In this episode of the Let's Get It Podcast, host Justin Spalding dives into the world of multifamily real estate investments, sharing strategies to rapidly boost revenue and property value. He begins by discussing a 64-unit property that saw its monthly revenue soar from $48,000 to $80,000 in just a few months, with projections reaching $110,000 by the end of the year. Justin emphasizes the critical role of planning and swift execution in renovation strategies to enhance property value quickly. Listeners will learn about the five-tier renovation packages—Bronze, Silver, Gold, Gold Plus, and Diamond—each offering specific upgrades to streamline property turnarounds. The episode also highlights the importance of being available for property showings every day, including evenings and weekends, and the benefits of self-guided tours for potential tenants. Justin shares insights on performing partial unit upgrades while tenants remain in place, a strategy that accelerates improvements and reduces costs. He stresses the significance of speed in executing business plans, comparing current 8-12 month turnaround goals to previous 2-3 year timelines, illustrating how this approach fosters faster growth and reinvestment opportunities. This episode is packed with actionable advice and inspiring stories, including notable quotes from Justin on the necessity of a proactive mindset in real estate investing. Concluding with details on an upcoming real estate mastermind event, this episode is a must-listen for anyone looking to excel in the real estate market. Chapters: 0:00 Intro: Increasing revenue on a 64-unit property 5:06 Bronze package: Basic upgrades and improvements 10:13 Silver and gold packages: Appliances and renovations 15:49 Planning and executing renovations with speed 21:25 Completing in-unit rehabs with tenants present 26:30 Overcoming resistance to rapid improvements 30:04 Mastermind event details and benefits
In this episode, we explore the inspiring journey of Geoff Stuhr, a former college football player who transitioned from a corporate sales role to a thriving career in real estate investing. Geoff shares his experiences, from his initial investments in duplexes to navigating the complexities of syndication deals and fund structures. Their conversation highlights the importance of leveraging sales skills in real estate, the strategic focus on industrial properties, and the nuances of team management and leadership. With valuable insights and actionable advice, this episode is packed with lessons for aspiring investors looking to make their mark in the real estate industry. Chapters: 0:31 Transitioning from high-paying job to real estate 3:32 Career transition into sales 6:11 Benefits of 100% commission sales 9:47 Business growth and real estate investments 13:34 Early real estate investment reflections 16:43 Challenging syndication deal 20:05 Real estate challenges and financial struggles 23:20 Overcoming initial fears in property rental 26:42 Balancing full-time job with property investments 29:44 Real estate syndication and investment strategy 33:29 Transition to industrial real estate in Wisconsin 37:32 Mistakes in initial investment deals 40:39 Legal costs and business strategy 43:55 Seven-year hold strategy and flexible investment options 47:36 Investment tiers and returns 51:21 Family investment and profit interests 54:38 Navigating unexpected aspects in property deals 57:18 Leadership and problem-solving methods 1:00:41 Property management strategy for occupancy and revenue improvements 1:02:12 Project management strategies for remodels and efficiency 1:04:37 Leadership and efficiency in business growth 1:09:23 Learning from failures in business ... See more
In this episode, Justin Spalding engages in a captivating conversation with Cody Wiseman, the visionary behind Wiseman Capital. The discussion centers on Cody's remarkable journey from a construction background to becoming a prominent figure in real estate investing. Listeners will gain insights into Cody's ambitious hotel conversion project in Madison, Wisconsin, where a former Super 8 is being transformed into 129 studio apartments. This episode is packed with valuable lessons on overcoming challenges, securing financing, and the importance of perseverance in the face of adversity. Cody and Justin also share actionable advice for aspiring real estate investors, emphasizing the power of commitment and the potential for transformative change. Chapters: 0:00 Intro: Cody Wiseman joins to discuss projects 5:40 Importance of energy and effort in events 10:16 Hotel conversion project overview and background 15:43 Challenges with utilities and deed restrictions 23:53 Biggest surprises and overcoming obstacles 37:55 Raising capital and investor relationships 44:29 Lease-up projections and marketing strategies 48:14 Advice for aspiring real estate investors
In this episode of the "Let's Get It" podcast, host Justin dives into the intricacies of cap rates in real estate investing, challenging the conventional wisdom of relying solely on these figures. He shares insights on why cap rates can be misleading and emphasizes the importance of a comprehensive approach to evaluating properties. Through detailed examples, Justin illustrates how focusing on multiple factors can uncover hidden gems in the market. This episode is packed with practical advice and real-world scenarios, offering listeners valuable strategies to enhance their investment decisions. Chapters: 0:00 Intro: Cap rates and whiteboarding session 5:06 How cap rates can be manipulated 10:13 Real-world example: 246-unit property analysis 15:22 Importance of looking beyond cap rates 19:56 Evaluating deals from multiple angles
In this episode, we explore the transformative journey of Brian Keller, owner of QBC, a leading construction company. Brian candidly shares his evolution from a self-proclaimed "shitty boss" to a visionary leader who prioritizes employee development and company culture. Listeners will gain insights into QBC's innovative leadership programs, strategic hiring practices, and ambitious growth plans. Brian's commitment to engaging youth in the construction industry highlights his dedication to fostering the next generation of leaders. This episode is full of valuable lessons and inspiring stories that underscore the importance of caring for people to drive business success. Chapters: 0:00 Introduction to episode and guest Brian Keller 3:44 Employee-Focused Business: Starting a company prioritizing employees' needs 6:53 Realization and Business Challenges 10:19 Importance of listening to team members 12:16 Understanding labor burden and continuous learning 15:31 Business Growth Strategies: Goal setting and learning from others 18:52 Investment Strategy: Discussing a major investment for growth 21:39 Leadership Development: Self-growth for effective leadership 24:37 Leadership Development: Joel's journey from carpenter to business development 28:43 Autonomy and Decision-Making: Empowering employees 31:47 Alignment and Growth Strategy: Focus on mergers and acquisitions 35:01 Employee Perspective: Company culture and growth opportunities 38:30 Culture and Fit: Importance of aligning with company values 41:14 Interview Process and Team Fit 44:41 Task-Oriented Approach: Shifting focus from roles to tasks 48:18 Right person, wrong seat: Role changes and their impact on strategy 51:43 Weekly Meetings and Team Motivation 54:54 Election Impact on Projects: Contingency plans based on election outcomes 57:34 Company Strategy: Focus on field relationships 1:01:10 Leadership Program for Young Graduates 1:04:03 Concerns about employee disengagement 1:07:17 Employee Retention and Culture: Becoming a 'Tigger' and employee loyalty