All Forum Posts by: Jerid Meagan

Principles Realty Group: Revolutionizing Real Estate Investment in the Capital Region

Introduction:

Principles Realty Group is a dynamic and forward-thinking real estate brokerage company that specializes in assisting multifamily investors in the Capital Region. Our mission is to empower our clients with a data-driven approach to identify, evaluate, and facilitate transactions for multifamily investment properties. At Principles Realty Group, we understand that every real estate deal is unique. We pride ourselves on offering tailored, customized service that ensures our clients make informed decisions with confidently.

Why Join Principles Realty Group?

At Principles Realty Group, we’re dedicated to helping our agents reach their full potential—higher income, better opportunities, and unlimited support.

Here’s why choosing PRG is the right decision for any ambitious brokers and agents:

Higher Earnings

Our goal is to help every team member grow their gross commissions year after year.

• PRG connects agents with qualified buyers and sellers, reducing uncertainty and increasing the chances of closing deals faster.
• PRG offers their agents “warm” leads.
• We set clear and ambitious goals with our clients that are backed by market research—our preparation ensures accuracy and confidence in every transaction.

Proven Systems for Success

We provide the tools and resources you need to excel.

• Access our proprietary database, years of industry expertise, and extensive referral network.
• Our targeted strategies ensure your deals move forward smoothly and efficiently.
• Providing the right opportunities and ongoing support, you’ll have the resources needed to close deals and grow your business.

Quicker to Close

At PRG, we aim to secure qualified offers and match buyers with the right opportunities in 30 days or less.

• Your listings reach hundreds of active, qualified buyers in the area.
• We connect you with experienced, vetted buyers ready to transact.
• Our streamlined process reduces time to close and maximizes efficiency.

Minimized Effort, Maximized Support

At PRG, we help shorten the learning curve through resources and expert support.

• Gain access to our well-vetted buyer database.
• We assist with due diligence and deal management, so you don’t have to worry about the details.
• Custom underwriting that fits the specific needs of each deal.
• Clear, organized accounting and bookkeeping—no headaches for you.

Qualities We Seek in Successful Candidates:

As we continue to grow, we are actively seeking candidates who possess the following attributes:

• Active NYS Real Estate License: A valid New York State real estate license is a fundamental requirement, ensuring that our team members are well-versed in local real estate laws and regulations.
• Real Estate Investment Experience (Preferred): While not mandatory, candidates with prior experience in real estate investments will have an advantage. This experience demonstrates a deeper understanding of the unique needs of our investor clients.
• Prospecting and Networking Skills: The ideal candidate should be willing to actively pursue and generate new business.
• Entrepreneurial Spirit: We value individuals who are independent, self-motivated, and have an entrepreneurial mindset. Our team members are encouraged to take initiative and think creatively to solve problems and seize opportunities.
• Problem-Solving and Negotiation Skills: Real estate transactions often involve complex negotiations and problem-solving. Candidates should possess strong negotiation skills and the ability to find innovative solutions to challenges that may arise during the process.
• Communication Skills: Effective verbal and written communication is crucial in conveying complex information and building trust with clients. Our team members must be able to clearly and concisely articulate ideas and recommendations.
• Organizational Skills: The real estate industry demands meticulous organization. Candidates should be adept at managing multiple tasks, deadlines, and documents simultaneously.
• Attention to Detail and Accuracy: Accuracy is paramount in real estate transactions. Our team members are expected to maintain a high level of attention to detail to ensure error-free transactions.
• Proficiency in Technology: Proficiency in Microsoft Office applications such as Excel, Word, and Outlook, as well as other relevant software tools, is necessary to streamline processes and provide clients with efficient service.

Compensation:

At Principles Realty Group, we believe in rewarding our team members for their hard work and dedication. Our compensation structure is 100% commission-based, providing an opportunity for unlimited earning potential. This model aligns with our entrepreneurial spirit and allows our agents to directly benefit from their efforts and successes.

Principles Realty Group is at the forefront of transforming the real estate investment experience in the Capital Region. We are committed to helping our clients make informed decisions and achieve their investment goals. If you are a motivated and dedicated individual who meets our qualifications, we invite you to join our team and contribute to our shared vision of excellence in real estate investment services.

@Austin Stegall "forced appreciation" but typically doesn't happen naturally. Increase rents. Reduce expenses. Improve occupancy. 

= appreciation 

@David Doherty - I just noticed your post. To answer your question, yes it does but it depends on what you're targeting and you need to know the area well. Feel free to PM me. Happy to answer any questions you might have. 

@Meghan Cheek how many units are at the property? For the smaller buildings it typically works well if it is written in the lease that the "house" is responsible - this assumes less than four units and is ideal for 2 units. Landlord provides salt and shovels or have the purchase purchase them and provide you with receipts for reimbursement. 

If you work out an arrangement with the tenant where they get a discount on the rent I would suggest the tenant provide the service first and the credit come after the month or season so that you can ensure the work is complete. 

If the building is larger than 4 units you are best suited to use a 3rd party. 

Hello @Elvin O'Neal II,

Although I am not from Atlanta, I can tell you that two most common complaints in this industry are 1) my manager is non-responsive, and 2) my manager is doing work that they are not authorized to do. When vetting your PMs, ask the questions that might provide solutions to these problems.

Solution to #1 – you are looking for full transparency. Oftentimes, PMs will utilize management software (if they don’t, keep looking) and provide the owner with access to the portal. The portal should have all the leases, contracts, move-in/move-out checklists digitized, and uploaded. Should provide tenant payment information, full leasing and financial reporting, etc.

Perhaps you suggest a standing monthly or quarterly check-in, as well as quarterly or semi-annual property inspections.

Solution to #2 – there should be a clause in the management contract that provides a threshold where any work above a certain amount requires owner approval (emergencies are handled separately). Initially, you may want to make this “$0” until you are comfortable with your PM, and also layout the preferred method of communication – I suggest written so there is a paper trail.

(Solutions are not all encompassing, but are meant to give examples)

Also, I strongly encourage that you do not go with the cheapest option. This is where people go wrong. The arrangement just needs to be fair on all sides, and there needs to be transparency and accountability. A good PM should be increasing rents to offset expenses (like their own), which ultimately forces appreciation.

Hope this is helpful.

If you have this individual is a unicorn. Please bring them in so we can study them.

While responding to another post it brought me back to the earlier days in my career when a tenant would ask "can we paint? We will buy all the supplies....we love to paint!" 

Fell for that one a couple of times...no drop cloths...paint splatters on the hardwood...paint drips...horrific colors. 

Would love to hear people's experiences..both good and bad. 

@Samantha P.

I have always spelled it out in the lease who is responsible and what my expectations were for maintaining the lawn. This works well for single family homes and even duplexes. As noted, be careful about providing the equipment. If the lease stated that the tenant was responsible for lawn care and I noticed that it wasn't being done properly, I would then pay to have it done and bill it back to my tenants by putting a charge on their account. If they didn't reimburse me I would deduct it from the deposit. 

Do not offer a rent credit prior to the work being done, as it will never get done. Credits can come the following month and/or at the end of the season. In NY the lawns may get mowed biweekly, so it's a marginal expense in the scheme of things. 

Separately, this makes me think of when tenants ask "can we paint?" Earlier in my career I fell for this once or twice, but I have yet to find a tenant that can paint. 

@Yaamu Camara going all cash allows you to complete a transaction quickly and oftentimes purchase at a discount. As a buyer this makes you more competitive as it alleviates the variables that come with conventional financing. That said you will likely want to refi at some point after to improve your ROI and recycle your cash.

You didn't mention how the numbers look on the property you have under contract. 

I'm curious to see how investors who are actively trying to buy/sell in this environment are faring.  Is anyone aware of any lenders lending in this market?  Are lenders hitting the pause button, tightening terms?  Are any of your deals currently held up?

I've heard anecdotally that residential deals (1-4 units) have been relatively unaffected in terms of lending (still delays getting things like inspections, etc), but commercial financing has tightened up significantly. 

According to the latest data collected by NMHC (https://www.nmhc.org/research-insight/nmhc-rent-payment-tracker/), May's rent collection came in at 80.2%, which is better than April (78%), and not far behind May of 2019 (81.7%).  Rent's are the lifeblood of our industry and impact everything from lending availability, asset valuation, default/solvency risk, and more.

It's surprising to me we haven't seen more deterioration in that number given the rate and level of unemployment. It's likely the stimulus payments and enhanced unemployment benefits helped support collections, but it's unknown how things track in coming months.  Uneven reopening, reduced unemployment benefits, and lack of a second stimulus payment will not generate the same tailwinds in coming months. It will be critical to see how much of that unemployment is temporary vs how many jobs have been structurally impacted over the longer term.