NORTHBROOK, Ill., June 12, 2019 /PRNewswire/ -- One of the key challenges facing multifamily property investors is having confidence that the renovation company selected will adhere to the budget and timeline of the project to ensure the expected ROI.
"If you're an investor looking to make the asset worth what you're buying, whether it is under market or you're buying it before it's on the market, you must have a plan for your strategy," said Ira Singer, principal of Mosaic Construction, during his interview with Kevin Bupp, host of his popular, 'Welcome to Real Estate Investing for Cash Flow," podcast.
Singer said bringing the contractor on early in the process makes sense. "We pre-walk the final two or three assets that are being considered so we can help with the due diligence process and create real numbers for various components of construction. It's something a good construction partner will do, including eliminating hidden construction fees."
Singer continued, "So for us, it's about construction management. It's about process. It's about having the right trade teams in place and understanding the scope and a good set of plans to build off of, so we can do the quarterbacking, the producing and the directing, if you will, of the production, while the trades and the designers, who are providing the pretty stuff and the necessary stuff, they're like the stars of the show."
Singer offered his perspective on the keys to leveraging renovation innovation for successful profitability in multifamily construction. He speaks from experience, since Mosaic Construction, a multi-state firm, has renovated more than 750 units totaling more than 525,000 square feet, replaced more than 475,000 square feet of residential and commercial roofs, as well as replaced more than 20,000 windows and doors and remodeled more than 100,000 square feet of amenity spaces.
Mosaic Construction specializes in the student housing community, and the multifamily community at large, as well as commercial projects, office build outs, vanilla box spaces, retail makeovers on facades and much more.
"We prefer the design/build methodology. It helps the client, the management team and everybody because it streamlines the construction process, which is how it all comes together for Mosaic Construction. And when you deliver a project that is the vision of the investor, the owner, or management company, you really have made a real improvement in the project, the value of the project, the homeowner or resident's experience," said Singer.
Singer noted that open communication and transparency help clients understand the value of the relationship so they can focus on their next deal. "There's a tremendous amount of value in being able to travel and expand our boundaries beyond Illinois to other states."
Mosaic bases works off of a sworn statement, a stipulated sum contract which is how it estimates on its time and investment to manage and steward a project.
"That puts us in the driver's seat of making sure it happens on our projected timeframe. Ultimately we are really exact in trying to figure out our fees because, like investors or property managers that buy the plumbing, they buy Mosaic Construction for our professional relationship to manage it and take care of all the miscellaneous stuff. That's not typical in our business, so we work transparently on a stipulated sum, which builds relationships with our clients. They appreciate the way we approach contract work, and retain our services as more renovation needs arise," said Singer.
To hear the entire 'Welcome to Real Estate Investing for Cash Flow" podcast interview with Ira Singer, please visit www.mosaicconstruction.net/. To reach Ira, please call 847.504.0177.
Sigale Public Relations
SOURCE Mosaic Construction