Value-adds are a vital component of syndication, but they can be very stressful because of the numerous moving parts you have to keep track of. Rather than managing it themselves, owners can work with a qualified general contractor who oversees the project from start to finish. Today’s guest, Jeff Rosenfeld, Executive Vice-President/CBDO of Adivo Construction, joins us to share his insights. We find out about Adivo’s unique, self-performing model, where they have W-2 workers rather than multiple teams, and how this streamlines the renovation process, helping owners reach their goals quicker.
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We also hear about various kinds of value-adds, what they entail, and estimates of timelines for each. Many factors influence how long a project takes to complete, but Jeff’s team is a well-oiled machine that can undoubtedly do the job efficiently. Our conversation also touches on the importance of being client-centric as a general contractor, why there will always be value-add inventory available no matter the economy, and the need to make your own luck. We always say that real estate is a team sport and your general contractor is certainly one of the most valuable team members you have!
Key Points From This Episode:
- Get to know Jeff, his background and experience in real estate, and his current projects.
- The benefits of being a self-performing construction service in multifamily.
- Differences between Adivo and construction management companies.
- Why having specialist artisans is so beneficial for Adivo.
- Insights into different types of value-adds and how Adivo approaches each.
- Timelines for value-adds and the factors that influence renovation schedules.
- The difficulties that many owners face when trying to renovate while maintaining occupancy.
- Why it is so important for owners to do proper due diligence and have a clear strategy.
- Details on Adivo’s relationship with their clients: how they ensure their clients come first.
- What in-unit renovation, where the tenant is still living in an apartment, entails.
- Jeff’s thoughts on the current value-add inventory available across the country.
- A trend that is on the horizon: converting hotels to multifamily assets.
- What Jeff believes will happen over the next six to 12 months in real estate.
- Daily habits that keep Jeff disciplined, the biggest contributor to his success, and how he gives back.
[bctt tweet=”We want to alleviate the asset owner of the construction headaches. — Jeff Rosenfeld” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
Adivo Construction Phone Number — 833-825-2425
About Jeff Rosenfeld
Jeff Rosenfeld has been working in the construction industry for over 10 years. Not only is Jeff a licensed GC, but he is also a contributing writer for the Forbes Real Estate Council and a City Council Member for the City of Boca Raton. He has spoken on many panels during Marcus & Millichap events.
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