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Why An LA Real Estate Agent Is On A Quest To Name A Naval Ship

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B.Before he took root in the San Fernando Valley and became a real estate agent, Rene Trinidad grew up in the Philippines on the south coast of Manila Bay. His grandfather Telesforo was at the head of a large extended family.

“When he spoke, it sounded like God was speaking to me from heaven because he was a man of few words,” said Trinidad.

His grandfather spoke so little that, as a child, Rene had no idea that the white-haired man had received a Medal of Honor from the US Navy decades earlier while the Philippines were under US colonial rule.

To improve his financial situation, Telesforo Trinidad joined the Navy through a base in his province and set sail on the USS San Diego as a firefighter. In 1915, the ship’s boilers exploded in Mexican waters, killing nine. Trinidad rescued two crew members while suffering burns to his face.

More than a century after the disaster, Trinidad remains the only sailor of Asian descent to receive the Navy’s highest award for bravery. (The Army has honored dozens in the AAPI community.)

It wasn’t until his grandfather’s funeral that a teenager Rene realized how closely his ancestral legacy was linked to the US military.

“That’s when I noticed: Wait a minute, why is my grandfather’s coffin covered with an American flag?”

Rene is now over 60 and has joined a campaign to name a naval ship after his grandfather. Efforts began last year when Filipino-American Marines discussed their desire to recognize a service member of Filipino descent and focused on Telesforo Trinidad, a non-US citizen.

Bay Area historian Cecilia Gaerlan is a campaign manager that Rene Trinidad recruited for the ship’s naming crusade. Her two families are from the same province in the Philippines, Cavite.

Rene Trinidad is being held in the Philippines by his grandfather Telesforo Trinidad.

(Courtesy Rene Trinidad)

“I think this will be an endorsement of the historic contributions made by Filipino Americans,” said Gaerlan. “Not just in the US armed forces, but in US history.”

Generations of Filipino soldiers have joined the US armed forces since 1898 after the US won the Spanish-American War and took control of the Philippines.

The tens of thousands who joined received steady paychecks, travel, and an easier way for their relatives to immigrate to the United States. A select group has risen to the top tier of the US military.

But Vicente Rafael, a historian at the University of Washington who studies the Philippines’ colonial past, said the benefits of military service are often offset by the military’s racist and marginalized practices.

Rafael said that after World War II, Filipinos who served alongside US forces were promised the same health and pension benefits. But in 1946 President Truman broke the promise. It wasn’t until 2009 that President Barack Obama signed a law offering Filipino veterans $ 15,000 if they lived in the United States. The sum was even less if they were still living in the Philippines – “a starvation wage” for the risk of their lives, Rafael said.

Filipino sailors in a photo from 1923

(Filipino American National Heritage Society

/

Filipino sailors in a photo from 1923)

Rafael said putting Trinidad’s name on a destroyer was “an integral part of that desire, not just for recognition, but some kind of compensation, however symbolic.” It would be more productive for Rafael to focus on adequately compensating veterans and their survivors than to call “military machinery”.

Rene Trinidad said naming a ship after his grandfather would not have been something he would have come up with on his own, because culturally “you have to be humble. You don’t want to attract attention. “

But Rene said his late father appreciated this recognition for the family patriarch. The military tradition was also carried on in the family. Two of Teleforo’s sons entered the Navy, although he was reportedly unhappy when the younger did so, fearing that as a low-ranking cook his child would make him more prone to racism and abuse.

“Apparently he wouldn’t give him his blessing if he switched to the US Navy, unlike my older uncle who was a dentist,” said Rene Trinidad.

Nowadays, Rene is bravely the campaign’s family representative, giving interviews and asking supporters in Southern California to write to their local politicians. The effort is already supported by U.S. Senator Mazie Hirono, D-Hawaii, who chairs the Senate Subcommittee on Armed Services for Seapower. Campaign leaders hope that President Biden’s candidate for Minister of Navy Carlos Del Toro will be confirmed and open to their offer.

Rene Trinidad said naming a ship after a Filipino man would show that the US is a “melting pot of the people” and also show support for Asian Americans who have seen an increase in racist attacks over the past year.

“I suppose,” he said, “it’s just one of those time-only things.”

Do you have a question about the Asian American communities in Southern California?

Josie Huang shares the interface between Asians and Americans and the influence of these growing communities in Southern California.

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The secret few brokers discuss » RealtyBizNews: Real Estate News

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There’s a dirty little secret in the world of real estate agents that few talk about. It’s a worrying trend that we’re seeing more and more in small and medium-sized businesses: a lot of brokerage firms just aren’t very profitable today.

In more than 35 years I have looked at thousands of annual accounts. What’s interesting lately is that even in record industry-wide years where brokers have made big bucks, if you look at their income statements, which often show a nice profitable bottom line, we find that the bottom line in many of today’s brokerage firms is indeed from the broker’s own production.

Since the beginning of the industry, the top agents have generally made more money than the broker; it is like it is. Except … today’s conditions have changed so much for the broker / owner of all company sizes that there is a real discrepancy between the broker’s and broker’s incomes. Look how things have changed in the past few years:

  • The company’s dollar has fallen nearly 30% in the past five years alone
  • Competitive broker models force higher agent splits
  • Increasing spending has drastically reduced profits
  • The downward pressure on commissions continues to rise
  • New technologies and models are designed to undermine brokers

I have written many times about the steps brokers can take to build company dollars and profits, which generally requires a change in broker strategy and direction. It also involves an investment in resources that require capital from the broker / owner. Changing direction and putting time and financial commitment into their business is the path few choose.

Instead, many small and medium-sized business brokers today choose to remain producers because it worked well for them. They work with buyers and sellers because they enjoy it, and often they don’t really make a lot of money mediating – their profit comes from acting as a broker.

The problem arises when the owner is ready for a personal change. Maybe they want to slow down; maybe even cash out by selling or merging their firms, and then it becomes important to determine the market value of their brokerage business. The income statement and the real profits determine the market value of the company. When reviewing financial data, we often find that when the brokerage commissions are included but shown as profit, the company’s profits decrease once they are adjusted to reality or, as is often the case, actually lose money.

When determining the true profitability of the owner’s production, several questions are raised:

  • How are the owner’s commissions reported in the financial data?
  • Does the owner pay the same split as a comparable broker?
  • What Are The Company’s Real Dollar And Profits After The Owner’s Compensation Is Adjusted?
  • What would the replacement costs be for management?

A case study:

We were keen to acquire a seemingly profitable Southeastern brokerage company run by a dynamic and active broker / owner. The financial metrics came as quite a surprise, however. The company had the highest dollar and profit share in real estate brokerage history. But … closer inspection revealed that the reason for the massive profits was because the owner, who was the top producer by a significant amount, hadn’t paid himself any commissions – none, nada, zero. The result was an artificially high corporate dollar and a profit margin that exceeded anything I have ever seen. Of course, the owner’s asking price was also based on this very high net profit.

After considering a real commission structure and adjusting the income for the unpaid commissions, it became clear that the owner was subsidizing the company with his commissions. In fact, the agents did not even cover overhead costs, and without the owner’s personal financial contribution, the company lost significant revenues. Unfortunately, we couldn’t justify the purchase.

Does this mean the market is grim for those thinking of selling small to medium sized brokers? Not at all, but very actively, because top companies often pay a premium in order to establish themselves in a market or to increase their existing market share. There are also ways to structure the transaction that make sense for everyone. One of the most important steps a broker / owner must take when considering a sale in the near future is to invest in good accounting records that clearly document income, expenses, and real profitability.

I’ve found over the years that documentation is one of the top deal killers for brokers looking to cash out.

If you want to learn more and find out what a review looks like for your business, click here to contact Rick Ellis today.

Documentation is one of the top deal killers for brokers looking to cash out

Rick has an MBA in Digital Technology and is a licensed real estate agent. He is a business growth advisor and a regular speaker at real estate events. Rick and his wife live on the Georgia coast on St. Simons Island. He is available to advise with brokers looking for options.

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LarrainVial, DaGrosa Capital Invest in Miami Real Estate Firms

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(LR) Joseph DaGrosa and Craig Studnicky with Jorge Escobar and Camilo Lopez (iStock, DaGrosa Capital, ISG World, TSG / Black Salmon)

Two financial firms acquired stakes in real estate companies in South Florida as the region continues to attract significant investment.

LarrainVial, a Chile-based asset manager, has each acquired a 33 percent stake in Black Salmon and TSG, a Coral Gables-based investment company and commercial property developer, both led by managing partners Camilo Lopez and Jorge Escobar. The transaction marks the first US expansion for LarrainVial, which has more than $ 28 billion in total assets under management.

In an independent deal, DaGrosa Capital Partners invested in the Aventura-based ISG World of broker Craig Studnicky. Studnicky said he will retain the majority of his ownership in the real estate company and will remain its CEO. Both companies declined to announce the terms of the deal.

DaGrosa, a Miami-based private equity firm, is led by founder and chairman Joseph DaGrosa Jr. ISG will use the new capital to strengthen its infrastructure and expand in South Florida, Latin America and elsewhere, Studnicky said.

South Florida has increasingly attracted investment from private equity firms. Madrid-based Azora Capital recently partnered with Miami-based Exan Capital to create Azora Exan, a US office, residential, hospitality, and senior residential investment joint venture

LarrainVial investment

Through Black Salmon and TSG, LarrainVial will own one-third of the companies’s combined assets and $ 1.8 billion under management projects in South Florida and the United States, including the Miami Wynwood House apartment project under construction and more than 1,500 additional residential units in South Florida, according to a press release.

“The strategic decision for Camilo [Lopez] and I was staying where we are or moving up to the big leagues and for that we definitely had to work with a big group, ”said Escobar, who is also co-CEO. TSG and Black Salmon will develop LarrainVial’s network of investors and high net worth individuals in Latin America and Europe.

The cash inflow will allow both companies to grow faster and on a larger scale, especially in multi-family and industrial real estate, he added.

Escobar said he will launch a value-added multi-family mutual fund and an industrial real estate investment fund by the end of the year, with the goal of raising nearly $ 250 million for both. The multi-family fund will focus on the Sunbelt states, while the industrial fund will target properties across the country.

DaGrosa infusion

Studnicky said DaGrosa’s investment in ISG World, a real estate brokerage firm and company that produces the Miami report, will enable ISG to expand its sales business, as well as offer home finance for developers and mortgages for home buyers.

“We can deliver the capital that Craig [Studnicky] To be more competitive, ”said DaGrosa.

ISG operates in Miami-Dade, Broward and Palm Beach Counties, as well as real estate sales in South Florida, Latin America.

Contact Katherine Kallergis

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Higher, higher, higher – Dallas home prices are up almost 25% from a year ago

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A slowdown in home sales over the summer has not slowed real estate prices in Dallas.

In the latest S&P CoreLogic Case-Shiller Home Price Index, home values ​​in the Dallas area rose nearly 25% year over year.

It is the largest annual house price win for Dallas in the closely watched monthly real estate measurement.

Prices in the Dallas area rose nearly 2% in August alone.

And the local rise in home prices was well above the 19.8% nationwide increase in August 2020, according to Case-Shiller.

“The US housing market showed continued strength in August 2021,” said Craig J. Lazzara of S&P in the report. “Each of our city and composite indices are at their all-time highs, and year-over-year price growth continues to be very strong, albeit a little slower from the previous month’s level.

“August data also suggests that property price growth, while still very strong, may be slowing.”

Phoenix led the metropolitan areas with an annual price increase of 33.3%. San Diego prices rose 26.2% year over year and Tampa rose 25.9%.

Dallas had the fourth-highest rise in home prices among the top 20 markets included in the Case-Shiller survey.

US house prices are rising faster than ever in the monthly Case-Shiller poll, which has tracked house prices in major US cities for 30 years.

Case-Shiller’s price estimate is believed to be more accurate than real estate sales data, which can be influenced by the type of properties being sold each month.

The Case-Shiller Index compares changes in sales prices of certain properties over time.

Case-Shiller estimates that home prices in the Dallas area have increased about 50% over the past five years.

The tremendous price growth has continued even though total home sales in the region have declined in the last four months from a year earlier.

Home prices in the Dallas area have increased since the COVID-19 pandemic began and more tenants have moved into their homes.

A chronic shortage of homes in the market has added unprecedented upward pressure on home costs in North Texas.

Some real estate forecasters hope that price increases will slow down in the coming months.

“While demand remains strong and buyers are generally still paying more for property than asking price, the declining acceleration in property prices suggests buyer fatigue is on the way, especially for higher-priced properties that have seen price growth accelerating from the previous month, which is greater than that of the previous month to houses in the lower category, ”said Selma Hepp, Chief Economist at CoreLogic. “The persistently strong demand from traditional homebuyers was reinforced this summer by increasing demand from investors.”

Zillow economist Kwame Donaldson said nationwide housing construction had cooled somewhat before the fall season.

“It took a little longer to sell homes in September than it did in August, and the sales inventory increased by inches,” said Donaldson. In other words, although exceptional market conditions drove house prices higher between spring 2020 and summer 2021, recent signs suggest that the market is weakening.

“And while house price increases will remain elevated for the next few months, further acceleration is unlikely.”

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