NEW YORK, NY / ACCESSWIRE / September 9, 2020 / We sat down with founders Mike Elaridi and Jeffrey Fawaz to talk about how they started their real estate companies and where they're at now. Mike and Jeffrey jumped into the real estate industry on their own in 2013 at the age of 20, starting as real estate agents primarily working with investors and developers. Over the course of 7 years, they grew that into a group of companies under their Fratelli brand encompassing real estate brokerage, residential development, and acquiring commercial assets. They started out by learning the industry from the bottom up, growing their network, identifying opportunities, analyzing deals, learning construction, high-end design, innovative marketing and negotiations. "Real estate has always been a passion of mine and it offers so much, not only financially, but creatively and generationally as well" Mike explains.
In 2014, Mike and Jeffrey ventured into buying, renovating and selling their own projects, creating Fratelli Designs. Starting out with single family and townhomes, they have grown that business and found a niche in flipping luxury high-rise condos in the affluent Houston neighborhoods of River Oaks and Uptown. They have set record sales on their projects due to their contemporary European designs and aggressive marketing. Mike explains "Houston is growing with a quickly diversifying population that has been missing sophisticated contemporary designs, and that's the product we provide." To date, Fratelli Designs has been involved in over 30 projects and over $20M in transactions.
By 2017, Mike and Jeffrey had become top producers at their brokerage, acquired their brokers licenses and started their own firm, Fratelli Properties International. As a full-service boutique real estate firm, they wanted to make sure they were set apart from other brokerages by offering innovative and edgy marketing, utilizing new technologies in an industry that's slow to adapt, and maintaining the upmost knowledge whether working with first time home buyers or experienced investors and developers. "We believe that as real estate advisors, our primary job is to educate our clients on the market and provide the best path forward" says Jeffrey. Setting record home prices Mike and Jeffrey continue to surpass clients' expectations, which has led to them to being involved in over $100M in closed transactions!
Believing in consistent growth and expansion in all ways, Mike and Jeffrey created Fratelli Capital in 2019. Their goal is to achieve a portfolio of cash-flowing assets by developing new experiential retail and affordable multifamily properties in prime Houston neighborhoods, and to acquire existing value-added commercial properties turning them around utilizing their real estate knowledge and construction experience. Fratelli Capital's first acquisition was a retail center that was over 50% vacant, had numerous deferred maintenance issues and was severely mis-managed. Within six months and even through the Covid-19 pandemic, Fratelli was able to get the center fully leased and increased its value by over 40% in the process! They plan to go big says Jeffrey "our goal is to reach $100M in assets under management within the next 5 years through partnering with investors, allowing them to share in the cashflow and appreciation of properties." Fratelli Capital currently owns and operates approximately $7.5M in assets across three properties in the Houston area.
Mike and Jeffrey differentiate themselves with the competition by constantly growing and improving, never being content with the status quo. As for what is next for them and their business, they are currently focusing on growing their brokerage and hiring new agents, working on three luxury high-rise condo flips, and building a new Fratelli office headquarters in the hip neighborhood of Houston Heights. According to Mike "ultimate success means being fulfilled with your work, helping others through mentorship and charity, and achieving financial freedom through passive cashflow to pursue your dreams."
CONTACT:
Kiley Almy
Kiley@nextwavemktg.com
Next Wave Marketing
SOURCE: Next Wave Marketing
View source version on accesswire.com:
https://www.accesswire.com/605366/How-Two-Self-Made-Millennial-Millionaires-Grew-Three-Real-Estate-Companies-Before-the-Age-of-30
