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All Forum Posts by: Chris Magistrado

Chris Magistrado has started 4 posts and replied 9 times.

Your guys insights are very interesting. Much of my career for the last decade has been in Cybersecurity, and we feel the same about DOJ and regulations around incidents. 

Do you guys think there will be regulations that will be created around this that might affect those companies, or worse smaller businesses? And if so, what's the likelihood of enforcement? (Government will set cybersecurity standards, but then are rarely enforced).

As someone fascinated by the intersection of housing, technology, and fairness, I couldn’t ignore the Justice Department’s latest lawsuit against six of the largest landlords in the country. It’s not every day that accusations of rent manipulation make headlines, and I wanted to understand how this impacts the millions of Americans struggling with housing costs. So, I dove in.

The first thing that stood out to me was the scale of the issue. The Justice Department, backed by 10 states, claims these landlords—who manage over 1.3 million rental units across 43 states and D.C.—used algorithms and insider information to keep rents artificially high. Let that sink in. The very systems meant to streamline rental pricing may have been weaponized to squeeze even more from people already stretched thin.

It’s hard to ignore the context. In 2022, half of American renters spent over 30% of their income on rent and utilities, the highest percentage ever recorded. I’ve seen countless stories of families choosing between groceries and rent, or parents juggling eviction notices while trying to shield their children from the stress. It’s heartbreaking.

Connecting the Dots

My research led me to RealPage, a tech company at the center of this controversy. According to the Justice Department, RealPage’s algorithm allows landlords to align rents with their competitors by analyzing sensitive data, from renewal rates to occupancy trends. The result? Reduced competition and higher prices for renters.

RealPage, of course, denies this. A spokesperson argued their software only affects a small slice of the market and isn’t solely to blame for high rents. They pointed to housing shortages as the real villain. It’s a fair point—housing construction has lagged for years—but does that excuse using tech to potentially exploit renters?

The landlords aren’t staying silent either. Greystar Real Estate Partners, one of the defendants, released a public statement claiming they operate with “utmost integrity” and will vigorously fight the allegations. But the lawsuit reveals details that are hard to ignore: emails, phone calls, and even group meetings allegedly used to share strategies for keeping rents high. It’s a lot to unpack.

On the Ground Impact

As I dug deeper, I couldn’t stop thinking about the human impact. Families forced to uproot their lives, children experiencing the trauma of eviction, and homelessness rates breaking records year after year. Princeton University’s Eviction Lab estimates 1.5 million Americans face eviction annually. That’s a staggering number—and one that keeps climbing.

I came across a proposed settlement with one of the landlords already cooperating with prosecutors. If approved, it would limit how they use competitors' data and algorithms. It’s a start, but will it be enough to truly make a difference?

Why This Matters

This lawsuit feels like a turning point. The Justice Department’s acting assistant attorney general, Doha Mekki, put it bluntly: this case is about ending the practice of “putting profits over people.” That resonated with me. Housing isn’t just another commodity; it’s a basic need, and it’s disturbing to think of families losing homes while corporations chase higher margins.

For now, I’m left wondering what this case will reveal as it moves forward. Will it expose systemic greed, or will it shift the blame to other factors like housing shortages? Either way, it’s a stark reminder of how technology, when unchecked, can amplify inequality.

What Do You Think?

As I piece this all together, I can’t help but feel we’re standing at a crossroads. Will this lawsuit truly bring relief to renters, or is it just a Band-Aid on a much deeper wound? How do you think we can strike a balance between corporate innovation and human dignity in housing?

Hey everyone,

I’ve been diving into Chapter 1 of The Multifamily Millionaire, Volume II: Create Generational Wealth by Investing in Large Multifamily Real Estate by Brandon Turner and Brian Murray, and I wanted to share insights on one of the most important concepts: Crystal Clear Criteria (CCC).

When scaling up to larger multifamily investments, having clear and specific criteria is critical for success. This ensures you focus your time and resources on deals that align with your goals. Here’s what CCC looks like when applied to large multifamily properties:

Key Elements of CCC

1. Geographic Location

Define the regions or markets where you want to invest. Consider population trends, job growth, and economic stability in these areas.

2. Property Type

Understand the different types of multifamily properties:

  • High-Rise: 9+ floors with an elevator, often urban.
  • Mid-Rise: Smaller than high-rise, usually with elevators.
  • Garden-Style: Low-rise apartments in suburban or rural settings.
  • Walk-Up: 4–6 stories without elevators.
  • Manufactured Housing Communities: Mobile home parks where land is leased to homeowners.
  • Special-Purpose Housing:
    • Student Housing: Designed for college students.
    • Senior Housing: Dedicated to older adults.
    • Subsidized Housing: Affordable housing supported by rent and income restrictions.
3. Property Class

Properties are categorized by class, impacting their quality, condition, and investment profile:

  • Class A: High-end, newly built, prime locations, attractive to institutional investors.
  • Class B: Good quality, older than Class A, with minor deferred maintenance.
  • Class C: Older properties with dated amenities, but value-add opportunities exist.
  • Class D: Distressed properties in less desirable locations with high risks but potential for significant improvement.
4. Price Range

Define your financial boundaries based on available capital and borrowing ability:

  • For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.
  • For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.
5. Size

Consider the number of units you’re targeting:

  • Example: For Class C properties priced at $8M in a market where the per-unit cost averages $80K, you’d focus on properties with around 100 units.
6. Occupancy

Most lenders require a minimum occupancy rate of 85%. Properties below this threshold present additional risks and more limited borrowing options.

7. Target Returns

While target returns are crucial, these should be discussed only with investors—not brokers or others helping you find deals.

Sample Investment Criteria

Here’s an example of well-defined CCC:

  • Location: Primary and secondary cities in the Southeast with population growth.
  • Type & Class: Class C garden-style or walk-up workforce housing with repositioning opportunities.
  • Age: 1980s construction or newer (case-by-case for older).
  • Price: $5M–$12M, requiring $1.5M–$3M in funds.
  • Size: 100+ units.
  • Cap Rates: Market rates.
  • Roof Type: Pitched roofs preferred.
  • Value-Add: Opportunities for improvements or better management.

Why This Matters

By creating crystal clear criteria, you:

  1. Avoid wasting time on deals that don’t align with your goals.
  2. Build trust with brokers and partners by demonstrating a focused investment strategy.
  3. Increase your chances of finding deals that meet your financial and operational objectives.

I'll be posting each chapter as I go through them so you can follow along from my notes and we can discuss different strategies. I'd also love to connect with you all.

And if you are already investing in commercial multifamily, what is your own investment criteria? I’d love to hear what you prioritize when evaluating multifamily deals. Thanks!

Thanks for sharing! Super interesting! Can you talk about the NOI?

Great post! Going to start listening and watching your content. 

[January 11th, 2024 UPDATE]

While we want to invest and get our home in Japan, the biggest reason we are hesitating on this isn't due to the cost, but more-so the ability to stay in Japan. As an American, I'm only able to stay there for 90 days. There are other options like you start a business there, and then you're able to move there, but this process takes a long time (3-6 months) , visa renews every year, and then you have to run a new business.


It does appear that there is a lot more development that IS happening. Mitsubishi Estate has purchased a lot of real estate for the intake of new foreigners that will start to receive a Digital Nomad VISA for Japan. https://visaguide.world/news/japan-plans-to-construct-10000-...

If this opens up the amount of time foreigners with proof of income can come and visit, even if it's a year, I will re-open up this as an option. 

Quote from @Andrew Postell:

@Chris Magistrado thanks for your post here.  Lots of countries allow "Foreign Nationals" to purchase real estate.  Even the US allows it too.  However, the loans we get for this type of a transaction have to go through the banks/lenders in that country.  I could go into it in detail but essentially it would be too easy to launder money if they came from lending institutions that were not regulated by that nation's government. So, yes, you can do this but you have to get financing through an entity in that country.  Hope that makes sense.

Thanks for your reply Andrew. I'm exploring financial options in Japan, but if it's not too much trouble, I'd also like to hear more details about why it's less than likely, if not even impossible, to create a fund or receiving investments to purchase oversea properties. Funding is new to me, in the real estate world.

Hey BP,


I just posted here, https://www.biggerpockets.com/forums/61/topics/1157626-the-2..., about Akiyas in Japan.
One of the requirements for a Japanese's Business VISA is 5M yen, or about $30k proof of capital for the business. Loans are also accepted, so as I as self-funding my this currently, I wanted to see if there are any US loans available for real estate investments in Japan, as this would speed up the time I would take action on this. Any insights on this would be great. 

Thank you so much for your time.


Hey BP,

I've been on here for almost 4 years now, time has really gone by since I first read David Greene's Long Distance Real Estate and Brandon Turner's books.
I did a quick search for Akiya's here on BP and didn't see much or any results. I'd like to share with you what I've been seeing and discovering recently about this investment opportunity I am considering. 

The Story
I was on Instagram and saw an Ad of this Swedish guy, Anton Wormann, https://www.businessinsider.com/moving-to-japan-abandoned-ho... who lives in Japan and has been taking old abandon homes (Akiyas) in Japan, renovating them, and turning them into Airbnb. He wrote a book about how he has done this with 3 homes already, and has built a community that has helped him accomplish this. Yes, foreigners can buy property in Japan.

The Japanese Culture & Economy
Wormann's book also talks about the Japan's culture and economy as it relates to real estate. Since Japan is susceptible to earthquakes, typhoons, fires, and previously wars, the culture for home ownership and rebuilding is not there as it in US and EU cultures. This, along with depreciating tax rate on real estate, makes houses themselves a depreciating asset, (the land it sits on appreciates, but that's another story). With an aging population, boomers and other are inheriting a depreciated asset that they have back-taxes to pay on, and they just let them sit. There are estimated 8.5M Akiyas in Japan, completely vacant, including in major cities like Tokyo, Osaka, and Kyoto. https://www.businessinsider.com/japan-millions-empty-home-ak.... There are even grants the government gives to improve/rebuild these homes. So what good is a depreciating asset? Cashflow.

Investor thinking
As David Greene has said multiple times, there is a number where the investment works, you just need to find that number. While the properties depreciate, there is one thing that can hold the value and that is cashflow. Some of these Akiyas go from anywhere between $10k-$80k. https://www.akiyabanks.com/ (Akiya banks are not banks, but are like a MLS) You can also take a loan out for them as well, but this is outside the scope of this post. If you look on AirDNA, you can see similar types of homes that can earn upwards of $35k-$50k/year in revenue on Airbnb. Wormann talks about 5 different investment strategies, people he know how has done them, and shares the ones he has done. Another Youtuber, Shu Matsuo, interviews other Akiya investors. Assuming you paid $80k to buy, $15k to renovate, $5k for everything else, $100k total, and received $35k/revenue a year. After 3 years, it'd be paid off completely. 35000/100000 = 3.5% which is a bit higher than the 1% rule, which seems much more difficult now-a-days in the United States.

Business in Japan
As an American, we can go there for 90 days, no VISA required. Shu Matsuo has said in his content that you can go, buy a house, and then have someone take care of it while you aren't there. I suspect you can also hire a management company and rent it out as well. Another option, is to get a Business/Investor VISA for Japan. This requires a few things, but the most important are, about $6k for the VISA processing, and proof of $30k in capital
towards the business. With this VISA, you're able to live in Japan for 1-3-5 years (depending on what they give you), up for renewal each year. 


My Idea of a Good Time

I'm speaking with a Japanese Immigration Law Firm next week to gather some more details about the VISA process. My idea is that this 2024, I fly to Japan, build a community of investors and leverage existing networks of contractors, real estate agents (called brokers there), and start buying, rebuilding, and renting/airbnb units as a business. I'm not sure if it's because I started searching and now I see a lot for Akiya related content, but with Anton's book that was released about 30 days ago, the ONLY English book about rebuilding Akiyas, I think there will be some shift in investing in these older style homes.  I will also share some of this in the investor section, but just wanted to reach out to this community and see if there are any interested investors like me. Thanks for listening, and Happy Holidays.