Currently Tampa is one of the most enticing cities; it lures investors from around the nation and the world. ASAM Properties is serving this Florida hot spot. The company offers complete turn-key service, minimizing management headaches for investors and making the real estate investment process simple and profitable. ASAM Properties even has construction crews ready to complete any renovation work necessary.
Once a property is made ready for tenants, Asam finds quality tenants to place in the home, reducing losses from vacancies and ensuring a steady income stream. Whether an investor is just getting started, or is looking to expand their existing portfolio, the investment experts at ASAM Properties are ready to help them take the next step.
We recently interviewed the owners of Asam, Yinan (Angela) Zhao and Yan Chen, who are both originally from China and now live in the U.S., to learn about the opportunities in the Tampa market.
Q: How long has Asam been in business?
A: We started Asam about a year ago, as we saw the market in the Tampa area rapidly growing and bouncing back from the recession. Although our firm is only about one year old the principals of the firm have over 25 years’ experience in Residential and commercial real estate. We have successful businesses in China in Manufacturing, Real Estate development and Tourism. Our core infrastructure will make Asam grow into a large property development company.
Q: How many partners consist of Asam?
A: There are two partners in Asam Properties, myself, Yinan (Angela) Zhao and my partner, Yan Chen. We are both originally from China and now live in U.S. We both bring years of real estate and business experience to Asam. We have already operated numerous successful companies. We know what it’s like to manage employees and run day-to-day operations to make a company successful.
Q: When was the last time you made an investment?
A: Just last month Asam purchased an 18-unit apartment complex that will undergo a complete and total gut renovation and gear the building towards student housing. For 2017, we are planning on keeping approximately 20% of all our purchases as investment properties for our own portfolio.
Q: Why should I invest in Asam Properties?
A: We have experience in the local market we sell properties in and we have a team in place that handles everything for our clients, including acquisition, different financing options, sale, construction and management. Asam Properties has the right team in place to make your property acquisition successful.
Q: Do you co-invest with others?
A: We do invest with others, most of our investments have been with family members and close friends, but as more and more opportunities present themselves we are open to joint ventures with clients that we get to know and have the same goals in mind.
Q: What’s the market like in Florida?
A: The Florida market is very hot right now and is in high demand. The rental and sales market is strong. A year ago, we were buying properties listed on the MLS, now that is far and few because of higher prices and supply and demand. We must go back to more conventional ways of getting inventory which we have the infrastructure to do so we can get monthly inventory.
Q: Why should investors buy in Florida?
A: Florida is a great market to invest in for both cash flow and future appreciation. As everyone knows with the downturn of 2007, Florida, like other western states, previously had seen high appreciation, but then the market fell out. We feel because of this dynamic, there is a lot of opportunity in the market to still get quality properties, at lower prices than other markets, and with a lot of potential.
Florida has a lot of wonderful factors that make it a great place to park your money: We are seeing job growth, population growth, great weather, beaches, and so much more. The best part is that Florida is still affordable, especially compared to pricey California. In fact, many California investors we know buy in Florida for diversification, and because of the similarities the states have.
In Tampa, which is our primary market, there are developments like the Vinick-Cascade project being built in downtown Tampa.Plus, with the University of South Florida and University of Tampa in the area, education jobs are a prominent part of the employment possibilities for those looking to move to the area.
Q: Where do you see Asam properties in five years?
A: We have ambitious plans for the company and hope that we turn Asam Properties into a major landlord in both residential and commercial properties throughout the Florida region. As foreclosures dry up and markets start to change, we will be looking at opportunities in new construction and development. We think our investors who have purchased, and will be purchasing with us, will continue to invest as we present additional projects.
Q: What entrepreneurs do you admire and why?
We are going to pick two because as a company we admire both entrepreneurs.
Firstly, Sam Zell with Equity Residential. Being in the real estate business, who would not admire Mr. Zell, who is chairman of the largest apartment real estate investment trust. He came from humble beginnings and worked very hard to become successful. He started in college managing a 15-unit apartment building for free room and board and gained knowledge to start a real estate company. By the time he graduated from college, Mr. Zell and his partner were managing over 4,000 apartments and owned hundreds of units outright, very impressive.
The second one is Jack Ma, who is founder and chairman of Alibaba Group. He is from mainland China and is one of the most successful business owners. He never gave up and kept at it, until he was super successful. He kept trying regardless of so many disappointments.
He is the first entrepreneur from mainland China to be on the cover of Forbes Magazine and had the largest initial public offering in U.S. history. I would say we admire both of these entrepreneurs for their determination to be successful and never give up on their dreams because anything is possible if you put your mind to it and work hard and smart.
Q: Can you share a story about how you have helped one of your clients?
A: We recently trained a college student who was looking to get into real estate. He was looking to spend his money on an expensive sports car and get nothing in return. After showing him how he can buy properties and create cash flow, which will buy his car, he purchased three properties… plus his expensive sports car, which is now being paid for by the properties. He is currently going to purchase more this year and he set a goal to have 50 properties in five years.
- Article written by editorial staff for REALTY411
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