Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

How to Fix Bad Cell Phone Coverage for an Apartment Complex?

How to Fix Bad Cell Phone Coverage for an Apartment Complex?
How to Fix Bad Cell Phone Coverage for an Apartment Complex? Carrier Grade WiFi Calling for Apartment Buildings is Finally Here. “Can You Hear Me Now?” “Can You Hear Me Now?” It’s happened to everyone. You’re locked in, completely engrossed in conversation. All of a sudden a little static begins on the line. Then a bit more and before you know it, you have missed every other word. Eventually the call drops completely… You look at your phone to find that you have no service, 0 bars. Hopefully, it was just friendly banter and not something vitally important. God forbid that it was an important sales call or a hard-to-reach individual. We’ve all experienced bad cell coverage and while it’s a pain, hopefully it only happens once in a “blue moon”. We may expect it while driving through a rural landscape, but if it happens from home; it’s an entirely different frustration. If you’re an apartment owner with this scenario you can rest assured… your residents will quickly be finding a new place to live, costing you and your brand. Let’s face it, not all apartments have good cell coverage. These days this can be a major problem for apartment owners. Bad cell coverage can drive occupancy, loyalty, satisfaction and retention down fast. Residents do not put up with bad coverage; many will post negative online reviews which could damage your online reputation. Some may try to change cell providers; however, they are not usually happy to do so. WiFi Calling Replaces DAS – “Two Birds, On......
Continue reading
699 Hits
0 Comments

Top 5 Trending Topics of Middle Market Forum- West

1.        Compressed cap rates in major markets; Large companies are now starting to compete in the secondary markets showing interest to explore investments outside of traditionally hot core.  As rents and sales prices at those core markets are reaching a plateau, investors seem willing to entertain slightly lower returns because of the reduced risk profile associated with not chasing top of the market rents or sales price.  This makes the middle market investors relationship with local Brokers and governments along with extensive market knowledge an advantage to this new competition.     2.       Development vs. purchasing value add properties; As construction costs rise faster than rent growth, redevelopment and rehabs ROI analysis plays a key role in determining value of acquisition.  Urban infill projects close to employment hubs and rapid public transit markets have faster rent growth, where the secondary or tertiary markets show better ROI with light renovations or rehab program.   3.       Value add opportunities are very diverse; From interiors to common areas, owners are getting creative.  From common area repurposing to creating four-bedroom student housing out of conventional two bedroom properties.  Dog washes, common area coffee bar lounges get repurposed from traditional clubhouses and utility closets.  More thought is put into bringing the luxury amenities to vintage properties.  Unused common areas turn into useful space for residents at a very low cost.    4.       Diversify Real Estate; A growing number of middle market owners are purchasing manufactured home parks, student housing, creating property management support software, single family homes......
Continue reading
1176 Hits
0 Comments

Sharing Real Issues for the Middle Market Multifamily Executive

mmf-4.jpgAs an Executive in a mid-sized company, it was refreshing to attend an event geared mid-sized multifamily leaders at the Middle Market Forum- West Coast.  The specific needs of a mid-sized company have many benefits, but challenges too.  One benefit allows the development and opportunity to wear many hats.  You can be an expert in IT, marketing, legal, as well as acquisitions, valuations and investment strategy.  This opportunity also meets a challenge when growth and industry standards are changing and you are left with too many hats and not enough heads.  I have attended AOA (Apartment Owners Association) as well as NAA (National Apartment Association).  One was too small, the other too large.  I always had to customize the information to fit my needs.  This forum format specialized in the needs of the Owner/Operators/Investors with 100 units and fewer and the larger mid-sized company interests by providing two (2) sessions for each time slot.  There were also some entertaining “Shark Tank” moments where a tank panel had properties presented to them for sale.  Networking opportunities were ample at this forum.  The luncheon featured an option to sit in a selected geographic roundtable.  This was a great opportunity for me to sit with colleagues in a state or region I was interested in buying in.  The casual conversation lead to new insight on some of the new markets I was researching.  Many developers discussed the rents vs. building cost struggle.  Currently, the cost to build is inflating faster than the rents.  Generational inv......
Continue reading
969 Hits
0 Comments

What is Your Investor Personality?

What is Your Investor Personality?
You’re probably reading this because you’re as addicted to click-bait quizzes as most people on social media. In real estate, however, all those investor personality quizzes won’t do you much good. Spoiler alert: there are two investor personality types, and you can be both at any given moment. Personality A: The Wealth-Builder Property investors who play it smart earn 12-30 percent ROI, depending on risks and market timing. That’s a sizable advantage over stock market investment returns, which average about 3-9 percent annually. Real estate investing builds wealth, and more risky strategies like flipping can build it more quickly. Investors who are risk-averse, however, might stay more in the second personality type most of the time. Personality B: The Retirement Plan Long-term investors are those who are focused on building wealth for the long-term, specifically, for retirement. Creating a portfolio that will make ends meet after going on a fixed income is a naturally risk-averse venture—no one wants to bet their future on something that might result in a loss. Retirement Planners opt more often to buy and hold safer investments, staying out of the property trading arena as much as possible. How To Be Both A and B Different seasons and goals may require diversification of an investment portfolio. Just like when investing in the stock market, it’s a good idea to periodically re-evaluate your goals, portfolio growth, and income potential and take a multi-faceted approach to real estate investing. As long as you stick with the tenets of smart purchasing—......
Continue reading
964 Hits
0 Comments

Setting Rents For The New Year

Setting Rents For The New Year
The art of raising rents is a difficult one to master for newbie investors. The fear of creating a vacancy or offending a tenant is unbearable for most new landlords. It is a touchy dilemma. You are directly impacting the quality of a tenant’s life when you increase the rent, but you are also affecting your ability to pay your obligations with the rent increases. In this article, I would like to list reasons why raising the rent on your properties is a necessary decision, how to accurately assess the market rental rate, and how to raise the rents effectively without creating a mass exodus. Let me list the reasons why rents should be raised: 1. Keep up with the rate of inflation.2. Grow the top line (revenue).3. Stay competitive in the market.4. Fight the expense creep. If you have just acquired a property, or are in the middle of a renovation, you should read our article on our Three Step Reposition. It is our framework on how to take over the operations of a property, and to effectively increase any rents that are under market. It will show you how to fill the vacant units, implement Ratio Utility Billing (RUBS), and raise the remaining tenants to market.Before you consider raising rents, you need to make sure you are delivering a quality product to your tenants. What does that entail? In our properties, we strive to deliver clean, safe, affordable units with stellar customer service. We guarantee potential tenants a same day g......
Continue reading
1161 Hits
0 Comments

Why Multifamily Units are Crushing the Market & The Four Market Phases!

Why Multifamily Units are Crushing the Market & The Four Market Phases!
How to Use The Four Market Phases To Buy Right Have you noticed all the real estate television shows are focused solely on fixing and flipping, and give no love to buying multifamily properties? I get it that fix and flip is sexy and produces great T.V., but does it qualify for a great investment or create generational wealth and passive income? We are going to tackle this question as well as why multifamily is crushing it and how you can jump in with both feet and join the party. Let’s also discuss what constitutes a great investment! What are the characteristics of a great investment? (Multifamily Assets meet all three criteria) 1.Leverage Leverage is the rocket fuel to creating massive wealth. There are very few investments where you can invest as little as $150,000 in capital and control a $1,000,000 asset. Try asking your financial advisor to extend you this type of leverage. I guarantee the next thing you’ll hear is a click on the other end and your phone line going dead. You receive all of the benefits; cash flow, tax benefits and appreciation. Why would a lender require a small down payment to acquire real estate? Simply put, the buyer is acquiring a revenue stream that covers the expenses of the property and throws off excess cash flow. The bank feels safe and protected with real estate. Bottom line: Multifamily real estate allows the investor to control more assets with less of his own capital, which will lead to ......
Continue reading
1493 Hits
0 Comments

15 Ways To Increase Revenue In Your Multifamily Property

15 Ways To Increase Revenue In Your Multifamily Property
The way to increase the value of a multifamily property is to either increase the income or decrease the expenses, which will affect the Net Operating Income (NOI). The NOI is a key metric when analyzing the value of a multifamily property. For the purposes of this article, I would like to focus upon the top line of the investment, revenue, and how to grow the revenue of the asset. The asset classes that we focus upon are B & C properties. If you would like more information on NOI and increasing the value of your asset, we have an article on our website that goes into depth about NOI. Add additional units On our most recent purchase, the property had laundry rooms spread throughout. The rooms were large, and we began to consolidate the laundry and decrease the size. We were able to create three additional studio units from the extra space, which allowed us to increase our monthly revenue by $1,800 per month. At a 7 cap, the value of the asset increased $308,500. We are in the process of building additional units throughout our portfolio from space that was deemed “useless” from previous owners. One of our favorite strategies is to convert units that are being utilized as storage units back into apartments. It’s a lot cheaper to go out and buy a shed to store your supplies. Laundry Revenue When you think of laundry, you don’t think of excitement. But you should!! Laundry is a vital service that ca......
Continue reading
7014 Hits
6 Comments

A Property Inspection: How To Use One To Your Advantage and Why You Need To Perform One

A Property Inspection: How To Use One To Your Advantage and Why You Need To Perform One
Two of the most important, yet often overlooked words in investing are “Due Diligence”. To the savvy investor, due diligence is the period of time when you begin to uncover intimate details about the investment similar to peeling the layers of an onion. The deeper you get, the more you uncover, and the more problems you may run up against. In this article, I will define due diligence, introduce our framework for due diligence, focus primarily on the physical due diligence and describe the responsibilities and duties of an excellent property inspector and how an inspection can be used to your advantage when negotiating a deal. Due Diligence is defined in Merriam’s dictionary as research and analysis of a company or organization done in preparation for a business transaction. When I began investing in real estate, this was my biggest mistake. I had not done enough analysis in regards to the financial, physical and legal aspects of the deal. This transgression led me to develop a three-step framework for due diligence to follow every time I decided to invest in a property. The three steps include:   1. Financial 2. Physical 3. Legal For purposes of this article, I would like to focus on the physical due diligence. Once a contract is signed, the due diligence clock starts and an investor usually has a specified period of time before the down payment goes hard (non-refundable). An investor needs to work quickly to perform his due diligence to decide whether or not to proceed with the investment. The t......
Continue reading
1038 Hits
1 Comment

Quit Your Job by Creating A Plan to Invest In Multifamily Real Estate

Quit Your Job by Creating A Plan to Invest In Multifamily Real Estate
The year was 2011. My business was floundering and I was working just as many hours but earning less. Does that sound familiar? I finally built up enough anger and leverage to take action and dedicate myself to investing in multifamily real estate with the intention of earning enough passive income to allow me to quit my business (aka job). This article will outline the path I took to achieve my goal while creating a framework you can follow to pursuing multifamily real estate.   1. Create enough why2. Leverage3. Thought-desire-action-result4. Education5. Network6. Meet partner/pick market7. Dive into market/analyze deals8. Patience persistence willing to walk away9. Continue education10. Focus on getting first deal done11. Close first deal12. Start hunting for the second deal13. Close second deal14. Repeat step 13 until you reach your passive income total   The journey of a thousand miles begins with the first step, but if you don’t have a strong enough reason to begin the journey, you will never start. Or, in my case, the beginning of the journey will take you in the wrong direction. When I first began investing in real estate, I did not have a strong enough “why” and I definitely lacked a plan or strategy to achieve my goal. Only when my situation at my business became dire and I created enough leverage to take action was I able to dedicate myself to the journey. What was my thinking during the decision phase? I wanted to get out of the rat race ......
Continue reading
1379 Hits
0 Comments

How to Influence An Outcome By Using The Three Essential Variables of Negotiation

How to Influence An Outcome By Using The Three Essential Variables of Negotiation
Negotiation is simply defined as the act or process of having a discussion in order to reach an agreement. An individual is trying to gain the favor of others in order to achieve something. As a parent, I have become accustomed to my children “negotiating” for one more cookie, or to watch ten more minutes of a television show.   In this article, I would like to define the three essential variables and how you need to employ them in order to become a successful negotiator (get what you want). Read my previous article on How to Successfully Negotiate Your Next Deal for keys and tips on negotiating. Here are the three variables: 1. Power 2. Time 3. Information Power: Power can be defined as the ability to get things done, to exercise control over a situation. It allows you to get from a certain point to an end result. Power does invoke negative connotations, but it all depends upon how it is wielded. To me, power is not the goal. We use power to drive us to the destination. Here are a few sources of power and how to use them: Competition: When there is competition for a product or service, the price will rise. The principle of scarcity is an enormous motivator for those considering the purchase of a product. If people feel there is little competition, the price will inevitably fall. I see this in real estate every day. The price for single-family homes in the New York metro market is ......
Continue reading
842 Hits
0 Comments