In addition to participating in the acquisition process, asset managers typically play a role in positioning properties for disposition. In this episode, Bryan explains how focusing on exit strategies puts asset managers in a better position to help prepare properties for sale.
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Encouraging acquisition specialists and asset managers to work together in a collaborative manner is not always an easy task. In this episode, Bryan Chavis discusses how to prevent acquisitions teams from getting prematurely "locked-in" on deals and explains how asset managers can help acquisition specialists make data-driven decisions.
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Collaboration between asset managers and their peers is perhaps most critical on the front end of a deal. In this episode, Bryan talks about how asset managers differ from acquisition specialists and their importance in underwriting. Then we discuss how to create effective communication between acquisition specialists and asset managers. Finally, Bryan explains how to limit the risk of shoddy underwriting when pursuing real estate investment opportunities.
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Tenants in St. Petersburg rallied outside city hall, Thursday night, speaking out against rising rent prices. They are demanding the city declare a housing state of emergency. Bryan shares his thoughts on rent control in his backyard and nationwide.
Seven million people are still behind on their rent, according to the Census Bureau. An eviction moratorium from the Centers for Disease Control and Prevention is set to expire at the end of the month.
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Real estate management, as a business, is based on relationships with property owners—relationships that must be established, nurtured, and maintained.
Most management arrangements are entered into with both parties intending to establish a long-term relationship. Over time, however, any relationship can become strained.
The fact that the real estate being managed is a source of income for both the owner and the real estate management company subjects real estate management relationships, in particular, to possible misunderstandings.
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One of the requirements for becoming a CERTIFIED RENTAL INVESTMENT SPECIALIST® is to prepare a management plan for a property. This plan is the most comprehensive tool available to enables real estate professionals to demonstrate their ability to apply property management and asset management theory, principles, and techniques to an actual property.
The skills achieved in successfully completing a management plan can be used as you prepare this plan of action for existing clients. take on the management of new properties, or make proposals to potential clients regarding how you would meet their goals as a real estate manager.
The underlying philosophy of the Multifamily Matrix is that a property is best managed when managed by plan.
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The truth about real estate investing is anyone can find a property to buy. The issue comes with non-experienced investors/sponsors, or investors who are not patient, who overpay for the asset, or have a business plan that is tough to implement. In the sea of multi-family real estate, the waters are red from deal sponsors competing for properties fueling the increased price in real estate and reducing investor returns. Despite the red waters, there are still opportunities for those who are creative, patient, and disciplined in their search.
It is a lot of work, time and commitment to find the right investment opportunities. If you are getting active in multi-family real estate investing or would like to learn more about passively investing please subscribe and join us each week.
The operating expense ratio (OER) is very common in real estate analysis, whereby analysts are measuring the costs to operate a piece of property versus the income it generates.
Why the Operating Expense Ratio Matters
Operating expenses are costs associated with running a business's core operations on a daily basis. Thus, the lower a company's operating expenses are, the more profitable it generally is. Over time, changes in the OER indicate whether the company can increase sales without increasing operating expenses proportionately (i.e., if the business is scalable). In multifamily real estate, companies can compare properties by using the ratio.
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When evaluating an investment property, your first job is to determine if the ‘business’ that you are buying is a sound business and one that is what the seller and the broker told you it would be. In other words, you are going to play ‘Quincy, CPA’. You are going to become a forensic accountant.
But wait. That’s not what you signed up for. You were just going to collect rent checks and travel. That’s fine. That’s a great plan and one that you will achieve but before you do, you must learn all aspects of the business.
And the first aspect that you must learn is how to find where the seller buried the bodies. And believe me, there are bodies buried. There always are.
How do you conduct a forensic accounting of the multifamily business if you have never done this before?
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During the pandemic, more Americans are concerned about evictions and foreclosures than before.
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Some in the industry claim the line between asset and property management has blurred, as technology, job demands have evolved.
Recently, in an Institute of Real Estate Management (IREM) white paper, “Asset & Property Management: A Shifting Dynamic,” John Salustri suggested that “the lines between asset management and property management are blurred.” The argument is worthy of deeper examination.
Bryan Chavis, author of Buy It, Rent It, Profit, breaks it down.
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Join Apartment Investor and Author of Buy It, Rent It, Profit Bryan Chavis as he discusses the how-to's of apartment investing and managing multifamily properties.
Learn how to predict and forecast what's to come in the multifamily industry. And how to strategically find the right opportunity for you.
Currently managing properties? Bryan Chavis, author of Buy It, Rent It, Profit, breaks it down.
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Join Apartment Investor and Author of Buy It, Rent It, Profit Bryan Chavis as he discusses the how-to's of apartment investing and managing multifamily properties.
Along with getting your unit ready for rent, you need to ready yourself as well. There are a few key decisions to make before you are ready to start talking to prospective tenants. Bryan breaks it down in this episode. Watch the podcast on YouTube at bryanchavis.com/youtube. To learn more about Bryan visit bryanchavis.com
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The ongoing spread of the new coronavirus has become one of the biggest threats to the global economy and financial markets. Airlines are canceling flights en masse, Disney closed its iconic Anaheim amusement park, hotel revenues are sinking amid weaker tourism, and restaurants are struggling to keep their doors open as people are told to stay inside. Bryan explains how a "recession" impacts multifamily investing and the importance of operations during tough times.
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Bricks and mortar don't pay rent, people do. Your tenants do. Since rent is your key source of income, choosing the right tenant to pay the rent is a key element in profitable management. Bryan talks about the importance of establishing qualifying criteria and getting properties ready to rent.
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Though it's important to understand various types of financing available to fund a multifamily project, the key for Bryan as an investor is to focus on five key steps. In keeping with the way Bryan approaches real estate -- like a game of chess -- he breaks down his Five Key Moves to Checkmate.
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The second phase of Strategic evaluation for investing in multifamily is the due diligence process. In this episode, Bryan provides an in-depth review of how he evaluates properties that he intends to purchase, including reviewing seller records and going on-site to inspect the property.
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When you proceed into contract and put a deposit down for a property, it's a sign that you are a serious prospective buyer. But sometimes, something can go wrong on a deal through no fault of your own. Bryan breaks down his key points when reviewing a contract and putting a letter of intent out on a multifamily deal.
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Bryan's friend, former Major League Baseball player Gary Sheffield once negotiated a $39 million deal with the infamously tough negotiator George Steinbrenner when he played for the New York Yankees. In real estate or any other business, if you want to get ahead you have to understand the art of negotiations. Bryan shares a quote from Gary that sticks with him to this day and also shares what he considers to be the 5 Keys to Negotiation in multifamily investing.
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