Many value-add strategies neglect the importance of working with a good contractor from the outset. Ira Singer is the owner of Mosaic Construction, and he joins us today to talk about why this is a mistake. Mosaic Construction is a full-service design-build firm specializing in commercial and multifamily renovation. In our conversation with Ira, we discuss what a good renovation should look like and the need to work with design-build specialists before construction on a value-add commences.
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We also get into some considerations for what features of a building a value-add should focus on depending on the context. Ira starts by sketching out the services that Mosaic Construction offers. From there, he drills down into the importance of the planning phase of a value-add and the different factors to be considered. After that, Ira talks about the difference between a value-add project and a refresh, and some of the new features of a property residents are looking for in the post-pandemic world. He also speaks about some of the main items to consider when thinking of revamping a building, highlighting windows and doors, roofing and gutters, insulation, and more. For a conversation packed with insights about the value a good design-build firm can bring to any value-add, be sure to tune in.
Key Points From This Episode:
- An introduction to Ira and the renovation services Mosaic Construction offers.
- What goes into a value-add renovation, contrary to perceptions that it is easy.
- The importance of prep work before the construction commences in a value-add project.
- How important the relationship between a contractor and an investor is.
- The idea that the design-build model often doesn’t follow the correct order of events.
- What a value-add or refresh would look like on class A properties; working from outside in.
- The difference between systemic and targeted issues and which to address first for best ROI.
- Qualities Ira looks for in the owners and operators he works with; foresight, reachability, etc.
- The types of assets to install in properties in today’s COVID world; WIFI, package rooms, etc.
- Ira’s habits for success including exercise, planning, delegating, and relationships.
- Predictions from Ira for the next six to 12 months in the real estate market.
- Ways Ira likes to give back, from teaching to volunteering.
- How to get in touch with Ira and work with him on future projects.
[bctt tweet=”People think anyone can jump in, find something that’s in distress and put some money into it, raise the rent, and make a lot of money and sell it for a ton. That’s not the way the game is played. — Ira Singer” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Ira Singer
Ira Singer leads new business development, estimating, construction production, project management, and the management of trade partner and vendor relationships for Mosaic Construction. As a relationship builder with over 20 years of experience in construction, Ira develops new opportunities through his various roles in the company and community. Ira has been a principal at Mosaic Construction since 2005. Ira has been in the exterior residential industry since 1989 and for over 12 years, he owned Premier Window and Construction.
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