Description

How to Build Wealth through Multifamily Conversions?

Today's guest is Andrea Foley, a commercial real estate investor with a background in retail who transitioned into commercial investing and private equity. Her firm, Generational Wealth Capital, currently has almost $15m in assets under management and has raised $3.3m in private equity. Throughout this episode, Andrea shares her experiences and expertise in multifamily conversions, real estate investing, and financial literacy. She discusses the key factors involved in converting hotels into multifamily units, emphasizing the importance of location, construction management, and understanding the target demographic. Andrea also highlights her entry into the car wash industry and the diverse investment opportunities it presents.

Overall, this episode offers valuable insights into multifamily conversions, real estate investment strategies, and the pursuit of financial success while imparting the importance of financial education for future generations.

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[00:00 - 11:53] Transforming Hotels to Affordable Homes

• Andrea Foley from Generational Wealth Capital discusses their unique strategy of converting old hotels into low-income multifamily housing
• By focusing on scoping the projects properly and catering to their target clientele, they have achieved success in this redevelopment play
• She explores the nuts and bolts of their successful multifamily redevelopment play, highlighting the challenges and rewards of converting hotels into affordable housing options

[11:52 - 21:36] Optimizing Hotel Conversions

• Andrea Foley emphasizes the importance of construction estimation in hotel conversions, ensuring necessary renovations are properly assessed for functional living spaces
• Practicality takes precedence over luxury amenities in these converted units, with a focus on providing essentials such as full-size fridges, countertop convection ovens, cooktops, and sinks
• Understanding the needs of the target demographic, budget-conscious individuals seeking affordable housing near major employment centers, is key to optimizing space, utilities, and amenities in hotel conversions

[21:37 - 31:34] Converting Hotels to Multifamily Properties and Exploring Car Wash Investments

• Andrea delves into the operational challenges faced during the construction phase of converting hotels into multifamily properties
• She emphasizes the importance of a capable property management team to handle tenant management and construction coordination
• Andrea also explores the investment potential of hotel-to-multifamily conversions, highlighting the long-term benefits, such as potential refinancing opportunities and equity multiples that can significantly increase investor returns.
• Additionally, Andrea discusses her foray into the car wash industry as an alternative investment avenue, combining commercial real estate with the potential for high cash flow and passive or active investor involvement

[31:35 - 39:13] Multifamily Conversions, Raising Millionaires, and the Power of Cash Flow

• Andrea shares her retail store pivot experience and the valuable lesson she learned about managing cash flows
• She introduces her podcast, "Raise Millionaires," focusing on teaching children about mindset and financial literacy
• Andrea highlights her unique superpower of being both creative and analytical
• She provides ways to connect with her through her websites and social media for real estate and car wash opportunities

Quote:

"So we were like, how can we take something and make it more class B, maybe low-class B or high-class D, and still make it affordable? And really, that's where a hotel conversion comes into play." - Andrea Foley

Connect with Andrea through

LinkedIn and Facebook

or visit her website https://www.generationalwealthcapital.com/ and listen to her Podcast Raise Millionaires

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Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth! Click here to find out more about the host, Chad Sutton.

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