Invest Florida - A Real Estate Podcast

Today we talk with Derek Waltchack, partner at Shannon Waltchack, about his personal perspective on the retail market. While many investors steer clear of retail, especially when retail assets like malls are not doing so well, Derek embraces it and is doing quite well.    Our co-host, Eric Odum, is also bullish on retail, and said as long as we are driving cars, there is always going to be a need for people buying product or delivering service. So despite what you may hear, retail is a very stable asset class, especially when it comes to strip centers in good neighborhoods.   A little known but interesting fact about Derek is that he is also a part time truffle farmer and has the only truffle farm in Alabama. Very cool!   Key Discussion Points [00:58] Opening remarks by Eric Odum and Steven Silverman [04:51] About our guest: Derek Waltchack [067:12] So you are also a part time truffle farmer in Alabama - tell us about that [11:21] Tell us about the podcast you just started called "Brokerlord" [14:13] How is

Today we discuss the current Florida Market and the Market Forecast with Brian Alford, director of Market Analytics for CoStar Group. Brian uses market data analysis to give us a current high-level and detailed overview of Retail, Industrial, and Office - as well as his market forecast for each. These are certainly unsettling times with COVID-19 affecting various businesses and asset classes. The good news is that, according to Brian, the overall forecast looks pretty good and Florida will come out ok.

Today we talk with Jeremy Kloter, owner of Out Fast Property Management, about how the market is looking currently, how it will evolve over the next several months, and what the market will look like post COVID19. Eric thinks that after the evictions and foreclosures start hitting the market again, we will see a short flattening of the price curve, and then there will be a pricing bubble as the market heats up over the next 18 months. As Eric says, "You can't dump trillions of dollars into the economy and have it not affect real asset values."   We also discuss property prices, property management, fix-and-flips, and funds.   Key Discussion Points [01:01] Opening remarks by Eric Odum [02:19] About our guest: Jeremy Kloter [03:29] Tell us about your background and how you got into real estate [05:38] What are you seeing in the market, and how has it changed since COVID? [08:06] Are you seeing prices of properties getting bid up very quickly? [09:56] How do you see the market evolving the next several months a

Today we talk with Byron Fisher, owner of BT Realty Services in the Tampa Bay area, about his real estate strategies during this COVID19 pandemic. Although Byron only started in real estate in 2012, he has become quite successful in a short amount of time. Byron also gives his advice to new investors on how best to navigate the current real estate market and mistakes to avoid. Also discussed is that we are in somewhat of an artificial market as there really hasn't been much of a change in prices and valuations due to the pushing off of foreclosures and evictions - but it's only a matter of time before this changes.   Key Discussion Points [01:01] Opening remarks by Eric Odum and Steven Silverman [05:31] About our guest: Byron Fisher [06:04] How did you get started in real estate? [12:24] Are you using debt to acquire properties (the ones you are currently holding)? [13:36] How has COVID19 affected your rental and acquisition business? [15:54] Tell us about the online auctions you're involved with (Auction.co

Jake Marmulstein is a tech-savvy entrepreneur and co-founder & CEO of Groundbreaker, a tech company that creates software to automate real estate fundraising, investment management, and investor relations. Jake discusses the software and how it is helping real estate investors and syndicators. He also reveals how he got the idea and how Groundbreaker got started.

Today we talk with Colin Murphy about how the COVID19 crisis is affecting the single family market. Colin is active in the affordable single family home market - $150k-$180k concrete block homes - and they have been remarkably resilient which means he hasn't seen many discounted prices or special deals as a result of COVID19.   At least in the near future, Colin doesn't think we will see a wave of short sales or foreclosures. Some of the reasons for this are that banks aren't giving out the bad loans now that they were giving out 12 years ago. Also, a record number of home owners have refinanced which has given them additional cash flow to weather a storm. There is just not as many distressed homes on the market to get a discounted price or deals. This can all change, however, as real estate is a lagging indicator and is a couple of months behind the wider economy. 

Today we talk with Albert Auger who shares his story of how he went from broker to developer to investor. Albert is a successful real estate investor who's cash flow allows him to live in Europe while he continues to invest in Florida. His model is "keep it simple" and his strategy is value-add, stay in the property for 3-5 years, stabilize it, then sell it.    Albert gives some practical advice such as suggesting going out and doing your own research. Don't assume that just because somebody says property is "prime property" that it actually is prime property - ask "why" it is prime property. Also, try to talk to people in person to build good relationships, or at least get on the phone and talk to people and start making connections.   Key Discussion Points [01:01] Opening remarks by Eric & Steven [05:32] About our guest: Albert Auger [06:11] Background on how Albert got started and where he's from originally [10:45] Tell us about the first property you invested in and what you learned [17:39] Tell us a

On today's podcast Eric Odum and Steven Silerman give their thoughts and analysis on the Commercial Real Estate market during this COVID19 pandemic. They cover each asset class from retail and office to residential / multifamily to Industrial and everything in between.    While COVID19 has put the breaks on a lot of real estate activity, there is a light at the end of the tunnel. People are social by nature, and are ingenious. Business models are evolving and changing with the times to stay competitive. As Eric Odum stated during the podcast, "Don't bet against people being people."   Key Discussion Points [01:01] Opening remarks by Eric and Steven [04:11] Retail Asset Class [08:58] Restaurants are getting bludgeoned due to COVID-19 [11:13] Office Asset Class - Current and future changes to the Office environment [18:08] Residential & Multifamily Asset Class [22:07] Industrial Asset Class [25:07] Storage [27:53] Student Housing & Education [30:46] Hospitality Services (Hotels) [31:59] When is there g

Today we talk with Rod Khleif -- real estate and multi-family investor in Sarasota, FL -- about how he is coping during this COVID crisis. Although Rod admits that a lot of business aren't going to make it through this pandemic, he takes the position that "along with serious pain, there will be serious opportunity" and that investors should focus on moving forward and not get caught up in the fear and hype. Key Discussion Points [01:03] Opening remarks by Eric Odum [04:14] About our guest: Rod Khleif [05:12] Tell us how you're faring in multi-family and what the outlook is for the future [12:12] What's your situation with managing your tenants during this COVID crisis? [24:31] How should investors be positioning themselves for the future? [29:06] Are you worried about not having a COVID vaccine for another 18 months? [34:23] How is this recession different than the last recession? [40:04] Closing remarks by Eric Odum  

Today we talk with Beth Azor, founder and principal of Azor Advisory Services, as she shares her current experience with managing her properties, tenants, and banking relationships during this COVID crisis. Beth is facing the same fears and frustrations and many others in commercial real estate. What if I don't get the rent? Maybe I can pay this month's mortgage payment but what happens next month?    Beth gives unique insight as a person that is involved in all areas of commercial real estate. Retail, landlord, broker, property manager, and she's able to provide a deep perspective on what the various people inside the industry are going through right now and how they're coping and dealing with it.   Key Discussion Points [01:00] Opening remarks by Eric Odum [04:10] About our guest: Beth Azor [05:02] Give us an overview of your properties [06:05] How are you dealing with your tenants right now? [22:57] Are any of your tenants reacting in a very negative way? [26:35] Why don't think National deals are coming

Today we talk with Eamon Anderson, director of strategy and underwriting at TheGuarantors agency, about an alternative security deposit solution for commercial businesses that helps both the landlord and the tenant. Their solution is basically an insurance version of the commercial security deposit that protects the tenant and landlord for the term of the lease from potential loss of rent payments.   From a landlord's perspective, it's as good if not better than the incumbent's solutions to cover the risk of missed rent or high upfront tenant improvement (TI) cost. They're getting a surety bond that works just like a letter of credit and it's backed by investment grade credit, payable on-demand. And from any of the landlord's lender's perspective, it works just like a letter of credit.   From a tenant's perspective it's a lot cheaper option because it's unsecured. All tenants have to do is pay an annual insurance premium, typically an average of 5% of the security deposit per year, and they never have to put

Congress just recently passed the Federal Coronavirus Relief Bill referred to as the CARES Act. The centerpiece of the CARES Act is the $350 billion Paycheck Protection Program (PPP) which is designed to help small businesses such as real estate investors / agents, landlords, business operators, etc.. continue to make payroll at their staff's current pay rate as well as cover key expenses by offering low interest rate loans with forgiveness potential.   Today we talk with Owen LaFave, Pinellas County market president for the Bank of Tampa, about the CARES Act PPP loans including who is eligible, what loan amounts are possible, and whether the loans are forgivable. Just remember that the PPP loans will be distributed on a first-come, first-serve bases, so you should get with your banker as soon as possible since the stimulus funds are limited and will eventually run out.   Key Discussion Points [01:01] Opening remarks by Eric Odum [04:00] About our guest: Owen LaFave [08:35] Discussion about Payrol Protection

With the arrival of the Covid-19 pandemic, the last several weeks have taken an unfortunate turn, and this has affected the commercial real estate world as well. For commercial landlords and investors, there are some very real issue you are facing as more and more tenants start facing financial hardships due to their businesses being closed.   As a commercial landlord, you need to be prepared to respond when tenants start coming to you with needing financial relief and/or rent reduction. There are programs that can help your tenants (we discuss a few programs on this podcast). You also need to be prepared for the possibly of tenants invoking the "Force Majeure" clause (Act of God clause). Just remember that it will benefit you in the long run if you treat your tenants as human and not just as a lease or cash flow stream.   Key Discussion Points [00:58] Opening remarks by Eric Odum [01:56] During this COVID-19 pandemic, landlords should treat people as human and not just as a lease or cash flow stream [05:12] 

On today's podcast we talk with social media expert Christy Murdock Edgar about the importance of content marketing and how it can help generate more leads for your business. Social media enables people to feel like they know you before they actually make contact, and this makes connecting with you even easier. After all, people do business with people - not companies.   Christy shares some great tips and discusses the importance of a credible, good looking website as well as the benefits of having a blog, podcast, or video that you release regularly. She also shares the three (3) core content pieces you need to help drive traffic to your business.

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."

Today we talked 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 building 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 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 prope

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 uses to add value 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 [0

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

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] Fro

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] O