Multifamily Legacy Podcast in the NY City Podcast Network

056: University Crossings Case Study Part 1

What happens in deals There s usually some bumps along the way They don t go perfectly but they usually go on to close This is the first of a three-part series where I break down the details of what happened with my University Crossings deal I share what went wrong what went right and how I overcame obstacles that are often part of multifamily transactions Topics on Today s Episode How to find a deal Broker relationships What to Look For Numbers stable cash-flowing properties that need little work Set a Goal Increase occupancy or and raise rents Manage costs when spending money seek higher than average maintenance Use Residential Utility Billback System RUBS to its full potential Reduce office admin costs to save significant money Underwriting Key to finding good deals is that you must be willing to do the work Site Visit What surrounds the property Who s in the area Is there much crime Rookie investors make mistake of submitting offer before setting foot on property 90 of the game is to get brokers to know like and trust you Occupancy rates help determine financing options Do a CapEx budget rehab money per door Win bid by stacking leveraging deals and submitting Letter of Intent LOI packet Ask broker for pricing guidance to get invited to Best and Final round Identify seller s hot buttons Price surity of close etc call broker to get the price you need to use to be competitive and win the deal Avoid agreements via email and seller s purchase and sales contract get them to sign your LOI to confirm that they agree to everything in your language My Challenge to You Be in pursuit of both time and money via commercial and multifamily real estate cash flow is the new sexy Links and Resources Mentioned Kahuna Cashflow Calculator Freddie Mac Fannie Mae Quotes Underwriting The key to finding good deals is you have to kiss a lot of frogs You just got to be willing to do the work Corey Peterson We go to the property and we do a site visit Things can go from good to bad quickly Corey Peterson They re not willing to go visit the dirt You have to be really willing to visit the dirt before you actually make an offer Corey Peterson 90 of the game is to get brokers to know like and trust you and to be a part of your team Corey Peterson Don t forget to download my Free Workshop Quickstart Video Series and if you like what you have heard please leave a review on iTunes Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family Click here to visit this podcast episode