Avoid Foreclosure: Best Apartment Building Operating Practices

ASK MIKE MONDAYS - How do I avoid getting my apartment foreclosed upon? What are the BEST OPERATING ...

oldcapitalpodcast oldcapitalpodcast | 7 years ago

ASK MIKE MONDAYS - Michael, what reports should I be receiving from my apartment management company?

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Michael discusses the different reports that a management company should be providing to the managing member every month. Obviously, it is better to overly communicate with investors and partnerships with detailed monthly operating statements.

ASK MIKE MONDAYS - How do you buy you first apartment transaction?

oldcapitalpodcast oldcapitalpodcast | 6 years ago

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 “win” on the board.

ASK MIKE MONDAYS - Do I need a buyer’s broker when acquiring an apartment building?

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Buyer brokers are not common in multifamily. If you are fairly new into apartment investing, you should have a buyer’s broker represent you. If you are a seasoned apartment buyer, buyer brokers are an extension of your team and will add value. They are out looking for specific transactions that meet your vision. As a general partner you should be focused on 1) raising new equity, 2) finding new transactions. Buyer brokers can assist you in finding the right transaction.

ASK MIKE MONDAYS: Michael, how do you DE-RISK an apartment transaction?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Today, many sellers and listing agents require buyers to put a substantial amount of NON REFUNDABLE earnest money up front…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.

ASK MIKE MONDAYS - I want to a buy an apartment building. What do I look for in the numbers?

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Michael explains to a potential apartment buyer on what is important in the operating statement. Do you look at the trailing 1, trailing 3, or trailing 12? What is important? Michael talks about the importance of analyzing the trend line of income and expenses.

ASK MIKE MONDAYS - Michael, the holidays are upon us…what should we do for our investors?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Investors will only invest with you when they know, like and trust you. Perhaps a holiday party would be a good opportunity to build a deeper relationship with your investor. The guys discuss a “relationship building” activity that some investment groups use around the holidays.

ASK MIKE MONDAYS - Mike….I am a fairly new real estate operator….what should I do first?

oldcapitalpodcast oldcapitalpodcast | 3 years ago

Well….you need to find deals and find money! Building relationships with brokers, equity investors, contract attorneys, lenders, physical engineers, & SEC attorney should be your first course of action. Some folks may use LOOPNET to find their first deal and that is OK, but most SERIOUS BUYERS contact listing agents in the market. Don’t be a jerk…this is a small business and word will get around. Sound advice in any business. Michael Becker has purchased over 10,000 apartment units between...

How Do I Make My Landlord Improve Fire Safety?

The New York Times The New York Times | 1 year ago

Q: I am concerned about evacuation safety in my 14-story Midtown rental building. The building has two passenger elevators and one service elevator. Recently, staff began locking the service elevator at night, leaving two working elevators for about 150 apartments. I worry that we we’ll need all the elevators in an emergency evacuation, because the stairwells are not a reliable alternative for older residents — they’re often dark because the light bulbs burn out, and the treads are narrow ...

ASK MIKE MONDAYS: Michael, I’m an Apartment investor; Is there a crash coming and will I lose all ...

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Michael examines the state of the apartment market and discusses an interesting article that Freddie Mac provided. Please read: https://globenewswire.com/news-release/2018/10/17/1622867/0/en/Struggling-with-Housing-Costs-Renters-Continue-to-Find-Affordability-in-Renting.html