Overview of Episode 57
In this episode, Craig Fuhr and Jack BeVier interview Neil Timmins, an experienced commercial real estate investor. Neil shares insights from his 20-year journey, starting in residential real estate before pivoting to commercial real estate. His portfolio includes industrial buildings, strip centers, self-storage, and mobile home parks.
Neil’s Commercial Real Estate Transition
Neil discusses his shift to commercial real estate, buying his first 17,000-square-foot industrial building. Additionally, he highlights his learning curve in various asset classes. Above all, he stresses the importance of understanding the risks and responsibilities in each sector.
Value-Add Opportunities in Mobile Home Parks
Timmins explains his experience managing a mobile home park, focusing on value-add opportunities. He immediately increased rents and tackled issues like water line breaks and garbage collection. Consequently, Neil increased the property’s value by implementing better management practices.
Challenges in Commercial Real Estate Investing
Neil discusses the challenges of commercial real estate, particularly with self-storage facilities. He emphasizes the importance of tenant management and operational improvements. Although self-storage was one of his underperforming assets, Neil believes it holds long-term potential.
Syndicating Deals in Commercial Real Estate
Afterward, Neil delves into his experiences with syndicating commercial real estate deals. Raising capital can be challenging, but building trust with investors is key. Accordingly, Neil focuses on transparent communication and ensuring that deals are solid before presenting them to potential investors.
Commercial Real Estate and the Importance of Community Engagement
Neil highlights the importance of community engagement, especially in mobile home parks. He discusses the need to create pride among tenants by organizing cleanup days. In doing so, he believes it fosters a sense of ownership and improves the overall appearance of the park.
Future Opportunities in Commercial Real Estate
Lastly, Neil shares his future outlook for commercial real estate. He continues to focus on value-add properties and efficient management to drive long-term success. Timmins also plans to continue growing his portfolio through targeted syndication and strategic acquisitions.
