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All Forum Posts by: Michael Tempel

Michael Tempel has started 58 posts and replied 311 times.

Post: Property Management -LG MF/ Value Add Minnesota

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

We are currently looking to add a few portfolios or properties for Q4 or Q1 2023.

Our team has been working with full Multifamily transformations since 2002 with over 20 years experience. 

We can assist in locating deals, assessing rehab cost and management from start to completion of project.   To date we have renovated over 1000 units and have added value to many properties typically 30-45% in first 6 months (results vary by many factors).

Our core function is property management and can handle large and small properties, but specialize in putting a team in place for large portfolios or multi unit buildings.  

We structure our management and process in way that really forms a partnership and grows as the property progresses to stabilization.  

Currently for the right property or portfolio 150 units or more we are discounting our PM fee by 1% and renovation work/management by 5%.  We are GCs so can handle trades and have done over 25 million in interior/exterior renovations to date.  

We are trying to be a boutique management company that works with owners by design.   If are looking to bring your portfolio or property to the next level we can help.  If you simply want an assessment of your project/operations and cost analyst we are happy to take the time to meet and see how we can add value.

You can reach me directly at: 612-703-8874 if anything it would be great to make a connection since you can never have enough in this business :-)

Mike Tempel 

Nexus Real Estate Services LLC [email protected] 612-703-8874

Post: Rehab company VS Independent GC VS Self managing subcontractors

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166
Originally posted by @Marc Rice:

Each of these approaches have pros and cons, even the local guys struggle to have a perfect system.

Rehab company

- This is similar to a GC, I'd more so call this option using an unlicensed GC that has access to a lot of crews. This can be cheaper than a GC but more liability due to not being insured and not knowing the quality you will get. Some people like this option if they can find a good rehab company to handle their stuff, but usually it requires some time to establish that relationship.


 Independent GC

- Will be the most expensive but should have the least amount of time requirements for you as the investor. You'll still want someone to be boots on the ground to check on status, draw requests, updates, etc. It is very hard to find affordable do-it-all general contractors due to the demand for them right now.

Self managing subcontractors

- This is the approach that myself and a lot of local investors use because we can get better pricing, have better control in exchange for a little more managing and quote shopping. The issue with this strategy is that somethings get delayed sometimes and its harder to get a lot of the smaller stuff done on the projects. It can also get tiresome negotiating and price shopping when subs are being too expensive. You always want a breakdown of labor vs material and usually with this strategy you are paying for material or directly reimbursing the subs when they submit receipts.

Property manager as project manager/project manager with subs

- This approach is good as well where you can actually pay your property manager a "project management fee" and they will oversee your rehab, get quotes, check on work, etc. This is usually great for out of state investors doing lighter rehab turns on buy and hold rentals. Theres a few in Columbus that offer this service. Sometimes you can also hire a project manager to act as the middle man between you and your subs/GC and pay them a fee. There's not a reliable service offering for this in Columbus on the smaller rehabs but in commercial real estate its called a "builders rep service" I believe.

We do renovations - full exterior and roofing as a GC and also Property management, but I think the best setup I have seen is Property Manager as a Project Manager - but please pay the project management fee :-).   We have had to do this at no charge and literally killed ourselves to do it and left close to 500K on the table.   I use other PM's acting as an asset manager and will say make sure the team has the ability to manage a crew daily, resident communication and of course bank draws from title...otherwise it can get messy quickly.

Post: Introducing Myself - Getting Started in Minneapolis - Buy/Hold

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

I am a little late to the party, but my best advice is to network like crazy.   Join local real estate groups.   You will find a lot of deals from owners/investors moving in and out of properties or simply have to many to handle at one time.  Either way you will learn the market and get a fast track education from others very quickly if you stay active. 

Post: Software For Deal Analysis - PPM Creator

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

Thank you everyone.  Total agree on all legal docs being put together by an attorney...wouldn't do it any other way.   I am just looking for the best way to put them all together once ready.  I am using Syndicator Pro now - so that will be the container.   

Keeley - Did end up grabbing Think Multifamily's analyzer.   So far really like it!   

I originally was looking for a great editor to put everything together in, especially the current and Performa financials.  How to build a great map showing the featured businesses etc. in the area that you find in a broker package (CBRE always has great ones).   Graphs and other graphic content to add to the overall offer.

Am finding you have to piece a lot of things together, which is fine....if it was super easy everyone would do it :-).

Post: Property management eldridge park view davenport Iowa

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

Brandon,

What size property?  I may have a few referrals for you.

Post: How Does One Pull Comps For Apartments, Multiunits, and Offic Buildings?

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

Mike - Yes, I would say it is best for properties 10 units and up, but the best I have found.    I don't have a good solution for smaller properties, but would be interested in that solution as well.

Post: Software For Deal Analysis - PPM Creator

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

I am looking for a good system to plug numbers into to start to dig deeper into deals.   Also need to create a PPM and am looking for suggestions, currently using SyndicatorPro, but wasn't sure if there is a better PPM option.

Any recommendations?

Post: Syndication - Sponsor Needed

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

I have a great property going under contract and due to time constraints want to get it done ideally with a group or individual that is great at raising capital and able to act in the sponsorship role.

How do you find this type of individual? Have the experience and contacts, but want to find a way to leverage through this type of partnership. Who not how :-).

Post: Evictions Allowed - List of States

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

I am looking for a website that updates which states allow evictions and non-renewals?

Anyone have a good resource?

Post: My 4 Year Journey from 0 to 778 units!

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166

@Collin Schwartz

Great info!