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All Forum Posts by: Michael Tempel

Michael Tempel has started 58 posts and replied 311 times.

Post: New construction with duplexes!

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

Just jumping in.   I would say at this point and time it truly depends.   Many contractors/builders are desperate.  

Most large management companies are laying off maintenance...we can’t go into units right now except for emergencies.  

Builders are essential employees so you can do new construction etc. 

Run the numbers, you likely won’t make a killing, but having new Covid free inventory after courts are hopefully open etc is better then the mess I expect to deal with when and if we can start to service homes and apartments again.   

We are working on a new construction deal now and pre-leasing like crazy.   My long term older inventory is going to be a mess I am sure.   Literally down to one tech for 500 units....there just isn’t work...no maintenance orders etc.  

Post: 3D Matterport Scans for Social Distancing

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

We have multiple Matterport cameras and go do scans for apartment communities and other properties for $139.00 per scan.   

Post: Fair rate and fee increases from your PM

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

We are in a similar situation.  I have multifamily, commercial and single family and staffing everything correctly can be a nightmare, especially mixed with the logistics of windshield time and the many different request and expectations that vary be each owner.

For me when I have a 200 unit building, it is ideal.  I can build a staff and have the property pay this alone with management fees.   The smaller portfolios and single family properties get tricky when you have a few hundred, collect a management fee, but do not have a good way to pay staff outside of maintenance (that is easy since they are paid when they are deployed like a contractor).   I recently decided to take an upfront hit to hire a core team that will cost myself personally over 140K a year.... my option is to be understaffed, see service degrade and make an extra 100K until things fall apart.   Keep in mind I am choosing a centralized system and have the goal of slowly moving away from the day to day operation of the business and focusing on growth, system improvements and ideally enjoying my life a little more :-).   I want to create the customer experience and an someone dedicated 100% to owners as well as residents.  I find lack or no response is one of the leading complaints across the board for all management companies that I hear on both small and large portfolios.   

My quick two cents on your scenario.  Add the following:

Leasing Fee on SF - it is typically expected

On multifamily use percentages for fees if you are adding value.  I have raised incomes over 40%....if I had a flat fee I would missed out on the growth of the rents...plus it is an obvious incentive for the PM as well.

Personally I don't dig much deeper than that into fees since I see owners eyes start to gloss over.   The simpler you can make it for owners the faster you can implement growth that is sustainable.   

Post: CAM Charge and Management Fees

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

The way I read this question is if the % of property management fees are the gross income minus CAM fees or the Gross Income plus CAM fees?  Should CAM should be treated as something outside of the normal PM fee?  As a PM that is new to office etc. I am curious myself :-).

Post: BDM - Business Developement Managemer

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

Full or part time sales for building residential and commercial portfolio. Compensation paid on percentage of acquisitions and long term on business put in place.

We manage apartment communities, single family homes and commercial buildings, so there is a lot of room to expand quickly and make great long term compensation.   

Post: Leasing for Residential and Commercial - with Possible BDM role

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

Leasing for apartments, single family and commercial! Very unique and rewarding position with room for growth and business development compensation.

Post: 32 Unit - Looking to Purchase / Renovate

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

I have a 32 unit building that I am familiar with that I think could be a great long term investment.   Just looking for anyone interested in potentially working with me on this project as a partner.

Post: VRBO Minnesota Cabin Investors

Michael TempelPosted
  • Property Manager
  • Minneapolis, MN
  • Posts 378
  • Votes 166
Yes, reach out.   This is exactly my goal.   

Originally posted by @Ken Barton:

Hey there @Michael Tempel,

So I manage a number of cabins in Minnesota, Illinois and Michigan. If your long term goal is to retire and use the property on a regular basis, I wonder if you've considered Vacation Renting / Airbnbing said property. 

Many of my customers do this for a number of reasons: 

  • You're already looking to furnish the property for yourself
  • It's a 2nd hours so it's an investment property
  • You can Cost Segregate all of the furniture, updates & upgrades you make to the property so your family can enjoy a nicer 2nd home
  • While you're not there, it's generating revenue and being professionally cleaned a few times a week
  • It's an asset not a liability 

If you're new to Cost Segregation, here's a BP Article: https://www.biggerpockets.com/blog/real-estate-investors-pay-attention-cost-segregation/

Also as you're searching properties and you want to know what type of returns they could create, you can submit them to Hoasty.co and it will send you a free AirDNA report of the potential earnings going forward. 

Lake Cabins are profitable my friend :) 

Post: VRBO Minnesota Cabin Investors

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

Thanks this is very helpful.  My target locations are between Duluth and Grand Marias or any nice remote lake in between.   

Anyone operating larger cabins?   I thought a corporate retreat etc might work well.    My long term goal is to move there in retirement and is the reason a nicer 2nd home is appealing.   

Post: Looking for a Commercial Realtor In IA, WI, SD, MN, ND & MO

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

@Jake Stuttgen

Happy to help with off market deals in all mentioned markets. Just been busy moving offices last few weeks.

Please send criteria again, also typical offer so I can fast track everything if I have a good lead.

I have family in SD and actually might have a few off market there.