Wed, 11 April 2018
What’s differentiates a successful multifamily real estate investor from someone who dreams of financial freedom but doesn’t take action? Todd Fox contends that a willingness to fail is what sets him apart and that his failures have helped him learn, grow and gain the confidence to go out and create the next big opportunity.
Todd is the CEO of Visum Development Group. In the last 15 years, Todd has developed $35M in projects in the Ithaca metro area, and he oversees all aspects of the firm’s projects from concept formation to long-term stabilization. Visum specializes in new construction and the redevelopment of residential properties, working to maximize returns while mitigating risk for investors. The company offers a range of luxury student housing, residential and commercial investments, and they are currently working on a 207-bedroom student housing project for Cornell University worth $37M.
Todd joins me share his journey from bankruptcy to successful developer, discussing how that dark time inspired him to pursue real estate full-time. He explains how he got his start with duplexes, purchasing his first property at auction and doing an incredible amount of legwork to find the second property—three years later. Todd describes his original intention to scale up to ten duplexes and how his dreams got bigger as he gained confidence and secured a network of investors. Listen in for Todd’s insight on following your heart, learning from failure, and setting small goals to build momentum.
Todd’s path to real estate development
What inspired Todd to pursue real estate full-time
Todd’s painful experience with bankruptcy
How Todd overcame the inability to secure a bank loan
How Todd found his next deal
Todd’s decision to scale beyond ten duplexes
The organic way Todd built a network of investors
Todd’s approach to raising money
Todd’s advice for aspiring real estate investors
Todd’s insight on what sets successful entrepreneurs apart
Connect with Todd
Direct download: MB_105_-_How_a_Willingness_to_Fail_Breeds_Multifamily_Success__With_Todd_Fox.mp3
Category:Commercial Real Estate -- posted at: 11:52am EDT
Wed, 11 April 2018
The two biggest issues multifamily owners face are turnover and resident satisfaction. If a property is not at full occupancy, your bottom line takes a significant hit. How can you address both of these issues and create a community in your apartments that makes residents want to stay, even if the rents go up?
Pete Kelly is the CEO of Apartment Life, a faith-based nonprofit motivated by a commitment to building relationships and community. Apartment Life serves the multifamily industry, redefining the resident experience in order to increase retention, improve tenant satisfaction, and enhance the community’s online reputation.
Pete sits down with me to share his background in the nonprofit world, explaining the basics of Apartment Life as an organization. He discusses the research around loneliness and public health, customer engagement and brand loyalty, and the economic impact of the CARES Program. Pete offers the specifics of what the CARES and Workforce Housing teams do to engage residents and how the faith-based roots of the organization impact their mission. Listen in for Pete’s insight on building a community that is good for the human soul AND the bottom line.
Pete’s background in the nonprofit world
The fundamentals of Apartment Life
The research around loneliness and public health
The business research around connection and engagement
How friendships affect a resident’s willingness to stay
The financial benefits of the CARES Program
What the Apartment Life teams do
The cost of the CARES Program for owners
The alternative Workforce Housing Program
The faith-based element of Apartment Life
The mission of Apartment Life
Connect with Pete
‘Loneliness and Social Isolation as Risk Factors for Mortality’ in Perspectives on Psychological Science
‘The New Science of Customer Emotions’ in Harvard Business Review
Direct download: MB_104_-_Building_Community_is_Good_for_the_Soul_AND_the_Bottom_Line__With_Pete_Kelly.mp3
Category:Commercial Real Estate -- posted at: 11:45am EDT