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Why Averages Lie

11:18
 
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When? This feed was archived on March 28, 2024 15:13 (4h ago). Last successful fetch was on December 21, 2022 08:45 (1+ y ago)

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Manage episode 307067642 series 3006545
コンテンツは Patrick Antrim によって提供されます。エピソード、グラフィック、ポッドキャストの説明を含むすべてのポッドキャスト コンテンツは、Patrick Antrim またはそのポッドキャスト プラットフォーム パートナーによって直接アップロードされ、提供されます。誰かがあなたの著作権で保護された作品をあなたの許可なく使用していると思われる場合は、ここで概説されているプロセスに従うことができますhttps://ja.player.fm/legal

Patrick Antrim, CEO of Multifamily Leadership says he was trained by a developer, and they tend to have a long-term view of things. A syndicator might not bother to fix long-term problems, which affects the brand. Now, Tanner Bickelhaupt is starting developing work.

Mark Taylor was the manager for the first deal Tanner Bickelhaupt ever syndicated.

“We kind of take things from different management companies. Each one has a different strength. But Mark Taylor with data in particular… it just can provide some clarity sometimes when things are out of skew,” said Bickelhaupt.

(3:54) – Averages from deal points can get lost in the mix.

From the investor perspective, Bickelhaupt gave the example of LP investors who ask for a track record.

“They get it, but they’re not really sure what they’re looking at. Some companies will boast, ‘We’ve had a 30% IRR’ – I’m just making that up, but a round number. But when you go through an you look, there’s anomalies in there.”

He’d rather track NOI growth.

“I will look at deals, underwrite deals, and it’ll be 10 million dollars more but the NOI hasn’t changed. In fact, sometimes it’s gone a bit different where expenses have gone up a bit. But because of the cap rate compression, they’ve been saved. So that can be tough.”

(6:00) – Make sure you have a firm view of the project. Look at all the averages. 700 square feet for a unit isn’t a universal measurement – it could mean you have a lot of hallways, or a lot of open space.

(7:18) – Just don’t count on average numbers.

“We joke all the time with the brokers, it’s always roses,” said Bickelhaupt. “There’s always a story, whether it’s mismanagement or what have you. ‘They’re so low, for no reason!’ There’s always a reason.”

(8:00) – Right now, brokers are pumping out Broker Opinion of Values (BOVs) all the time. That’s the how the Tanbic Company can fish for off-market deals.

“They can’t even necessarily talk about averages anymore. It used to be you’d get skeptical on a BOV – if the high BOV was too high, that could be a bad experience,” said Bickelhaupt.

Bickelhaupt suspects brokers have been smothering their BOVs for a few years.

(9:45) – Of course, you also have to think about unit size. A lot of brokers will churn out smaller units because they can. Renters are just looking for what they can get for their total available income, not necessarily price per foot.

  continue reading

24 つのエピソード

Artwork
iconシェア
 

アーカイブされたシリーズ ("無効なフィード" status)

When? This feed was archived on March 28, 2024 15:13 (4h ago). Last successful fetch was on December 21, 2022 08:45 (1+ y ago)

Why? 無効なフィード status. サーバーは持続期間に有効なポッドキャストのフィードを取得することができませんでした。

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 307067642 series 3006545
コンテンツは Patrick Antrim によって提供されます。エピソード、グラフィック、ポッドキャストの説明を含むすべてのポッドキャスト コンテンツは、Patrick Antrim またはそのポッドキャスト プラットフォーム パートナーによって直接アップロードされ、提供されます。誰かがあなたの著作権で保護された作品をあなたの許可なく使用していると思われる場合は、ここで概説されているプロセスに従うことができますhttps://ja.player.fm/legal

Patrick Antrim, CEO of Multifamily Leadership says he was trained by a developer, and they tend to have a long-term view of things. A syndicator might not bother to fix long-term problems, which affects the brand. Now, Tanner Bickelhaupt is starting developing work.

Mark Taylor was the manager for the first deal Tanner Bickelhaupt ever syndicated.

“We kind of take things from different management companies. Each one has a different strength. But Mark Taylor with data in particular… it just can provide some clarity sometimes when things are out of skew,” said Bickelhaupt.

(3:54) – Averages from deal points can get lost in the mix.

From the investor perspective, Bickelhaupt gave the example of LP investors who ask for a track record.

“They get it, but they’re not really sure what they’re looking at. Some companies will boast, ‘We’ve had a 30% IRR’ – I’m just making that up, but a round number. But when you go through an you look, there’s anomalies in there.”

He’d rather track NOI growth.

“I will look at deals, underwrite deals, and it’ll be 10 million dollars more but the NOI hasn’t changed. In fact, sometimes it’s gone a bit different where expenses have gone up a bit. But because of the cap rate compression, they’ve been saved. So that can be tough.”

(6:00) – Make sure you have a firm view of the project. Look at all the averages. 700 square feet for a unit isn’t a universal measurement – it could mean you have a lot of hallways, or a lot of open space.

(7:18) – Just don’t count on average numbers.

“We joke all the time with the brokers, it’s always roses,” said Bickelhaupt. “There’s always a story, whether it’s mismanagement or what have you. ‘They’re so low, for no reason!’ There’s always a reason.”

(8:00) – Right now, brokers are pumping out Broker Opinion of Values (BOVs) all the time. That’s the how the Tanbic Company can fish for off-market deals.

“They can’t even necessarily talk about averages anymore. It used to be you’d get skeptical on a BOV – if the high BOV was too high, that could be a bad experience,” said Bickelhaupt.

Bickelhaupt suspects brokers have been smothering their BOVs for a few years.

(9:45) – Of course, you also have to think about unit size. A lot of brokers will churn out smaller units because they can. Renters are just looking for what they can get for their total available income, not necessarily price per foot.

  continue reading

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