• Impact of high cap rates? Rental home supply/demand?
• BFR homes are expected to double by 2024... High levels of asset appreciation and rent levels. How will the expansion of the BFR marketplace look over the next few years?
• Given the scale of growth and attention from large capital groups, how are you all looking at environmental issues and ESG?
• What could be the fallout of spiking home prices and rents? Are these rises sustainable?
• Is rent collection continuing to be strong across the board? How about rent growth?
• How much of a shift is there from scattered homes to actual master planned rental communities?
• Where is the risk? • The Future of the small investor
• What could be the fallout of spiking home prices and rents?
• What is the supply for homes under $250k? Between $250-$400k?
• Impact of rising interest rates on supply of housing? Demographics and preference shifts? Work from home?
• Politics and the economy
• Thoughts on inflation and its effect
• Supply side price pressures… When will they ease up?
• Isn’t replacement cost the new low comp?
• Automated valuation models: Comparing home vs. rental valuation
• Property tax forecasting
• Learning from Zillow’s errors
• How many data points should you be looking at?
• What are the largest drivers of value in this market?
• Comparing rental home prices… BTR vs. scattered site vs. sell to retail valuations
• Single house vs. institutional portfolio valuation
• How are you optimizing value?
• How do you evaluate diversity of employers/employment?
• Local restrictions to be aware of
• Do secondary/tertiary markets have more older housing stock? What is the impact on HPA and OPCO?
• Build-for-rent in secondary and tertiary markets… What are the differences vs. primary markets?
• Are secondary and tertiary markets inherently more risky?
• How big does a market need to be to allow you enough diversity for it to make sense?
• What are the big market changes that we are looking at?
• Future trends and the markets that will be affected?
• Work from home… Is it here to stay? Should I put my $$ into ski and beach towns? How about ex-urbs?
• What are some of the newest business models out there? Outside of build-for-rent what other models do you see creating meaningful inventory for the industry?
• Will SFR be bigger than The Beatles?
• Regulatory proposals and their impact
• Driverless cars, work from home technology and other big picture technology-based changes and their SFR impact • What are technology trends and big data telling us about the industry? What should be in tomorrow’s customer tech package?
• AI, algorithms and tech for acquisitions
• Role of people vs. technology
• Role of proprietary technology: When is it the way to go?
• Technology in the construction process
• Cyber threats and what an SFR owner should know
• What do you feel has the most opportunity to be improved and innovated with technology
• Preparing for tomorrow technology: What I can do today?
• What is all the new $$ looking for?
• Will SFR portfolio hold periods increase? Why?
• Will an increase in tax rates slow the turnover of property? Will SFR portfolio hold periods increase?
• What channels are providing inventory when everyone trolls MLS. I-buyers portfolio etc.
• Minimizing appraisal and inspection fees vs. quality of information
• Key methods in scaling the acquisitions side of the business
• Role in uncovering supply that others haven’t found
• Operators view on technology
• Using technology to find product
• What part of the acquisition process have you added technology to?
• What are the latest additions to your due diligence punch list?
• Packages for smaller owners
• Risks in scaling data
• Are we too reliant on algorithms based on what went on with Zillow vs the human aspect?
• Which areas of acquisitions can accommodate more tech?
• Where do you see the balance of human intelligence and technology in acquisitions?
For Owners Only
This small group meeting will discuss the critical components involved in taking SFR business up a few notches. Bring your questions on competing for supply with institutions, financing available, property management tricks of the trade and rehab best practices.
For Owners Only
What are you finding are the biggest impediments in the way for you to meet your target growth? What kind of technology solutions are out there that can help you grow? Is your home market getting tapped out and you were wondering what you need to do to expand into a different market or should I build my own inventory? These and your questions fill be the content for this “un-session”
For Owners Only
With all the money coming into the market should you start to look towards partnering with big private equity firms? Is it time to sell some of your portfolio or should you think about refinancing? Are there some technology or operational efficiencies you can apply to increase your NOI? These plus your questions will be the discussion.
• What kind of new tech is out there to assist?
• Dealing with a supply chain disruption… Is there anything you can do if your supply is waiting at the port?
• What are some non-traditional supply chains we can use?
• The warehouse strategy
• Strategies to keep GCs and subs
• Re-evaluating the whole draw process
• What were some easy fixes you discovered?
• How are you finding and keeping staff?
• Construction cost management scheduling and budget best practices
• Prefab and sustainability
• Looking at ROI of a turn or rehab
• Does (portfolio) size matter?
• When building a portfolio of multiple BTR communities, is there more value to institutions in a single market/single product portfolio or in diversification?
• How do institutions feel about tertiary and rural markets?
• Comparisons vs. other exit strategies
• Buying from I-buyers
• Valuing scattered site portfolios
• Equity finance and joint ventures
Operating expenses, NOI margins, Schools, FEMA reports and DQ/eviction rates will be among the information featured when 2 SFR portfolios are pitched to potential buyers
Tank Leader: The moderator
The Sharks: Are Interested In Acquiring Portfolios Of Homes
The Property Owners: Will Present The Portfolios For Sale
• Occupied vs. vacant; stabilized vs. rehab; building/tenant class & geography
• What is your view on today’s inflation? What level of inflation are you underwriting at?
• Rent vs. tenant income
• What we can learn from past inflationary times
• Is home price appreciation the way to go?
• Build-for-rent as construction costs rise
• Valuation in an environment of rising prices and how much your home values can rise
• As OPCO rises…
• Financing… Should you go longer term?
• Comparing moderate, short-term vs. higher, long-term scenarios
• At what level are you counting on inflation in your models? How has this view changed over the past few months? • Which markets are buys/sells for you? Why?
• Are your financing terms extending?
• What are some of the new data points, technology and due diligence best practices that you have added to your acquisition evaluation process?
• Working with smaller players
• What do you look for in a market you want to be in/increase allocation? Decrease/exit?
• Working with I-buyers
• In this environment has the cash flow vs. HPA equation changed?
• State of local moratoriums
• Evaluating job and population growth
• Top markets you are tracking
• Impact of rising interest rates
• Downtown vs. Outer ring vs. Suburbs vs. ex-urbs
• Where the institutions are/aren’t
• Anatomy of a good Scattered SFR vs. BTR vs. Flip market
• Higher priced markets you want to still be in
• Where are the values getting too high?
Small Group Meeting: Oepn For All
Don’t miss everything you need to know about getting a start in the BFR industry. We will discuss the land, construction, financing as well as the variations of product, exit and joint venture structures. Also come with your questions because we are looking forward to focusing on them during this “un-panel”
• Capital coming into the industry… Is it here for the long-term? How long will it take to place?
• Do you expect rising land prices and scarcity to persist? How about increased material and labor costs?
• Operations, cap rates and exits vs. scattered site SFR
• How do you expect BFR to evolve?
• Which markets are in danger of being overbuilt?
• What is your optimal product type and size community?
• What kind of cap rates are you buying/selling at? What is the expectation on the exit cap rate? What are the variations within markets?
• Are you experiencing local entitlement obstacles? What are they? How are you addressing? Are they different for suburban vs metro
• How are you dealing with increasing land, labor and insurance prices?
• What is your property management strategy? What does your OPEX look like?
• The latest technology you have adopted
• Which amenities are popular with tenants and moneymakers?
• Density strategy
• Financing: Private lenders vs. agency
Join BFR owners and builders to hear about real life problems and solutions on everything in the BFR lifecycle from buying the dirt to building, the best product fit for your development, financing, managing and exit strategy. And of course, your questions are always welcomed.
• What type of leverage and financing terms you can secure on land acquisitions?
• Joint venture terms
• Construction cost best guestimates
• Horizontal vs. vertical construction
• Are you ensuring that your contractors & subs are staying profitable during an inflationary environment?
• What kind of stepped-up land basis are you expecting?
• Comparing take out strategies
• Building townhouses vs. duplexes vs. detached vs. horizontal apartments
• Pros/cons of single platted vs. individually platted lots
• How do you view the stepped up land basis?
• How does a developer’s pre-sale to an end user with escrowed funds effect loan underwriting?
• What do you require from borrowers before making disbursements from a construction reserve?
• Raw vs. entitled land financing terms
• Product and geo hot spots
• Refinancing to long-term debt
• How are you responding to projects under construction and over-budget with increasing costs? Modifying the loans? Increasing the debt?
• The intricacies that can accompany 10% down and we’ll buy all you can deliver
• Land entitlement + home construction vs. recently completed vs. under development
• Picking your partner
• Exit strategies vs. long-term hold
• Negotiable points
• Programmatic vs. one-off transactions
• Operator/finance partner splits
• Comparing private equity and institutional vs. high-net-worth $$
• Developing and in-house expertise vs. outsourcing
• Comparing vs. scattered site and multifamily approaches
• Capex as communities age
• Should you have an HOA? What are the structural options
• Approaching the technology side
• What kind of staff do you need to have on-site?
• Community and in-house amenities: What has the best use and ROI?
• What is a typical operating expense ratio for BFR? What are the differences between detached, attached and horizontal apartments?
• Are you seeing investors more likely to modify their buy box as supply tightens or enter tertiary markets?
• Responding to states changing laws regarding wholesaling disclosures or restrictions
• Anatomy of a market you like
• What kind of amenities are being added on the flip?
• How have high prices, low margins and supply changed your approach?
• Which markets are you embracing? Avoiding?
• Using lines vs. one-at-a-time mortgages
• What is required for a lien release or draw request?
• Technology available
• If my bank finances 75% ARV is there mezz available?
• Lending to IRAs?
• Non-recourse and other key terms
• Financing the purchase vs. renovation
• Has maximum price paid for a fix & flip property changed as the market has gotten more competitive?
• With all the $$ available are terms getting better?
• How are flip profits staying up?
Small Group Meeting For Owners Only
As home prices, material cost and labor scarcity and expense continue to kill your margins how are you keeping the lights on? Where is the best ROI on your rehab today? How are you scaling when there is limited supply? And the question you bring to the table will be among the key issues to be discussed.
• Is the emergence of work from home and hybrid work having an impact on your underwriting?
• Expanding into tertiary markets… Which ones are on your list? How are you driving sales vs. managing credit risk • Financing short term rentals, ADUs, lease-to-buy, manufactured housing and other alternative SFR sub-asset classes
• Do you see money center and regional banks entering the space? What about life companies?
• How are you evaluating home prices as they rise?
• What do you do with varied appraisal opinions?
• Are you following your customers into the secondary and tertiary markets?
• 2023 predictions
• Are ARMs becoming more prevalent?
• What are you seeing in the way of reserves for deferred maintenance
• Securitized vs. unsecuritized terms
• Rates and terms of private sector loans vs. local banks
• What is the longest maturity loan you will do? Rate? Points?
• Terms as leverage rises
• Rates considering prepayment penalty, recourse, credit score and points
• Markets you are in or out of
• How can an investor position themselves for the most favored terms?
• Working with borrowers that have a recent bad history due to covid-restrictions
• Portfolio loans: Do you need and special purpose entity and/or pledge of equity?
• Fixed vs. floating: Which way to go?
• What happens when you want to sell one asset out of a portfolio?
• Single asset vs. portfolio of loans: A comparison of leverage, terms, reserve requirements and costs
• Cash out refis vs. New originations
• Choosing among different sources & the mix as rates trend up
• What are the key attributes to examine when evaluating lenders and equity partners?
• PACE financing, solar credits and energy efficiency incentives
• Are you approaching fundraising differently than in the past?
• What kind of capital stack do you crave?
• What is agency financing looking like?
• Changing waterfalls, promotes, negotiations… What are the terms on the equity, mezz and preferred equity?
• Foreign investor capital
• Comparing second lien financing of smaller vs. larger portfolios
• What are you looking for in exit pro formas?
• Options for financing the rehab
• Going from short- to long-term financing
• When are HELOCs the best choice?
• Non-QM and no doc loans
• Cash-out refi structures
• History of ownership and management you are looking for
• Reserves and credit scores
• Is it a good time for ARMs and IOs?
Having trouble getting financing for your newest project? Not sure if you should be locking in rates at this time? Wondering how having some trouble during covid-19 is going to affect you in the long term? These and your questions will be the session topics in this first time small group meeting
• What are you seeing in the way of reserves for deferred maintenance and your own actual capex costs?
• Scaling a market… What are your best practices? When do you outsource?
• Managing joint ventures and partnerships: What kind of hiccups do you deal with along the way?
• What are your current renewal rates? Raising rent while keeping vacancies low
• Managing labor and material costs
• Managing the renovation process
• Work from home and how that is changing the ways you manage and recruit your teams
• Technology and data… Any interesting new insights?
• What metrics do you use to measure resident satisfaction?
• Comparing cash back vs. points… Which is better for creating a sticky relationship with tenants?
• Mobile amenities like shuttles and e-bike access: What is the satisfaction level?
• Incentivizing tenant preventive maintenance and paying rent on time
• Comparing available technologies
This panel will consist of owners and property managers asking very specific questions to vendors, the types of questions you need to have answered when evaluating a new product or system for your operation including
the ROI, time and $$ saved by using the product, the problem that is being solved and related piece of mind that it gives the owner, how covid and the fast pace in technology change is altering your product, the impact of the microchip shortage and the different packages available for different sized operators
Moderators: (SFR Owners/Property Managers):
On the Hot Seat (Technology Service Providers):
• What are the specific critical components of a self-guided system?
• How are you quantifying self-touring success? Tour-to-lease conversion rates?
• What kind of data does a user have access to?
• How are you ensuring site security?
• Scattered site vs. rental community approaches
• Customer reviews and how to get better
• How does your self-tour integrate with your CRM module?
• What percentage of renters are skipping the showing process altogether and leasing sight-unseen?
• Should you have both self- and 3D touring? Comparing the numbers a
• Successful lead generation for different demographics
• Financing and non-financial drivers and assumptions
• Average income and family size
• Where are renters moving to? From?
• Which amenities and services do tenants consider most valuable
• Impact of working from home
• The 55+ demographic vs. millennials… Comparing SFR appetites
• Examining lower income single family renter demographics
• How are you finding and keeping subs and staff?
• Comparing maintenance for BTR vs. Scattered site SFR
• When does it make sense to defer maintenance?
• The latest maintenance technology out there
• Can you incentivize maintenance reporting by tenants?
• Which smart devices are tenants pay a premium for?
• What strategies/preventative or predictive tech are you seeing to reduce cost of maintenance and repair of major, hi-ticket systems like HVAC, water, appliances?
• Which locations have recently enacted tenant eviction halts?
• As moratoriums end are you evicting all tenants who are behind in rent?
• How long is it taking to evict a tenant in your markets? How about a non-paying owner?
• Are you continuing to waive late fees? Help tenants find local and state programs?
• Are you using cash for keys, security deposit protection programs or other tenant facing solutions to maximize rental recovery?
• Are you seeing moratoriums on foreclosure sales?
• How are servicers doing with the patchwork of new regulations?
• Best practices for workouts, modifications, foreclosures, bankruptcy & legal recovery
• What is the impact on CAPEX? OPEX?
• ESG and customer responsibility
• Smart energy, utility management and solar applications… How cost-effective are they?
• Marketing lower rent vs. ESG… Which tenant demographic is willing to pay?
• What we can learn from the multifamily industry?
• How are pension and institutional partners looking at ESG when investing in SFR?
• Construction best practices
• Is home ownership an ESG goal? How about affordable housing?