SVN Advisor Insights would like to present Richard “Butch” Bernsten.
Richard “Butch” Bernsten
My name is Richard Berntsen. I go by the name of Butch, and I am an Advisor here at SVN. I’ve been involved with the real estate industry since 1991. I have experience in New York, Delaware, Maryland, and I have overseas experience. I worked for 10 years in Australia for Cushman Wakefield. This is a new adventure for me.
Multifamily investment, is one of the specialties that I handle. Basically, it is a residential class of investment property, two or more units, but for the most part 4 or more units, and it generates an income. It’s an asset that allows the purchaser to occupy, as well. They can live in it, manage and incur an income from, which is not possible with many other commercial property classifications or type of properties. It’s unique in that regard. It also tends to be an introductory, or can be an introductory, level investment because it’s the most familiar for most people. They live in a house, a condo or an apartment. It’s not alien to them so they have an understanding of the workings of that type of property, and hopefully, they are not as surprised when things come up. They have an understanding of what’s going on. It allows for easier financing which is not the case with other property classes. They’re a little more intricate. They require a greater level of expertise both through financing and in selling. Residential properties tend to close faster, and they are a little more user-friendly.
We’re situated in an area here on the eastern shore, and in Maryland in general, where we have a lot of universities so there’s a great opportunity there for multifamily properties. You can find them all around Baltimore, D.C. and then here in Salisbury way, Chestertown, Delaware…just looking at those immediate markets that there exist properties. But then in any urban area or large town area, town centers, CBDs, you’re also going to find apartment buildings. So there is always a need for that classification of property. There are always people looking to rent that kind of property.
Richard “Butch” Berntsen | Associate Advisor