Why do developers build luxury apartments? Because they are easy to underwrite. Just raise projected rents till the proforma works, build it, then toss it over to the opps team to take the bullet(s) in the back of the head. It takes years before the NOI catches up to the development proforma.
And then there’s the damned “re-positionists” that think fixing pot-holes in the parking lot, replacing a few rotten boards and patching leaky roofs...Why do developers build luxury apartments? Because they are easy to underwrite. Just raise projected rents till the proforma works, build it, then toss it over to the opps team to take the bullet(s) in the back of the head. It takes years before the NOI catches up to the development proforma.
And then there’s the damned “re-positionists” that think fixing pot-holes in the parking lot, replacing a few rotten boards and patching leaky roofs should increase NOI.
That’s all for today’s rant…!!! l.facebook.com/l.php Show more

So who’s signing up to manage this moon property…
www.chron.com/news/space/article/nasa-texas-moon-c…

I’m not here to start a shitstorm, but Joe made reference to rent control. Passing this along as this does impact our industry. Whether you are for or against rent control, the subject is now in the house being discussed.

Biden's plan to cap rent hikes in certain units: Here's what to know

The Biden administration moved this week to limit how much rent can rise in certain affordable housing units across the country.

So, what lease addendum do we use for this?

Here we go! Let’s not rant but this topic always gets people amped-up! My opinion, if I text you at 10p and ask for a budget re-forecast for six props - of course I don’t expect you to re-forecast the budget at 10p. But I do expect a “got it, let’s talk in the AM - good night”. If I send a text at 10p and ask to if you’re available to meet for coffee in the AM, pretty benign I’d say. With that said, some employers are just irrational, psychotic...Here we go! Let’s not rant but this topic always gets people amped-up! My opinion, if I text you at 10p and ask for a budget re-forecast for six props - of course I don’t expect you to re-forecast the budget at 10p. But I do expect a “got it, let’s talk in the AM - good night”. If I send a text at 10p and ask to if you’re available to meet for coffee in the AM, pretty benign I’d say. With that said, some employers are just irrational, psychotic and manic… Show more

This recruiter uses a late-night text message to see if you're a good fit for a job

How you respond to an after-hours text message lets one executive recruiter know whether you might be a good fit for a job.

Every once in a while, someone does build a better mouse trap. If you’ve ever had to move a water heater, you know they don’t come with handles. Well, now they have a handle…
www.homedepot.com/.../Water-Heater.../313471629...

Sort of related to multifamily. Read through the cities explanation why the landlord can’t evict. I’m moving to LA, you can get away anything out there - don’t even have to pay rent.
www.fox4news.com/.../airbnb-guest-stays-rental...
 

Soooo, maybe they’re going for the Disney Mickey Mouse Effect… Or perhaps they had a positive budget variance on maintenance supplies…

Meanwhile in TexAss…!!!

You asked for mulch, you got mulch…

When the SherwinWilliams Sales Rep invites you for dinner...

I’m sorry, what day were you looking to move in?