All Forum Posts by: Moshe Bloorian

Hi everyone, 

I know this thread is very old but my company is about to go into contract on around 300 apartments in Harlington Texas, I was wondering if anyone had some more information on the area and what the market is like. 

Please let me know. 

Hi Everyone, 

My partner and I have been working to really get a handle on our specific roles in our company. 

Below are the list of the responsibilities that we have come up with so far. 

Please feel free to share and comment. 

If you have anything to add, please feel free :)

Company roles

• Management. -

  Daily maintenance issues and cap-x - Being on top of all workers - Creating a schedule and making sure they stay on top of it.

  Being on top of super -

  Being on top of maintenance crew -

  Being on top of a potential manager hire -

  Payroll and paying anyone/ Sending out checks to employees or contractors (separate from paying general bills). -

  Leasing out apartments/reviewing applications.

  Turning on and off national grid services for apartments.

  Home depot payments -

  Paying taxes, water bills, garbage bills, national grid, contractors, exterminator bills -

  Keeping track of delinquencies/ making a spreadsheet list every month and following up a few times a month. Specific dates? -

  Staying on top of and answering tenant emails on management account and via phone -

  Imputing expenses - Whenever something is paid out or paid in - It needs to be recorded.

• Finding deals -

• Searching costar/loop net in our respective markets on daily basis.

• Determining/ chose other market to enter.

• Creating a contact list of brokers and owners in respective areas and following up.

Constantly reaching out to new brokers and creating new relationships in every area. Via linkedin, mls etc.

Our pipeline should have many deals in it. We need to have a target mark of deals that we are looking at.

• Underwriting -

  Underwriter should either UW their own deal or get a deal sent to them via email and file and respond back once it is done.

  Understand the market; figure out rents per square and absorption rate in the area of comparable products (We need costar of other informational site for this).

  Underwriter should plug in numbers into existing underwriting ( broken up by asset class Multifamily/ Industrial ). We have the basic UW for both.

  Underwriting should include at the very least 3 possible outcomes based on inserting different number.

• Due diligence -

  1. Making a list of what is needed. 2. Following up with seller to make sure we get items. 3. Making sure all items on the list is satisfactory. 4. Making sure income and expense is correct (confirm all expenses). 5. Make sure there are no code violations on the building. 6. Make sure there are no leaks on the roof.

• Closing process

  Confirming and making sure closing costs are correct.

  Making an LLC -

  Insurance -

  Title processing -

  Confirming due diligence -

  Survey - if needed.

  Phase 1 - if needed.

  Being the primary source of contact for attorney -

  Making a TD bank account and Ordering checks - Making sure we have online access.

  Creating equity tracking sheet and making sure it is correct after closing.

• Raising Debt -

  Reach out to multiple mortgage brokers and send them info.

• Raising Money

  Create list of respective investors each of us should reach out to the individuals on that list.

  Look to build a database of investors and large partners that we can go to.

• Investor brochure -

  Sending out information for an investment brochure and making sure it gets done properly.

• Back end work (filing, record keeping, accounting, bills). -

  Going to the bank -

  Paying bills - Paying taxes, water bills, garbage bills, national grid, contractors, exterminator bills.

  Being on top of all building bank accounts.

  Being on top of Greyhill management group bank account.

  Paying rent.

  In charge of yearly accounting tracking.

  If needed - reconciliation of the books and accounts.

• Investor relations and quarterly reports.

  Going through quarterly numbers -

  Making reports -

  Writing checks -

• Marketing and growth strategy -

• Goals

  Writing out company goals every week and going over them at the end of the week.

  Writing out monthly and yearly goals.

@Yonah Weiss Hey! 

@Brendan Chetuck Pm me, I have a contact!

@Angel Pedroza Hi Angel, generally off market deals comes from trust and building relationships with brokers. It also really depends on what type of unit size you are looking for. If you are looking for smaller duplexes and triplexes then you can even go the direction of wholesalers that are looking to move deals quickly. I have profited significantly from these types of deals. 

@Anthony Gjolaj Anthony, The tenants are given access to the portal via email and they are able to submit work orders and even pay rent through the portal. It works great! You then have the ability to assign the work order to anyone (your super tor example). Hope this helps.

@Anthony Gjolaj Our In house management compant and private equIty firm uses app folio. It’s a great app and website set up and the customer service is phenomenal. We currently have many units and it helps us keep track of our finances, helps us keep track of work orders with our supers and really just keeps the communication of the company up right! Let me know if you have any questions.

@Diana Tian I have looked at this Town before. It’s an unfortunate mess. Honestly there are so many vacancies in regards to multi family that it would be hard to sell it unless he basically just gives it away. I would try and post it for around 10K and see what happens. Good luck.

@Deangelo Mack Honesty is what gets you to the top in any field. When it comes to real estate I think reputation is most important. Lies can come back to haunt you and it could cause damage later on. It’s not about telling a small lie or a big lie to get an advantage. It’s about having the discipline to keep to your morals so you never do it once. Good luck with everything.

@Ivan Barratt 

Hey, my partners and I have a solid track record. We have a solid amount of units under our belt at the moment and we have syndicated multiple deals already. At the moment we could handle deals up to and above 100 units. 

@Alina Trigub @Simcha Davidman

Thanks guys! Much appreciated.