Chanel Alexander

Adam Nelson, managing director at FirstMark, told TechCrunch that the opportunity for flipping is enormous. In the U.S., more than 50% of homes are over 40 years old, according to 2023 research from the National Association of Home Builders and “not up to the standard of new homeowners and institutional single-family residential buyers. Founded in late 2020, Backflip offers a service to real estate investors for securing short-term loans. Beyond helping users secure financing, Backflip’s tech also helps investors source, track, comp and evaluate potential investments. “We help investors source properties and curate their pipeline, analyze the deals that they might want to invest in, and hopefully make lower risk, better buying decisions,” CEO and co-founder Josh Ernst told TechCrunch in an interview. Investors can either sell the property and pay back Backflip or refinance and move into a longer-term loan through another lender. We underwrite business plans, assets and people, not just W-2 income… and we provide capital for home renovation and give credit for post-repair valuation,” Ernst said. The company does not currently charge subscription fees. Its business model is to serve as a marketplace for the financial products. It makes money via take rate on the loans on the lending origination business, which it operates by partnering with capital providers. #realestate #houseflipping #rehab #financing

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❌ “Top 15 Mistakes Syndicators Make” - Amazing presentation by the one-and-only Aleksey Chernobelskiy at the Best Ever Conference [PART 1] Here are my thoughts from a GP perspective on each: 1) Any syndicated real estate deal with lower than 65% split to LPs (Investors): Incentive alignment, you want the General Partner (GP) working hard to beat the preferred return and participate in the GP promote. We aim for 80/20 (80% to our Investor, 20% to the GP) or 70/30 splits to ensure alignment. 2) Relying on Social Proof: Remember, track record trumps social proof. 3) Blind Trust in IRR: Always do your due diligence. IRRs can be easily manipulated… for example, if a GP projects cash distributions earlier than expected, your IRR goes up… but how close it that to reality? Encourage LPs to look at the cash flows to see if they believe it is achievable based on market conditions and target assets. 4) No Return of Capital Clause: Whether American or European Waterfall, it is fundamental to have clear expectations on timing of preferred returns and return of capital; we structure ours, along with the help of excellent legal council, with terms for return of capital, providing both clarity and predictability of return of capital. 5) Anything higher than a 3% Acquisition Fee: After working with Family Offices and Institutional capital, they typically won’t accept anything over a 2% for acquisition fee. Retail Investors / LPs should hold GPs to the same standards (not going to be popular for saying this...). 6) Unclear Fee Structure: We’re transparent with our fees: - Acquisition Fee: An acquisition fee is charged to investors when the property is purchased. 2% - Asset Management: An asset management fee is charged to cover the ongoing operational and management costs of the property. We typically do not take AM fees unless investors are receiving their Preferred returns. ~1.5-2% - Property Management: This fee covers the costs of day-to-day property management services, including leasing, maintenance, and tenant relations. ~2%-3% - Performance Fee: GPs receive a performance fee, commonly known as carried interest or promote. We aim for 80/20 or 70/30 splits, depending on deal, strategy & market. - Disposition Fee: This fee compensates the GP for managing the sale or refinancing process. 1% 7) Exit Cap Rate Lower Than Entry: For our single asset purchases, we underwrite to a higher exit cap rate. For our lending strategy, we underwrite to no cap compression. This conservative approach allows GPs to not get caught off-guard, potentially safeguarding Investor’s expected returns. There are some (few) exceptions, for example improving the class of the property due to CapEx / Renovations (ie from Class C -> Class B). What are you thoughts? Where do you stand on Aleksey Chernobelskiy's "Top 15 Mistakes Syndicators Make" list? PART 2... Coming Soon. #realestate #syndicator #education

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🌟 Why Hedge Funds Are Flocking to Birmingham Real Estate 🌟 Birmingham has quietly been transforming, capturing the attention of astute hedge fund managers. Here are the top 5 reasons why hedge funds are making significant investments in the Birmingham real estate market: 1. 📈 **Strong Economic Growth** Birmingham has seen impressive economic strides in recent years. The city boasts a burgeoning tech sector and a robust industrial base that consistently attracts new businesses. This economic fortitude creates a fertile ground for hedge funds to see solid returns on their investments. 2. 🏙 **Regeneration and Development Projects** Citywide regeneration initiatives are reshaping Birmingham. From revitalized downtown areas to new infrastructure developments, these projects are drastically enhancing the city's appeal. Hedge funds see this as a golden opportunity to invest in properties that will appreciate as the city's landscape evolves. 3. 💼 **Business-Friendly Environment** Birmingham's business-friendly policies are a magnet for investment. With attractive tax incentives and supportive regulations, it’s no surprise that companies are setting up shop here, creating a high demand for commercial real estate. Hedge funds are capitalizing on the city’s favorable business climate. 4. 🌍 **Strategic Location** Situated in the heart of the UK, Birmingham is a transportation hub that provides unparalleled connectivity. Its prime location is advantageous for logistical operations, making the city an attractive option for investments in both residential and commercial properties. 5. 🎓 **Top Educational Institutions** Birmingham is home to several world-class universities and research centers, which pump talent and innovation into the local economy. Hedge funds recognize that areas with strong educational institutions tend to have more stable and lucrative real estate markets. --- When you put all these factors together, it's clear why Birmingham has caught the eye of hedge funds. The city is on the cusp of becoming one of the UK’s most dynamic real estate markets. It’s an exciting time to watch Birmingham's transformation and to understand the strategic moves being made in this vibrant city. What do you think? Have you noticed other reasons why Birmingham is becoming a hotbed for real estate investment? Let’s start a conversation! 💬 #RealEstateInvestment #HedgeFunds #Birmingham #EconomicGrowth #Development #BusinessFriendly #StrategicLocation #Education #Innovation

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Three days ago, WeWork exited bankruptcy with an unlikely financial sponsor: residential software firm Yardi, which now owns 60% of WeWork. This week, Thesis Driven explores why the acquisition makes strategic sense. Hint: it's all about tenant experience and the future of office. While Yardi leaned on its strength in accounting and reporting to capture the multifamily PMS market, commercial isn't so easy; accounting software and automation isn't the wedge in offices that it is in multifamily. Things like billing and delinquency management aren't quite as complex in the office world. Rather, tenant experience is the key to winning the office market. Startups like Cove have gained market share by using their unified tenant experience win clients like Nuveen, a TIAA company and EQ Office, Blackstone's office portfolio company. And managed office - with players like Industrious and Convene in the lead - is an increasingly important part of the complete suite of office management services. Yardi's acquisition of WeWork allows them to compete in the commercial PMS world with top-tier managed office operating expertise and technology, doubling down on their pre-existing software partnership from 2022. It's an interesting time in the commercial tech and services market. More analysis and full letter at Thesis Driven linked in comments below.

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#Multifamily: If you haven't tweaked this ChatGPT setting, your data isn't private! ❌ We all rely on ChatGPT daily to streamline our multifamily operations, but it might be leaking your data. Here's how you can adjust your settings to secure it: 1️⃣ Tap your profile icon in ChatGPT. 2️⃣ Go to Settings. 3️⃣ Select 'Data Controls.' 4️⃣ Turn off 'Improve the Model for Everyone.' Protect your organization’s data and keep it private. Don't risk a breach! Subscribe to our newsletter ▶ https://lnkd.in/ezGEjMmT for more tips on AI and data in multifamily operations! #AIfabricformultifamily #chatgpt #openAI

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Why am I wearing a red shirt? I might be headed over to Chapel Hill for a kickass Startup Showcase (Triangle Edition) on April 24th and just wanted to share some of the love. RSVP 👉 https://lnkd.in/ePUJQqgJ 5 startups 5 live investment rounds $2.5m+ collectively invested in their current rounds ✅ Want to learn what it's like to be an angel investor? Show up. You'll be surrounded by angel investors who can answer your questions. ✅ Want to learn how to raise a round? Show up. You have at least 6 founders in the room who can answer all your questions. ✅ Want to take a chance playing the same game Mark Cuban, Barbara Corcoran, and Daymond John get to play? You'll have that opportunity too. Links to live rounds and more about the startups on the registration page https://lnkd.in/ePUJQqgJ Whatever your team, if you live in the Triangle or are part of the startup community, we're on the same team 💯 Show some love. Show up April 24th. Wear your team's colors... school or startup. --- This is intended to be for education only and not a solicitation to invest. Investing in startups is highly risky and you could lose your entire investment. Never invest more than you can afford to lose and if you invest, put on your big boy/girl pants and own the outcome for the risk you decided to take. Additional disclosures are located on the registration page.

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Anant Yardi is now controlling WeWork, kept as a separate entity from Yardi Systems. It is is a blessing for Wework to have someone as smart and humble in its Board, a stark contrast from the Adam Newman's days. It is also a good news for the coworking world, a sign that the industry is maturing. As I said before, I think that Anant made this move to save a client, not to be involved in the operations of Wework. I am hoping he can bring Wework as a pubic company again, make a good return on his investment, disengage, and stay focused on growing Yardi Systems, which is the most amazing private software company I can think of. Running Wework would be a disruption. I don't think this will happen, as shown by his commitment to the current CEO and executive team. My hope is for Wework to become a valued, ethical player in our industry and for Yardi's success story to follow the successful track of say a Salesforce. With Anant's involvement, it may very well happen. #OfficeEvolution #WorkplaceInnovation #iQOffices #Coworking #flexoffices #Wework #hybridwork #VentureX Caleb Parker, Liz Elam, Jamie Russo, Giovanni Palavicini, scott chambers, Christine Wyckoff, Monica Alden, Ben Wright, Jackie Latragna, MBA, Mara Hauser, Rob Teel, Andrea Pirrotti-Dranchak (MBA) Flip Howard Paula Mercer Didier Coppi Michelle Stiegler Amy Fuller Kane Willmott

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It looks like Yardi will bail out WeWork and not Adam Neuner, which would have been a disaster for WeWork and the coworking industry. Sharing the same back-end technology as WeWork might open new opportunities for coworking operators that use Yardi KUBE, and help a new flow of enterprise users coming our way. The new WeWork will emerge out of Chapter 11 healthy, with a strong brand, an executive team with a much higher level of integrity than in the past, but also as a considerably smaller player with only 175 locations or so in the US. To be able to respond to distributed requirements from enterprise accounts and compete with IWG, WeWork will desperately need to partner with multiple coworking operators like Pacific Workplaces, and we will welcome their interest. Conversely, we can benefit from the Wework corporate account capabilities that remain strong, and the Yardi technology infrastructure that could enable the integration of a large ubiquitous network of coworking spaces accessible to Enterprise accounts via seamless and secure access. This could be an exciting new beginning for Wework and many independent operators like Pacific Workplaces. https://lnkd.in/gAXNKKm3 #Wework #Yardi #Coworking #flexoffice #hybridwork Jamie Russo Giovanni Palavicini Andrea Pirrotti-Dranchak (MBA) Kane Willmott scott chambers Mara Hauser Jackie Latragna, MBA Liz Elam Flip Howard Paula Mercer Didier Coppi Michelle Stiegler Amy Fuller Rob Teel Jason R. Anderson    

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6 Months to Seize Opportunities in Orlando's Multifamily Market 🏢 As we enter the second half of 2024, Orlando's multifamily market continues to be a source of opportunities for sector investors. Therefore, 𝗜 𝘄𝗮𝗻𝘁 𝘁𝗼 𝘀𝗵𝗮𝗿𝗲 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂 𝟯 𝗿𝗲𝗮𝘀𝗼𝗻𝘀 𝘁𝗼 𝘁𝗮𝗸𝗲 𝗮𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲 𝗼𝗳 𝗺𝗮𝗿𝗸𝗲𝘁 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀: 𝟭. 𝗗𝘆𝗻𝗮𝗺𝗶𝗰 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗕𝗮𝘀𝗲 📈 Orlando's robust economy, driven by vibrant tourism and steady population growth, reinforces the resilience and attractiveness of its multifamily sector. This economic dynamism creates a conducive environment for investment, with sustained demand for rental housing supported by stable population growth. 𝟮. 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀💡 The city's strategic location and diverse employment base further strengthen its position as a prosperous real estate market. Orlando not only attracts residents and tourists but also offers employment opportunities across various sectors such as technology, healthcare, and entertainment, creating a robust and diversified multifamily housing market. 𝟯. 𝗣𝗿𝗼𝗺𝗶𝘀𝗶𝗻𝗴 𝗢𝘂𝘁𝗹𝗼𝗼𝗸 ✅ Monitoring key indicators is crucial for industry professionals, highlighting the increasing demand for rentals and favorable financing options. These factors indicate a promising outlook for market stability and expansion throughout the year, providing a favorable environment for long-term investment. At therealfund, our focus is on identifying properties with high potential and implementing strategic value enhancement initiatives to optimize returns for our investors. With our deep market knowledge and proactive asset management approach, we are well-positioned to capitalize on emerging opportunities within Orlando's multifamily landscape. Therefore, there are six months ahead to continue leveraging market strengths and achieving excellent results in 2024. 🚀 #IncreaseProfits #RealEstateInvesting #WealthBuilding

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How do you measure Resident Experience in Apartment Living? 🤔 It’s simple… Engagement. ☝️ It’s common sense that if someone uses something everyday it becomes a necessity to their living experience. At Grata, we are constantly innovating unique user experiences within our Apps, adding hardware/software partners catered to the Multifamily Rental space and analyzing the feedback, with one sole purpose… To create the highest daily active engaged mobile app experience for Residents in #Multifamily … While making it easy for Property Managers to utilize and implement on any building. Here is a clip from our panel on the topic earlier this month at RETCON - Real Estate Technology Conference. #Technology #RealEstate

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Beyond the Vanity Metric What Really Matters in Commercial Real Estate Investing? In the world of commercial real estate investing, there's a common vanity metric that often steals the spotlight: the number of units owned. Trust me, I’ve been guilty of using this metric as a measure of success, and when you start out in this field, it’s easy to make “number of units” the thing you focus on. The truth is, the number of units you own is just the tip of the iceberg. Here are five things that are far more crucial in determining your success as a commercial real estate investor: Cash Flow: The lifeblood of any real estate investment, cash flow reigns supreme. It's not about how many units you own, but rather how much income those units generate. Positive cash flow ensures sustainability and provides the financial stability needed to weather market fluctuations and unforeseen expenses. Location, Location, Location: It's an age-old mantra for a reason. The location of your property can make or break its success. Factors such as accessibility, demographic trends, and proximity to amenities and transportation hubs all play a pivotal role in determining the long-term viability of your investment. Tenant Quality and Stability: The quality and stability of your tenants can have a profound impact on your bottom line. While it may be tempting to fill vacancies quickly, investing in high-quality, long-term tenants can ultimately yield greater returns. A strong tenant base reduces turnover, minimizes vacancy rates, and fosters a sense of community within your property. Market Dynamics and Trends: Understanding the broader market dynamics and trends is essential for making informed investment decisions. Whether it's analyzing supply and demand dynamics, monitoring rental rates, or staying abreast of regulatory changes, a deep understanding of the market landscape can help you identify opportunities and mitigate risks. Asset Management and Value Enhancement: Successful real estate investing goes beyond acquisition; it's about active management and value enhancement. Implementing strategic asset management initiatives, such as property renovations, operational optimizations, and lease negotiations, can maximize the performance and value of your portfolio. In conclusion, while the number of units owned may be a flashy metric, it's far from the most important aspect of commercial real estate investing. By focusing on factors such as cash flow, location, tenant quality, market dynamics, and asset management, investors can build sustainable and profitable portfolios that stand the test of time. So the next time someone boasts about the number of doors they own, remember that there's much more to success in real estate investing than meets the eye.

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Between 2021 and 2023, the CEOs of real estate’s largest public companies had highly varied upside from the sale of company stock – ranging from $145 million to $0 – while their companies had massive financial gains and losses. Executive compensation through stock sales is a worthwhile datapoint to consider when thinking about a CEO’s optimism about the future of their business – and how they are incentivized to lead that business. And in reality, that compensation appears to be very loosely based on a company’s actual financial performance, if at all.

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Didn’t see this one coming…Yardi is buying WeWork! For the second time in as many weeks, a large tech player in multifamily buys a well-known company that is outside of their core business. At first glance, this might seem puzzling, but it indicates a trend in our industry: Companies are starting to think about how to build end-to-end ecosystems and embrace vertical integration (I can't say this is why Yardi made this move, but it is a trend to watch for). Why? 1. Deep Insights: There’s no better way to understand how to truly add value for B2B customers than by operating a business similar to theirs. 2. Data, data, data: In the age of hyper-personalization, data is the fuel that drives customer loyalty. 3. Consumer Preferences: Consumers are increasingly willing to pay a premium for ecosystems that are seamless, provide a consistent UX, and simplify their lives. Think Apple. 4. Innovation and Growth: Diving into new verticals helps companies break out of the incrementality rut and discover ways to disrupt and catalyze their core business. This is just the beginning. As more companies realize the advantages of vertical integration, ecosystems, and data-rich strategies to deepen customer relationships, expect to see further consolidation in the multifamily tech space.

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I will be in Palo Alto on June 18th for exclusive insights into AI investments in partnership with Stanford University's Center for Humane Artificial Intelligence. I plan to provide insights relating to AI investing, research, and enterprise implementation with fellow Multifamily Innovation® Council members. We'll be ending the day with a fireside chat with Reid Hoffman and Chris Yeh. Given the exclusive nature of this event, message me for specifics and I can share for approved guests only. What questions do you have about AI, technology, and the impact on Multifamily Investment and Operations? #Multifamily #MultifamilyInnovaitonCouncil #proptech #MultifamilyTechnology

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I recently joined Westside Investors Network to discuss how I got my start in commercial real estate, and how the ever-evolving market landscape is creating unique opportunities for investors. Click the link below to learn more about my industry experience, and why Preferred Equity is king given today's market conditions! https://hubs.li/Q02yCm_J0 https://hubs.li/Q02yCMGR0 #PreferredEquity #InvestmentStrategies #CREInvestments

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🍕ANOTHER SLICE OF WALL ST CRE BITES THE CRUST 🍕 🍕TRIPLENETINVEST REPORTS that 180 Maiden Lane (aka "Continental Center") just sold to Carlo Bellini at a very steep discount. 👻 ACROSS FROM "GHOST CONDO" One Seaport as reported recently. Seems that Clarion Partners and MHP don't want to be in the shadow of the "leaning tower of pizza". (🍕 joint was said to be on that site in '60s). 🍹BELLINI, OF BSQUARED CAPITAL is an accomplished business man. Assumably he sees value. Perhaps plans an office-to-residential conversion? 🥴 RUMORS OF ONE SEAPORT tipping over seem ridiculous, but something needs to be done tout de suite. Seen firsthand last month---spooky & tipsy. Carlo is here on Linked In: https://lnkd.in/gXS7iBWN #CRE #Manhattan #WallStreet #TripleNetInvestor #BsquaredCap #OneSeaport

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Camber Creek portfolio company Azibo is changing the game for small to medium ('SMB') landlords by offering a software suite typically reserved for mid market to enterprise grade property managers. Check out the link below. The flexibility described (customizable late fees, etc) is impressive, especially considering the typical lack of optionality. Enterprise grade capability for the SMB market. Game changer. Also, Azibo CEO Vikas Gupta is a rock star. #proptech #fintech #venturecapital #multifamily #realestate

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This article was written in March. I don't think anything is better with respect to the NYC office market. If anything, it has become worse. I remember a time when I lived in NYC and I couldn't walk one block without seeing a Pax Deli on a corner and they couldn't even keep up with the demand from office workers. I know of deals being done where Class B office is being bought at 30% of replacement cost. What is the catalyst that will change all of this? Or will it never change and this is the new reality? https://lnkd.in/eGsyqSxK #NYCOfficeMarket #RealEstateTrends #CommercialRealEstate #NYCRealEstate #OfficeSpace #MarketAnalysis #ClassBOffice #RealEstateInvesting #UrbanDevelopment #PropertyMarket #NYCChanges #CommercialProperty #EconomicTrends #RealEstateNews #InvestmentOpportunities #CityLife #MarketShift #RealEstateChallenges #OfficeMarketTrends #NYCProperty

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