All Forum Posts by: Michael Tempel

I had this exact situation and the insurance from the storm event is what needs to cover the claim.  You can usually get the original owner to run it through their insurance.  Thats what I did.   If anyone has questions on roofs I do residential and commercial roofs with multiple companies and specialize in understanding how to handle and supplement claims to get the most damage coverage possible.   At the same time and very honest and will not give bad advice to try to force a claim through like many companies do.  Its a waste of time for everyone involved.  

Hello,

I have been in the MF management business since 1998 and have completed over 1000 full renovations and been a part of many larger syndications.   I decided to focus on providing quality renovation and maintenance services to investors that either need help or a 3rd party team. 

I also am highly focused on doing a complete renovation project on MF properties and can help with any roof commercial or residential, siding and windows etc.  

If interested in either service please feel free to reach out to me anytime.   

Mike - 612-703-8874

I have three off market properties with assumable rates well under current rates long term and seller financing options.  

31 unit, 11 units and a 17 unit.    Also others in 100+ unit range.   

Also source properties for buyers off market all the time.   Looking for investors focused on mid to large MF or commercial properties.   

Just reach out directly to [email protected] or send a request.    After NDA is signed can send details or help you find another off market.   

We work locally and nationally.

I have around 1000 off market units in the multi family area.   Looking for interested buyers.   Some have assumable mortgages and seller financing.   

Can help produce LOI and PSA etc. as agent. These are warm contacts so I can help the deal move quickly and correctly.

Tim - late response, but yes and no.   I created a hybrid role for BDM.   My problem is the payroll was a little too high so they were not hungry enough or depended on myself for leads.   

I changed my strategy recently to just network like crazy and work with brokers or others that are aggressively calling owners to sell/but pay them for management referrals (if they are licensed).   

I am merging with another company and am restructuring how I run both companies since we have management/sales and renovation/construction.   

Would love to have an in house BDM again, but honestly got tired of paying 50k and lots of Jess cost for not a lot of outreach or other initiative even with Costar access etc.  

If someone reads this and is hungry to add 1000 units with us this year I can get them there if they follow the laid out path in training :-).  

Have a 12 unit market rate property that owner is looking to sell.   Fully occupied, but still has improvements left to add value and increase value for new owner.   

Reach out if interested.  

I am starting to get request to manage farm land, outbuildings etc.   

Anyone have any experience in this area?

Best way is to look at who is managing existing properties are similar to that you are looking for.  
If your broker is good, a referral goes a long ways.   

I have a lot of options for larger portfolios, but am very interested in smaller options.

I use AppFolio and Yardi for larger portfolios, but when I had a few properties Buildium was my go to 10 years ago.    

Great question!  From be on all sides of the deal - owner/management/underwriting etc. that is a fair question. 

In order to make a renovation work for financing/underwriting of of course investor returns the decisions are made pre- purchase.  I panic when a building is bought without a budget, plan and even materials picked with shopping dates/storage etc. If you fail to plan you plan to fail.

This should always be determined in advance.  My goal is to have materials delivered and contractors ready the day of closing/like a 50m race :-) (like running).  If you do this with the goal of hitting financial targets and build in cost in advance - with reserves it works extremely well and actually lowers the time and cost of a value add.

We normally have a separate contract with target dates, goals, # of units completed etc.  This is why the comp is so important, without that incentive….there is more reason to delay and take the eye of the ball.   I see this happen a lot in projects fir this reason.  

In our case we have a separate entity that can do interiors, siding and even new flat or pitched roofs.  

If your company is in a true partnership and not just collecting fees it can be a highly successful venture.   Many owners want this without realizing the importance of planning, paying and working closely with the team they hired to manage.