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In the current environment, buyers should pay for actual cash flow only. Pro forma is not meaningful evaluating a project for current price. When evaluating cash flow several points need careful attention.

  • Check the credit status of all newly acquired tenants. Ensure the owner hasn't pumped up the occupancy and "revenue" to jack up the price. If this isn't carefully evaluated, the buyer could easily end up with a large part of the rent roll needing eviction and significant phanthom income.
  • Review the property condition and carefully evaluate deferred unit maintenance needs. Ensure you add this to the evaluation of actual expected cash performance.
  • Review the historic apartment operating expenses and compare to the results your team can achieve. Ensure that items that are property specific become part of the your business plan. Don't purchase a property based on someone else' expense profile. Purchase on the basis what your business can perform.
  • Audit the check register for the property against the expenses. An income statement may fail to fully expose the cash requirements for the target multifamily units. Verify the same information against the property's bank statements as part of this process.
  • Check property rents against all local multifamily competitors carefully to check the position for apartment rent increases or issues with rent weakness based on surrounding factors.
  • Verify the employment diversity and sources to protect against unexpected drops in rents because of industry weakness.

If these factors meet evaluation, the ideal property would be performing but with weaker occupancy. Given the markets current cash flow focus, the weak occupancy becomes a value multiplier under current conditions increasing long term return potential. During the current economic weakness, evaluating a multifamily property first with these financial perspectives are critical to evaluate the apartment property purchase opportunity.

Mr. Ratcliff is a US Naval Academy graduate and past class president, former Marine Officer, residential / multifamily investor and and founder of the International Residential Real Estate Investors Association - http://www.irreia.org.

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