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Next Meeting & Other Stories
2019-20 Budgets - Jerry Leitherer
During our meeting Monday June 10, 2019 we expect club Secretary Jerry Leitherer to review our recently approved club operating budget and our proposed charitable project budget.
 
Jerry is retired, having served the computer industry for more than 40 years in a variety of capacities from field service to super computing architecture and development.  He received technical training as an electronics technician in the US Navy, studied individual courses with Cornell, RPI, MIT, American Institute of Banking, and IBM.  He is author and co-author of two patents, several IBM field support manuals and process publications.  After retiring IBM as Senior Engineer and Super Computing I/O Architect, he served Intel leading Super Computing I/O Architecture, Genroco as Marketing VP, Xpoint Technologies as Operations Officer, and Comprecorp as a member of Board of Directors.  
6-3-2019 Eastham Capital - Eric Silverman
During our meeting Monday June 3, 2019, Eric S. Silverman told us about multi-family real estate investment strategies and methods used by Eastman Capital.  Eric founded Eastman Capital about 12 years ago and mentioned that the business has successfully invested a hundred properties during that time.  
 
One key element in the investment methodology anticipates investment turnover of about five years and an investment evaluation based on five key guidelines:
 
  1. Manager/Developers must be local to the market – They must have significant knowledge and prior experience operating in their local real estate markets. We also look for a proven track record of delivering superior investment results by acquiring, repositioning, managing and selling apartment properties.
  2. Manager/Developers must have “skin in the game” – Eastham Capital requires the M/D to make a significant cash investment into each deal; however, we will provide the majority of the equity. 
  3. Manager/Developers must be involved in the management of the real estate – Principals must self-manage (preferred) or actively supervise third party property management.  
  4. We fix properties, not neighborhoods TM – We target B&C properties in A&B locations. 
  5. Post-Renovation, the project should achieve a 10% cash-on-cash yield- On a pro-forma basis, after a renovation period of 6 to 36 months (dependent on the scope of the rehab), a project should cash flow 10+% per annum on the equity invested.
Eric told us that he is an active entrepreneur and investor in a number of businesses, but the real estate investment business is sort of in his blood because his father introduced him more than 30 years ago.  As Founder and Managing Partner of Eastham Capital, a private real estate investment business based in Boca Raton, FL, he told us that the business has launched its fifth fund in 2017. 
 
Over the years Eric noted several changes is trends for multi-family real estate. He cited the depressed properties a bargain prices in the 90's an turn of the century, but now he sees steady property prices with under occupancy resulting from poor management.  Eric mentioned that is why Eastman Capital insists on local partners for each investment project.
 
When asked about favorite localities, he mentioned Florida, Texas, and Tennessee because they have no state taxes.  More information is available on the Eastman Capital website.  Our club President Susan Meister thanked Eric for this presentation and when he indicated he had another segment available, club response suggested that we ask him to return for the second of the series.  This was a very much appreciated presentation with impressive introduction to the business of multi-family real estate investment.
 
Eric topped off his visit by introducing his friend and fellow real estate investor Tom Grant.  Tom is currently completing his MBA at FAU and briefly told us of his background in TV broadcast technology.  We may be seeing Tom again, perhaps with another program.  We enjoyed getting know both Eric and Tom and hope to see them again soon.
 
 
Rotary Guest Melissa Bhatnagar
Executive Secretary John Ross again introduced his guest Melissa Bhatnagar, Melissa was John's guest at the FAU HS Scholar Gala also.  As a pharmacist, she recently assumed the position of Director of Patient Safety with Modernizing Medicine, producer of IT products for medical field.  We expect to see more of Melissa as we get to know her better.
News
Regular Meeting Place beginning June 2019
Beginning with our regular Monday meeting June 3, 2019 we will be meeting at Maggiano's Little Italy in Boca Raton: 21090 Saint Andrews Blvd, Boca Raton, FL, 33433. This location is near the Town Center at Boca Raton.  From I95 heading west, south (left) on Saint Andrews, east (left) into Town Center parking drive, Maggiano's is on right.
 
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2018-19 Speaker Schedule
Jun  10   2019-20 Budgets - Jerry Leitherer
Jun  17   Nepal Update - Sharada Ram Bhandary
Jun  24   open
 
July  1   open
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Events Jan-Jun 2019

Nearing Activities & Events

June 10: 2019 PAL Half Marathon Phase 1 begins to recruit sponsors for the race.  First Phase 1 milestone is 8/1/19 to get logos into the initial racer applications, fliers, and website ads.  Second Phase 1 milestone is 10/1/19 for final racer applications and fliers.  Phase 2 begins 9/1/19 to recruit donors for supplies, food, and drink for race day.  Race is scheduled for 11/30/19.
July 1: New Rotary Year begins.
 
 
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Bulletin Editor
Jerry Leitherer
Executives & Directors
President
 
President Elect, Membership Co-Chair
 
Treasurer
 
Secretary
 
IPP, TRF Co-Chair
 
Executive Secretary, Vice President
 
Sgt at Arms, Director
 
TRF Co-Chair, Director
 
Membership Co-Chair
 
Director
 
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Our purpose is to positively influence our community through our
¨ activities,
¨ charitable projects and
¨ fellowship.
Our Passion and energy will cause others to join with us and support our efforts in the spirit of  “service above self.”
In exchange for our ongoing involvement, we will each experience the personal sense of satisfaction that only comes with unselfishly giving from the heart.