Ep #241: How to Add HUGE Value By Repositioning Properties to a Higher and Better Use -- with Josh Weidman
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.9 • 675 Ratings
🗓️ 6 August 2019
⏱️ 43 minutes
🧾️ Download transcript
Summary
In this episode of the Real Estate Investing for Cash Flow podcast, Kevin interviews real estate and property management expert, Josh Weidman. Josh has been an active real estate investor for over 10 years, and has successfully founded and grew Atlas property management into a multimillion dollar firm with his partners, then later sold it to TCS Property Management. He is now director of turnkey investments at TCS Investments.
Josh shares his background in wholesaling row houses in Philadelphia and how he and his partners developed a business model for large scale property management. He dives into the business plan at TCS and how his team drives big value, receiving mostly a hundred percent rent premium by converting single family family homes into three or four unit apartment buildings. Josh also talks about the cost of these renovations, other challenges and future expansion.
QUOTES:
“I was introduced to this concept called wholesaling, and wholesaled my property, made thirty grand on my first year and I was like ‘yeah, I could do this all day.’”
“For me the biggest change in hiring was realizing that you get what your pay for and if you don’t know what the role is, you’re never going to find the right person.”
“We can take that 2,500 square foot family [home], gut the thing and rebuild it as a three-unit building and we can do it at a price point that makes a heck of a lot more sense than buying a triplex, gutting it and rebuilding it.”
“We’ve got some areas in the city where we have two or three houses on the block that are boarded up shells, if we can find a way to capitalize on that block, that is a huge impact on that block, on that neighbors, and on the city as a whole..”
“By converting a lot of these properties to functional spaces, it provides a lot of opportunities for the neighborhood’s continued development..”
HIGHLIGHTS:
6:50 Josh’s background and how he got into real estate
11:46 Josh talks about hiring partners and organizing his property management business
20:49 Josh expounds on their unique business plan at TCS
26:13 Costs for renovation and adding infrastructure to single family homes for conversion
30:19 Scalability, geographic targets and challenges
Recommended Resources:
- Check out our company and our partnership opportunities by visiting SunriseCapitalInvestors.com
- Would you like to partner with us on future MHP deals, call 844-CASH-FLW to learn more or click here to schedule a time on our calendar.
- Grab a free copy of our book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them click here
- www.realestatetheeasyway.com
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Transcript
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| 0:00.0 | You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it. |
| 0:09.4 | But you're tired of all the so-called gurus who are all talk and no substance. |
| 0:15.2 | Get ready to celebrate because Kevin Bup has spent 14 years successfully making it happen. This is the Real Estate |
| 0:22.8 | Investing for Cash Flow podcast. Now, here's Kevin Bup. Hey guys, Kevin Bup here, and I want to welcome |
| 0:33.9 | you to another episode of the Real Estate Investing for Cash Flow podcast, where mission is to help you build and maintain massive amounts of cash flow through |
| 0:41.2 | income producing real estate investments. And our guests for this week's show is real estate |
| 0:45.5 | and property management expert, Josh Weidman. Now, for more than a decade, Josh has been an active |
| 0:51.0 | investor and real estate entrepreneur. Josh built his very first real estate business by wholesaling Philadelphia row houses. |
| 0:57.8 | And shortly thereafter, he and his partners built and grew Atlas Property Management Company |
| 1:02.2 | Company into a multi-million dollar firm and later sold to TCS Management Services. |
| 1:07.6 | In 2018, Josh joined TCS Investment Group, bringing his expertise in marketing, construction, |
| 1:12.6 | and business development to the TCS team. And one of the unique and valuable skills that Josh |
| 1:17.9 | brought over to the TCS team, and one that we'll be spending a lot of time discussing today is |
| 1:22.2 | where he takes single-family residences in inner-city Philadelphia and converts them to three- and four-unit apartment |
| 1:29.2 | buildings. Now, not only is he converting to a higher and better use, but on a regular basis, |
| 1:34.4 | he's also receiving about 100% rent premium over what that unit would have rented for as a |
| 1:40.6 | single-family residence. In addition to that, now that when he has a vacancy, |
| 1:44.8 | he still has other units paying down the mortgage and handling the expenses, which is really the |
| 1:48.3 | beauty of multifamily properties in general. It's one of the many beauties of multifamily properties. |
| 1:52.7 | And so in a standard single family arrangement, you know, for those of you out there that have |
| 1:56.1 | single family rentals, when you have a vacancy, you have zero cash flow. Okay? So that's not a good thing. |
| 2:01.8 | But it's a good thing when you've got other folks still covering the mortgage and the debt, |
... |
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