#331: Multifamily, Syndication, Residential to Senior Housing Conversions, and So Much More! -with Prashant Kumar
July 13, 2021
Prashant Kumar is a real estate expert and syndicator.
As Founder and Managing Partner at MyRealityGains, he applies his 25+ years of experience in corporate America to analyzing opportunities and managing his real estate operations. He acquires and holds stable, income-producing multifamily apartment complexes in emerging US markets with long-term capital appreciation.
In addition to his investment activities, Prashant also runs a real estate meetup in NY as well as participating in numerous industry masterminds.
“I feel like the assistant living space, which can be explored further…is there but it’s not like everyone is rushing there towards it because it’s more of an operation intensive business.”
“[The senior assistant living space] is a very operation-intensive business. We come in as investors, we get it built, but even to do the operation [everything] has to be correct. So we have to find the right operation efficient company to do the work.”
“The biggest challenge with residential is to do the operations…number one operations and number two, from a scalability standpoint, getting a loan on those properties.”
“From a conversion standpoint, you will buy as a residential home, you will put the money to modify it… so you are talking about nine months worth of delay before you can go into the operation. And then filling up time can be anywhere from 3 to 6 months depending on what you do.”
“The biggest factor [at play in hotel to senior housing conversions] is the zoning. You know, if the hotel is empty doesn’t mean you can go in and convert it. It depends on the town and if they’re going to allow for assisted living in that area or not. Number two is the general population, the age group, and what is their income and the demand.”
2:04 – Prashant gives us an overview of his background in India, working in the corporate world, and how he got started in real estate.
5:23 – Prashant tells us how he went about managing his first single-family and multi-family investments.
7:30 – Prashant talks about his progression—how he went from his first single-family investment to the world of larger syndications and multi-family investments.
10:42 – Prashant describes his experience obtaining a property out of outward-bound marketing/cold calling efforts.
14:45 – Prashant tells us all about the senior housing space, his growth plans, and what attracts him to this sector.
18:40 – Prashant discusses his first two projects in the assisted living space.
19:18 – Prashant briefs the terms on SPA loans.
20:28 – Prashant talks about the distress aspects of residential and senior assistant investments.
23:24 – Prashant discusses where he’s at in the turnaround process of his assistant living investments.
25:40 – Prashant discusses the challenges of residential housing versus the benefits of the larger scale senior housing space.
28:11 – Prashant tells listeners how single-family to senior care facility conversions work.
30:52 – Prashant dives into senior housing conversions out of extended stay/hotel spaces during the pandemic and what makes a good hotel for this type of conversion.
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