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Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms.
Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms.
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Off Campus Housing Preferred Over Dorms<br />
According to a 2013 survey entitled, “Gauging Student Living Preferences,” 80 percent of college<br />
students have ditched the confines and rules of dorm life and opted instead for the space and<br />
freedom afforded by off campus housing. Over 7,000 graduate and undergraduate students were<br />
interviewed by J Turner Research, and the results were published in “Multifamily Executive”<br />
magazine.<br />
Perhaps this lends insight as to why Carl Syslo, CEO,<br />
CFO, and general partner of Health & Wealth of<br />
Dutchess County, LLC, recently told “The Suit:”<br />
“We have a demand that outstrips our supply right now.”<br />
The company owns and manages single family homes to<br />
provide alternative housing to college students attending<br />
Coastal Carolina University located in Conway, South Carolina.<br />
The properties are within a mile walking distance of<br />
the campus. Current plans are to expand into other geographic<br />
markets. Since demand drives their growth strategy,<br />
Florida is first on their list.<br />
Based in Fishkill, New York, Health & Wealth started in<br />
2004 an as investment club. Syslo was one of the four original<br />
members and they decided to invest their financial resources<br />
in the stock market. By 2007, members grew weary<br />
of the risk that accompanied the market’s ups and downs;<br />
the goal of the investors was to preserve capital. When the<br />
son of one of the members was accepted into a Southern<br />
college, he told the group he was unsuccessful and frustrated<br />
in his search for off campus housing. That’s when<br />
the light bulb went off. “We found that there was an excellent<br />
opportunity, and excellent pricing, to buy single family<br />
homes and rent them to college students,” explained<br />
Syslo. “Once we decided that is what we wanted to<br />
do, we built our business model around that college<br />
market.”<br />
“We provide a safe, clean, and comfortable<br />
environment—we want<br />
our tenants to be happy” said<br />
Syslo who explained that<br />
Health & Wealth consistently<br />
invests in the upkeep of<br />
their properties. Tenants have<br />
access to a website where they can report<br />
maintenance issues and they are usually<br />
addressed within 24 hours. “Our costs<br />
are competitive with the college dorm life<br />
and the most important thing is we listen<br />
to our customers—whatever they request,<br />
we try to accommodate.” Since students are<br />
generally in the 18-21 age range, Health &<br />
Wealth highly encourages that the student’s<br />
parents are involved throughout the entire<br />
rental process. “Let’s face it, parents are the ones who are<br />
paying in 99 percent of the cases,” said Syslo, adding that<br />
students can rent on a per room basis with a12-month lease.<br />
Currently, Health & Wealth has 19 member investors<br />
with plans to cap membership at 25. There are no full time<br />
employees. All members work within their own respective<br />
professions and bring various skills and knowledge that<br />
contribute to the growth and success of the organization.<br />
47 Wedgewood Rd<br />
Fishkill, NY 12524<br />
Telephone: 845-764-1556<br />
www.hwrental.com<br />
THE SUIT MAGAZINE - JULY 2014
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