All Forum Posts by: Charles Seaman

@Maria Wilson You incentivize them to sign new leases by making the month-to-month premium significantly higher than what it would cost the tenant to rent the unit if they sign a new lease.  I'd recommend at least a $50 month-to-month premium, with $100 being preferred.  If your market or property can't sustain the $100 premium, then go with $50.  Oftentimes, the difference between a 1.5% and a 3% increase won't provide enough motivation for tenants to commit to the new lease.

@Albertinny Colin You're welcome.  Let me know if you want me to make an introduction.

@Albertinny Colin I recommend Fyve Property Management for a property this size in those areas.

@Paul V. I've been through the process a few times.  What questions do you have about the process?

@Bernadeau C. If you're performing due diligence prior to the PSA being executed, then most sellers will require an access agreement (and they should).  It's still possible that the seller could shop the deal around, although most won't because word spreads quick and that doesn't reflect well on them.  We included verbiage in a recent access agreement that read "Seller agrees to withhold any negotiations with any other potential buyer for the duration of this agreement."  You can include similar verbiage in yours.

@Ashley Gantt I'm sure that @Jason Malabute would be interested.

@Pedro Cardoso It will vary from property to property and from management company to management company, but I'd guesstimate that you'd be in the 8% range for a property that size.

@Aaron Palao You'll generally need a net worth that's equivalent to or greater than the loan amount, liquidity that's equivalent to  or greater than 10-20% of the loan amount, and experience on similar sized deals.  Experience is less relevant if you're using bridge financing, but the agencies generally like to see that you've been a sponsor on at least one (1) previous agency loan.  Most lenders also want to see a sponsor that lives or has a place of business within 100 miles of where the property is located.

@Luke Grieshop I can only speak personally on behalf of RE Mentor's courses because I attended many of their courses in 2017 and 2018.  They've been around longer than most of the multifamily syndication educators and their courses do a great job of giving you the foundation that you need.  I know a lot of people that speak highly of Rod Khleif's courses, but have never taken his courses personally.  If you'd like more information, you're welcome to message me and we can discuss it further.

@Jacob Maes There are many syndications that allow non-accredited investors to participate.  Each 506(b) offering allows up to 35 non-accredited investors to participate.  The non-accredited investors must still qualify as sophisticated investors, loosely meaning that they need to have prior business and/or investing experience that qualifies them as competent to understand all of the risks associated with investing in a syndication.