All Forum Posts by: Matt Faircloth

Hey Everyone!

I really can't wait for this conference. So honored and excited to be a part. I believe in "audience-driven" conversations, so if you are planning to attend, what do you hope the speakers shed some light on? Where the market is going? Strategies for finding deals? Building a team? What else? Plenty of the speakers for the event are here on this post so if you put out a topic or two, it will likely make it's way to the main stage!

Looking forward to it! Thanks for all you do for the real estate community @Joe Fairless!!

Matt

Looking forward to it!  Thanks for putting this together @Justin Eaton!!

Thanks for the shout out @Nathan Gesner!!

Hey Everyone!  We own several apartment building assets in Lexington Kentucky and are purchasing more there.  We are looking for a local contact that can act as our Asset and Construction Manager.  This would consist of regular visits to the sites (daily) to inspect vacant units, work being completed, and meet with the Property Manager on lease up of vacant units.  There is a potential to earn equity for the right candidate also, and expansion to new assets to manage in the market.

@Ahmed Sublaban , thanks for the shout out.  I think you will do just fine in this business.  At your core, you are a winner.  The Price is Right thing only validated that for me.  I wish you the best of luck and it was a true pleasure to meet you.

Looking forward to meeting everyone!

Thanks for the tag @Jason D.   There is a ton of wisdom on this post already but I will try and add some thoughts.

@Chris Tracy , I would go one of two ways with this.  Either of these scenarios assumes that the deal has a good operator, a solid business plan, and produces an attractive return.

If you think that you have the network to raise the funds, then I would create a solid offering memorandum, get a good SEC attorney, and assemble a syndication.  Then shake your network tree as hard as you can until you have the funds raised.  It's a large risk on your part because if the deal doesn't go through, you are out a bunch of time and a bunch of your or someone else's money.  Trying to put something this big together and failing may end your career in this business.

Maybe you don't have the network.  Then you need to bring in a partner asap.  Find someone on BP that is an expert in the deal type and geography of the deal and work out a deal for them to take over.  You should be able to negotiate a solid slice of equity for yourself as a "bird dog" fee.  You may need to swallow your pride a little to go this direction but if you pick the right partner, you take a little risk and have a good chance of getting paid.

I hope that helps!

Matt

Thanks for the input everyone!  From all your feedback and from more thoughts on our side, we decided it was worth the cost to run the vent outside.

Hey BP,

We are buying an apartment complex in Kentucky.  One of the value-adds we want to do is add a washer dryer hook up in the units as we can get a nice rent increase for it.  We are running into a problem on finding a clear way to vent the dryers outside, and our construction manager is recommending a Water Box.  For those that don't know, this is exactly what it sounds like, a small box of water that the dryer vents into.  The water traps any lint and drops out the water from the dryer discharge.  The problem with them is that if there is not enough water in them they can discharge lint throughout the unit (fire hazard) or cause water and high humidity to the unit (mold).  They need to be properly maintained with the right amount of water to avoid these issues.  I don't want to rely on the tenants so we would be integrating that into the on site maintenance program (it's a 166 unit with two on site staff maintenance techs so we could do that easily).  The installation of the boxes will run around $30 a door versus around $500 a door to run the vent outside.  

I wanted to see if any landlords out there had any experience with Water Boxes, good or bad.  Please chime in!  I will tag a few - @Andrew Cushman, @Brian Burke , and @Ben Leybovich

Thanks!

Looking forward to it!  Thanks for putting this together!