Post-Election Forecast with Andy McMullen
Welcome to the Real Estate Espresso Podcast, your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce. This is the weekend edition, where we interview noteworthy individuals from the world of real estate investing. Today is no exception. We have a special guest joining us from San Diego, California. Welcome to the show, Andy McMullen.
Andy: “Yeah, thank you so much for having me, Victor. Big fan. It’s great to be here. Now, as you mentioned, I’m located in a really beautiful part of the country. San Diego is a wonderful place to do business, particularly in real estate. And so, despite being based here, I’m active in many other parts of the country.”
Victor: “Before we dive into the details, perhaps you can give us a bit of your backstory and how you ended up at this point in your journey?”
Andy: “Yeah, of course. I’ve been in the real estate game for about 25 years. I began in the commercial real estate brokerage business in Los Angeles, mainly working in Venice Beach. We started developing some projects in that rather difficult neighborhood. Then, after the 2008 crash, we began buying again, around 2011, 2012, focusing more on apartments in Central California, Southern California, and Texas. About six years ago, we stumbled upon the built-to-rent idea, building communities of 100 to 300 homes and renting them out to residents in secondary and tertiary markets. That’s been our primary focus for the past six years.”
As we look forward, there are three main variables that determine the viability of any of these projects. The first is how much we can get per square foot in rent and the cost of building per square foot in the market. The final variable is the cost of capital. As real estate investors, our costs are determined by other market forces. How can we make determinations about where that cost of capital is? How do we forecast that in the future?
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