By LanceEdwards on March 14, 2009
Once you have a property manager in place to manage your multifamily property, you need to be able to track his or her performance. There are four reports that are essential to tracking a property manager’s performance. The information from these four reports will help you to evaluate the job that your manager is doing [...]
Posted in Investing
By LanceEdwards on March 12, 2009
During the due diligence period of the contract on a multifamily property, you are doing a financial inspection and a physical inspection. Some lenders require an environmental inspection as well. During this important phase of the contract, you will need to request and inspect the rent roll of the property, copies of all current leases [...]
Posted in Investing
By LanceEdwards on March 12, 2009
Property management is considered to be a necessary evil by many multifamily property owners. As the owner, you do not want to be in the property management business. It will cost you some of your NOI to hire property managers but your time is much better utilized in finding deals than in managing properties. Here [...]
Posted in Investing
By LanceEdwards on March 7, 2009
So you have found a multifamily property and you would like to close the deal. How do you close it if you want to hold it? Do you know the process that is involved? There is a simple 3 step process to follow to wrap up your multifamily deal. It involves qualifying the deal, due [...]
Posted in Investing
By LanceEdwards on March 6, 2009
The second step in the three step process of contracting and closing a multifamily deal involves composing a letter of intent for the seller. A letter of intent is a principle of understanding. It is a general agreement of what you plan to do so that you know you will not spend a lot of [...]
Posted in Investing
By LanceEdwards on March 5, 2009
Direct Mail is the best technique to use when trying to generate leads and find sellers of multifamily properties. It is such a simple and effective tool and it costs you very little. Here are some tips on how to use direct mail marketing in your multifamily investing business. Direct mail marketing merely involves mailing [...]
Posted in Develop Your Skill
By LanceEdwards on March 5, 2009
If you are using a direct mail marketing campaign to reach potential sellers of multifamily properties, you need to have an effective call script in place for when the inquiry calls start rolling in. You need to keep three objectives in mind when speaking with an interested seller. You need to build a rapport, qualify [...]
Posted in Develop Your Skill
By LanceEdwards on March 5, 2009
There are many terms that are thrown around in the real estate investment arena. One of these terms is bird dog. A real estate bird dog, much like its canine counterpart, is out hunting deals. A bird dog is someone who finds something that looks like a deal and then hands it off for you [...]
Posted in Develop Your Skill
By LanceEdwards on March 4, 2009
Utilizing the services of a broker can be advantageous for you when you are searching for multifamily properties. The key to working with a broker is to build a relationship and “train” that broker into knowing exactly what you look for in a multifamily property. Here are some tips to guide you in what you [...]
Posted in Develop Your Skill
By LanceEdwards on March 4, 2009
Once you decide to begin a direct mail campaign to a targeted list of owners of multifamily properties, you need to have a specific message that you want to deliver. How do you get responses to your letters? Here are some tips to not only get your letter opened but read and responded to. First, [...]
Posted in Develop Your Skill
