In 2021, Charlie Kao and I were considering buying an off-market self-storage facility in northern Michigan. All of the numbers looked great, but the one sticking point was that the seller wanted to stay on as property manager. On top of that, he insisted on being paid twice the going rate for a property manager on a facility of that size.
As a rule, it's never a good idea to hire the seller as your property manager, especially when you're investing in a value-add property. But in this case, there was another group that was willing to hire him at his price. We couldn't understand why they were willing to do that.
Charlie and I were about to walk away from the deal. But then we asked ourselves, "Why is the other group willing to hire him, and how does it actually make sense in this case?"
Check out this week's episode of Next Level Thursday to find out.
Find out more about Charlie Kao:
Recently, the city of San Diego, California implemented a new program to help increase housing stock and affordability.
They created a bonus accessory dwelling unit, or ADU, program that allows investors to build 10, 20, 30 or more units where a single-family home existed before.
My guest today sees this program as a ‘pot of gold’ for real estate investors, and he’s going to share how he’s been leveraging this program to create new profit streams for himself and his investors.
Shawn DiMartile is the co-founder of Takeoff Capital, a private equity firm with over $50 million in assets under managements spread across 300 units.
Today Shawn discusses the important ways in which ADUs can help increase housing stock, how San Diego has made ADUs a priority, and how he and his investors have been leveraging this strategy in their portfolio.
Find out more:
Instagram: @shawn_dimartile
Website: www.investorshawn.com
Today’s episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area.
https://www.livegreenlocal.com
And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits.
When it comes to signing documents, how much time have you wasted printing, signing, and then scanning the document back into your computer?
On today's episode of Next Level Thursday, Brian shares one of his favorite hacks that will allow you to save paper, printer ink, and most importantly—your time.
Follow along on Youtube to watch how you can electronically sign PDF documents quickly and easily.
And be sure to leave us a 5-star review and rating on your favorite podcast app.
One of the after effects of the Covid-19 pandemic has been an increase in people working from home, and a decrease in the need for office space. This has had a dramatic effect on office buildings as an asset class and continues to be a problem with only half of the workforce returning to the office.
Many developers are considering re-purposing vacant office buildings into residential and apartment buildings. But doing that can be a lot more difficult than it seems.
Today’s guest is nearing completion of an office to apartment conversion, and he’s here to share his experiences, both good and bad. We’ll discuss his challenges working with architects, engineers, and city inspectors, and the delays he’s encountered along the way. Andrew will also share the silver lining that makes it all worthwhile and why he’s bullish on the Baltimore market.
Andrew Hinton is the acquisition lead for GL Capital, which focuses on apartment syndication and development in Pennsylvania, Maryland, and Virginia.
Find out more:
www.glcapital.io
https://www.linkedin.com/in/andrewhintonglc/
Cell: 267-269-0128
Email: ah@glcapital.io
Today’s episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area.
https://www.livegreenlocal.com
And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits.
Any time you start a new construction project one of the biggest mysteries you'll encounter is what you might find under the ground. Well, you won't believe what we found under the old parking lot at our apartment development site.
Today I'm joined by Brad Laackman from Honor Construction. Brad discusses the things he's found under the ground during his construction career, as well as the surprising discovery we made at our 120-unit apartment construction site in Grand Rapids, MI.
You can find out more about our development and watch our monthly construction updates at:
Welcome to the Management Styles for Short-Term Rentals Panel. What management style is best suited for your short-term rentals? Should you handle managing yourself, or is a third-party team a better option? How do you know you’re making the right choice?
We have a great group with us today to help answer these questions.
Tony Stancato is an emerging industry leader. With a personal portfolio of four short-term rental properties totaling 11 doors and a successful vacation rental management company called ‘Book N Gather’, Tony has a wealth of knowledge and experience to share with us today.
Tony is a co-host of the popular Michigan Short Term Rentals podcast and a short-term rental real estate agent.
Nate DePelsMaeker is a Field Sales Executive for Vacasa. He is a licensed real estate salesperson and who uses his background in both short-term rental management and professional sales to assist homeowners in deciding for or against full-service third-party managements solutions for their vacation home(s).
Brenden Stark’s comprehensive connection to West Michigan make him an unparalleled matchmaker between buyer and seller in the short-term rental space.
Brenden is the owner of Stark Vacation Rentals and specializes in creating beautiful spaces for a quick escape or long vacation getaway.
Today’s episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area.
https://www.livegreenlocal.com
And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits.
In 2021, Jeremy Garcia's commercial realtor brought him a semi-off-market listing for a 14-acre vacation resort located on the shores of Lake Michigan in North Muskegon.
The resort had been closed for two years due to Covid, and the seller's reported income pre-Covid didn't come close to justifying the $2 million price tag they were asking for.
They also weren't willing to consider seller financing, which seemed to be the only way to justify their price since the lack of a financial history made the property un-financeable.
So how were we able to close on this property in 2022?
In this episode of Next Level Thursday, Jeremy and I break down the challenges we had acquiring this vacation resort and the strategy we employed to find a lender for an un-financeable property.
You can find out more about Scenic Drive Resort and even book a stay by going to https://bookdreamstay.com/.
When you ask most investors how much passive income they would need to be financially free, the most common answer is $10,000 per month.
Well, my guest today is on track to generate a staggering passive income of more than $2 million a month!
Kyle Seyboth owns over 300 units, is Wall Street Journal’s #1 Realtor Nationwide, and founder of Century 21 Limitless.
Kyle is here today to share his plan to transition from millionaire to billionaire. We’ll also discuss how he masters time management through decision reduction and coaches his partners to achieve maximum success. Kyle also breaks down his multiple streams of income and how each stream will contribute to his monthly income.
Find out more:
Search for Kyle Seyboth on Facebook, LinkedIn and other social media platforms.
Today’s episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area.
https://www.livegreenlocal.com
And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits.