Defining the best financial strategy for a newly acquired real estate investment can be quite challenging. In today’s episode, co-host Rob Coldwell takes a fascinating look at the latest development project of Green Springs Capital Group with founder Brian Green.
@greenspringscapital
http://www.greenspringscapitalgroup.com
Brian takes us step by step ofworking through the entitlement process on a 42 unit subdivision project which includes 6 condominiums and 36 apartments with a total project cost of $12.5 million dollars. Discussing in detail the initial challenges and the business plan to sell off the condos to recapitalize the project, refinance the apartments at stabilization, and holding long term with his company managing the properties. This project includes relocating an existing historic building!
Brian Green is the Founding Principle of Green Springs Capital and has been investing in real estate for the past 8 years. His experience began by acquiring small multi-family properties, managing the reposition through extensive renovations and property management initiatives, refinancing at after repair value, and then self managing the newly stabilized property.
This early experience laid the groundwork for the systems and processes that became Green Springs Property Management. Under his leadership and with a proven track record as a successful entrepreneur, Brian’s primary role is to oversee all company operations with special focus on acquisitions, investor relations, and company finances. Before real estate, Brian founded a chain of retail stores that grew to over $10 million in annual sales before successfully exiting the company in 2014. He is a licensed NYS broker and has a Masters in Business Administration.
Timestamps:
0:00 Introductions
5:05- Current business numbers
11:33 – Getting Started in Property Management
16:29 – What does redeveloping an apartment look like
23:45 – How do you and your brother work together
26:40 – Talk about the property you’re developing
36:31 – What was worked out at the agreement of sale
41:50 – Things to build into the lease
45:13 – How much was the land / what are your costs
53:45 – Closing question
Key Takeaways:
Don’t Make Exceptions in Property Management
Strategy on Refinancing
Advantages of 1-2 Bedroom Investments
Defining Redevelopment
Process of Relocating Tenants During the Redevelopment Process
Roles within a Self Managed Business
What is Ground Up Development
Minimizing Common Areas will Minimizes Ongoing Costs
Working with Community Groups helps Achieve Approval
Costs of Existing & New Construction Projects
