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The Process of Converting Investment Properties & Why You Should Consider It with Ken Bekendam
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Ken Bekendam is the President and CEO of LegalSecondSuites.com, a company focused on helping real estate investors make the most out of their properties by converting them into multi-unit properties. He is a well-known investor, developer, and land use expert, and he is on the Selfwealth Real Estate podcast today to help us learn more about development and conversions so we can take our real estate businesses to the next level.
Listen now to learn more about opportunities in developments and conversions, and some tips, tricks, and best practices from a real estate expert!
Key Talking Points of the Episode
00:00 Introduction
01:30 What is Ken’s background?
07:25 When did Ken start getting involved in property conversions?
08:43 What services does Legal Second Suites provide?
12:03 What are the opportunities you can create in converting properties?
18:11 What are the most common challenges with conversion projects?
23:33 How does Ken and his team help clients find the best use for their properties?
28:10 Why should more investors look into conversion investments?
31:01 What are some factors to consider when deciding what conversions to do?
35:57 What does it take to be an effective developer?
37:33 What kind of projects is Ken involved in today?
43:43 What are the challenges in the development space today?
48:44 Why is resourcefulness important in development?
52:14 What is Ken’s favorite deal?
56:14 What is Ken’s worst project to date?
01:03:35 What lessons did Ken learn from his worst project?
01:07:07 What has changed with Ken’s approach to real estate?
01:08:57 What is Ken’s advice for his younger self?
01:10:27 What is the most overlooked or overhyped investing strategy today?
01:13:10 How can you get in touch with Ken?
Quotables
“Right now, interest rates are high and it’s getting tougher to acquire more real estate so sometimes it is easier to pull back and just look at what you currently have and try to maximize that.”
“Get a building permit, obviously to make sure stuff is up to code, but all of these other regulations and studies that they make you jump through, a lot of times is a complete waste.”
“You’re gently creating housing. We’re not just doing unit turnovers and trying to evict low-paying tenants and increasing rent on a building.”
Links
Website: Bliss
Website: Legal Second Suites
https://legalsecondsuites.com/
Instagram: Ken Bekendam
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