All Forum Posts by: Account Closed

@Jason Mak

 congrats on a nice turn around deal.  exceptional market timing as well :)

http://www.multihousingnews.com/features/3d-printing-are-you-ready/1004123290.html?utm_source=WhatCountsEmail&utm_medium=Daily%20News&utm_campaign=Daily

@Thomas Usher

 with no experience, how do you plan to raise the value of this asset by $2.5 million in 3 months?  What is your game plan?

If you like the opportunity and feel there's a chance to make a deal, put your offer and deal terms in writing and submit a non-binding letter of intent to the seller. Give them something to respond to and then negotiate. It won't be binding until you sign a purchase agreement.

@Shane Pearlman

Just FYI, there is an unprecedented amount of new product being delivered to that submarket.  There are 5 or 6 30-story student towers under construction and/or in the pipeline.  A big local developer just announced plans for a 27-story student housing project yesterday.

Your project sounds good and I hope it works, just wanted to make you aware.  If it was me, I'd want to make sure my price point was much lower than the new product as you obviously won't be able to offer the same amenities.

Yes, this happens a lot. In 2013, we bought one 276-unit deal in May, then nothing else under December. In December though, we closed 5 deals for over 1,000 units. Nice end to what was looking like a slow year.

Everyone is a genius in a bull market.

I appreciate this post a ton @J. Martin.  I've been through a few cycles now and I admit I sometimes feel a little critical of the first cycle people who think they have it all figured out. I always wait and see who's around after the market shifts.  Not as many people live to play in the next cycle.

Thanks @Steve Olafson that's kind of you.  I'm not sure I belong on any "dream teams", but yes I do evaluate a lot of multifamily.

We currently have over 500 units under contract and my partner was interviewed by the Wall Street Journal yesterday and a deal we recently purchased in Florida will apparently be featured as their "deal of the week" next Wed.  Pretty crazy.

Brie Schmidt to make sure I understand, you are grossing $35k/month, but that's before all expenses and mortgages are paid, correct? Any sense of what you are netting (actually taking home) per month?

We recover approximately 65-70% of the costs.