BrokerIPTV: Today we are talking with Chris Lattimer, President of the Lattimer Group. Chris, welcome to the show. Glad you are here.
Chris Lattimer: Thanks Dan.
BrokerIPTV: Tell us what the Lattimer Group does?
Chris Lattimer: Well, we are a real estate investment company and we work with investors to pool resources together and invest in real estate. Our main objective is to offer investors preferred returns and then to meet or exceed those expectations. Currently, today we have got three strategies that we like to invest with. First is multifamily properties, acquiring existing properties, looking nationwide for emerging markets. Second, we like the transit oriented development concept. Then last, because there are a lot of great bargains out there in the single family home market, we are looking to get medium priced homes at 70% of market value and we like the exit strategy of lease options.
BrokerIPTV: Oh, really? How long on that lease option?
Chris Lattimer: We are figuring we are going to need a good year. Well, a couple of years, but I think we need about a year to see some nice recovery in the market and the sooner we can get out of these options, the better. The one thing, the one big factor there is is the financial markets.
BrokerIPTV: Since you brought up the topic of recovery, I mean are you starting to see Colorado, Denver starting to stabilize or maybe... the question everybody has is have we hit the bottom?
Chris Lattimer: Yeah, it's an interesting question, because there is a national question and there is a local economy question.
BrokerIPTV: Correct. Yeah.
Chris Lattimer: As a real estate investor, the local economy is definitely factor and the Denver market is looking really good.
BrokerIPTV: Okay. Now, who are you targeting with this information? I mean what's the demographic of your customer?
Chris Lattimer: Well, it is more of why we are targeting. It is really we are looking for these markets so that we can acquire assets within these markets and be able to see the appreciation of our asset within this appreciating market as for the benefit of our investors.
BrokerIPTV: So everybody who is watching is saying, Chris, tell me one of those emerging markets right now? They want some free information? [laughter]
Chris Lattimer: And we tried a couple, in the first phase markets that we are looking at, but I don't want to mention those quite yet, but in the fourth phase, there is a really good market, it is Boise, Idaho.
BrokerIPTV: Oh really?
Chris Lattimer: Yeah. It is a great market. It has been relatively unaffected by the recent downturn and it has been emerging, that's why it is in the fourth phase. It has been emerging for a couple of years now, but we feel, there is still a lot of... a good couple of years left in that market. The main thing that is driving that market is technology, businesses - technological businesses are coming into area driven by a highly educated workforce.
BrokerIPTV: Let's take Boise for instance. Say I want to go invest over there. What are my benefits, what are my risks?
Chris Lattimer: Well, the benefits are that if you are looking at the conditions nation wide, the economic conditions, you are able to get into an appreciating market. So, you want to put your money into a market that is appreciating, that's the benefit. The risk is you have an out of state asset, so you have to... particularly, if they are multifamily, we are diligent about having good property managers in there and then staying on top of those property managers to manage this out of state asset.
BrokerIPTV: Chris, great information. Thanks for being with us. Appreciate it.
Chris Lattimer: Yes. Thank you.
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