Ep #241: How to Add HUGE Value By Repositioning Properties to a Higher and Better Use — with Josh Weidman
August 6, 2019
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.
“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..”
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
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