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The Fort - RE #149: Sean Sweeney - Deep Dive on How To Develop Infill Boutique Class-A MF Properties

RE #149: Sean Sweeney - Deep Dive on How To Develop Infill Boutique Class-A MF Properties

06/10/21 • 92 min

1 Listener

The Fort

Sean Sweeney is the Co-Founder of Hall Sweeney Properties, a Minnesota-based multi-family development company. On this episode, Sean talks about his journey working as a receptionist in the industry, navigating through the '08 crisis, and ultimately founding his own firm.

Sean also breaks down the process of a ground-up development including what to look for in sites, bringing on architects and contractors, his passion for design, terms to look for in contracts, property management, and stabilization. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Sean on Twitter: www.Twitter.com/SeanDSweeney

(02:35) - Sean’s Background and Early Career as a Receptionist at Trammel Crowe

(07:52) - What did you do to position yourself as a person to hire for project manager when it was the right time?

(10:19) - Sean’s Movement During the ’08 Crisis

(17:01) - Sean’s Jump to Starting His Own Organization and Decision to Focus on Class A Urban Infill

(21:53) - How did you find your partner and what role does he play in the company?

(24:03) - Setting the Stage - Are there any other full-time employees in the company or is it just you and Jeff?

(26:58) - How long do these deals take from walking the site for the first time to where it’s stabilized?

(31:12) - What makes a site ‘great’ for you in a project?

(34:33) - Is most of the land you're putting under contract un-entitled for multi-family?

(36:16) - How do you find sites?

(39:07) - What does your preliminary underwriting process look like?

(42:12) - How do you pull rent prices?

(42:48) - The LOI Process & 3rd Party Reports

(47:06) - What terms matter in contracts and what does the site need to be when you’re ready to close a year later?

(50:58) - What stages of the contract do you put up hard money?

(52:13) - What city approvals are you typically getting on deals?

(54:05) - At what point are you hiring the architect and does the GC participate with them? How do you come up with a budget that fits your design and that you’re comfortable the GC can deliver?

(57:03) - Are there any big points in a contract with a GC that matter?

(1:00:47) - Who is accountable for the MEP and structural engineers: the architect, the contractor, or you?

(1:01:17) - Where do you get inspiration for design?

(1:03:35) - Do you spend more on projects because you’re so design-forward?

(1:06:03) - Do you get paid premiums in rent because of your design approach?

(1:07:27) - Property Management Needs on 45-unit Property vs. a 100+ Unit

(1:09:01) - Does your architect mock up your interior as well?

(1:09:41) - Who does your common amenity furniture?

(1:09:57) - How do you process draw requests?

(1:11:04) - How do you finance projects and what happens when you stabilize since you are looking for long-term holds?

(1:15:40) - What’s the most popular unit size right now?

(1:16:59) - What amenities matter right now?

(1:18:59) - Are there any repeat issues you’ve seen from design to breaking ground?

(1:20:46) - What are some of the biggest surprises that you weren’t expecting as you look back?

(1:22:42) - How did the civil unrest in MN last year affect your business?

(1:27:25) - What’s the best book you’ve ever read?

Rich Dad Poor Dad by Robert Kiyosaki

Emotional Intelligence (EQ) - Daniel Goldman

(1:29:33) - How can people find you?

Twitter - www.Twitter.com/SeanDSweeney

[email protected]

The FORT with Chris Powers is produced by Straight Up Podcasts

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Sean Sweeney is the Co-Founder of Hall Sweeney Properties, a Minnesota-based multi-family development company. On this episode, Sean talks about his journey working as a receptionist in the industry, navigating through the '08 crisis, and ultimately founding his own firm.

Sean also breaks down the process of a ground-up development including what to look for in sites, bringing on architects and contractors, his passion for design, terms to look for in contracts, property management, and stabilization. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Sean on Twitter: www.Twitter.com/SeanDSweeney

(02:35) - Sean’s Background and Early Career as a Receptionist at Trammel Crowe

(07:52) - What did you do to position yourself as a person to hire for project manager when it was the right time?

(10:19) - Sean’s Movement During the ’08 Crisis

(17:01) - Sean’s Jump to Starting His Own Organization and Decision to Focus on Class A Urban Infill

(21:53) - How did you find your partner and what role does he play in the company?

(24:03) - Setting the Stage - Are there any other full-time employees in the company or is it just you and Jeff?

(26:58) - How long do these deals take from walking the site for the first time to where it’s stabilized?

(31:12) - What makes a site ‘great’ for you in a project?

(34:33) - Is most of the land you're putting under contract un-entitled for multi-family?

(36:16) - How do you find sites?

(39:07) - What does your preliminary underwriting process look like?

(42:12) - How do you pull rent prices?

(42:48) - The LOI Process & 3rd Party Reports

(47:06) - What terms matter in contracts and what does the site need to be when you’re ready to close a year later?

(50:58) - What stages of the contract do you put up hard money?

(52:13) - What city approvals are you typically getting on deals?

(54:05) - At what point are you hiring the architect and does the GC participate with them? How do you come up with a budget that fits your design and that you’re comfortable the GC can deliver?

(57:03) - Are there any big points in a contract with a GC that matter?

(1:00:47) - Who is accountable for the MEP and structural engineers: the architect, the contractor, or you?

(1:01:17) - Where do you get inspiration for design?

(1:03:35) - Do you spend more on projects because you’re so design-forward?

(1:06:03) - Do you get paid premiums in rent because of your design approach?

(1:07:27) - Property Management Needs on 45-unit Property vs. a 100+ Unit

(1:09:01) - Does your architect mock up your interior as well?

(1:09:41) - Who does your common amenity furniture?

(1:09:57) - How do you process draw requests?

(1:11:04) - How do you finance projects and what happens when you stabilize since you are looking for long-term holds?

(1:15:40) - What’s the most popular unit size right now?

(1:16:59) - What amenities matter right now?

(1:18:59) - Are there any repeat issues you’ve seen from design to breaking ground?

(1:20:46) - What are some of the biggest surprises that you weren’t expecting as you look back?

(1:22:42) - How did the civil unrest in MN last year affect your business?

(1:27:25) - What’s the best book you’ve ever read?

Rich Dad Poor Dad by Robert Kiyosaki

Emotional Intelligence (EQ) - Daniel Goldman

(1:29:33) - How can people find you?

Twitter - www.Twitter.com/SeanDSweeney

[email protected]

The FORT with Chris Powers is produced by Straight Up Podcasts

Previous Episode

undefined - #148: Chris Powers - Transitioning from CEO to Chairman, Twitter, Failures, Routines, & Podcastin'

#148: Chris Powers - Transitioning from CEO to Chairman, Twitter, Failures, Routines, & Podcastin'

On this special bonus episode, Chris is joined once again by Kevin Dahlstrom (Episode #131 of FORT) for a role-reversal interview. Chris talks about his current career transition and how the past 2 years have lead him to his decision regarding his role at Fort Capital. Kevin and Chris also discuss creating space to think, being multi-dimensional, Twitter and more. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

(01:14) - Chris’ Current Career Transition

(10:39) - Do you think of yourself as a ‘Zero to One’ person?

(15:15) - Chris’ “Oh, sh*t!” Moment at the Beginning of COVID

(19:31) - Was there a specific moment that was the catalyst for making your career change?

(24:08) - The Enneagram Test

(26:42) - How are you thinking about what’s next for you in life?

(32:17) - Creating Space to Just Think

(34:09) - Being Multi-Dimensional as a Key to Happiness

(36:47) - “Stacking the Pancakes”

(40:51) - The Time-Billionaire

(41:40) - Chris’ Experience with Twitter

(51:55) - Chris’ Habits and Routines

(56:45) - The Letter Writing Exercise

(58:34) - Building in Public: Chris and Kevin’s upcoming Brainstorming Trip

(1:03:36) - What’s one thing you’re looking forward to?

(1:06:53) - Wrap Up and Final Thoughts

The FORT with Chris Powers is produced by Straight Up Podcasts

Next Episode

undefined - RE #150: Step by Step Acquisition Process at Fort Capital - How You Transact Matters!

RE #150: Step by Step Acquisition Process at Fort Capital - How You Transact Matters!

On this episode, Chris breaks down how Fort Capital transacts and acquires properties. He starts with the company's emphasis on how important their process has been to their success, who's involved, and what type of deals they pursue. Then he breaks down each step of the acquisition from the time a deal is brought to their attention to closing. Enjoy!

Follow Chris on Twitter: www.Twitter.com/FortWorthChris

Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

(01:12) - How You Acquire Properties Matters

(03:03) - Who’s involved in the process?

(03:31) - Pursuing Off-Market & Light-Market Deals Instead of Auctions

(04:53) - Acquisition Consultants

Leads.FortCapitallp.com

(06:36) - Running a ‘Quick Check’

(08:00) - Deal Pipeline Folders

(08:45) - Weekly Deal Meetings

(12:13) - Investment Committee Meetings

(12:53) - Drafting an LOI

(13:45) - Project Kick-Off

(15:19) - PSA (Purchase Sale Agreement)

(15:54) - Writing an Investment Memo

Listen to FORT #81 for more details on Investment Memos

Fort Capital Free Resources

(18:33) - Raising Capital

(21:07) - Bank Financing

(22:50) - Getting Entities Developed (Bank Accounts, Titling, Administrative Tasks)

(23:19) - Property Management Due Diligence

Listen to FORT #97 for more detail on Due Diligence

(23:48) - Huddle-Up Before Going Hard on Our Money

(24:38) - Wrap Up

The FORT is produced by Straight Up Podcasts

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