All Forum Posts by: Michael Tempel

I put LI in front of everything else.    I have made great connections worldwide.   Lenders...you name it are going to cross check you there.    

I can't tell you the number of times I have heard I passed the LI test :-).    I do check everyone's profile I do business with as well.   

Very good advice.  I do a lot of the above, so it is good to know that it is the right way, just can be a slower process at times.  It seems like most relationships for larger multi family take a few years to really get to the point where you are fully managing a portfolio.

Great answer.  I just got off the phone with the legal hotline and MN Commerce and they said about the same thing.  It is a fine line especially with some of the larger property management companies, they will create an issue at the drop of a hat.  I think a very focused website may be the way to go instead with marketing aimed at my target area...will cost more, but I think I will sleep better at night.

I know this sounds like a silly question, but I am looking for both management opportunities and buying opportunities and wanted to mention both in a mailing that is going out to apartment owners in a specific area.

My question is: Can I market management services, especially if there is a strong possibility a management company is already in place?   I don't want to accidently jeopardize my brokers license by unfairly competing etc.  This is in the state of Minnesota.

Any feedback is appreciated.

If you are serious I recommend Costar above all.  They own Loopnet as well, but Costar is much more robust.    

You can view most existing I general and gather a tremendous amount of information.   

It is the best of the best I have found.    Likely will pay 300 plus monthly with a one year commitment, but I get my best info (even that is lacking) from there.    you will still have to hit the phone, keyboard and pavement, but accuracy and reports are superior.   

This is our situation in most cases.   We normally figure out pricing per unit on lighting, appliances or any physical purchase.   

We then run through with a general contractor, electrician, roofing company or any company that will be part of the overall renovation cost.   We can usually do this and have very solid numbers within a few hours or less based on the number of units.   We do a lot of this work, so in many cases we already have the formula and simply need to check measurements and panel limits (electrical limits).      

Apartments are great because once you figure out one floor plan you can simply duplicate the process throughout and hopefully save a lot due to economies of scale.    

Yes:-(.   My most recent was a woman that begged me to help her move so I paid 320.00 for a mover.    She wouldn't let them enter and ended up calling the police and fire department for a gas leak.   When they arrived she kicked them out....why they didn't arrest her????    

Same thing happened the next day....I did want her out.   She called the fire department 3 times refused movers again....

I have run into this problem numerous times after acquiring a property (she was a resident we inherited). Nothing against rent programs etc.    It is not free rent, you often have to deal with mental and or both substance abuse issues.   

Unfortunately, the state, non profit or whoever is involved washes their hands and puts the responsibility on the owner.    I have always lost money when I haven't done my own screening etc. 

Does anyone have a good system for reaching owners about off market buying or property management?

I am looking for a good system or company that specializes in this.   

Right now I have access to most owners info in our market, but want to maximize results vs. just sending random inquiries or making calls that are not effective.   

Any good form letters, systems or services to share?

Great topic!    Been working on the same problem for a few years.   My challenge is finding someone that really gets it.   

Following intently :-).  

I agree that is a revenue killer.   I think electric is something you should always have paid by the tenant since it can be extremely high, especially if air conditioners are used.  We would be destroyed financially if we had to pay our portfolios electric bill and luckily our buildings are already sub metered.   I have added meters to smaller properties and think it has a reasonable payback period, plus will make selling the property that much easier.

Water and heat are difficult to sub meter.   With water you can do a RUBS program and charge the residents a percentage of the water bill.  If you competition is doing this, I would highly recommend doing so.  If they are not, you might want to test or have the percentage at a lower rate to test it out.