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what i have done...

I've spent the last 13 years building a multi-family development, investment, and management business with my family in Chico, Ca.

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Bootstrapped, spartan living, and a lot of mistakes characterized the beginning.

 

In 2010, my dad and I began developing a failed sub-division (Westside) we bought in foreclosure a year prior. My first project was to finish off the development of 9 units that had been permitted and started, but only the shell of the building existed. As a 24 year old with minimal experience, I naively spearheaded the design, construction management, and lease up of this project. With the success of these units, I continued our development efforts of apartments on this site. My thesis was simple: build quality and hold indefinitely. In total, I’ve developed 55 units on this site.

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During my time in Chico, I also took over the management of a large student property we owned (172 beds.)  I overhauled the property management and eventually brought it in house to gain more control. Over the subsequent years, I drove a massive value add campaign composed of rehabbing kitchens, renovating the pool/gym/common area, redesign of the landscaping, and more. With improved management and the value-add campaign, I was able to drive the capitalized value of property, refinance, and use funds to help continue our investment and development efforts.

I left in 2015 to attend UNC Kenan-Flagler Business School for an MBA, specifically focusing on real estate finance. With a couple brief stints at RE private equity and development shops, I came back to my family business because of several unique opportunities, specifically a project in Palm Beach County.

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In 2018, I began a robust value add campaign on a distressed asset in Lantana, Florida. From cap ex projects to restructuring the finance, I've chipped away at converting this under performing building into a boutique community. Some of the value-add projects I’ve completed on my Florida property are: a new dock, a new seawall, 99 impact windows, exterior paint, replacing cast iron sewer lines, and 7 full gut interior rehabs. Excluding cap rate compression, I've been able to more than double the capitalized value in four years.

my target market...

West Palm Beach, Florida

Reasons why WPB:

  1. I live here. I have relationships with brokers, subcontractors, architects, and other parties involved in operating and investing in multi-family property.

  2. Strong demographic tailwinds and migration data.

  3. Large investment in Brightline rail system connecting WPB to major FL hubs such as Miami, Fort Lauderdale, Tampa, and Orlando.

  4. Influx of high paying jobs coming to WPB, specifically finance and hedge funds opening up satellite offices, “Wall Street South.”

  5. No threat of rent control in Florida. Favorable landlord laws.

  6. Favorable tax treatment, business environment, and climate.

  7. Relatively supply constrained east of I-95.

  8. High cost to home ownership in WPB because of property tax yearly adjustments, insurance, and high cap ex/maintenance needs in wet, windy, coastal environment.

the WPB thesis ...

A lot of real estate that was traded in the past 3 years sold for record prices. I suspect some people got out over their skis because of:

  1. Assuming aggressive rent growth year over year

  2. Not accounting for large percentage yearly increases in insurance premiums (30%+)

  3. Underestimating CapEx

  4. Underestimating operational intensity or the realization that 3rd party property management is not a panacea

  5. Purchasing property based on AirBnB potential revenue

  6. Purchasing with negative leverage

  7. Buyers using adjustable rate financing

 

My strategy is to source multi-family deals that have recently traded from 2020 to present. I suspect there are buyers who are looking for a way out, especially if facing ballon payments or interest rate adjustments.

what has stopped me...

The business I built with my family is something I am really proud of. As a family, we decided to only build/invest with our own equity. As a result, it has slowed our growth pace. In addition, we tend to be very conservative and keep our LTV very low. Our strategy during COVID was more defensive than offensive. Our available capital has been tied up in other local projects in Chico (non-residential/non real estate) and investing in West Palm Beach hasn’t been feasible with our risk profile.

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I am hungry for more projects and want to begin operating as a GP in West Palm Beach without the capital restrictions that I have with my family business. ReSeed Partners would be an invaluable experience and resource to help get escape velocity starting my GP business.

my current situation...

Currently I am still working with my family business. My brother and I drive the day-to-day operations in Chico and Florida with the help of our long term and super talented employees.

 

The why is easy – I love what I do, who I do it with, and really enjoy the value add projects I am undertaking in Florida right now.

a fantastic career would look like...

In 40 years I would be 76 years old. Below is a brief list of things that would be meaningful to me if they came to fruition:

 

  • Children and/or grandchildren that I can hopefully pass the baton to.

  • Facilitated direct property ownership for employees’ and subcontractors’ families. It is important to me to bring other stakeholders along for the ride or set them up for their own ride.

  • Teach a RE course at the undergraduate or graduate level. Introducing this as a career path to young folk would have a meaningful impact to me and the industry.

  • Still be involved in the operations of the business.

  • Have the freedom and flexibility to go to CrossFit whenever I want in the day – a small, but meaningful lifestyle freedom for me.

  • Preservation and/or adaptive reuse of iconic buildings in Palm Beach County. I love the Old Florida aesthetic and find the old buildings to be special and full of old school Florida kooky vibes! I think it is important to preserve the authenticity of the local built environment.

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