All Forum Posts by: Bobby Larsen

@Jeffrey Donis - I second this channel. Justin puts out a ton of great content and even has a few inexpensive classes if you’re looking to dive a little deeper.

Beyond that, just look at as many offerings as you can find. You’ll begin to see which sponsors stretch assumptions. For the most basic sanity check, look at the expected sale price per unit vs the going in. The least crazy sale assumptions typically have the most conservative underwriting. This is inter-market specific so don’t compare El Paso with Austin.

Closing on our first 50 unit Florida property in Tampa in the next couple of months hopefully and adding more thereafter. I personally think that Florida is the best positioned state in the country for real estate.

@AJ H.

Depending on the age of the property, I would either very strongly or definitely recommend an on-site maintenance tech. Off-site leasing would probably be fine but that’s getting to the size that I would likely have leasing on-site as well (depending on turnover). Or, if you’re equipping the property with smart locks and self guided tours, off-site will suffice.

With no extra leasing fees then 5% to 6% sound about right for a management fee.

@Joe Daigle

Couldn’t agree more. Although, the problem is that I’m like everyone else who would love to see a pullback because I think it’s a great market long term.

Surprised by SLC and Austin... I like both those markets but way too much supply in both right now.

Not surprised by Sacramento, it’s been a phenomenal market. If you’re not in San Francisco or LA, California is a much different story than what you read in the headlines.

Thanks @Andrew Schutsky, that is pretty much in line with our underwriting, slightly lower actually.

Do you have a contact you wouldn’t mind sharing?

I know that there are other forums over the year covering this topic but I’ve seen some drastic increases in insurance over the past couple years (not just in FL but across the country) so I thought I would ask again.

For the Florida investors out there, what do you budget for ~50 unit properties built after 2010 and not in a flood zone? Any recommendations for insurance brokers?

@Todd Dexheimer any property manager recommendations for a 50 unit property in Tampa? On- or off-site preferably with an in-house maintenance team.

Has anyone developed a home on Maui recently? We currently own an acre in Kihei which we are looking to develop two homes on for now.

We’ve looked at a few of the pre-fab options (Bamboo Living, Fabmac, etc.) but haven’t been overly impressed. Bamboo Living looks kind of cool but the lack of insulation worries me.

Does anyone know what to expect for all-in construction cost per square foot for traditional development ($250, $350, $650 PSF)? Or, have any recommendation for other pre-fab alternatives?

Anyone have recommendations for good multifamily property managers for a 50 unit property in the Tampa area? Looking at both offsite and part time on site.

I’ve been a little surprised by the limited number of options in a relatively big market.