Turning Old Bungalows Into Turnkey Restaurants with Ray Smith

Ray Smith found a real estate niche hiding inside old neighborhood houses.

Instead of buying another standard residential property, he converts old bungalow houses in St. Pete into turnkey restaurant spaces. He designs them, builds them out, handles many of the major requirements, and gives restaurant operators a space that can be much closer to opening day.

Ray started in commercial real estate in 2013 after buying a multi use building for his office. From there, he bought more office properties and eventually began turning some into restaurant spaces.

He explains why he often does not install a large kitchen hood, how newer cooking equipment gives restaurant operators more options, and why he believes the neighborhood setting helps make these spaces attractive.

Ray also talks about his move away from residential properties. He once owned more than 100 residential units and has completed about 350 fix and flips. At the time of the interview, he was down to about 18 residential properties and planned to continue selling them.

Key Topics

• Why Ray moved from residential properties into neighborhood commercial real estate
• How he turns old bungalow houses into restaurant spaces
• What makes a restaurant space truly turnkey
• Why he often avoids the cost of installing a large kitchen hood
• How triple net leases reduce many of the management headaches he dealt with in residential real estate
• Why location, parking, walking traffic, and neighborhood feel matter
• How Ray separates properties into a legacy portfolio and shorter term investments
• Why he prefers a small group of trusted investors instead of constantly raising money

Guest Information

Ray Smith is a real estate entrepreneur focused on neighborhood commercial properties in and around St. Pete, Florida.

He has completed about 350 fix and flips and previously owned more than 100 residential properties. His current focus includes restaurant spaces, neighborhood retail, mixed use properties, and some warehouse space used for art studios.

Website:

orangebeltInvestments.com

Visitors can see examples of Ray's restaurant and real estate projects on the website.

Call to Action

To learn more about Ray's projects, visit:

orangebeltInvestments.com

Anyone interested in investing with Ray can also complete the investor questionnaire on his website.