S01E05: Hotel Conversions To Multifamily Housing With David Peters
Apartment Investor's Club Podcast
Release Date: 09/12/2022
Unlocking Michigan's Real Estate Investment Secrets with David Kamara of Cape Sierra Capital
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📌Do you want to achieve consistent and long-term growth in your real estate investments while enjoying stable cash flow? Are you searching for a solution that can help you attain these desired results? Look no further! Our guest, Bobby Larsen, will be sharing his expertise on real estate investment strategies in the Pacific Northwest that can help you achieve your financial goals. Learn how to unlock the potential of the real estate market and discover the key to obtaining steady returns and sustainable growth, even in a distressed market. In this episode: 👉investment strategies...
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📌 Check out Derek’s free PDF If you're feeling frustrated and overwhelmed with your real estate investing business because your current remote work and business management processes are not delivering the desired results, then you are not alone! Perhaps you find yourself constantly juggling multiple tasks and struggling to stay organized, leading to missed opportunities and inefficiencies. Or maybe you're facing challenges in effectively communicating and collaborating with your team remotely, hindering productivity and growth. Fortunately, in this episode, we dive deep into...
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Chad is one of five Managing Partners of Quattro Capital, leader of the Acquisitions team and the host of the #RealEstateRunway Podcast. Chad is a “recovering engineer” who spent most of his profession in corporate America in spaceflight with NASA and aircraft with GE before following his passion as a real estate investor. He is an “old soul” and a genuine “family man” passionate about building a time quality lifestyle and quality communities for residents. In this episode: 👉making a career switch from engineering to multifamily real estate 👉keys to raising investor...
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My special guest is As a veteran banker with experience spanning over 18 years, he has developed an insightful perspective on the symbiotic relationship between the banking industry and real estate. Sam can articulate industry jargon in a way that makes it meaningful for his listeners, making his conversations as enlightening as they are engaging. Before turning to real estate, he held key roles within community banks and even kick-started his own. A dynamic leader, Sam is now the CEO of Sunset Capital, bringing his bank-side understanding to identify and manage assets across apartment and...
info_outlineToday’s guest is David Peters. Dave is a lifelong entrepreneur and business developer withe extensive experience in startup businesses and business turnarounds in multiple industries (IT, manufacturing, Dot.com, hospitality and real estate)
He has over a decade of experience operating property and tenant/occupant-based businesses as well as extensive training in business management, financial analysis, accounting, employee management and government compliance.
David Peters currently operates a licensed general contracting company, a property management company and a residential rental business. He holds a degree in Electrical Engineering, as well as a General Contractor’s licence
David is “the hotel conversion guy” and in this episode gives a comprehensive overview of the hotel to multifamily conversion space. Specific topics covered: how to do research on specific areas; what are clients looking for when they look for apartments; what goes into converting hotel units into livable spaces from a development perspective as well some other interesting details.
Connect with David Peters
https://firstfloorequity.com/
[email protected]
Key points:
01:12 David's bio: from engineer to property manager
03:22 Is David focused locally or does he do deals outside his area
04:02 David's method for evaluating markets
05:48 David's specific market criteria
06:50 Median incomes, median rents, other factors in analysis
08:24 In areas with high median incomes who is the target renter for smaller apartments?
09:20 Urban areas vs suburban spots
11:57 What are the things the urban renters want to have access to near them
15:16 Working with hotels in more isolated locations
16:50 David works with assets that have a lot of amenities
19:05 Converting large common areas into amenities for new tenants
21:30 Converting the hotel exteriors to look more like apartment buildings
23:35 Upgrading the hotel units themselves
27:22 The cost per unit of a typical upgrade
28:38 Converting the interior spaces, i.e. corridors, elevator entrances etc
29:58 The costs of hotel conversions compared to buying a standard multifamily unit
32:10 What is a home-run asset for doing a hotel conversion play?
Some key things to look for
35:09 The underwriting process and some key metrics to look for
38:45 Closing thoughts & how to reach out to David