It has been a unique year to say the least. As we see the light at the end of the tunnel are we looking to buy buildings that will be distressed or still trying to figure out ways to pay the bills? This discussion of owners only will use your questions and thoughts to debate the best path forward.
What are you and your company doing to insure equal opportunities for all? How are you dealing with working from home while your children are homeschooling? Are you interested in mentoring others or being mentored but aren’t sure where to start? Are you insuring that your tenant base reflects the demographics of the neighborhood? These and the questions and experiences you bring will be discussed at this meeting.
• Playing defense vs. offense?
• Short-term rentals, Co-Living and the next generation of new concepts… How are they looking post-covid?
• Are collections impacting your portfolio investment decisions?
• Role of financing available
• Where do you see value?
• Has Covid-19 slowed down the progress of emerging, inner city markets?
• How has amenity use changed during the pandemic? How has this influence your plans going forward?
• What do you look for in a property management software system
• Self-guided vs. broker-guided vs. virtual tours: Where’s the best ROI?
• Pushing technology to smaller landlords… What makes sense?
• Leak detection and maintenance
• Alexa and smart speakers
• What kind of cable and utility deals are available?
• Reopening amenities: Procedures and levels
• Tenant due diligence, onboarding and communication
• Pros and cons of using an onsite manager who lives there
• What kind of property management systems, ancillary products and smart technology is cost effective for small multifamily landlords?
• Valuing and LTV of small vs. large multifamily
• How many apartment doors is needed so the volatility of one or a few non-payers of rent lessen?
• Keys to out-performing your proforma
• How are you underwriting owners with bad debts, no rent growth, low occupancy & collection levels who still owe you $$?
• Construction lending vs. capital improvement and renovation funding: Is the market still out there
• What kind of under-performing or distressed assets do you like to underwrite?
• Refinancing loans coming due
• How long does it take a loan to close?
• How will the Cap-Ex or TI Draws be processed and what will the timeline look like?
• Up-front fees and reserves
• Current interest rates and their impact on fixed vs. floating and other key financing choices
• Agency financing trends, impact of HUD 3 year rule changes & are you planning to market SOFR loans?
• Are you seeing more investor financing demand in areas where tenants are moving?
• Should you be getting out the inflation-fighting handbook?
• Local & national politics and what can you expect to come down the pike
• What kind of levels of rent and mortgage non-payment are we going to see going forward? What about physical vacancy and warehoused apartments?
• Has Covid-19 changed your joint venture partnership agreement?
• How are you exploiting changing demographics?
• Have your LPs changed their investment parameters?
• What kind of buildings and markets are your looking for? Selling? What kind of portfolios are out there? Where is there valuation and what direction is it going?
• What do you think of construction and value add? Alternative residential assets?
• Will Multifamily’s solid performance continue or will build-to-rent, single family rental and granny flats impacting the traditional multifamily product?
• As communities wind down Covid-19 restrictions what kind of growth should you see? What are the other economic vulnerabilities you see going forward? What kind of opportunities will rise from these ashes?
• What is your strategy to enter a market?
• What kind of absorption can you expect? How long will it take to achieve no vacancies?
• Working within opportunity zones
• What kind of econometric metrics are you looking to?
• Construction vs. value-added vs. adaptive reuse… What is preferred?
• What is your target value to add?
• Post-stabilization strategy
• Lessons learned, advantages and disadvantages of working with aggregators
• What are some of the mistakes that you have helped aggregators avoid?
• What happens when an aggregator has 2+ agents in a market? What happens when you both bid on the same property?
• How is your agreement structured? How are you paid?
• Taking the next step… JVs
• What is the typical volume/transaction size? How many apartments per vehicle?
• How the supply chain can recover for in-demand items like lumber and windows and best practice emedies for construction schedules
• Up-front fees
• EV, fiber, modular and green hydrogen: When and if these superior building methods make sense from an ROI perspective
• Traditional high rise vs. garden-style vs. build-to-rent single family rentals
• How are you making deals pencil?
• Stalled development opportunities
• Have you seen new projects being pulled back? Is that the exact time you should be building?
• How has the pandemic affected your operations?
• Has cash flow been a problem?
• In what ways have you streamlined your operations?
• Have you considered outsourcing?
• Have you considered Cost Segregation or other tax saving strategies?
• If you sell today are you going to get maximum value? Will you add value if you rehab and update your apartment?
• Acquisitions due diligence post-covid: What have you changed?
• Are you looking to ramp up acquisitions this year?
• Given your strategy what is the highest cap rate you’d pay for a property? The lowest you would sell it for?
• Are deals getting more competitive in areas where city dwellers are moving? Are prices dropping in the impacted areas?
• How are you differentiating yourself from competitive buyers?
• Are you finding any stalled developments? Busted condos? Seeing Any Distress?
• Partial exit options or selling the building while keeping the management: When are they your best choice?
• Seller financing: Do you want to get into the lending business?
• Impact of financing terms available to buyers
• Conversions from retail, office, hotels and other in-trouble assets
• Impact of cap rate suppression
• Older multifamily properties: Since they have larger floorplans are they valued at higher rates?
• Capital improvements and renovations of owned properties
• What returns are you underwriting to?
• Which class of building are you starting off with? What are you ending up with?
• Internet service as an amenity
• Geographic, building class and location-types you prefer