Many of us have become entrepreneurs because we enjoy finding solutions to problems. There is no better time to put this character trait to the test than during a crisis like the COVID-19 pandemic, where hurdles continue to present themselves daily. Preston Walls, our guest today, is here to share some of the ways that he is navigating the effects of these unprecedented times. In this episode, we learn more about Preston’s background and how the COVID crisis has affected his business. He shares some of the creative strategies he and his team have used to help tenants.
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From waiving the leasing breaking penalty to getting tenants to do site help in exchange for rent payment, there is no shortage of innovative plans to help residents. Tenants must know that they are safe and being taken care of. Preston also gives us insights into other ways that property owners can best meet their tenants’ needs, like being as liquid as possible. Along with this, we discuss some of the trends Preston has seen with new leases, what he expects the long-term impact on his properties will be, and how he prepared for the downturn. Be sure to tune in today!
Key Points From This Episode:
- Learn more about Preston’s background and the real estate projects he’s been involved in.
- Some of the creative ways that Preston is helping his tenants get through this difficult time.
- The number of Preston’s tenants who have expressed needing financial help.
- Three of Preston’s tips for property owners who are struggling to meet their tenants’ needs.
- Why this is a difficult time to get a loan and how the difficulty will likely grow.
- An encouraging change that Preston has noticed around new leasing.
- The effect the crisis has had on rental rates and long-term multifamily financing impacts.
- How Preston prepared for the downturn, finding investors, and giving back.
[bctt tweet=”At some point, we’re going to have some great buying opportunities to get back into this market. — Preston Walls” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Preston Walls
In his executive career, Preston Walls has held leadership positions at Walls Property Group (Founder/CEO, >7 years) and Walls Property Management (Founder/CEO > 7 years). He is currently managing a portfolio of 70 buildings, valued over $300 MM. Preston directed a ground-up, 42-unit Built Green Class A-Mixed Use project, including planning, permitting, tenant relocation, demolition, construction, leasing, and financing. He is currently building a 61-unit mid-rise multi-family project, in-permit for a 59-unit site, and renovating several existing value-add properties in Seattle. Preston has managed syndication projects requiring additional equity capital, raising capital, negotiating terms and partnership agreements, partitioning risk, and managing equity and debt offerings to investors. He has also served as the project manager for dozens of building renovations. Preston obtained a B.A. with a double major in Economics and English from Colgate University. He has served on boards and advisory councils, including Discovery Montessori and Lakeside School. Preston is also a contributing member of the Forbes Real Estate Council and Puget Sound Business Journal Leadership Trust. In his free time, Preston can be found fishing, boating, wake surfing, skiing, and spending time with his two children. Preston also enjoys volunteering with his favorite charity, The Goodtimes Project – whose vision is to create caring spaces for families who have been affected by childhood cancer.
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