Real Estate Uncovered: Building Success and Weathering the Storm with Doug Faron
Guest: Doug’s extensive experience in the real estate industry, combined with his innovative strategies, has made him a sought-after expert in the field. Throughout his career, he has successfully navigated high-growth markets, mastered the art of property management, and achieved remarkable returns on investments. Join us as Doug shares his invaluable insights, practical tips, and the secrets behind his real estate success.
Big Idea: In this episode, we sit down with Doug Faron, a highly experienced real estate investor and operator with a remarkable track record in the industry. Doug provides valuable insights into his journey, emphasizing the importance of maintaining family values while building a successful real estate business. He shares his expertise in navigating the real estate market, even during challenging periods, and highlights the key factors that have contributed to his achievements.
Dan: Yeah, for sure. When the booking request came through, I was personally most excited about the operator, developer. You guys have a huge background, Shoreham Capital of very large projects. It seems like from all the research that I’ve done, I probably can’t do as much justice on an introduction as you, so why don’t I give you the floor, allow you to give an intro on kind of your career, [inaudible] capital and what the trajectory of you work guys investment strategy looks like today.
Doug: Sure. Perfect. Well, again, thanks for having me and happy to introduce myself and then tell you a little bit about Shoreham Capital. My name is Doug Feron and I’ve spent most of my career on the institutional investment side of the real estate business. I started my career in investment banking. I then went to work in corporate private equity for a number of years and then transitioned after business school to real estate private equity, working with a firm called the CIM group based out in Los Angeles. I spent about 10 years at CIM, had a really great experience and ultimately was a managing director on their investment team and running their East Coast investment practice. But I had shifted from corporate to real estate really looking at one book, being very interested in the asset class and also being interested in trying to do something entrepreneurial.
One day I felt that in real estate there was a much bigger opportunity for that than corporate private equity. So after about 10 years with CIM, I was doing some family events and otherwise decided it was the right time to take a look and looking for a seed to that thesis or a seed for that business. One of the areas I’ve been really interested in at the firm and we’d been working on a white paper on was single-family rental. I had been pursuing that and through a friend was introduced to one of my partners, Nick Zumas, who’s a sizeable home builder in both New York and Florida. In meeting Nick, we sat down and had the opportunity to sort of flush out a business plan to shift a lot of his forward pipeline from for sale to for rent but along the backs of that, build a larger real estate developer operator investor that would do both traditional multi-family, both ground up and value add, alternatives like build to rent single-family rental senior student, and then also still have an allocation for special situations and the background I had of doing different asset classes, debt and equity, wherever the sort, the opportunistic opportunity is.
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Resources mentioned in this episode:
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Doug Faron & I Discuss Building Success and Weathering the Storm:
- The foundation and vision of Shoreham Capital.
- Successfully managing large real estate development projects.
- Strategies for weathering the storm in a challenging real estate market.
- Insights into the cost and yield considerations for real estate projects.
- The importance of location, entitlement risk, and site plan approval.
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The transcript of this episode can be found here.
Transcripts of all episodes can be found here.