Masters In Real Estate

I sat down to discuss the world of condos and HOAs with Tyler LaMarr and Sara McConkie. We discussed various aspects of commercial real estate, focusing on condo development, budgeting, risk management, insurance considerations, and HOA structures. We also touched on condo conversions and the legislative landscape affecting condo development in Utah.

https://iamhoa.com/

https://millerharrisonlaw.com/

Jeff Grasso discusses his career beginning with Silverstein Companies, opening their Poland office, then China, and as head of acquisitions across the entire company. Jeff then packed his bags to Salt Lake City, quickly acquiring nearly $100,000,000 of office within his first 12 months, and has rapidly expanded into a variety of asset classes including life science, industrial, build for rent, and land along the wasatch front.

My conversation with explores the history of the Corliss family business, tracing its origins from a small gravel operation to a significant player in the sand and gravel industry. Tanner Webster shares insights into the generational transitions within the business, the challenges faced in the gravel industry, and the emotional complexities surrounding the decision to sell the family business. 

The discussion highlights the importance of legacy, the impact of family dynamics, and the strategic decisions that shaped the future of the business. In this conversation, Eric discusses the evolution of his family's real estate business, focusing on the transition from a sand and gravel operation to a dedicated real estate development company. 

He highlights the significance of the Sunrise Master Plan community, the challenges and strategies involved in real estate development, and the importance of succession planning for future generations. Eric also shares insights into their private lending approach and investment philosophy, emphasizing fiscal conservatism and the value of building long-term relationships in the industry.

Eli Mills' journey from real estate broker to strategic investment expert. In this episode, the former executive reveals his transition to Chief Investment Officer and his focus on long-term value creation. Mills shares valuable insights on investment committee dynamics, raising LP equity, and the critical factors influencing property decisions in today's market.

Key Timestamps:
00:20:30 – Chief Investment Officer responsibilities
00:21:39 – Shifting to LP equity fundraising
00:23:14 – Investment committee decision-making process
00:24:09 – Family offices vs. institutional investors
00:25:33 – Deal structures: equity and waterfall models
00:28:09 – Accessing institutional capital
00:30:56 – Identifying promising deals in current markets
34:42 – Construction market opportunities and cost reduction
36:12 – Evaluating deals with tight profit margins

This episode offers a glimpse into the strategic thinking behind major real estate investments. Learn how industry leaders make high-stakes decisions and adapt to market changes.

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Tyson Williamson joined me in the studio to talk about the hottest asset class of 2024, Data Centers. We talked about how they work, where to find them and much more.

We also discussed the business of real estate development, building a variety of asset types including multifamily, Industrial, retail, and office products.

[00:00:00] Tyson Williamson's background in construction and education.
[00:02:08] Transition into data centers and real estate development.
[00:05:38] Founding The Will Group with integrated services.
[00:09:22] Evolution of data center development and requirements.
[00:11:25] Complexity and types of modern data centers.
[20:08] Advancements in data center power efficiency.
[21:47] Power grid challenges due to AI and data center growth.
[23:22] Difficulties in securing power for new data centers.
[26:07] Load ramp process and regional power negotiations.
[28:10] Shift towards smaller, boutique office spaces.
[33:25] Profitability and appeal of data centers and multifamily projects.
[00:39:15] Comparison of tilt-up construction with alternatives.
[00:41:49] Trends in apartment development types.
[00:42:58] Developer's focus on quality projects in Utah.
[00:44:05] Importance of in-house construction expertise for developers.
[00:46:10] Role and importance of owner's representatives in construction.
[00:48:16] Compensation structures for owner's representatives.

The discussion focuses on the role of economic development agencies, such as RDAs and CDAs, in the development process. RDAs, with state-granted powers, create CRAs to enable tax increment financing, aiming to boost job creation, sales tax, and city beautification. Developers should collaborate with these agencies, securing political and taxing entity support for success. The Salt Lake City RDA is noted for its significant resources, including a loan fund for affordable housing and downtown revitalization. The conversation also highlights the importance of relationships with site selectors, brokers, and developers, as well as using incentives like tax increment financing to attract businesses. Beautification, walkability, and high-quality buildings are emphasized as key factors in development projects.

Chapters

00:00
Introduction and Setting

00:38
Different Government Agencies Involved in Development

01:26
Role of the Redevelopment Agency (RDA)

04:24
Community Reinvestment Areas (CRA) and Project Specifics

07:10
Utilizing Economic Development Tools for Impediments

09:33
City Goals: Jobs, Sales Tax, and Beautification

10:31
Different Economic Development Goals for Each Community

13:02
Sales Tax as the Main Revenue Generator for Cities

14:24
Involvement of Taxing Entities for Personal and Real Property Projects

19:36
Role of the Economic Development Director and Collaboration

21:24
Approaching Economic Development Agencies and Building Relationships

24:06
Political Buy-In and Involvement of Taxing Entities

30:24
Redevelopment Agencies and Low to Moderate Income Housing

32:23
Funding and Financing Options for Developers

33:56
Activating Downtown Areas and Reinvesting in Communities

34:31
Supporting Small Businesses and Economic Development

38:38
Attracting Businesses and Initiating Conversations

39:08
Understanding Motivators for Businesses and Developers

47:45
Incentives for Developers and Aesthetics of Projects

49:51
Beautification and Walkability in Community Development

56:12
Other Tools and Incentives for Economic Development

I had the pleasure of sitting down with Michael Bingham Co-Founder and Chief Investment Officer of Blue Diamond Capital- an entrepreneurial family office based in Provo Utah. Michael discussed his love for real estate based operating companies, and how real estate can fit into a wealthy family's portfolio. 

Link to Blue Diamond's website: https://www.bluedicap.com/

In this conversation, Stephen Clark and I discuss the process of construction management in real estate development. We cover topics such as selecting a civil engineer and architect, choosing between design-bid and design-build, hiring a general contractor, managing the schedule and budget, maintaining quality control, and handling punch lists and HOA transitions. Stephen shares his experience and insights from his background in civil engineering and construction management.

Chapters

00:00 Introduction and Background
10:48 Quality Control in Construction
23:16 Managing the Schedule and Budget
26:25 Unpurchased Scope and Allowances
30:45 Software and Tools for Construction Management

Today I was joined by Arian Lewis, founder of Kiln, discussing the evolution of coworking spaces and the importance of creating a high-quality, engaging environment for employees. He explains how Kiln focuses on building a lifestyle brand that elevates the quality of people's lives while they're working, and emphasizes the value of flexibility and choice in the workspace, allowing for different work styles and fostering creativity. He also discusses the challenges and opportunities in the coworking industry, including the need for strong executive teams and patient capital. 

In this conversation, Kyle O'Hehir teaches me how to start a credit fund. Kyle's journey from buying crack houses to starting a credit fund. We also touch on the types of assets Kyle invests in, the hurdles and due diligence process involved in buying non-performing loans, his approach to evaluating distressed real estate deals and the factors he considers when deciding to invest. 

Kyle on Twitter: @financeguy725
Tanner on Twitter: @twallyweb