Prepare yourselves for an enlightening episode as we engage in an insightful conversation with Tom Higgins, the co-founder and managing partner of Terra Capital. Tune in to hear Tom narrate his intriguing journey into the world of real estate, and how he skillfully leveraged his salesperson license to gain an invaluable foothold in the industry.
Tom illuminates the unique business model of Terra Capital, which ingeniously amalgamates small multifamily properties into sizeable, fully renovated, and optimized portfolios. He candidly discusses the challenges that many small multifamily operators grapple with and provides practical strategies to surmount them.
In this riveting discussion, Tom delves into his transition from the private sector to the home builder development industry and the inception of Terra Capital. He offers a detailed insight into Terra Capital's innovative business approach, emphasizing their focus on acquiring and refurbishing sub-institutional multifamily properties primarily in the Midwest.
Tom shares his expert perspective on the untapped potential in smaller markets, yet to be explored by institutional groups. He sheds light on the advantages of Terra Capital's strategy, including the effective implementation of PropTech across their entire portfolio.
The conversation then shifts towards construction management. Tom recounts his experiences working on one of New York City's most significant adaptive reuse projects. He underscores the importance of efficient management of finishes, the use of straightforward contracts, and the necessity for a clear scope of work when partnering with contractors.
We delve into the challenges inherent in construction and their subsequent impact on real estate investing. Tom also shares his market predictions in the context of rising interest rates. Don't miss out on this engaging episode as we conclude with Tom's invaluable tips on scaling multifamily investments and the crucial role of construction management in attaining success in the business.
If you're interested in learning more about Tom and his company, you can visit their official website here: https://usaterra.com/team/tom-higgins/
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