The Wealthy Apartment Investor Podcast
Patrick Antrim
Subscribe
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Multifamily Investment Summit, the Multifamily Innovation® Summit, the Multifamily Women® Summit and the Best Places to Work Multifamily® bring you the Wealthy Apartment Investor Podcast to help Multifamily Investors better understand Financing, Due Diligence, Proforma Deal Analysis, Syndications, Developments, and the Capital Stack. You will better understand the process and fees associated with Multifamily Investments. We help people that are winning in Multifamily win even more as we extract success strategies from top Multifamily Investors and those thriving in the industry and showcase them on our platform. We hope to empower people with the resources and knowledge to become a better Multifamily Investor.Family office and Wealth Managers subscribe to better understand the Multifamily Investments they direct. Investors with 1031 exchange north of 1 Million, Ultra and high net worth individuals, and those who experienced a liquidity event attend our events to protect investment capital. We help you understand the not so obvious that will give you the competitive advantage to attract and retain premier investor capital.
Available episodes
Newest first
Oldest first
Jun 16, 2022
Flexible Rentals: The $300 Billion Multifamily Opportunity
Merilee Karr is the CEO and Founder of UnderTheDoormat. Her vision is to make short term rentals a possibility for everyone. She’s been featured on many different news outlets, and although she’s been in the UK for the last 20 years, her experience is incredibly valuable for the US short-term rental market.
UnderTheDoormat believes there is more to short-term rentals than posting an opening on AirBnB. They’re looking to capitalize on the 300 billion dollar short-term rental market. UnderTheDoormat knows that people are valuing flexibility higher and higher, and are looking to support that market need.
*In This Episode, We Cover:*
* What you can do with the 330 billion dollar short term rental market to improve your investments
* How short term rentals are evolving with business trips and expenses
* What residents want in the current housing market
* How to prepare for short term rentals instead of just putting it up on AirBnB
* Who the best target market for short term rentals is going to be
* How it’s more than just a way to control vacancy
* Why subletting is a powerful option for any multifamily property
* What operating models are available to make short term rentals a success
* How even a 1% change can completely change the profitability of a property
* How short term rentals better let you follow the weekly and monthly changes in prices to maximize revenue
Merilee Karr
CEO and Founder of UnderTheDoormat
*Additional Resources*
UnderTheDoormat
Register for the 2023 Multifamily Investment Summit
Wealthy Apartment Investor Podcasts
playlist_add
Jun 10, 2022
Environmental Social Governance - ESG in Multifamily Investing
Paul Colgan is the Managing Partner for EA Americas, and is the Government Affairs Consultant for the Home Builders Association of Greater Chicago. He’s heavily involved with how governments are handling the desire to be more environmentally friendly in real estate.
*This Episode Discusses:*
* How the private sector (like Salesforce) is pushing a reduction in business’s carbon footprint onto other businesses
* How the government is pushing for verification and monitoring of carbon footprints of companies
* Why you need to be ready for federal regulations to come into play and how to prepare
* Why you need to be following an international standard for regulating your carbon footprint
* What the timeline for decarbonization plans is going to look like
* Companies and investors *want* to be more environmentally friendly
* What your first steps to working on your ESG should be
Paul Colgan
Managing Partner for EA Americas and the Government Affairs Consultant for the Home Builders Association of Greater Chicago
playlist_add
May 26, 2022
The New Way to Tackle Multifamily Underwriting, Make More Deals, and Save Money
Parag Goswami is the co-founder and CEO of clik.ai. He previously owned an underwriting company and saw the pain of the repetitive tasks being handed to college graduate professionals. Using his incredible background in technology and computers, he created a solution.
Clik.ai is an AI powered platform that aims to make underwriting fast and painless. It tackles the problems that asset managers, banks, investors, and more face in the real estate market. Clik.ai knows that having a fast underwriting process can allow users to execute on deals before the competition.
This episode discusses:
* Why underwriting needs to be done by an AI instead of by hand
* How AI can turn 4 hours of underwriting into 4 minutes
* How underwriting AI lets investors capture opportunities that would otherwise be lost
* What it means for AI underwriting to be the new industry standard and how to use it to make better investments
* What makes clik.ai stand out from the rest of the growing underwriting AI niche
* Why access to underwriting AI drives profits for both the biggest and smallest companies
Parag Goswami
Co-Founder and CEO of clik.ai
playlist_add
May 23, 2022
Home sharing on Airbnb for Multifamily Owners and Residents
Kayla Neller is the Director for Program Management at Migo. With over a decade of experience in all facets of the real estate and multifamily industry, she has now launched hundreds of short-term rentals across multifamily.
Richard Chandler has his background in hospitality. Now at Migo as the Director of Product and Data, he’s able to merge that experience with the expertise of multifamily professionals such as Kayla. Short-term rentals are a mix of hospitality and multifamily, so his experience is invaluable.
Migo partners with Airbnb to make flexible, short-term rentals a reality for multifamily properties. They aim to make the process simple and easy and guide operators through the pitfalls of loaning out apartments for short periods of time. Migo is a part of RealPage, a real estate and property management company.
This episode discusses:
* How to regulate home sharing and short term rentals to keep risks low
* Who is really wanting to take advantage of being able to rent out their own apartment when they’re not around
* How easily the management and regulation can be handled
* Why property owners and residents both want to rent out their apartments while they aren’t there
* That 65% of AirBnB rentals already takes place in multifamily, despite the risk of being evicted
* How to tackle cleaning and quality to make sure short term rentals are kept to a high standard, which is already the #1 most common complaint on AirBnB
* How to help residents make the best of renting out their apartment
Kayla Neller
Director for Program Management at Migo
Richard Chandler
Director of Product and Data
playlist_add
May 18, 2022
What Investors Expect - The Multifamily Opportunities for Alpha Returns
Craig Shannon is the President of Grovemont Capital Advisors. There he helps connect real estate companies with capital. As such, he has enormous insight into what investors REALLY want. As changes are happening faster and faster, Craig is able to make investors and operators get the most value possible.
This episode discusses:
* What are the three things an investor needs to be looking for
* Why real estate is so popular as an investment right now
* What the current excess of capital means for the investment market
* Why trust is the most important factor in making any investment
* How realizing your tenants are really clients can turn an investment around
* Why a 0% vacancy is a bad thing for a multifamily property
* What top properties are using for an advantage in the real estate and investment market
* When it’s correct to use equity instead of debt to raise capital, regardless of interest rates
* Why high quality people are the best asset of any investment
* How to take risks in investments and technology that will pay off instead of leaving you with arrows in your back
* Why it’s critical to always have an advisory board
Craig Shannon
President of Grovemont Capital Advisors
playlist_add
May 12, 2022
How to Find Multifamily Deals without the Risk of being a Late Mover in a Cycle
John Carlson is the President of Mark-Taylor, and has been with the company for 20 years. He leads the strategic direction and oversees business development, operations, and the property performance portfolio.
Mark-Taylor owns, develops, and operates quality multifamily properties. With over 20,000 units, they are one of the largest multifamily operators in Arizona.
In This Episode
Patrick and John discuss the following:
* Where the real estate market is and where it’s going
* What the acceleration of deals being made in 2022 means for investors after an already record setting 2021
* What 10.2% CPI change since the beginning of COVID means for the future market
* How the current market is different from the pre-crash market in ‘04 to ‘06
* Why investing in people is the most valuable investment you can make
* How smart home technology is starting to become a necessary amenity over time
* Why increased flexibility is critical to the future of multifamily
* Why giving an amazing experience is the #1 priority for any in-person interactions
* How John managed to get through moments where projects failed
playlist_add
May 9, 2022
Creating Value for Multifamily Investors by Looking Beyond Rents and Expenses
Sam Grossman is the Managing Director of Real Estate Services at Inveniam. He has a big focus on what you can do to increase the yield on multifamily investments without “just raising rent”. He’s helping companies recognize how that’s possible.
Inveniam uses blockchain technology to verify data. Trusted data and digital asset management is critical for every company in this day and age. Everyone wants more and better data, for a good reason. It can make the difference between a subpar investment and an excellent investment.
In This Episode
Patrick and Sam discuss the following:
* Why you need to do what you’re good at, but let other people do what you’re not good at
* Why raising rents and decreasing costs, what everyone’s done for years, is not going to get you to your investment goals anymore
* How new technology increases transparency with investors and managers
* How smaller businesses can get top level reporting with minimal work
* How to compete with the big names in multifamily investing
* Why it’s important to educate yourself on new opportunities and technologies before you jump on a deal
* What your team can do with faster and easier reporting
playlist_add
May 4, 2022
Tackling the Looming Apartment Affordability Problem
Danny Court is a Partner and Senior Economist at Elliott D. Pollack & Company. His analytical and data-focused mind helps him present data and forecasts in reliable and easy to understand ways. He also has experience creating and utilizing the proforma models used to make real estate purchases.
Elliott D. Pollack & Company offers real estate and economic forecasting services. They base their forecasts and analysis off of national data and strive to make it transparent.
In This Episode
Patrick and Danny discuss the following:
* A LOT of facts and data about the current real estate market, where it is, and what the economists are predicting for the future
* What the lowest vacancy rates of apartments and homes means for the real estate market
* How the absorption of the oversupply in real estate from 2008 is causing problems today
* What it means to have the most units under construction since the 1970s when there is an undersupply in the real estate market
* The problems brought up by the decrease in affordability and what we can do about them
* What it will take to get out of the low housing supply in the coming years
* Exactly what the increase in rent has been, and what the experts predict it will continue to be in the next 5 years
* Why this isn’t a real estate bubble and what that means for investors
playlist_add
Apr 28, 2022
The New Way to Achieve Multifamily Investor Target Returns
Samson Jagoras is the CEO of Growth Vue Properties. He was able to scale his marketing technology company to over 100 million in revenue in 9 years. He is now bringing his expertise to real estate.
Growth Vue Properties is a commercial real estate acquisition and asset management company. They work with various entities to diversify and improve their portfolios.
In This Episode
Patrick and Samson discuss the following:
* How the “value add” plan for multifamily is changing from just “renovate and increase rents” when you’re looking to improve an investment
* Why bringing in new technology is the best way to increase the value of your investment
* How technology is changing even faster, from 20 years for the internet, 10 years for a smartphone, and only 1 for COVID to completely reshape the landscape
* What he thinks is going to happen with how long investors are holding onto their properties
* Why you shouldn’t be betting on the market always improving and what you should be doing instead
* Whether you should be looking at multifamily investment as a “net zero” or infinite game
* What is going on with the economic correction from COVID and how it could affect the market
playlist_add
Apr 26, 2022
Trends in Real Estate Asset Management - ESG
Wendell Hill is an Asset Management Consultant with Realty Value Advisors. He has helped real estate investors reach their desired outcomes, and has been an asset manager for 20 years. He has a lot of knowledge about the environmental impact of real estate and what it means for investors.
In This Episode
Patrick and Wendell discuss the following:
* Why ESG (Environment, Social, & Governance) should be a major part of any real estate investment planning
* Why you need to be able to measure and report your ESG impacts
* How it’s not a problem that good ESG planning slows down the production and development
* Why each industry needs a unique ESG plan
* What the US government is doing to enforce and measure each company’s ESG impact
* How property development may change as the market transitions to more environmentally friendly development
* How you need to be socially responsible for your development
playlist_add
Apr 11, 2022
Build to Rent - What will the Impact be with Horizontal Apartment Development
Todd Wood is the CEO of Christopher Todd Communities. Although his background may have been in bread production, he gained valuable insight into business in the process. He is now taking these learnings and applying them to the real estate and multifamily industries and challenging the current status quo.
Christopher Todd Communities is built around an innovative product: the single story rental community (SSRC). They take built-to-rent to another level, building complete higher-end communities of separate homes to rent. The new approach is now changing how investors and local government look at new developments.
* What the #1 complaint is from multifamily residents
* Why being pet friendly is so important to renters
* How SSRCs reduce friction for previous homeowners that are now looking to rent
* How exactly an SSRC compares to a standard multifamily property in construction, rents, costs, and more (and it’s looking good!)
* How SSRCs are able to get approval from local…
playlist_add
Nov 13, 2021
Why Investors Should Pay Attention to Secondary Markets
Patrick Antrim, Founder and CEO of Multifamily Leadership, Producers of the Multifamily Investment Summit, the Multifamily Innovation® Summit, the Multifamily Women® Summit and the Best Places to Work Multifamily® bring you the Wealthy Apartment Investor Podcast to help Multifamily Investors better understand Financing, Due Diligence, Proforma Deal Analysis, Syndications, Developments, and the Capital Stack. You will better understand the process and fees associated with Multifamily Investments. We help people that are winning in Multifamily win even more as we extract success strategies from top Multifamily Investors and those thriving in the industry and showcase them on our platform. We hope to empower people with the resources and knowledge to become a better Multifamily Investor. Family office and Wealth Managers subscribe to better understand the Multifamily Investments they direct. Investors with 1031 exchange north of 1 Million, Ultra and high net worth individuals, and thos…
playlist_add
Nov 13, 2021
Why Averages Lie
Patrick Antrim, CEO of Multifamily Leadership says he was trained by a developer, and they tend to have a long-term view of things. A syndicator might not bother to fix long-term problems, which affects the brand. Now, Tanner Bickelhaupt is starting developing work.
Mark Taylor was the manager for the first deal Tanner Bickelhaupt ever syndicated.
“We kind of take things from different management companies. Each one has a different strength. But Mark Taylor with data in particular… it just can provide some clarity sometimes when things are out of skew,” said Bickelhaupt.
(3:54) – Averages from deal points can get lost in the mix.
From the investor perspective, Bickelhaupt gave the example of LP investors who ask for a track record.
“They get it, but they’re not really sure what they’re looking at. Some companies will boast, ‘We’ve had a 30% IRR’ – I’m just making that up, but a round number. But when you go through an you look, there’s anomalies in there.…
playlist_add
Nov 9, 2021
Using Data to Reduce Bias in Real Estate - John Carlson
Using Data to Reduce Bias in Real Estate John Carlson, President of Mark Taylor Investment Management
John Carlson is responsible for strategy, operations, new business development, and property portfolio performance for over 19,000 luxury apartment units across Arizona and Nevada for Mark Taylor. Jeff Mark and Scott Taylor founded the company in 1985. Today, Mark Taylor is the largest multifamily developer in the state of Arizona; the company has built more than 20,000 units there. Decades of Data
(1:44) – Today, about 82% of Mark Taylor’s apartment units are managed by third parties.
“What you have to know about Jeff and Scott is, a lot of their decision making over the course of those three plus decades has been translated through the lens of data. A lot of it through Scott’s background – he’s a CPA by trade,” said Carlson. “He really had to, from the ground up, understand the fundamentals of Phoenix, understand how the metro ticked from jobs to population growth…
playlist_add
Nov 9, 2021
Understanding the Multifamily Investment proforma and avoiding pitfalls of assumptions
playlist_add
Nov 9, 2021
Protecting Investor Wealth During Market Downturns
Protecting Investor Wealth During Market Downturns Tanner Bickelhaupt, CEO and Founder of the Tanbic Company
Tanner Bickelhaupt has been investing, developing, and looking at new deals for the full cycle. He owns and operates a management company and has been successful across several asset classes in different markets. He’s also made it through different economic cycles and come out on top. Just Because the Market is Good Doesn’t Mean You Don’t Need to be Cautious
(1:30) – Right now, the markets are at a high. It’s normal to talk about how to protect investor wealth during a downturn, but you can’t forget about precautions during the good times.
Bickelhaupt says some syndicators are in the mindset that they have capital and want to spend it right now in a get-rich-quick scheme. The healthier viewpoint is just to invest and preserve capital.
“Basically, how can I have enough runway? Because the things that never happen, happen all the time,” said Bickelhaupt. The p…
playlist_add
Nov 9, 2021
Multifamily Outlook Danny Court
Multifamily Outlook Danny Court, Partner and Senior Economist with Elliott D. Pollack & Company
Danny Court is part of a group of economists focused on economic forecasting and how that plays into real estate. For multifamily, Elliot D. Pollack & Company is more involved with the planning and development part of things – scoping out sites, navigating regulatory or political issues, helping with zoning conflicts. They’ll get involved in government if necessary.
Data for Multifamily
(2:10) – Court’s team has found that the economy is recovering very well, which he attributes to vaccinations. There’s a lot of pent-up demand, and plenty of people who kept their jobs and built up income but didn’t have anywhere to spend it. Overall, there’s a great outlook for the next few years.
“We didn’t have a real recession,” explained Court. “There was a recession, we lost a lot of jobs, but this was not because of the economy, it was a government-induced shutdown for Covid…
playlist_add
Nov 9, 2021
Leveraging Strategic Relationships
Leveraging Strategic Relationships Tanner Bickelhaupt, CEO and Founder of the Tanbic Company
Growing a Business Outward, Not Upward
(1:24) – When first bringing an attorney onto Bickelhaupt’s team, he says he considered things like deal structures and experience. Tanbic’s attorney and CPA, as well as his management team all contribute something specific. He says outsourcing things on the operations side has been more affordable and has lead to better sharing of ideas.
“You can have a really big team by having relationships where they’re on the payroll but we’re only paying for what we’re using specifically. Attorneys are very expensive, CPAs are very expensive, and it’s just trying to be as efficient with the dollars as possible. That all flows back to the investor anyway,” said Bickelhaupt.
(3:16) – Patrick Antrim, CEO of Multifamily Leadership, brings up that growth isn’t about headcount; business growth can be seen through cash flow or through other resul…
playlist_add
Nov 9, 2021
How to Value Real Estate Cap Rate vs. Return on Cost
How to Value Real Estate, Cap Rate vs. Return on Cost Tanner Bickelhaupt, CEO and Founder of the Tanbic Company
(0:50) – Price for unit matters right now more than it ever has, Tanner Bickelhaupt of the Tanbic Company says. People tend to lower their rent in competitive markets, but then it becomes a competition over who can go the lowest.
“Specifically where we’re focused right now is, we believe that when everything is trading and it’s constantly just raising the price per pound, what people are buying for, what that’s also doing is, it’s locking in their rent,” said Bickelhaupt. “Because it’s locking in these debt-service-coverage ratios.”
Finding land is a big deal right now, though underwriting hasn’t let up. Tanbic will look for tertiary markets that people would be interested in living in, but where housing rates might be sky-high, implying that people are more likely to be renting.
“If we’re in a spot that allows people to participate in the amenit…
playlist_add
Nov 9, 2021
How To Be An Apartment Syndicator
How to Be an Apartment Syndicator Thomas Morgan, Attorney with Sherman & Howard
Tanner Bickelhaupt, CEO and Founder of the Tanbic Company
Tom Morgan works with apartment syndication and funds for Sherman & Howard. He’s been there for about 8 years, after serving in a similar practice for 15 years prior. He has a background in taxes and securities.
(13:20) “I draw on that to structure the transactions, because they’re both intertwined, because of how you structure the cash flow, the deal, the flow of funds, and then also how you make it complaint to raise money from the investors,” said Morgan.
His current practice focuses on capital markets, securities, finance, real estate mergers and acquisitions, and corporate and transactional law.
Tanner Bickelhaupt also works in acquisitions and says Morgan is his go-to guy anytime he’s involved in that process. Syndication
(:50) – Tanner Bickelhaupt says once Tanbic decided to get going on a project, his attorney, Tom Morgan, w…
playlist_add
Nov 9, 2021
How the Capital Stack Works in Private Real Estate
How the Capital Stack Works in Private Real Estate Tanner Bickelhaupt, CEO and Founder of the Tanbic Company
Deal Complications
(0:40) – The simple question of who owns the deal can prove to be complex.
Bickelhaupt chimed in with his own experience. “We picked a buyer and I was sent the deal for equity from another person that was syndicating into the syndication of the deal. If you think about that circle. So I’m thinking like, ‘Who’s that equity and how many times are they getting promoted?’”
Bickelhaupt explains, typically an investor in an LP pays a fee. If you’re paying to more people than you anticipated, that fee multiplies. Understanding the organization of the LLC will help you understand risk.
“The business plan will show you the return parameters, but it doesn’t show you the risk is getting greater as you go or as it changes.”
(3:25) – Sometimes people figure the value doesn’t matter if they aren’t a seller. That’s only fine if you’re hi…
playlist_add
Nov 9, 2021
Horizontal Apartment Developments
Horizontal Apartment Developments Steve La Terra – Chief Executive Officer of TerraLane Communities
Steve La Terra started TerraLane Communities in 2019, aiming to build detached one-story one- and two-bedroom apartments. The one-bedrooms are paired within one structure, as are the two-bedroom units. These are not designed for family renters; TerraLane is renting to apartment dwellers that fall primarily into two categories: the Millennial renter, and the moved-out empty nester. The Learning Process
(2:40) – La Terra came from the analytical side of things.
“What I’ve learned most is that this product that we’ve become a part of and was created by others has generated a spark in the market that no one anticipated – including me,” said La Terra.
He was doing analytics for people involved in this business and saw an opportunity. He jumped on board as a developer and operator.
“In the last two years, what I’ve seen has been remarkable,” said La Terra. “The inter…
playlist_add
Nov 9, 2021
Financial Engineering Traps Investors Should Watch Out For
Financial Engineering Traps Investors Should Watch Out For Tanner Bickelhaupt, CEO and Founder of the Tanbic Company
Patrick Antrim, CEO of Multifamily Leadership, brings up that timing of money coming in or things like assumptions and expectations can create gaps. Internal Rate of Return Can Be Manipulated
(1:05) – Bickelhaupt says he used to put IRR in his projections.
“If anyone really fully tells you they understand IR, they’re either in finance or whatever. So basically to simplify it, it’s the time value of your money. So the way you can manipulate that is either the money of the time. Those are the valuables.”
Check on things like whether the equity is going in at the exact same time as the rest of the capital.
Boosting IRR can raise the cap rating. A group can raise debt and have lines of credit. They’ll buy the asset and use certain debt for the value-add things and burn through that, then they’ll call in other capital. If they held a deal for two years and…
playlist_add
Nov 9, 2021
Apartment Innovation Strategies
Apartment Innovation Strategies David Haldi, Founder and President of CredHub
CredHub is a rental payment reporting company that helps property managers reduce delinquent payments and add new revenue. David Haldi is the Founder and President of this company that hopes to help investors get the money they’re owed, while helping residents.
“We kind of have a program where everyone wins,” said Haldi. “The resident wins because they’re finally getting credit for their largest payment: their rent. We have 52 million Americans today that are credit-invisible. So we’ve developed a system that’s very automated that extracts the rental payment data and we deliver it directly to TransUnion, Equifax, and Experian. So it can increase their credit score on average 20-70 points.”
The tech includes a past-due revenue program that encourages people to pay on time. CredHub also chimes in ahead of the collections process. People will want their delinquent payment knocked off their cre…
playlist_add