David Peters is the principle and co-founder of Magnetic Invest, an investment firm that currently specializes in hotel to residential conversions throughout the US. Prior to the hotel to residential focus, David spent more than a decade running a number of multifamily syndicates and prior to that was the owner and general contractor at LCS residential.
Connect with David: https://www.linkedin.com/in/david-peters-8334554 , david@magneticinvest.com
Quote: “If you don’t have annual leases on 90% of your units, you can’t get that ‘fanny freddy’ financing.”
Highlights:
8:00 – Hotel’s Death Spiral
11:14 – The “Sweet Spot” Hotel Property
15:10 – The Rise & Fall of Extended Stay
18:51 – David’s Process for Conversion / The Appeal
21:38 – Gauging Local Support
23:47 – How to Finance
28:00 – How David Sets Up Management
30:10 – Leases / Primary Clients
38:00 – Rental Rates
Recommended Resources:
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- If you’re a high net worth investor with capital to deploy in the next 12 months and you want to build passive income and wealth with a trusted partner, go to InvestWithKB.com for opportunities to invest in real estate projects alongside Kevin and his team.
- Looking for the ultimate guide to passive investing? Grab a copy of my latest book, The Cash Flow Investor at KevinBupp.com.
- Tap into a wealth of free information on Commercial Real Estate Investing by listening to past podcast episodes at KevinBupp.com/Podcast.
Learn more about Kevin’s investment company and opportunities for Lifetime Cashflow at sunrisecapitalinvestors.com.