Jumpstart Philly Real Estate Radio Show
Palak Shah: Open Spaces Realty
Palak Shah is the founder and managing partner of Open Spaces Capital and Open Spaces Realty group. She’s also the creative mind behind the blog Two Kids and a Landlady where she writes about her experiences investing in real estate.
She’s also a graduate of the Jumpstart Germantown program and today is one of the program’s all-stars who mentors other aspiring real estate developers enrolled in the program.
A former mechanical engineer, Palak has brought an eye for detail and precision to her current life as a real estate investor. She buys and renovates rundown and neglected properties in and around Philadelphia and turns them into attractive new rentals. In less than two years, Palak has gone from owning only three rental properties to 23 rental properties and portfolio worth $3 million.
In this interview, Palak talks about the importance of finding the right contractor you can do multiple projects with, budgeting for contingencies, and not getting distracted by bright, shiny objects when doing real estate. She also explains why hustling is overrated and the importance of listening to one's gut feeling.
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85. Stephen Arrivello: Commercial Rehab Financing57:42If your goal is to make the leap from residential to commercial real estate development, it is crucial to understand the differences in underwriting and terminology that you will encounter when seeking financing. Commercial projects will be subject to more scrutiny, and lenders may offer less favorable terms. Knowing the ins and outs of commercial financing will prepare you for discussions with lenders and benefit your ability to assess a project's feasibility. Thanks for listening to this recorded JUMPinar with Stephen Arrivello, President of Axcel Capital Group!
80. Mike Stanton: Creating Your Development Team49:32Mike Stanton, project development manager at The HOW Group, joins us to discuss how Jumpstarters can create a development team and gather reliable individuals to help you complete projects. We talk about contractor selection, maintaining relationships with partners, and the soft costs associated with a rehab project.
79. Micah Gold-Markel: Using Solar in Residential Development42:16Thank you for listening! Jumpstart Germantown Training Program: jumpstartgermantown.comJumpstart loan programs: jumpstartphilly.com/loans
78. Joseph V. Scorese: LendingOne - Basics of Lending46:49We discuss the various loan programs available with LendingOne, a private hard money lender. They finance rental rehabs, buy and sell projects, multi family projects and more. Joseph V Scorese, a mortgage industry professional, walks us through the different types of loans available to aspiring developers. We will also cover industry news relating to the City's housing inventory and buying trends.
77. Jack McGovern: Tax Issues for Commercial Real Estate50:16When making the transition from residential to commercial development, you will encounter several changes in tax liability and must adhere to new regulations and tax codes. Jack McGovern, CPA, will join us for this JUMPinar to help us understand these differences and learn how we can best prepare for this new tax landscape. We will discuss several tax issues that come along with commercial real estate, and how you can best tackle them as you scale up your business.