MULTIFAMILY MIKE

Emerging manager: 18 units and counting…

[MULTIFAMILY MIKE @multifam_mike]

@GenZMultifamily Congrats. Now go get a master key system. It’ll change your life.

[MULTIFAMILY MIKE @multifam_mike]

@ThinkAppraiser What will the refi look like?

[MULTIFAMILY MIKE @multifam_mike]

And wow do I fucking hate drop ceilings

[MULTIFAMILY MIKE @multifam_mike]

Big transformation on this unit. Tenant had been there for over 10 years. We took it down to the studs. It was not cheap but we will own this asset for years to come and it will stand the test of time.

[MULTIFAMILY MIKE @multifam_mike]

Big transformation on this unit. Tenant had been there for over 10 years. We took it down to the studs. It was not cheap but we will own this asset for years to come and it will stand the test of time.

[MULTIFAMILY MIKE @multifam_mike]

@bridgelenderguy Sent a dm

[MULTIFAMILY MIKE @multifam_mike]

@PatCarino On my first date with my girlfriend I told her I want a metal detector and 3 years later I still have no metal detector. It’s a classic metal detector engagement ring standoff. Maybe if she got me one I’d find her a ring…

[MULTIFAMILY MIKE @multifam_mike]

@jayparsons Great thanks Jay. Looking forward to it.

[MULTIFAMILY MIKE @multifam_mike]

@BarryRoland19 I always ask for referrals on vacants from those good ones.

[MULTIFAMILY MIKE @multifam_mike]

I just called 4 credit unions. 3 didn’t answer. The one that did was on vacation and said to call him Monday. When I asked if anyone else was available on his team now he said “uhhh I don’t know” then hung up.

I have 4 deals I’m trying to finance.

[MULTIFAMILY MIKE @multifam_mike]

The credit unions in MA have the best terms by far but their biggest issue is most of their originators get paid on salary vs commission so they don’t bend over backwards when you send over deals. I need a deal junkie guy as my banker.

[MULTIFAMILY MIKE @multifam_mike]

@resetbasis @ThinkAppraiser Are you providing any hope note structure to the lender on these REO deals?

[MULTIFAMILY MIKE @multifam_mike]

@GenZMultifamily Really depends on your goals. It’s another layer of stress / legal / admin. But for me it’s the faster route to doing it full time.

[MULTIFAMILY MIKE @multifam_mike]

@robbiehendricks Big time fee load. Curious your thoughts on this:

We typically charge 1% acquisition fee on deal, usually marketed deals.

We just put in an offer on our first deal that is completely off marker and direct to seller, no brokers.

Is a higher, 1.5-2% acquisition fee warranted?

[MULTIFAMILY MIKE @multifam_mike]

@GenZMultifamily No, every property has their own LLC and own bank accounts. I just send money from the property bank account to the account that pays the credit card each month.

[MULTIFAMILY MIKE @multifam_mike]

UPDATE ON OFFER: He didn’t laugh us out of the room and we are in the ballpark. GAME. FUCKING. ON.

[MULTIFAMILY MIKE @multifam_mike]

Just got off the phone with a seller on a deal that would completely level me up in my market. He’s a true seller and called us first.

[MULTIFAMILY MIKE @multifam_mike]

UPDATE: We toured the asset with him and we are presenting our offer on Friday morning. Genuinely feel like he will laugh at our offer but it’s what we feel we can pay for it. Currently I’m just happy to be the first at the table here.

[kyle o’hehir @financeguy725]

Real estate syndicator on sports podcast:

400mm really not a lot of money when you think about it. buy a few 3 caps and a couple containers of well done steak grey LVP and just like that you’re broke

[MULTIFAMILY MIKE @multifam_mike]

@financeguy725 This is such a good tweet I hope it gets the appreciation it deserves.