Ginny Bolling reports that only 7% of Florida land is zoned for multifamily housing, but deal flow is picking up thanks to Senate Bill 102 and construction incentives like sales-tax rebates. She's releasing a 101 course and due-diligence checklist for investors.
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Hi there. Jenny Bowling here with Pivotal Real Estate Investments. And I just wanted to give you a bit of an update on what all's been going on because it's been a busy few months, actually, especially when you look at how the market has been pivoting, to use a fun word there. It has been enough to be giving pause to watch how things are evolving. But at the same time, there are still deals out there. It's just you have to look at a lot of them to find the right ones. As you know, we are still sweet on multifamily, and much of that is because of the housing shortage. Many of you know that I've been involved with the Florida State Apartment association, and last week, I think a little over a week ago, we were in Tallahassee and talking to legislators about some ways that they can help try to catch up on the supply of housing in the state. And that was very interesting. It was really a very insightful as well as successful, I think, effort to meet with legislators. There was like 50 some of us that were there. And we talked about the Senate Bill 102. This that has a lot of tools in it that could help city and county governments to not only use more tools and better understand as well what's available, but the Florida Apartment association also had done a lot of study work over the last couple years that has been insightful for our legislators so that they can see, for instance, two tidbits that are very, very surprising in some ways. Of all the land in the state, only 7% is zoned for multifamily use. So that's a problem when you're trying to build a lot of housing units. So one of the tools was talking to allow more other zoning classifications to use the properties for multifamily as a permitted use, not having to go through all the rigmarole rule of rezonings and whatnot. A lot of little things like that. And so Senate Bill 102 is worth looking at, especially if you're in the development business. Another thing was rebate on sales tax for construction materials for the new developments. A lot of little things that I haven't already mentioned on my other couple of releases here. But anyway, the number of deals are picking up, it seems. And so I think there is really going to well, I know there's several that I've got on my table to look at that leads me to believe there's going to be something very, very soon that would be of interest to many of you. And if you haven't already Gotten comfortable with the idea of investing in apartments or commercial real estate. Talk to some of your friends. It may be, especially since most of my friends are in real estate, that they probably have friends that are already doing that and certainly pass my name along if they're looking for a syndicator that's actively finding the deals. Most of the time people want to be passive, so excuse that. In any case, I've had lots of questions because I've been traveling so much and a lot of people don't understand syndications. So I'm doing two things. I have a 101 course that I will be making available soon as well as an investor friendly due diligence checklist. So keep your eyes out for those. I would like to apologize. I just recently found out that the Pivot to Prosperity YouTube channel that we have, apparently most people can't hear the music, so it must be really boring. I can't imagine. I haven't heard it yet without music. So I don't, I don't know. It's probably pretty bad. But anyway, I apologize for that. We're working on fixing that. I would also like to just say that I'm successfully bringing pickleball and tennis and you know, the, the, the theme of health being your number one asset. And I think commercial real estate should be your number two asset. Into sync with the business plan. So I've been out there and, and it's, it's so nice to, to make a PR for me. I've never made it a priority to exercise. So this makes me do it being a business goal, so. Or business sponsorship and things like that. I'm trying to get into it different ways, but in any case. So that's a quickie update on what's going on. Keep your eyes out for the due diligence and the course, for the 101 course materials. And this is the perfect time when there's not a hot deal to talk with me. If you want to find out more about investing in commercial real estate, the SEC has some requirements. I have to talk with you a few times. Be sure you're even eligible to do these investments. And then more times than not, people want to move some money from an IRA or something like that to one of these custodians that will provide for you to be able to do those kinds of investments. You. Most of the time, the typical fidelities and Merrill Lynch's. Well, Merrill lynch is different. But you have to find the right people at Merrill Lynch. There's. But there's a lot of Schwab. They, they don't let you invest in real estate. They have no way to charge fees or make a profit on it. So you just it's not an option for your retirement money, if that's where it's sitting. So you have to be aggressive to take care of your retirement money and make it grow. And so if you want to have a conversation just about that, feel free to give me a call. And so I hope all is well. And this was a short little update. I hope you.
