Just Another Value Add
@ValueAddGuy
Over a decade in commercial real estate. Mostly in small multi-family. X's and Tweets are not advice.
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We’ve never seen higher retention on our 1 bedroom units We’ve also never seen so many 1 bedroom units sitting vacant for so long
Update on spring leasing in the midwest Getting strong traffic on 1-3 bedrooms. Rents are pushing, but not screaming up Retention up vs. last year Short term and midterm rentals are almost as strong as the covid boom Not seeing many concessions out there except on 5+ bedroom
Recent closing on a building I was paying off a construction loan on from a local bank: 50% LTV, 3 year 7.25% 20 year amortization, first 2 years interest only with a 1% prepay
Update here on insurance. 3 different quotes I received. $9,000/yr $17,000/yr $24,000/yr
The insurance quotes I'm seeing coming in for a late 1800's apartment building in the midwest are crazy high
The insurance quotes I'm seeing coming in for a late 1800's apartment building in the midwest are crazy high
6 days apart I priced a loan with a private lender for a cash out refi on a 3 unit. 30 year fixed. 75% LTV March 27: 7.63% April 4: 7.31% 30 year, 10 years interest only. 70% LTV March 27: 7.39% April 4: 6.92%
Powell’ revived “transitory” just in time. If he sees tariff driven inflation as short lived, he’s got the cover to cut rates in May, or even earlier.
Powell at key inflection points June 2019: Act as appropriate to sustain the expansion August 2024: Further weakness in labor market is not desirable April 2025: Our obligation is to keep longer-term inflation expectations well anchored
I offered the tenants of a brick 6 unit all two year leases extensions in early March. Their current leases go through August or September 2025. None of them took me up on it. But every single one of them signed through September 2026.
It took me longer than I'd like to admit to get this through my head: Just because a building is in a 'good location' it doesn't mean it will attract the type of tenants you think it will.
Something interesting going on with Furnished Finder. The amount of listings are up nearly 4x compared to last year. We have seen steady demand still, but it's obvious that some of the Airbnb listings are starting to convert over.
Talked to a local bank with a small footprint today. 5 year loan with a 20yr amortization at 7.15% 2-3 years of interest only and no prepayment penalty. Small multi
I have 2 small multi properties under contract for sale. Both are 1031 exchange buyers
Pre 2020 there was a lot of demand in a college town we invest in for 5,6,7 bedroom houses. Since then they have been receiving very little to no applications for rent.
Every city has a 'hot' leasing time of the year. For many that is June-Sept. What makes a college town unique is that you are supercharging those months with demand. The population changes drastically when the students move in. Even if your target market isn't students
A few leasing updates: In April and so far in May we have seen a lot of demand for vacant units. Prices are also ticking up compared to last year. Mid-term rental demand has fallen off a cliff. Short term rentals are down, but not as bad as the mid-term units.
Quoted an 8 unit value add project with a hard money lender Acquisition with no rehab money: 30yr fixed 75% LTV with 1.2% DSCR, 8.5-8.75% interest only for 10 years Acquisition with rehab costs: 12 month bridge, 11% interest only. 75-80% purchase price, 100% rehab cost, 70% ARV
Definitely seeing more deal flow, but sellers expectations still haven't come down enough to get something done. The stock marketing dropping significantly is probably the only thing that pushes them to transact
Was just quoted 8.5%, 5 year balloon with 20 year amortization from a local bank we have done a lot of business with
One of the hardest things for me about renovating older buildings Refinish the beat up and uneven hardwood floors, or lay over them?
There’s a big difference between an owner who will pick up trash when they visit their property and one that won’t
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