Apartment Geek Weekly #34 - A Perspective from one of San Diego's most respected Management Companies
Chris sits down with Nick Crandall, VP of Torrey Pines Property Management to discuss big picture vantage point of managing multifamily properties in San Diego. With almost 4,000 units under management, Nick and his firm offer a valuable perspective on current topics in the apartment world.
Apartment Geek Weekly #33 - Benefits of thinking bigger with apartment opportunities
On this weeks episode of the Apartment Geek we talk about why larger properties can become more efficient and profitable “machines” through the implementation of systems an economies of scale. Smart ownership and management can profit more and add greater value via exchanging into larger assets.
Apartment Geek Weekly #32 - Insights to Consider with CA Rent Restrictions
Chris sits down with Hunter Beaumont of Cazador Investments to discuss possible impact from the newly passed AB-1482.
The bill may backfire for tenants as rents could rise quicker now. Long Term landlords in it for the simple cashflow may actually benefit due to a rising tide which raises all boats. It may have a negative impact on the sales market and property values in the short term for a few reasons.
Tenants may feel more “empowered” and in control which could lead to higher legal costs and greater attention to other components. While 1 month relocation cost is not a huge hit upon removing a tenant with a 60 day to remodel the interior, the landscape of required permits for remodels poses uncertainty that may remove several value add Buyers from the marketplace.
Listen in for a few different perspectives on how things may look moving forward for San Diego landlords.
Apartment Geek Weekly #31 - The importance of giving back - especially after success
Listen in for a discussion with Masud Sarwary, for a reminder that giving and helping others really does feel good and tends to open people up for a lot more positive growth in the world. Giving and helping is addictive and can do amazing things fairly quickly. Masud Sarwary is an inspiration to me with some of the organizations he supports and events he puts on. Some are actually amazing parties to boot!
Apartment Geek Weekly #30 - A deep talk with a distinguished business coach who's helping entrepreneurs in an unconventional way
Despite feeling a bit foggy, I had the pleasure to carve out some time with Greg Clowminzer on a video call to discuss the nature of mindset and how looking in the right direction allows for a more natural and creative way to prosper in business and life. It’s deep!
Greg Clowminzer is a pioneering, transformational business and life coach who has a unique way of helping professionals by educating them how their minds work and how human beings create their experience. He offers year long coaching engagements, live events, and webinars to professionals and entrepreneurs who are dealing with business challenges and performance related issues.
Next week, I have a really special guest regarding philanthropy and giving back. Happy Investing until next time. Chris Robinson
Apartment Geek Weekly #29 - The Power of Human Connection and Peer Groups
Chris had the pleasure to sit down with Andrew Feghali, an accomplished restaurant entrepreneur and executive peer group leader. Listen in for a discussion on why gathering like-minded individuals together in a focused environment is both powerful and impacting. Enjoy and Happy Investing!
Apartment Geek Weekly #28 - Risk and Rewards of Partnerships
Business partnerships are practical and rewarding yet come with risk; just like marriages. Knowing who you’re “getting into bed with” may seem like common sense yet I often see dysfunctional partnerships due to poor upfront planning. A written master plan / management agreement that everybody signs will offer structure and accountability – this way responsibilities, priorities and goals are generally aligned. (i.e. How are turnovers handled, rent increases, capital improvements, monthly draws, year-end bonuses, banking, management, points of contact, refinancing, future sale, etc). Have all partners sign this (handwritten if need be or have an attorney draft into a simple partner agreement – doesn’t have to be complex). It’s also valuable upfront (NOW) to calendar mandatory partner meetings to audit the condition, performance and ensure partners are carrying their weight. Keep these brief, quarterly or semi annually and do over coffee or at the property is ideal. Go out 12 months on your e-calendars so people don’t forget – these are priceless for boosting property performance and ensuring better property condition. Happy investing and let me know if I can help you plan and execute.
Apartment Geek Weekly #27 - Delayed gratification & the importance of specialization rather than chasing the appeal of a quick $
Listen in on a discussion about delayed gratification and the importance of specialization with Cameron Aldrich, one of Title Insurance’s most successful reps and The Apartment Geek.
Apartment Geek Weekly #26 - Life as an Apartment Broker
From being cold called, cold calling owners himself and dealing with the paperwork necessary to transact in our day and age, listen in for a unique perspective on the good & bad aspects of being an apartment broker.
Apartment Geek Weekly #25 - A change of perspective - Philosophy of another young San Diego investor
Chris sits down with Kenny Simpson who not only runs a successful residential financing business but also owns a number of apartment units personally. Listen in on what’s important during younger years of investing and the focus after making equity and wanting to put it to work to support an amazing lifestyle! I’m proud of the first episode in discussing insights with other members of the community.
Apartment Geek Weekly #24 - PETS - yay or nay on renting to them?
In business, it’s important to know your clientele and how their priorities change over time. With cost effective and popular new flooring materials like vinyl planks and other durable manufactured flooring, its easier, cleaner and way more cost effective to have pets live in a unit than the old times when carpet was your only go to option. When landlords use common sense, asking the right questions, meeting or seeing photos of the animal, charging a premium pet rent AND getting an increased pet deposit, there are several benefits to allowing them in your building. Also, did you know the # 1 desired amenity in apartment complexes that residents voted on is common area space for their pet! Reach out to me if you want a list of the questions to ask a prospective tenant pertaining to their animal. Happy investing!
Apartment Geek Weekly #23 - Pros and Cons of short term rentals
Short Term rentals may be enticing and profitable on the short end but listen why there is an opportunity cost to growing a more sustainable model for passive income! Have an awesome week and let me know if I can be of help exploring insights you may have
Apartment Geek Weekly #22 - What is Micro-Location?
How “harder to find” properties in quiet neighborhoods are more desirable today because of mapping technology and easy navigation via online maps (maintenance crew, prospective tenants etc). Tenants love being in “harder to find” locations because typically, this comes with less noise and more privacy. Landlords with these properties “pre-internet” were at the mercy of explaining to prospective tenants how to find the property. They lacked street traffic/signage which used to be a significant driver for fillings vacancies. Times have changed and the desirability for certain properties has as well!
Apartment Geek Weekly #21 - Fearful of debt or is it your best friend?
Get Chris’ two cents on the different schools of thought with regards to refinancing in the apartment business. Why is debt so valuable and why is pulling money out to purchase more units so dynamic? Tune in for a short and sweet episode this week.
Apartment Geek Weekly #20 - How San Diego Apartments hold up in a Recession
Disclaimer that today is a longer video (9+ minutes) as I wanted to recap how multifamily does during a recessionary market and why investors take a lower return for the privilege of owning rental property in San Diego.
Apartment Geek Weekly #19- GRM Vs. Cap Rate
The Gross Rent Multiplier (GRM) is one of the least used financial indicators on evaluating an apartment building purchase. Listen to Chris explain why just focusing on Cap Rate in the beginning is dangerous. Using GRM on current, stabilized, remodeled rents offers a fool proof gut on whether the investment will work for you or not. Cap Rate is precise when used accurately but because it is dependent on expenses, its commonly inaccurate as most brokers selling properties lack the skillset to accurately underwrite the expense load! When buying or selling, contact Chris who is a Pro on deciphering between reality and B.S.
Apartment Geek Weekly #18 - Statewide CA Rent Control?
Chime in for 7 minutes (both a longer & scarier episode today) on items within the looming Statewide rent control. Assembly Bill (AB-1482) proposes a cap on yearly rent increases effective March 15, 2020 for the entire State (yes retroactive potentially to March 15 which personally irks me) which if combined with changes in “just cause” evictions could have a negative impact on values and upside. Call Chris to stay ahead of the curve with a vigilant eye around this assembly bill which the Senate will be voting on soon..
Apartment Geek Weekly #17 - Are new windows and roofs worth the money prior to a sale?
Chris shares his take on whether it’s worth spending your good money to put in new vinyl windows / doors at your property and new roofs in preparation to sell
Apartment Geek Weekly #16 - Various Retirement Strategies from Apartment Ownership - Part 3
2 last ideas from Chris to consider when retiring from apartments. the CRT (charitable remainder trust) and the DST (deferred sales trust). Reach out to Chris for an elaboration on any of the 6 options in any of the 3 episodes!
Apartment Geek Weekly #15 - Various Retirement Strategies from Apartment Ownership - Part 2
Chris talks about the single-tenant NNN product type and Management Companies in Part 2 of Retirement Strategies
Apartment Geek Weekly #14 - Various exit strategies when retiring from the apartment business - Part 1
Part 1 of a 3 part series discussing the methods to retire from your apartment property(ies).
Apartment Geek Weekly #13 - “Location” and the different factors to be aware of.
Chris shares insights on the main differences between buying in an A/B location versus a C location for apartment investing.
Apartment Geek Weekly #12 - RUBS? The Inside Scoop
What happens when your tenants are responsible for a portion of water/sewer & trash at your property? Tune into a snapshot of what Ratio Utility Billing Systems (RUBS) are; and what they can do.
Apartment Geek Weekly #11 - Staying local or going out of area on buying apartments
In this short video, Chris discusses the pro’s and con’s of staying in San Diego with your apartment acquisitions vs. going out of area/out of state.
Apartment Geek Weekly #10 - Property Inspections
Chris discusses paramount factors to consider and be aware of when purchasing an apartment building.
Apartment Geek Weekly #9 -
Renting vs. Buying a Rental Home
Why it’s better to rent when you go on vacation and invest your money in your home town.
Apartment Geek Weekly #8 - What to do when a tenant requests a unit “upgrade.”
Tenant’s unit, this is a video to watch.
Apartment Geek Weekly #7 - What to expect for the San Diego multifamily market. 2019 and Beyond!
Insights on what to expect for San Diego multifamily.
Apartment Geek Weekly #6 - Efficient Turnovers
Efficiently dealing with a turnover in your apartment building.
Apartment Geek Weekly #5 - How you hold title on your properties
The importance of how you hold title.
Apartment Geek Weekly #4 -
Ways to enhance the curb appeal of your properties leading to increased tenant retention, pride & increased rents.
Apartment Geek Weekly #3 - Leverage – Why to consider it.
This week is about the power of leverage aka debt.
Apartment Geek Weekly #2 - Friendly but firm
It’s important to not get too personally close with our tenants. Apartment buildings are businesses and emotional closeness with tenants can result in problems, drama or legal issues. Know how to be friendly but firm in your interactions with residents.
Apartment Geek Weekly #1 - The value in the IRS 1031 Exchange
The 1st Video! Who am I in a nutshell and the power of the 1031 exchange here in the U.S.