When it comes to maintaining and improving multifamily apartment communities, the choice of contractors plays a critical role in the property’s quality, safety, and value. Hiring unlicensed and uninsured contractors might seem like a cost-effective solution, especially in a competitive market where budget constraints are often a concern. However, the decision to use such contractors can have far-reaching consequences, both legally and financially. This piece explores the risks, potential legal issues, and long-term financial implications of using unlicensed and uninsured contractors in a multifamily apartment community.
Handling a Hoarder at Your Rental Community | Resident First Focus
Have you ever walked into a home and felt like the walls were caving in on you? Then, it felt like we should have been doing more regular inspections! It could be because the owners had too much stuff crammed into a tiny space. There's no bullet-proof strategy to sidestep hoarding. But usually, one of the best precautions is screening residents closely before signing a lease. Filter well to minimize the risk of hoarders taking over your property – a headache any property manager will want to avoid, if possible.
Apartment Mailroom Automation and Management | Resident First Focus
Despite the spike in online shopping, Cyber Monday 2023 topped 12 Billion in sales, we’re still only at the tip of the iceberg. Gone are the days of camping out outside of your local electronics store. If that indicates what’s still to come, managing deliveries will become increasingly important for landlords, property managers and HOAs. As technology continues to improve, we expect to see other solutions emerge. Until then, these strategies should give some reprieve as you adapt to residents’ changing needs.
Reasons to Consider Investing in Multifamily Real Estate as Inflation Rises | Resident First Focus
Overall, multifamily real estate is a solid investment option that can provide inflation-resistant income, hedge against inflation, offer diversification, and provide tax benefits. As inflation rises, these benefits become even more pronounced, making multifamily real estate an attractive investment opportunity.
Why and How to Invest in a Low Cap Rate Environment | Resident First Focus
What Renters Aged 55+ Want from their Properties | Resident First Focus
Investors, sponsors, and property managers are increasingly vying for their share of this market demographic. That is why it is so essential to understand the priorities of older Americans. A range of property upgrades—some simple, others not as much—can be made to improve the appeal of your property among renters aged 55+.
Real Estate Sponsors: What Do They Do and Can They Foresee the Future? | Resident First Focus
What is the Debt Service Coverage Ratio (DSCR) ? | Resident First Focus
The DSCR is an essential metric for any company owner interested in obtaining a loan – real estate-related or otherwise. The loftier the going-in DSCR and the taller the projected DSCR after property improvements, the less risk associated with debt repayment. Deals with smaller risks will naturally qualify for better rates and terms among commercial lenders.
Preferred Return in Real Estate: What is it? | Resident First Focus
A Guide to Equity Waterfalls | Resident First Focus
CRE Hard Costs vs. Soft Costs – What’s the Difference? | Resident First Focus
It’s is crucial to understand what goes into a project’s pro forma. This necessitates a fundamental knowledge of the soft costs and hard costs associated with the development project. These costs can be challenging to determine. Still, it always makes sense to have high confidence in the budget before moving forward.
Utility Reflections for Multifamily Investors | Resident First Focus
CRE Investing | Learn the Difference Between “Promotes” and “Splits” | Resident First Focus
Sometimes, term sheets are clear on intention, but a quick and cursory review might often point to the wrong conclusion. The exercise here is to be accurate, explicit, and precise with syntax. Managing proper real estate terminology, especially in drafting term sheets or negotiating joint venture structures, is crucial to professionalism and successful deal-making.
Why Developers Prefer Non-Recourse over Recourse Loans | Resident First Focus
How to Choose a GC for Your Multifamily Construction Project | Resident First Focus
In some ways, choosing a general contractor is like choosing a spouse – choose wisely, and things will go well, but chose poorly, and you could be in for serious trouble. Like a spouse, you’ll typically have to communicate and negotiate with your contractor regularly. A good GC needs to be reliable, trustworthy, communicative, and financially responsible since you’ll be trusting them with hundreds of thousands (if not millions!) of dollars. In addition, a GC should be able to negotiate the complex relationships between city officials, architects, lenders, and subcontractors in a way that makes your project go as smoothly as possible.
What to Know About Investing in Private Equity Real Estate | Resident First Focus
How to Become a Designated “Real Estate Professional” – PART 2 | Resident First Focus
How to Become a Designated “Real Estate Professional” Part 1 | Resident First Focus
How to Conduct Due Diligence on a Large Apartment Complex | Resident First Focus
If everything at the property is in as-expected condition, now is your time to seal the deal! Finalize any negotiations with the seller and bake the final numbers into your underwriting. If the numbers still work, including the cost of any capital improvements, you could soon be the proud new owner of a larger apartment community – a great way to grow and scale your real estate portfolio.