Results for ‘How to’ category

Fixing a screwed-up building

Got a call today from a guy who inherited control of a screwed up apartment building. I have a lot of sympathy for people in that situation, since it happened to my family back east. The dilemma is this: You know you have an asset which is not performing. You know that it will cost

Remember the BATNA!

What’s a BATNA? Jabba tried to feed Skywalker to it. Just kidding. It’s the acronym for “best alternative to negotiated agreement”. BATNA is a term of art in the world of negotiations. It’s intended to represent your best choice besides taking whatever deal is on the table. For example: Let’s say you have only one

Right now, you need soft eyes

There are no perfect deals right now. Think about it: People don’t generally sell perfect buildings where everything is going great. They definitely don’t right now, when the alternative to owning the building is to hold the money in their money-market account earning 0.25%. Does that mean you shouldn’t buy anything? No. There are definitely

How to start a settlement negotiation

I remember when I first got started buying and renovating apartment buildings, a broker told me that if you haven’t been sued yet, you’re not really in the business. Fortunately for me, I’ve avoided being sued so far. But that doesn’t mean I haven’t had to discuss settlements with people. Everyone once in a while,

Ways into the apartment business: Leasing

Further to our earlier conversation about ways into the apartment business… Another good way into the business is through leasing. Technically, you are supposed to have a real estate license to lease apartments. However, many management companies use unlicensed leasing agents, in part because very few licensed sales agents are willing to work for the

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