Restoring cars is both a fun hobby and a thriving industry, and thanks to shows like “Kings of Restoration” and “Counting Cars,” more and people are becoming attracted to restoring their own automobiles or shopping for already-restored ones. Of particular interest are classic and vintage vehicles.
It’s rare to find original classic cars on the market, meaning ones that have not had any parts replaced, having undergone minimal repairs if any at all and boasts of solid maintenance. It would take a really serious collector-owner to preserve such cars, but now and then these gems do pop up.
Restored classic automobiles are more common and are the standard products in the industry. “Restored” vehicles are those that have been brought back to their factory default setting, by refurbishing using original parts. These parts are often newly made, matching the specifications of the original parts. Sometimes so-called “new old stock” or NOS parts (parts from the actual time of the car’s assembly which have never been sold before) do become available, but these are as rare as brand-new original classic cars.
Resto-modded classics are those that have undergone restoration but modified using modern parts and new technology. The idea is still to make the car look like the original, but owners of retro-mods decide on changing some parts under the hood for more efficiency in fuel usage, to add modern safety features like brakes and airbags, and to comply with current emission standards.
Gene Bernshtam is a graduate of Loyola Business School with a finance degree, and currently works in the real estate industry. He is a classic car collector and restoration enthusiast. For more on his work and hobbies, drop by this website.
Mixed-use properties can definitely be worth the trouble and it’s best to just get that point out first.Having commercial establishments on the first floor of a building can easily benefit the community and the building tenants. Who doesn’t want easy access to say, a doctor’s office, a bakery, a deli?Moreover, since there are people always up and about in such areas, whether they’re going home, going to work or for a night out on the town, grabbing a bite, getting laundry done, etc., commercial establishments in residential properties add a feeling of security.Local governments welcome mixed-use properties because they easily bring diversification to the area in terms of people and businesses.
It also benefits property lessors since money will be coming from two sources — residential and commercial tenants. But as rules are different for each type of tenant, property management can easily be confusing. There are so many benefits to mixd-use properties but there are also challenges in their management that can make property investors and developers think twice.
The legal requirements concerning residential tenants are wider in scope than those for the commercial tenant. Residential tenants are assured services like water, heating, and electricity, as stated by law.Lessors do have the real power here as they can increase the rent or claim to need the property at the end of a lease period and compel the tenant to either comply or leave.
Gene Bernshtam has been involved in the development of mixed-use properties and repositioning such properties through his company, Avalon Holdings LLC. Read more about what he does with such mixed-use properties in this Google+page .
Acquiring a classic car entails a big commitment because it is something that involves financial investment and other demands. Thus, it should not be done impulsively. Instead, several considerations must be deliberated on before pushing through with the transaction.
A thorough inspection must be made on the vehicle, and, if possible, with the help of a professional. This is to allow the owner to determine whether to restore or customize the classic car, which are two very different options.
Restoring a car means refurbishing the vehicle to bring back its former glory. While it is not as valuable as original classic cars, it still holds value because of the major work done on it to make it look and perform the same way it did when it was in its prime. Classic car restoration projects can include various tasks, from minor repairs to complete overhaul of the automotive.
But if the owner decides that he wants the car to be unique or modernized, customization is the more appropriate alternative. Custom upgrades enable the vehicle to go beyond its standard specifications; examples are power steering, power windows, and others. Customization also typically comes after auto restoration had been made.
Gene Bernshtam is currently the head of real estate investment and development firm Avalon Holdings, LLC and its affiliated entities. He is also deeply involved in restoration and collection of classic automobiles. More discussions on classic cars here.
Ferrari is, undeniably, a notable automotive brand. Its prancing horse logo is one of the most famous in the world, and can be identified by people of different ages. The logo is straightforward and simple, but it has a unique history behind it. Every element in the logo is significant to the brand. Here’s why Ferrari chose the horse.
During WW1, Italy had its top fighter named Count Francesco Baracca. Baracca’s team won against the Austrians and painted a prancing stallion (cavallino rampante) on his plane. He did it as a homage to his former calvary regiment. Two years before the war ended, Baracca won 34 aerial victories. However, in 1918, he went on his last mission and never returned. While he was killed in action, his legendary cavallino rampante lived on.
Enzo Ferrari, then 25 years old, met Francesco’s parents in 1923. Count Enrico and Countess Paulina asked Enzo to put Francesco’s prancing horse on his cars for good luck. The horse, just like the original cavallino rampante, is black in color. But Enzo addd a yellow background, which is Modena’s representative color. A decade later, the prancing Ferrari horse logo appeared on Alfa Romeo’s cars in 1932.
Aside from his real estate expertise, Eugene Bernshtam is also into collecting and restoring cars. He is a member of the Ferrari Club of America and of the Lamborghini Club of America. Visit this blog to learn more about classic cars.
There is a sense of fulfillment in successfully restoring cars. In the process, however, you will be facing costly roadblocks. Here are some of the most painstaking processes car restorers have to hurdle:
Removing rust. You would need to know where to look for rust apart from the obvious on the exterior. Check areas where water is likely to collect such as the lower fender and inner panels under the hood. Use sandpaper with finer grit to minimize damage on the underlying paint, or simply cut out rusted areas, to be replaced with repair panels.
Finding rare parts and pieces. The older and rarer the model, the harder to find and more expensive the replacement parts. You would need to be meticulous about the specifications before ordering because some models are nearly identical upon cursory glance, only for you to find out later on that the piece doesn’t fit.
Finding time. Some projects never see it through the end, simply because of the amount of time required in trial-and-error repair and scouting for parts. Car restoration needs commitment, and you must be ready to spend a lot of money and time on it.
CEO and real estate developer Gene Bernshtam is also an avid car collector and engages in car restoration projects. For more blogs on cars and real estate, subscribe to this blog.
People invest in real estate because they have a vision in mind and target returns. They plan their investments and analyze opportunities toward their ends. However, some real estate investors become one by surprise.
Sometimes, real estate properties become unexpected opportunities to earn. For instance, they could take the form of a shared building that came into sole possession after divorce, or a piece of land that landed on one’s lap as inheritance. It matters less how a property becomes an investment than its performance.
A lot of real estate investors hoard properties without much value in hopes that they will bear income in the long run. But more often than not, these become distressed or underperforming assets. With location, age, and class in mind, a lot of real estate buyers choose to buy properties with better, lasting value over their current price. Real estate investors then simply accept their investment losses and move on to other pursuits.
While many think that the best strategy is to wait for the market to improve, investors must weigh the pros and cons of keeping their underperforming assets. It might get better in the future, but it might also make sense to just sell these at a decent cost before prices plummet.
Gene Bernshtam is the leader of Avalon Holdings LLC, a commercial real estate investment and development firm. Visit this page to learn more about him and his expertise.
Many people attempt to enter the real estate development scene without knowing what it takes to be a property developer. The job entails so much more than most people realize. To drive home the point, here are some of the important things aspiring real estate developers need to become successful at it.
Real estate developers need to have an education – and a quality one at that. This is probably what will guide the real estate developer through technically trying times. Degrees in business administration, finance, construction management, and urban development, among others, can be very helpful. Certifications and licensure will follow. Due diligence is also important. Aspiring real estate developers should read up on materials on real estate development as often as they can.
Real estate developers need to gain experience – and lots of it. This is another essential aspect of real estate developers’ skill set, which they cannot do without. Young real estate developers should work for real estate or construction firms to know the ins and outs of the business. And through gaining experience, they should never stop learning.
Throughout all the things aspiring developers do to prepare for the real estate developer life, they should never stop making connections. They should build a network of people in the real estate industry, and they should never burn bridges. They need to have people they can talk to, consult, and do business with.
Gene Bernshtam currently leads commercial real estate investment and development firm Avalon Holdings LLC, which specializes in apartment buildings and mixed-use properties. Investment, development, management, repositioning underperforming real estate assets, and consulting services are the company’s overall focus. To learn more about Gene and his work, visit this LinkedIn page.