All Forum Posts by: Michael Tempel

On residential - shortage of inventory, prices climbing, if you have a listing it will sell fast-multiples common

Multi Family - Insane traffic in urban markets, slows as moving further out.  

I have not seen values drop, rather grow even with large divestment from aging owners    

Welcome John!

We are active in Minneapolis and surrounding suburbs including Saint Paul.   Bigger Pockets is a great resource!

Definitely following this....we are looking to expand to SD later this year and like that market.

I am looking at some larger multifamily properties in and nearby Minnesota and wanted to put a team together to help complete the deal from start to finish.   We have over 23 years of experience in management and value add renovations and overall understanding of syndicating and doing full scale renovations, with over 100M under management.

We are looking for interested partners to help with the following.  Someone that is able to act as a sponsor, overall all accredited investors of course and lenders that are experienced with working with this type of setup.  

Target purchases currently are 20M plus, but smaller off market properties will come up quickly and we are looking for individuals/partnerships to quickly capitalize on these opportunities as well.

If interested please contact me and we can both explore if this is a good fit.   If there is an experienced syndication group or individual we are would be interested exploring a partnership as well.

I am looking for a number that I can use that will alert me immediately and identify the call as an owner lead for management or possible sale of a building.  Has anyone used or found a good way to do this?  I am not looking for a complicated system, just one number that will be dedicated and show that it is a lead so I can answer immediately.

We offer full service property management for smaller 1 - 4 unit buildings and larger properties.   

You can see more information at www.NexusHomeManagement.com

We have a full maintenance and management team that is able to take the hassle out of management.  Our current radious is about 40 miles from Minneapolis and we work with many high end homes, condos and investment portfolios of smaller assets on a regular basis.   

If interested, we are happy to put together a free qoute.

For larger 12-100 plus portfolios we have additional information at www.NRSPM.com.   We can manage large properties as well with a seperate division.

We have past experience in the business of property management, property purchase and value add renovations for over 23 years.

Right now we are looking to work with a few key clients in providing a turn key service in this area focused on finding the property that is a good fit either as a stabalized asset or value add opportunity and putting a full management plan in place.   

Ideal client is someone that can work with larger multifamily purchases 10-100 units, but we are also very active in the smaller 1-4 unit ranges as well, especially in markets like NE Minneapolis or really anything in a 50 mile radious of Minneapolis.   

If interested please feel free to connect and we can both explore the option of working together.   

You can see some of our information at:

https://www.nrspm.com/case-studies-form

Nexus Real Estate Services is looking for an organized, independent and reliable individual to manage multi sites that are in a 40 mile radius of Brooklyn Park MN. This will involve apartment communities and single family homes.

We are in search of:

• At least 3 years of leasing or managerial experience in the rental property business
• Motivation to be a self-starter
• Independence and confidence to complete tasks with minimal supervision
• Ability and willingness to provide a high level of customer service to all residents
• Excellent verbal and written communication skills
• A high level of organization
• Proficiency in Microsoft Office and our accounting software.
• Ability to place advertising and set appointments for showings
• Receive, schedule and execute work orders through our maintenance staff

The job requires:

• Lease units (including showing apartments, resident screening, move-ins, etc.)
• Collect rents and prepare bank deposits
• Schedule outside vendors as necessary (painters, carpet cleaners, roofers, etc.)
• Establish and maintain positive resident relations
• Oversee the maintenance of the property, including supervision of caretakers
• Perform additional duties as necessary

You can submit a resume at www.NRSPM.com/careers

Yes!   I have 100 units in BP.   Has been fine.  

Overall you need to look at your structure and goals.  I am not advertising our services and simply focusing on why owners use management vs. self management.  

Using an outside service allows you to grow quickly and not be stuck in the business.     There are a million things you can do wrong or poorly in the business.  

I get frustrated in posting since any comment related to the business gets me in trouble, but is such a paramount topic that owners need to understand.  

To simplify here are key factors paid fee management will address.   I have met The founders of BP etc. so I hope this is okay to post....users/members need to understand this.  

We look for owner managed portfolios for purchase....so look at this as a checklist of how to be a target and liquidated at a discount.

1.  Get the correct rental market rate for your area using real data and years of experience.   Owners either under or over price from my observations.   Creates vacancy issues or full, but under performing property.    It is not uncommon to buy a building with 750 rents thatvreally  should be 1250....30-180% returns are realistic in buying underperforming assets.   It is a headache to turn around, butva hige service PMs provide to make it happen.

2.  Process and handle all payments timely and paperwork, this sounds easy, but is complex.   Most self managed owners have past due rent and no systems in place to manage the issues or simply charge very low rents to avoid issues.   

3.  Maintenance - do you want calls at 3AM?   I had over 35 heat calls this evening in MN due to record breaking temps     We have staff and contractors ready to go, this is a huge benefit to outside management . I get calls constantly asking for outside maintenance assistance....NO...this is a huge investment for us and not a benifit to an owner that isn’t using us.

4. Marketing - self managed marketing is typically low budget crap, I literally look for and try to buy properties on Costar etc. based on what I find (focus is 40-200 units).   Your marketing will/should have great photos, 3D scans, floorplans and be featured on a website.  If not???  You might be a target :-)    

5. Long term planning/budgets/projections    

This applies mainly to larger assets, but are you doing this?    We have a team of 3 accounting firms and in house accountants.   Real estate is very intensive on the tax and 1031 opertinity side...

As an owner this planning is where you make real money and inpact on your assets. 

I could add 50 more points, I am sure I will get removed either way since it will be seen as advertising vs advise - my opinion is it is not helpful to subscribers since this is stuff owners need to know...not just buying techniques with zero planning/recourse on fee management side as self managers.

If I get bumped I will contact the owners of BP directly and ask for a new forum option that allows these discussions outside of marketplace since all members need to learn about this area as well.  

It is needed and very lacking currently.