This episode of The Trailer Park Podcast features Tom Wolff. Tom is a good friend of Blake’s and is definitely going to be a returning guest on the podcast. He worked with Berkadia for 7 years, first as an apartment broker then moved over to mortgage banking. His diverse background in commercial real estate led him to start his own company. He is the co-founder of NStar Multifamily, a vertically integrated investment firm targeting value-added real estate projects in select markets throughout the US. He is off buying apartments and is currently working on his first deal.
Tom starts the conversation with his first apartment deal in Tucson. He discusses the intricacies of dealing with small balance loans and and how to navigate financing. They dive into different loan structures to consider when in that realm and their preferred loan terms today. They talk about how their preferred loan terms in today’s climate. They both prefer the long term hold model versus the fix n’ flip model due to its long term stability and the cashflow aspect of it. They then break down the different parts of the commercial real estate industry from banking to brokerage to ownership
Tom brings up the shift in demand for higher quality housing. Blake mentions how we are seeing a similar trend in Mobile Home Parks. This being primarily due to the pandemic and most people spending more time in their homes. He talks about how we are currently working on some higher end modern homes to see if we can attract a broader tenant pool. We are trying to get other demographics, primarily the younger audience, to get comfortable with the idea of manufactured housing and break the stigma.