ASK MIKE MONDAYS - Michael, how do you deal with difficult or unreasonable limited partners AFTER we close?
ASK MIKE MONDAYS - Michael, how do you deal with difficult or unreasonable limited partners AFTER we close?
Real estate is easy; people can be hard. In apartment syndications, general partners need equity. That equity comes from limited partners. Not all limited partners are going to be easy to work with AFTER you close. Setting the correct investment expectations with the limited partners at the beginning of the transaction is very important. Michael also discusses how he has dealt with a challenging investor.
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Real estate is easy; people can be hard. In apartment syndications, general partners need equity. That equity comes from limited partners. Not all limited partners are going to be easy to work with AFTER you close. Setting the correct investment expectations with the limited partners at the beginning of the transaction is very important. Michael also discusses how he has dealt with a challenging investor.
Real estate is easy; people can be hard. In apartment syndications, general partners need equity. That equity comes from limited partners. Not all limited partners are going to be easy to work with AFTER you close. Setting the correct investment expectations with the limited partners at the beginning of the transaction is very important. Michael also discusses how he has dealt with a challenging investor.
As you can imagine, with interest rates rising, many apartment investors have been pencils down. Investors are concerned with lower asset value & higher debt service. Is there any good news out there? What are some of the positive ideas that are occurring in apartment investing? Mike is starting to see some positive βgreen shoots.β Mike discusses some of those encouraging thoughts on what he is seeing in apartment investing. Listen to the guy that has acquired over 14,000 apartment units. Ar...
As you can imagine, with interest rates rising, many apartment investors have been pencils down. Investors are concerned with lower asset value & higher debt service. Is there any good news out there? What are some of the positive ideas that are occurring in apartment investing? Mike is starting to see some positive βgreen shoots.β Mike discusses some of those encouraging thoughts on what he is seeing in apartment investing. Listen to the guy that has acquired over 14,000 apartment units. Ar...
Today, many sellers and listing agents require buyers to put a substantial amount of NON REFUNDABLE earnest money up frontβ¦BEFORE they do certain due diligence analysis. As you can imagine, the seller wants to make sure you are financially committed to the transaction without the risk of a future re-trade. Michael explains how he gets comfortable on putting significant hard earnest money upfront on an apartment acquisition.
Today, many sellers and listing agents require buyers to put a substantial amount of NON REFUNDABLE earnest money up frontβ¦BEFORE they do certain due diligence analysis. As you can imagine, the seller wants to make sure you are financially committed to the transaction without the risk of a future re-trade. Michael explains how he gets comfortable on putting significant hard earnest money upfront on an apartment acquisition.
Michael understands your first transaction is the toughest. Michael owns over 5200 units, but the toughest one was going from ZERO to ONE. Michael gives you the insight on what you should do to get a βwinβ on the board.
Michael understands your first transaction is the toughest. Michael owns over 5200 units, but the toughest one was going from ZERO to ONE. Michael gives you the insight on what you should do to get a βwinβ on the board.
After you have spent over 90+ days in the acquisition processβ¦its time for you to actually own and operated your building. Michael discusses a PRE- and POST- apartment takeover strategy. If you self-manage or have a third party management team; a transition plan is critical for your immediate success.
After you have spent over 90+ days in the acquisition processβ¦its time for you to actually own and operated your building. Michael discusses a PRE- and POST- apartment takeover strategy. If you self-manage or have a third party management team; a transition plan is critical for your immediate success.
An asset manager oversees the property on behalf of the investors. They report any financial or physical changes (good or bad) to the general partner. They help in managing a solution. When you own a small property (10-30 units) you are the ASSET MANAGERβ¦. When you purchase a larger property or own more apartment communities, you may need to hire an asset manager. Remember, your job, as a general partner is to find more apartment purchase opportunities and find more equity. An asset manager wi...
An asset manager oversees the property on behalf of the investors. They report any financial or physical changes (good or bad) to the general partner. They help in managing a solution. When you own a small property (10-30 units) you are the ASSET MANAGERβ¦. When you purchase a larger property or own more apartment communities, you may need to hire an asset manager. Remember, your job, as a general partner is to find more apartment purchase opportunities and find more equity. An asset manager wi...
Mike gives us an update on what to expect when you are raising capital to fund a transaction. First- it was higher interest rates, Second- it was the seller and the buyer not knowing the current value of property because cap rates have expanded, And Now, its raising equity to fund a deal. Are there LPβs wanting to invest? Michael chats about how a typical capital raise is going today. Listen to the guy that has acquired over 14,000 apartment units.β¨Are you interested in learning more about h...
Mike gives us an update on what to expect when you are raising capital to fund a transaction. First- it was higher interest rates, Second- it was the seller and the buyer not knowing the current value of property because cap rates have expanded, And Now, its raising equity to fund a deal. Are there LPβs wanting to invest? Michael chats about how a typical capital raise is going today. Listen to the guy that has acquired over 14,000 apartment units.β¨Are you interested in learning more about h...
Finding the money and finding the deals are the most important concepts for deal sponsors. Michael offers you some critical solutions on how to build your team quickly.
Finding the money and finding the deals are the most important concepts for deal sponsors. Michael offers you some critical solutions on how to build your team quickly.
Q: My co-op building has a new doorman who does not perform his duties. He never opens the door. He leaves packages unattended and overnight in the lobby. Heβs loud and indiscreet, converses on the phone, is often away from the desk and can be hostile and defiant to shareholders and guests. What recourse do shareholders have? Can we withhold the portion of maintenance that goes toward his salary if his performance does not improve? A: You cannot withhold maintenance because a building employee...
Q: My co-op building has a new doorman who does not perform his duties. He never opens the door. He leaves packages unattended and overnight in the lobby. Heβs loud and indiscreet, converses on the phone, is often away from the desk and can be hostile and defiant to shareholders and guests. What recourse do shareholders have? Can we withhold the portion of maintenance that goes toward his salary if his performance does not improve? A: You cannot withhold maintenance because a building employee...
Michael discusses what he reads on a daily basis and what helps him understand the big picture in apartment investing. If you come across interesting and supportive investing articles; share some of those articles with your investors. Michael, uses the example of Apple adding thousands of jobs in the same submarket of an apartment building that he owns. He also makes comments after the article on how this will impact their investment with a brand new campus a few miles away. Communicating that i...
Michael discusses what he reads on a daily basis and what helps him understand the big picture in apartment investing. If you come across interesting and supportive investing articles; share some of those articles with your investors. Michael, uses the example of Apple adding thousands of jobs in the same submarket of an apartment building that he owns. He also makes comments after the article on how this will impact their investment with a brand new campus a few miles away. Communicating that i...