All Forum Posts by: Paul Khazansky

Yes, cityview is the "go to" source for getting info on zoning, business incentive zones, floodplain zones, etc. in Baltimore

It really depends on the bank. If it is a conventional BofA kind of bank, they will often want to see "seasoning" of 2 to 3 months.  We, as a private lender, do not necessarily care about seasoning because whether it is a gift or a loan, the lender is secured by first lien position on the underlying real estate.  

Make sure to analyze the market before you put down any money on the property.  And yes, understanding the local regulatory landscape is huge. 

Our real estate development company is about 6 months away from completing our biggest project to date - a 59 unit building located in Baltimore, MD.  As part of this development, we decided to enter a property management business, with our building being our first "client".  We do have the backbone of a very capable partner who's been managing smaller properties for us to date (4 - 6 unit buildings), but this property management initiative would be taking the concept to a new level.  

I'm really curious to hear from experienced property management operators about what's crucial to get right in the initial stages of launching such business.  Based on my review of prior threads, it sounds like Appfolio is software of choice for many professionals in the field.  Surely there are many other crucial layers to property management business that we should pay attention to, so any advice would be much appreciated. As an FYI, managing our own building is our first step; going forward, the goal would be to become a third party property manager to (hopefully) thousands of units.

no takers?

i don't believe so, not for a 10 unit building job anyway

what software? Your GC's estimate for various costs, and projected financials should be all that you need to put together a package for lenders.

I'd start treating the multifamily valuation and retail valuation separately, though they're obviously a part of one whole.

On multifamily, certainly figure out the vacancy situation, and see what comparable apartments rent for, which is crucial to your underwriting.

On retail, see if you can get at least an indication of interest letters from a national retailer. If not, still shoot for a triple net lease, and see what sort of pre-commitments you can secure. A NNN of $26/sf vs $18/sf is a big swing in evaluation. Id put the property under an LOI and try to negotiate a 45-60 day study period to do due diligence and locate a retail tenant.

Having a retail component certainly makes this a more challenging transaction since you have to do a good job with both asset classes in order to succeed. Good luck!

Hey guys,

We are developing a 5 story 60 unit building in Baltimore, and want to explore placement of a cell tower on top of it. If anyone has any contacts in this space, please let me know.

Paul