diverse background in Florida’s commercial real estate markets, Florida Invest Real Estate offers investment services for individual and institutional investors seeking retail, multifamily, and medical office properties of $500k to $10m.

Website link:

https://investfloridashow.com

Ep. 189 Bryan Chavis: Multifamily Syndication and Investing

Posted on October 21, 2019 by Tim

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Multifamily Syndication

Everybody wants to be a syndicator but you really need to understand the back-end of the business before you go out and syndicate (what to do, when to do it, and understanding the systems that you need to have in place). Even if you get the money and the investors — that is the easier part. The harder part is what comes afterward.

Brian discusses his strategies to be a successful syndicator, such as asset stacking, having “boots on the ground”, understanding how to operate the asset, attracting money, and judging whether an investment is considered a security (SEC).

Key Discussion Points with Bryan Chavis

[04:29] Introduction to Bryan Chavis
[07:07] Discussion about headwinds in the current market
[12:35] Current multifamily market situation right now
[16:10] Are you still finding investments with low cap rates?
[19:25] Asset strategy stacking
[22:31] Syndication mistakes and tips to avoid them
[26:48] Raising money for syndication
[29:25] What do you see as most important for investors?
[36:44] Info about Bryan’s Multifamily Matrix Event & Multifamily Apartment Social Meetup
[41:08] Final thoughts from Eric and Steven

About Our Guest

Bryan Chavis is an active multifamily investor as well as author, blogger, educator. His best-selling books Landlord Entrepreneur and Buy It, Rent It Profit, outline the financial draws of investing in multifamily rentals.

Bryan is the founder of Chavis Captial (chaviscapitlre.com), a private equity firm that specializes in multifamily acquisitions. He also the founder of Bryan Chavis Coaching & Consulting, and is only one of a handful of authors with a book in the U.S. library of congress.

Bryan was also a guest on episode 149 – check it out!

Investor Resources

Website: bryanchavis.com
Multifamily Matrix Event info (hosted by Bryan): bryanchavis.com/matrix

Ep. 188 How to Deal with Real Estate Brokers

Posted on October 7, 2019 by Tim

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Dealing with Real Estate Brokers

Eric Odum reveals the key action items to take on how to get a broker’s attention and move to the top of their list. Often-times, when buyers want access and communication with a broker, the broker seems to have a lack of responsiveness. However, from a broker’s perspective, he/she is trying to weed out the unqualified investors so they can work with those investors who they think can transact and close deals. Keep in mind, brokers only get paid when the deal gets done, so they don’t want to spend their time working with investors whom they would need to educate or who are not ready or qualified.

Here are a just few steps investors can take to prove to the broker they are capable of being one of those people who can transact and close deals:

Be focused and specific in what type of investment(s) you are looking for
Show them the deals you’ve looked at, and why you think it is a good deal or a bad deal (it shows the broker your underwriting process in terms of how you make a decision or don’t make a decision)
Prove you have your financing lined up

Join us for this episode to learn about these and other helpful action items you can take when working with a broker.

Key Discussion Points with Eric Odum

[03:53] Introduction to dealing with brokers
[05:48] Reasons for a lack of broker responsiveness
[08:29] Key action items you should take to end up on the top of the broker’s list
[21:32] Summary of working with a broker

About Our Guest

Eric Odum is the co-host of the Invest Florida Show podcast — actionable real estate investment talk with a focus on Florida.

Mixed-Use Development

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Foreign Investors (and what they should know)

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Residential Property Management

About Our Guest

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Land Trusts

About Our Guest

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Florida Retail Market Opportunities

About Our Guest

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South Florida Market

About Our Guest

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Tax Lien Investing

Key Discussion Points

About Our Guest

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Coworking Space in the Office Market

Key Discussion Points

About Our Hosts

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Multifamily Syndication

Investor Resources

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Dealing with Real Estate Brokers

Key Discussion Points with Eric Odum

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