EPISODE · Dec 11, 2023 · 1H 7M
Buying Unanchored Retail Centers Without A Mortgage | Tom Milford
from T.U.T — The Unwritten Teachings · host Raj Tut
Raj Tut is joined by Tom Milford, Managing Partner and a founder of Scout Capital Group. Scout is a privately owned real estate investment firm based in St. Louis, MO. Tom, along with his partners, has a collective 70+ years of experience in commercial real estate acquisition, leasing, management, and development. The primary product type they acquire is existing unanchored retail centers, although they are opportunistic and flexible in evaluating opportunities. Tom has a unique real estate background. He previously spent 15+ years in the corporate world, including 9 years as Director of Real Estate for Drury Development Corporation, overseeing over $200M in transactions across the country. Listen to him share his vision for Scout and why they do what they do. On this episode, Raj and Tom discuss: ⚫ His experience getting started in real estate in a corporate setting ⚫ Coming up with the strategy of buying unanchored retail centers without debt ⚫ How he evaluates a potential deal ⚫ How he adds value to deals ⚫ The types of sellers they prefer to buy from ⚫ Starting a fund to take advantage of current opportunities in retail real estate ⚫ Why they operate as a lean team and outsource management Topics: 00:00 Intro 01:20 What Scout Capital Group is 02:10 His last corporate job 04:21 What the real estate side of Drury looks like 08:03 The catalyst for starting Scout 12:12 Tom's upbringing and exposure to business 18:45 Scout's current fund and why they are looking to buy retail real estate centers without any debt 22:11 One difference between apartments and retail real estate 22:52 Why adding debt doesn't make sense today 26:51 What he thinks a good location for retail centers looks like 29:30 Strong retail demand? 31:59 What he looks for in a retail center 38:14 Why he would rather buy from a mom-and-pop 41:14 How they can add value through professionalizing leases 44:08 Staying below replacement value when buying 46:11 How they manage their properties 48:22 Their hold period for properties 50:11 The type of retail real estate they buy 50:51 Side projects that don't fit their main buying criteria 52:04 How they work through a client-driven real estate development 57:25 The markets they focus on (and why) 1:04:43 Hole In One - Tom's advice for you to improve your life and business Support our Sponsors: Storyboard Living - If you are looking to sell a multifamily property in the St. Louis region or Southern IL/MO please email [email protected] Follow Storyboard Living on LinkedIn - https://www.linkedin.com/company/storyboard-living/ Raj Tut on Social Media: Twitter: twitter.com/ItsRajTut LinkedIn: https://www.linkedin.com/in/rajtut/ Instagram: instagram.com/ItsRajTut TikTok: https://www.tiktok.com/@itsrajtut YouTube: https://www.youtube.com/ @ItsRajTut Learn More about Tom Milford: https://scoutinvests.com/ Leave a review on Apple: https://podcasts.apple.com/us/podcast/country-club-conversations/id1709895268 Leave a review on Spotify: https://open.spotify.com/show/4ovakj2lJMS7GLqgBdt766 #business #businessideas #multifamilyindustry #realestate #motivation #multifamily #entrepreneur #entrepreneurship #rajtut #raj-tut #commercialrealestate #multifamilyrealestate #retailrealestate #businesspodcast
What this episode covers
Raj Tut is joined by Tom Milford, Managing Partner and a founder of Scout Capital Group. Scout is a privately owned real estate investment firm based in St. Louis, MO. Tom, along with his partners, has a collective 70+ years of experience in commercial real estate acquisition, leasing, management, and development. The primary product type they acquire is existing unanchored retail centers, although they are opportunistic and flexible in evaluating opportunities. Tom has a unique real estate background. He previously spent 15+ years in the corporate world, including 9 years as Director of Real Estate for Drury Development Corporation, overseeing over $200M in transactions across the country. Listen to him share his vision for Scout and why they do what they do. On this episode, Raj and Tom discuss: ⚫ His experience getting started in real estate in a corporate setting ⚫ Coming up with the strategy of buying unanchored retail centers without debt ⚫ How he evaluates a potential deal ⚫ How he adds value to deals ⚫ The types of sellers they prefer to buy from ⚫ Starting a fund to take advantage of current opportunities in retail real estate ⚫ Why they operate as a lean team and outsource management Topics: 00:00 Intro 01:20 What Scout Capital Group is 02:10 His last corporate job 04:21 What the real estate side of Drury looks like 08:03 The catalyst for starting Scout 12:12 Tom's upbringing and exposure to business 18:45 Scout's current fund and why they are looking to buy retail real estate centers without any debt 22:11 One difference between apartments and retail real estate 22:52 Why adding debt doesn't make sense today 26:51 What he thinks a good location for retail centers looks like 29:30 Strong retail demand? 31:59 What he looks for in a retail center 38:14 Why he would rather buy from a mom-and-pop 41:14 How they can add value through professionalizing leases 44:08 Staying below replacement value when buying 46:11 How they manage their properties 48:22 Their hold period for properties 50:11 The type of retail real estate they buy 50:51 Side projects that don't fit their main buying criteria 52:04 How they work through a client-driven real estate development 57:25 The markets they focus on (and why) 1:04:43 Hole In One - Tom's advice for you to improve your life and business Support our Sponsors: Storyboard Living - If you are looking to sell a multifamily property in the St. Louis region or Southern IL/MO please email [email protected] Follow Storyboard Living on LinkedIn - https://www.linkedin.com/company/storyboard-living/ Raj Tut on Social Media: Twitter: twitter.com/ItsRajTut LinkedIn: https://www.linkedin.com/in/rajtut/ Instagram: instagram.com/ItsRajTut TikTok: https://www.tiktok.com/@itsrajtut YouTube: https://www.youtube.com/ @ItsRajTut Learn More about Tom Milford: https://scoutinvests.com/ Leave a review on Apple: https://podcasts.apple.com/us/podcast/country-club-conversations/id1709895268 Leave a review on Spotify: https://open.spotify.com/show/4ovakj2lJMS7GLqgBdt766 #business #businessideas #multifamilyindustry #realestate #motivation #multifamily #entrepreneur #entrepreneurship #rajtut #raj-tut #commercialrealestate #multifamilyrealestate #retailrealestate #businesspodcast
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Buying Unanchored Retail Centers Without A Mortgage | Tom Milford
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