InvestProp was formed by Brad Schaeppi, a licensed broker, attorney, and 10 year veteran of multi-unit real estate development and brokerage. Brad’s experience covers the spectrum from commercial leasing and project management with PAK Properties of St. Paul, to work as a Senior Project Manager with Vail Resorts Development Company in Colorado, to most recently, institutional investment sales with Welsh Companies of Minnetonka. In May 2011, Brad left Welsh Companies to create a multi-housing only brokerage that offers institutional level underwriting, analysis, and customer service to the individual owner and investor at a more affordable, small shop price. You can contact Brad directly at (612) 770-7447 or brad@investprop.
- What 3 things should owner’s know about today’s market?
There are new buyers in the market.
Inplace income is king.
Time to take care of tlc.
- Tell us about new buyers.
The big owners are still getting bigger, but there are several groups of guys in their 20s and 30s who are quietly buying up small and medium sized multifamily and have a more optimistic approach to value than owners in their 40s/50s/60s who may be stuck in their “per door” analysis.
- Tell us more about in-place income.
Absolutely everything should be done in this market to increase income–from storage to parking to higher rent and reimbursed heat and water. Generally speaking, owners should not be giving deals to tenants who pay on time and who don’t want to pay higher rent. Owners can use www.padmapper.com to survey asking rents in their submarket.
- What do you mean by TLC?
In order to maximize value in today’s market, a property cannot have a laundry list of deferred maintenance. A short list is ok. Most potential buyers are investors only not also contractors. In other words, the more deferred maintenance, the smaller pool of buyers who can and will perform and buy your property.
Lunch & Learn
Please join InvestProp for its monthly “Lunch & Learn” event on April 25, 2012. Mr.Schaeppi will speak from 12:00 – 12:30 pm on positioning multifamily properties to maximize value at the time of sale in addition to tips when buying and selling multifamily properties. This will be followed by an open Q&A and network opportunity for all attendees.