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Multifamily Investing [email protected] Help: (305) 333-1155 Multifamily Investing The Handbook for Raising the Net Operating Income (NOI) on Your Apartment Building Investments Produced by the Multifamily Syndicate i [email protected] Help: (305) 333-1155 ii [email protected] Help: (305) 333-1155 Dedicated in memory to my friend Douglas MacLean iii Visit: http://FamilyOffices.com/Syndicate [email protected] Help: (305) 333-1155 iv [email protected] Help: (305) 333-1155 Table of Contents Chapter 1: Overview_______________________________________Page 9 Chapter 2: Investment Strategies_____________________________Page 17 Chapter 3: Deal Origination_________________________________Page 31 Chapter 4: Expense Reduction Checklist_______________________Page 45 Chapter 5: Energy Saving Strategies__________________________Page 53 Chapter 6: 30 Ways to Increase Revenue______________________Page 59 Chapter 7: Superior Debt Navigation_________________________Page 73 Chapter 8: Future of Multifamily Investing_____________________Page 81 v Visit: http://FamilyOffices.com/Syndicate [email protected] Help: (305) 333-1155 vi [email protected] Help: (305) 333-1155 Disclosure The contents of this book, including any videos presented herein, do not constitute an investment recommendation. As such, this book does not contain all information that a prospective investor may desire in evaluating an investment strategy or individual investment. Each investor must rely on his or her own examination of an investment strategy or individual investment, including the merits and risks involved in making an investment decision. Prior to making an investment decision, a prospective investor should consult his or her own counsel, accountants, and other advisors to evaluate the merits of an investment strategy or individual investment. Additionally, any discussion of the past performance of any investment strategy or individual investment should not be relied on as a guarantee of future performance, and no warranty of future performance is intended or implied. Please check with an attorney or compliance officer before taking any actions mentioned in this book. Certain debt, equity, expense reduction, revenue adding, or other real estate investment details provided here may or may not be possible or legal in your jurisdiction and ensuring you are acting within the bounds of the law within your area is your own responsibility. The ideas included here are to help bring fresh ways to increase NOI to apartment buildings investments but the interviewees, author, and companies associated with this publication cannot be held liable for any result or lack of results from taking action on anything taken from this publication or any referenced resources. vii Visit: http://FamilyOffices.com/Syndicate [email protected] Help: (305) 333-1155 viii [email protected] Help: (305) 333-1155 Chapter 1: Introduction Through running our Multifamily Syndicate of 475 investment firms all focused on investing in apartment buildings, we have found a wide variety of investment strategies, philosophies, and ways to succeed in the marketplace. This book draws from the deals we examine, the debt deals we underwrite, the 300+ financings our team has closed during our careers, and the 20 families we represent worth over $100M apiece who almost all invest in real estate. The purpose of this book is to focus on what matters most when investing in apartment buildings (also known as multifamily investing) and boosting the NOI on the property. There are many resources on property management, valuation, definitions, history, statistics, market reports, etc. But at the end the day, nothing moves the needle more and is a better investment of time than investing in the processes and strategies that will boost the NOI on your properties and ultimately increase your returns. The goal of this 90-page book is to give you the #1 most thorough resource and exhaustive source of ideas for you to improve the returns on your multifamily investments. This book will start out with a very brief introduction of the multifamily space and then cover everything related to boosting NOI on a property, from superior deal origination and debt structures to energy saving devices and newfound revenue sources. The entire book is written to be consumed in less than 60 minutes. We made it this concise because we know your time is 9 Capital Raising by Richard C. Wilson [email protected] Help: (305) 333-1155 limited and valuable. We have included links to webinars, videos of expert panel discussions, and other resources to help you dive deeper into the topics discussed in this book. Investors have poured billions of dollars into the multifamily segment, but consumers—from the millennial seeking an amenity-rich apartment to the Alzheimer patient in need of a memory-care facility—have proven that there is still strong demand for new development. Investors and developers have many reasons to like the multifamily segment. Perhaps chief among those reasons are the financial incentives. Multifamily dwellings provide owners with a diverse base of renters that provide monthly income without the same risk of losing a high percentage of that income as, say, a commercial building, where one tenant makes up a larger percentage of the net income than any individual multifamily occupant. Furthermore, the government and agency lenders (Fannie Mae, Freddie Mac, and FHA) have numerous programs that incentivize development, ownership, and repositioning of multifamily properties, especially in senior housing and affordable housing where the government wants to encourage developers with cheap financing and other incentives. The asset class has proven stable and many investors over the last several years have experienced substantial appreciation along with steady income, making multifamily an essential part of many investors’ portfolios. Indeed, over the last couple decades, private equity firms and hedge funds have joined the ranks of multifamily property owners, often making multi-million- dollar acquisitions. But most multifamily properties aren’t owned by hedge funds and alternative investment firms. Most owners of apartment buildings and multi-unit 10 [email protected] Help: (305) 333-1155 dwellings are more typical investors, from a local business owner looking to diversify with a twelve-plex to a high-net-worth family that have owned several properties in the area for a generation or more. Many so-called “average investors” have been drawn to multifamily by the ability to obtain financing and the encouragement from financial gurus like those who have spoken at our real estate conferences, such as Grant Cardone and David Lindahl. If you go into multifamily the right way, over the next decade it could be the best investment of your lifetime — and I put my money where my mouth is. I currently own almost 4,000 apartments and will soon have over 5,000. - Grant Cardone, bestselling author, multifamily investor, and panelist at our Real Estate Investor Summit in 2017 In the years since the financial crisis occurred and the housing bubble burst, many institutional investors and family offices rushed in to scoop up undervalued multifamily properties. The collapse of the U.S. housing market left many over-levered real estate investors facing debt payments that were too high and in many cases the banks or lenders took the buildings in lieu of late or defaulted loan payments. Thousands of properties were sold for distressed prices either by the bank or owners looking to cut bait and sell in a difficult real estate environment. Free Book: If this is the first time you are hearing about the family office investor concept please learn more by downloading a free copy of our bestselling: http://FamilyOffices.com 11 Visit: http://FamilyOffices.com/Syndicate [email protected] Help: (305) 333-1155 Private equity firms, family offices, and even hedge funds capitalized on the opportunity, funneling billions of dollars in private capital to buy cash- flowing apartment complexes, condominiums, and commercial buildings. As we discuss at our many Family Office Deal Flow & Family Office Real Estate Investor Summits each year (http://FamilyOffices.com/Real), there are numerous reasons that family offices and other institutional investors are attracted to this corner of the real estate market. Here are a few of the reasons: 1) Cash-Flow: Family offices are buying multifamily real estate in large part out of pursuit of cash flow. A tenanted real estate property means that, assuming operating expenses are reasonable (including debt, importantly) and that you’ve selected a building at an attractive rate, you could see a profit in the first month. If you’ve ever rented an apartment in NYC (as I have), you know that apartment building owners may go several years without making any improvements to the property. Other, more active owners will make modest improvements to the facilities and the units over time in order to increase the NOI per unit and boost the overall value of the building. Consider, for example, if a building owner decides to add a second bathroom to a 2-bedroom unit. That addition could increase the rent for that unit because with separate bathrooms, a two-bedroom apartment becomes more attractive to two renters sharing the apartment (and combining their income to pay more rent than a single renter would). For family offices and other investors in multifamily,
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