• As rents become more expensive…
• The political writing on the wall
• Climate change and SFR
• Demand as interest rates rise and housing becomes increasingly expensive
• The technology of the industry
• Will the performance continue to outpace other sectors in the future?
• The future of the home
• How are you “future-proofing” your homes and operations
• Looking at today’s default numbers in a historical context… Which regions have the highest current numbers?
• Which markets have the highest equity? What will be the role of equity in defaults during this cycle?
• It has been reported that there are 1.3million vacant and zombie properties… Where are they?
• Foreclosure backlogs: Is that becoming an issue again? Where?
• Comparing top tier vs. secondary and tertiary markets
• Are any BTR markets getting over-built?
• How is Arizona looking vs. other top tier markets?
• What do the medium-term demographics look like?
• And there are markets outside of the Phoenix metro…
Is there too much new BFR product being built?
• Where is land valuation at?
• Local politics and what you need to know?
• The economic numbers and what they mean
• The latest projects you need to be aware of
• Is there room for the small investor?
• Rent vs. expense growth… Which is winning?
• Municipalities, expected legislation, restrictions and impacts: How the industry can get in front of this
• Valuation… Will it continue to go up?
• Are investors starting to pull back? Is this changing prices?
• Will cap rate compression continue? Is the market trading on cap rates?
• Do tertiary markets have the bigger risk?
20% interest rates… Unemployment back above 10%... Falling housing values… Rental non-payment skyrockets. Scenarios like are still outliers but feel like they are becoming more a possibility. This session will go over the scenarios and impact including
• Republican vs. Democratic President and Congress
• Refinancing home portfolios
• Boom markets turning to busts? Which markets more likely to be impacted?
• Refinancing debt and exit strategy
• Role of a large amount of home equity
• When do tenants start to move in together?
• What are your doomsday models showing?
• Your predictions…
• High interest rates, affordability and what is the impact for the institutional buyers?
• What do you think the interest rate curve will look like? Where do you expect inflation and the US 10-year to be at the end of this year and next year?
• Will the major shortfall in the US housing supply continue? For how long?
• With continued migration from North to South do you see home prices leveling out in markets that people are moving out of?
• How high will the Fed raise interest rates to stamp out inflation?
• Will rentals continue to be recession-proof if there is the predicted downtown?
• Are cap rate being impacted more by Fed or SFR demand?
• Where is demand?
• What size should a secondary/tertiary market be to be on your investment list?
• Which secondary/tertiary markets are WAY too expensive for SFR today?
• Making BTR work in these markets
• Do you evaluate diversity of employers/employment?
• Do secondary/tertiary markets have more older housing stock? What is the impact on HPA and OPCO?
• How far are secondary markets from as primary MSA? Are large institutions making the trip?
• How are financiers treating these markets?
• Cap rate predications
A little more than 10 years ago amid countless distressed real estate properties The Blackstone group made a splash by investing in single family rentals and an industry was born. From note investing and REO to scattered site purchases to build-to-rent the industry has completely transformed the way consumers look at their homes. This session will detail where we were, are and going.
• Are institutions buying at the same rate as before? How is that impacting your strategy?
• What you need to know about working with institutional investors
• Getting your reporting up to standards
• Passive vs. active institutional investor partners
• Managing conflicts when working with multiple investors
• Comparing institutional JV structures and terms
• Negotiating with an institution
• Are properties that were in default prior to the government moratorium now starting to go through the foreclosure process? What is the impact if they have positive equity?
• If interest rates rise high enough can we see 2010 all over again?
• Should you go back and revisit the courthouse?
• Where is the NPL market?
• Are banks selling? Are the auction houses getting busy?
• What will busted BTR projects look like? How about homebuilders selling off excess inventory?
• Are institutions looking at distressed?
• How do you get your deal flow?
• As the market softens and interest rates rise where is volume going?
• What are some of the latest model changes?
• How is your strategy evolving?
• What do you do to a home once you buy?
• Which new markets are you looking at?
• Sale methodology and what you do if a home sits there
• Sell with vs. sell to… Comparing approaches and volume
• Regulatory scrutiny
• How do you manage the renovation part of the business considering material and labor issues?
• What do you think would happen in a recession to the SFR and BTR markets? How are you planning for a recession?
• Is your strategy changing as interest rates rise?
• Diversity, ESG and other hot political issues
• How much emphasis are you putting on new technology and automation?
• Why would you warehouse homes?
• How are you working with shortages of labor and materials?
• What is your current mix of BTR vs. scattered site homes? What would you like it to be?
• What are your newest initiatives to improve operational efficiencies?
• Managing your brand
We will have 2 veterans and 2 up and comers discussing how to take control of your career, how to impress senior management, finding mentors and the decision of staying where you are vs. moving on to greener pastures vs. starting your own business. This session will be ½ Q&A and ½ informal networking between participants
This interactive pre-conference session will discuss what an apartment owner needs to know prior to the main SFR conference and include how investing, financing and managing apartments differs from single family rentals and build for rent. Some of the additional issues to be discussed include the below. Your questions and insights are encouraged.
• With apartments under a 4 cap what is the pricing for SFR?
• Should you acquire and manage within your current structure or set up a new division/entity
• What to know about joint ventures?
• Managing scattered site vs. build-to-tent communities
• Profile of an apartment vs. SFR renter
• Identifying the performance metrics you are looking at
• Can you compare past multifamily performance?
• Tertiary and secondary vs. primary market performance
• Specific market analytics
• The role of increased competition and supply coming online
• Higher rates and the impact of more expensive financing on the industry’s producing and purchasing of new homes vs. the potential for additional clients that now can’t afford a new home
• Looking at different renter demographics
• Impact on the fix and flip market
• Will SFR and other housing asset continue to be an inflation hedge?
• Evaluating your portfolio and how it is financed
• Underwriting your exit and your exit timeline?
• What if the property doesn’t appraise out?
• Looking at the cash out refinancing market
• Do you have extensions? Should you use them or do you think the interest rates will even be higher then?
• And what if you can’t sell at your price?
• Exploring rate and term refinances
• BFR exit strategies
• What kind of regulatory push back have you experienced?
• “There is a housing shortage”… What kind of positive industry messages does the local government want to hear?
• Navigating zoning challenges, building moratoriums and rent control
• How should you support the local community? How far will this go?
• What kind of self-regulation does the industry need to present?
• Due diligence upon acquisition and the steps to take to minimizing HOA risk
• Affordability and density messaging and challenges
• Is gentrification a selling point?
How are higher interest rates impacting your decision to devote more time to your SFR investments? How are you managing your trades as labor continues to be scarce? Are you considering getting out? We look forward to these and your observations and questions
What changes did you make to the way you managed your organization and yourself as you scaled? Are you self-managing or using outside management? What kind of financing challenges are higher interest rates causing? How are you managing the cost side? These and your questions will be what we focus on at this discussion.
With all the $$ 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.
• How are you promoting diversity in your organization? What are your goals?
• Diversity within tenant mix: What are your objectives? What are you doing to reach them?
• Do your diversity goals extend to your vendors? What are vendors doing?
• Working in diverse communities
• Working with local politicians and not-for-profits
• HPA vs. cash flow
• Are you getting more conservative?
• Are you starting to drive more return by converting to short term rentals for any properties?
• Are ARM products helping to make the numbers pencil?
• Are you raising rent so the pro-forma works?
• Is the market still strong enough to underwrite increasing cost of renovations, materials and labor? Is using cost contingencies and hard budgets helping?
• Are you able to adjust prices down to market the numbers work?
• What are you doing on the insurance side?
• Where are your rent growth assumptions going?
• What are you doing on the BTR side?
• When to outsource vs. using own staff
• Buying portfolios vs. onesies
• What you need to know when going from urban or suburban markets to more rural ones
• Considerations when doing BTR vs. scattered site SFR
• Looking at alternative SFR assets
• Going the JV route
• Which markets do you like? Why?
• What is the critical variable out there that is making you consider changing plans?
• Where are exit cap rates going?
• Buying in a negative leverage environment
• What are you buying? Selling?
• Underwriting rent growth
• Considerations when doing BTR vs. scattered site SFR
• Are you in a hyper-growth state? Are you changing this approach?
• Are you looking at new markets that can pencil?
• Searching for and identifying investments
• Finding granular location insights
• Use in deal underwriting
• Challenges in automation
• Balancing technology and people
• What you can learn from the i-buyer technology
• Figuring out the value
• Making title and other administrative acquisition-related functions efficient
• Would you buy with physical tour?... Touring tech vs. boots on the ground
• Do you have a one-off acquisition strategy?
• Impact of higher tax and interest rates on dispositions and acquisitions
• Navigating the imbalance for applied cap vs. interest rates... How are deals being done with negative returns?
• Property inspections: What’s new on your due diligence list from virtual to physical
• Bulk buying vs. buying large numbers individual vs. building your own
• Do you prefer occupied or vacant? Stabilized or rehab?
• Which class of house do you prefer?
• Markets you are looking at that you didn’t before.
• Are you still pricing in rent increases?
• Have you seen builders dumping excess retail inventory?
• The first vs. last offer
• What kind of re-trading are you seeing in the BFR sector? What has been the end result?
• Re-trading and off market deals
• The lending side of re-trades
• Working with firms that strategy is looking for re-trades
• Comparing costs… Re-trading and the $$ you might lose vs. the reputational damage it causes
• “We never re-trade”… In what circumstances will that go out the window?
Operating and historic 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: Will moderate the session
The Sharks: Are Interested In Acquiring Single or Portfolio Of Apartments:
The Property Owners: Will Present The Apartment(s) For Sale:
• Cap rate forecasts impact
• How do you account for new supply coming online?
• Comps… retail or institutional sales?
• How relevant is replacement cost? Vacant vs. occupied?
• New BTR community vs. scattered site SFR
• Expected appreciation and its role
• Are you going to greater lengths to insure valuations are accurate? What are some of your newest best practices?
• AVMs, desktop automations, 3rd-party inspections and self-inspections: What are you preferring?
• Pre-sale deals
• How many units are you looking for when entering a new market?
• Negotiations, retrades & documentation trends
• How can you convince an institution to take a look at your tertiary or rural market deal?
• Scattered site vs. build-to-rent
• How important is ESG?
• What do you need to have in your infrastructure to successfully work with institutional investors?
• Investors who take an active vs. passive role
New to the Build-for-rent industry or just need to brush up on some of the basics? Don’t miss IMNs Build-For-Rent 101 session where we will discuss land options, construction best practices and costs, finance, underwriting different product variations, exit options and your questions.
• Defining build for rent: All its variations and the role of density
• New debt and equity structures as rates increase
• What are different investors looking for? Is that changing?
• How are you underwriting cost escalations?
• Operations and amenity trends
• 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
• Forward market takeout trends
• Bifurcation of yield between tiers of market & Which markets are in danger of being overbuilt? What is the impact of single family retail sales on the BTR market?
• Is BTR the new starter home? As rates rise are builders getting stuck with excess starter home inventory? Is this inventory making its way to the BTR markets?
• What is the operating expense ratio goal for your BTR portfolios? How does that compare with scattered site portfolio?
• Can car charging stations be used as a revenue stream?
• What kind of staff do you need on sight once the residents move in?
• Keeping the resident satisfied
• What you need to know about outsourcing property management
• The latest technology to help
A continuing tough labor and material markets, rising land prices and now rising interest rates and looming recession are all factors that active build-to-rent owners and operators are fighting with. The session will discuss how you can go on the offensive and counter-punch these and your other troubles away
What has changed in your acquisition strategy as property has become more challenging to identify? What changes to management and operations did you make to double the amount of flips you are doing simultaneously? How have your borrowing practices changed? These and your questions will be featured.
• Do you see affordability continuing to be an issue for renters?
• Supply/demand dynamics of the market
• Making workforce housing work
• Tiny houses, ADUs and 2-bedroom options
• Financing available
• Demographics and what kind of amenities are popular vs. apartments
• Comparing SFR, BTR and apartment property management, collections and turnover
• Local MSA activity return expectations and valuation
• BTR variations
• Taking what you know from SFR and comparing vs. short term rentals
• Projected revenues
• How comfortable are lenders? What does the financing look like?
• Taking care of the booking, rate setting, check-in/out, guest satisfaction, housekeeping, compliance… Should you look externally?
• How do you underwrite expenses?
• What does a new investor need to know?
• Municipal regulatory environment and what you need to think about
• Keys to market selection
• Examining the corporate and medium term sub-sectors
• Changing a long-term into a short-term rental
• What are the key attributes to examine when underwriting a lease purchase customer?
• What are DAOs? Using them when the daylight comes and you want to go home
• Update on the Turnkey market
• Shared home appreciation products
• What kinds of questions do investors have?
• How much growth have you seen in these types of products? What kind of liquidity is there?
• Regulatory pitfalls to watch out for
• Transaction speed
• What kind of security is needed?
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 owner only small group meeting
• Using a financier that puts their properties into a securitization vs. those who do not
• Securitization and ESG
• How has the securitization market been reacting to all the economic turmoil? What is the impact on SFR financing?
• Using balance sheet vs. securitize vs. sell as a whole loan
• Rating agency considerations
• Agency vs. depository institution vs. single-borrower securitizations
• What is the smallest pool size that makes sense to securitize?
• Are securitization costs rising faster than unsecured bonds? Is that changing your thoughts on debt issuance?
• Aggregating and stabilizing properties for a permanent take-out
• Maximizing cash-outs, refinancings and payment optionality
• Alternatives when using IRA funds
• Financing >100k homes
• Negotiating like the big guys
• What kind of short term credit lines are available?
• Equity capital and track record the financiers are looking for
• What do your equity stakes, preferred returns and waterfalls typically look like
• Which sub-sectors and geographies do you like?
• What are some of the top concerns of your LPs?
• Is it BTR only or will you look at scattered site or flip opportunities?
• What do you look for in a partner to deploy your capital? One-off vs. programmatic relationships
• What is your exit or are you in it for the long haul?
• How are you dealing with rising construction costs?
• At which part of the BTR life-cycle are you coming on?
• Impact of market fundamentals changing
• Are ARM products increasing in demand?
• Update on DSCR financing activity as Non-QM lenders have issues
• Evaluating the bridge to perm market, cash-outs and refis
• Where are credit standards going
• What kind of exit are you comfortable with?
• Leverage and loan size trends as macroeconomic conditions become more foggy
• Do you account for rent affordability in your underwriting?
• Construction finance trends
• The bridge loans you are originating today will mature in 2-3 years… How do you see the SFR market & economy performing and how is that impacting your terms, underwriting and geographic lending
• How are you looking at build-to-rent and single family scattered site investments vs. other more established residential real estate?
• Do you participate in the market as an LP, GP, JV in a separate account or on the financing side?
• What kind of structure are you looking for?
• What is your decision making process before you invest?
• What kind of reporting and back office are you looking for?
• Debt vs. equity… What is your optimal capital structure today?
• What are you doing with landowners and builders to reduce your funding needs?
• Bridge to perm vs. sell decision
• Today’s ARM structures
• How many lenders do you have? Why?
• Local brokers, community and local bank options: When are they superior?
• What is your optimal capital structure? How much leverage are you comfortable with?
• Where does your equity come from?
• Where do you expect your origination volumes to go this year?
• As interest rates rise are you seeing more variable rate product?
• Leverage and risk: How much is too much in this market?
• What new products have/will you introduce?
• DSCR loans and pricing
• How are customers settling in as rates rise?
• Re-trades and what you are doing
• Warehouse lines, securitization and their impact on your financing rates
• What are the most frequent borrower asks?
• Rate cap protection requirement
• What’s going on with rates? Are rates increases slackening demand?
• What’s average terms nowadays?
• Underwriting and guidelines
• Refinancings, bridge-to-perm and take outs
• Leverage; rates, fees; prepayment penalties, yield maintenance, term duration and recourse
• Short term rentals and other SFR-like products
• IOs and Arms
• What you need to know about when you can use agency debt
• Exploring rate and term refinances
• When to use rate locks and hedges
• Where is funding activity?
• Growth forecasts and ROI drivers
• Raising capital and investor willingness in this environment
• The world without SPACs
• Do you see an increase in consolidation?
• Growth vs. efficiency
• What will 2023 be about?
• What will it take to get next round financing?
• Customers as vendors partners
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 way clients can save $$; integrations offered; learning curve and how you make sure your clients exceed their needs.
• What do you look for in an elevator pitch?
• What does your tech stacks look like to handle operations, acquiring customers, and financings?
• How do you make sure your vendor lives up to their promises?
• Overcoming tech adoption hurdles
• What are some ways you are using your data?
• Build vs. buy: What are the key factors that underly your decision?
• Using tech vs. using people
• Latest home amenity application or update
• Thinking about tomorrow… It will soon be here
This panel will consist of owners and property managers asking pointed questions to vendors, the types of questions you would want answered when evaluating a new product or system for your operation including what are the key values the product will deliver; what makes your product unique and rise above the competitors and when the product is not a great fit.
• Co-ownerships, lease-to-own and fractionalized ownership models & the affordability problem
• Solar as a tenant option: Does it pay? What else are you doing to cut energy use?
• What are you measuring?
• Density and ESG
• ESG expense and does it drive rent and tenant demand?
• Large institutional investors and ESG
• What kind of technology are you using to meet your ESG objectives?
• What is the SEC saying?
• What ancillary offerings have you implemented to drive revenue growth?
• Strategy to hire, train and retain staff
• How much of your operation is automated? How much can you automate?
• What technological is essential to scale your operations? What is the newest tech you are considering implementing?
• Exit/sale implementation strategy
• Which ESG best practices are you adapting?
• When to go in-house when to outsource?
• What is your disposition strategy?
• Choosing the right 3rd-party manager
• How are current collections going?
• New innovations on the marketing & self-touring side
• Collections assistance
• Are we going to be seeing charging stations in your communities? What else is coming on the clean energy side? • Anything we can do on the touring side?
• The melding of tenant and operational technology
• Even smarter home technology
• Real-time data… Are we becoming too intrusive?
• How can technology predict which tenant will pay rent on time, how long a tenant will stay & the amount of maintenance required?
• How are you cleaning up the data?
• Solutions to help you find contractors
• Growing and scaling operations
• What is next on the construction side?
• How AI can help
• Empowering remote workers
• Looking at scoping software, artificial intelligence, 3-D tours and other technology to assist
• Knowing your time/ pain points and combatting them using non-traditional procurement methods
• Material warehousing to property warehousing; properties “on the bench” while they are awaiting renovation |• Which best practices really work? Tools to assist
• Retaining subs, scaling and quality concerns, tech solutions
• Going green
• How to make the property sell itself
• How much do residents value different ancillary services?
• Product integrations
• Late fees, MTM fees and legal costs before, during and after the pandemic
• How do you grow from hundreds of homes to thousands without sacrificing individualized attention to residents?
• The management side of amenities
• Getting the message that something is going wrong
• If you phone is your housekey what happens if the phone is out of power?
• Whole home maintenance + scheduling best practices
• Utility management
• How much can sensors save?
• What kind of packages are you offering tenants?
• The latest smart features
• What can Section 8 and workforce housing tenants and landlords can afford
• The politics of rent raises today
• How sustainable are rent raises?
• Is your screening changing as a recession looms?
• Considering house size and demographics
• How are payments looking?
• Your cost/rent relationship
• How much does it cost to have a vacancy?
• How concerned are you regarding the rent vs. buy equation?
• How do you determine if a tenant really can’t afford the rent increase?
• Optimizing stickiness of your portfolio for good payers
Please use the link above to book a room in IMN's overflow room block, pending availability, until our cutoff date of Monday, November 7.
IMPORTANT NOTE: IMN has not retained a third party booking company to assist with reservations.