Us Masters Residential Property Fund · ASX:URF
Us Masters Residential Property Fund — Investor Day (May 2013)
148 slides from Us Masters Residential Property Fund's investor day presentation, May 2, 2013
Slide 1: US Masters Residential Property Fund Presentation Pack
2 May 2013 For personal use only US Masters Residential Property Fund ASX Code: URF Presentation Pack Dixon Advisory is pleased to announce the US Masters Residential Property Fund (Fund) is currently undertaking a three-day investment seminar in the US for investors of the Fund. Enclosed are materi
Slide 2: US Masters Residential Property Fund Update
For personal use only US Masters Residential Property Fund Update April 2013
Slide 3: Disclaimer
Disclaimer For personal use only This presentation is not financial product advice and is intended to provide information only. It does not take into account your individual objectives, financial situation or needs. The information is taken from sources which are believed to be accurate, but Dixon A
Slide 4: Financial highlights and finance team
For personal use only Financial highlights and URF finance team
Slide 5: 2012 Results Highlights
2012 Results Highlights • First full year of operations For personal use only • Financial results: – Pre-tax profit of A$1.0m – Annual rental income of A$4.2m – Maiden upward revaluation of existing portfolio of A$5.7m – Operating costs held at 60% of revenue – Responsible entity expense –represent
Slide 6: Finance and capital markets team
Finance and capital markets team For personal use only 5
Slide 7: Team responsibilities
Team responsibilities For personal use only • US REIT accounting and audit • Administration of AP / AR functions • Cash management and banking • Insurance • Sourcing / execution of debt financing • Sourcing / execution of multi-family • Yardi administration and new system roll-outs 6
Slide 8: Freestanding houses – from idea to cash flow
For personal use only Freestanding houses – from idea to cash flow
Slide 9: Strong Acquisition Rate
Strong Acquisition Rate Acquiring freestanding houses one at a time is hard, but For personal use only we have made it work consistently Freestanding property acquisitions1 100 400 350 80 300 No. Cumulative Closings No. Monthly Closings 250 60 200 40 150 100 20 50 0 0 Jul-11 Sep-11 Nov-11 Jan-12 Mar
Slide 10: Large construction pipeline
Large construction pipeline The renovation process however is even more important For personal use only and an excellent opportunity to add value 2012 & 2013 closings – renovation requirements1 • Large number of properties requiring substantial renovation 19% 27% • Delays cash flow as property proce
Slide 11: Every house is different
Every house is different A small minority are purchased rent ready For personal use only Exterior Interior 10
Slide 12: Every house is different
Every house is different Houses in this state often present the best value proposition For personal use only Exterior Interior 11
Slide 13: Mature Portfolio Financial Analysis
For personal use only Mature Portfolio Financial Analysis
Slide 14: Selection Criteria
Selection Criteria Only mature properties reveal true fund performance For personal use only • Financial analysis – 2H2012 • Selection criteria: – Acquired prior to 30 June 2012 – Construction substantially completed by 30 June 2012 – All locations closed as at 30 June 2012: • Jersey City • Bayonne
Slide 15: Mature portfolio subcategories
Mature portfolio subcategories There are two distinct categories within our mature For personal use only portfolio Mature Properties Affordable Workforce • Greenville section of Jersey City • Majority of Hudson County • Represents 51% of mature sample • Represents 49% of mature sample • Many tenants
Slide 16: Workforce Portfolio Performance
Workforce Portfolio Performance Provides an attractive mix of income and capital growth For personal use only • 66 properties / 144 units Mature Workforce Portfolio Occupancy • Workforce properties1 achieved 100% 96% 95% 96% 89% 91% net property yield of 7.0% p.a.2 83% 80% during last 6 months of 20
Slide 17: Affordable Portfolio Performance
Affordable Portfolio Performance Offers greater income potential but requires intensive For personal use only management • 70 properties / 159 units Mature Affordable Portfolio Occupancy • Affordable properties1 achieved 100% 89% 87% 86% 87% net property yield of 7.6% p.a.2 86% 84% 80% during last 6
Slide 18: Leveraged Portfolio Return
Leveraged Portfolio Return Leverage at current interest rates materially improves For personal use only performance… Yield enhancement from debt financing1 • Tranche 1 – 32 properties 12% • 49% LVR based on bank 10.3% 10% appraisals – very conservative 8% 7.5% • 10 year term Yield (% p.a.) 6% • 3.99
Slide 19: Capital Growth Outcomes
Capital Growth Outcomes Premium areas already achieving material capital growth For personal use only FY2012 Fair Value Movements By Area1 Fair value movement (US$m) 2.0 2.0 Workforce 1.5 Affordable 1.0 Premium 0.8 0.6 0.6 0.7 0.7 0.5 0.4 0.0 0.1 0.1 0.0 (0.1) (0.1) (0.5) 1. Based on audited Y2012 a
Slide 20: Multi-family performance
For personal use only Multi-family performance
Slide 21: Multi-dwelling portfolio overview
Multi-dwelling portfolio overview 15 multi-dwelling apartment complexes acquired for US$49.2 million For personal use only 20
Slide 22: Multi-family performing strongly
Multi-family performing strongly • Currently performing above expected yield estimates For personal use only • Urban American portfolio has already delivered a fair market value increase – Independently appraised at 5% over purchase price • Excelsior Equities portfolio being independently appraised
Slide 23: In conclusion
In conclusion For personal use only • Accounting and management systems in place (Yardi) • Finance team to focus on value add activities in 2013 • Mature parts of the freestanding house portfolio are delivering strong results • Cash flow will grow as properties mature and portfolio continues to expa
Slide 24: Acquisitions
For personal use only ACQUISITIONS Zeke Ortiz, Director of Acquisitions Eric Moore, Manager - Property Analysis APRIL 2013
Slide 25: Disclaimer
Disclaimer For personal use only This presentation is not financial product advice and is intended to provide information only. It does not take into account your individual objectives, financial situation or needs. The information is taken from sources which are believed to be accurate, but Dixon A
Slide 26: Acquisitions & Sourcing
Acquisitions & Sourcing For personal use only Zeke Ortiz Director of Acquisitions
Slide 27: The Acquisitions Team
The Acquisitions Team For personal use only 4
Slide 28: Multiple Listing Service
Multiple Listing Service For personal use only • Hudson County, NJ • Only reliable source of real estate information for Hudson County • Historical data on sales and rentals • Key information on property such as listing agreements and condition 5
Slide 29: Investment Committee
Investment Committee For personal use only • Target areas • 1-4 Family properties • Value add opportunity • Capital growth opportunity 6
Slide 30: Evaluation checklist
Evaluation checklist For personal use only • Photos • Voice recording – room count – property condition – estimated repairs – neighborhood feel 7
Slide 31: Areas of expertise
Areas of expertise For personal use only • Jameel Mohammed – All of Hudson County • Charlaine Mercado – Downtown Jersey City • Matthew Lusky & Curtis Waybright – Brooklyn, Manhattan, and lately Queens 8
Slide 32: Sourcing deals
Sourcing deals For personal use only • Multiple Listing Service (MLS) • Pocket Deals • For Sale By Owner (FSBO) 9
Slide 33: Erie St
For personal use only 104 Erie St 10
Slide 34: Pocket deal – Erie St
Pocket deal – 104 Erie St For personal use only Region Downtown Jersey City Property type 2-family corner lot Asking Price US$895,000 MAO Value US$850,000 Purchase Price US$830,000 Appraisal Value US$925,000 11
Slide 35: For sale by owner (FSBO)
For sale by owner (“FSBO”) For personal use only Marketing campaign… …contacted directly by owners 12
Slide 36: Sourcing deals
Sourcing deals For personal use only • Multiple Listing Service (MLS) • Pocket Deals • For Sale By Owner (FSBO) 13
Slide 37: Property Analysis
PROPERTY ANALYSIS For personal use only Eric Moore, Manager, Property Analysis
Slide 38: Analyst checklist
Analyst checklist For personal use only • Photos • Estimating repairs • Estimating rents • Sales comparison approach • Google search • Transportation • Tax records 15
Slide 39: Sales comparison adjustment
Sales comparison adjustment For personal use only A B 16
Slide 40: Sales comparison adjustment
Sales comparison adjustment For personal use only Property B: US$250,000 Property A: US$250,000 • No parking Parking +US$20,000 • Poor condition Excellent condition +US$30,000 ADJUSTED VALUE = US$300,000 17
Slide 41: Sales comparison database
Sales comparison database For personal use only • Multiple Listing Service • Property Shark – Hudson County – New York Pictures Pictures Condition description Condition description Detailed information on Detailed information on property specifications property specifications Reliable
Slide 42: Example
For personal use only Example 19
Slide 43: Example
For personal use only Example 20
Slide 44: Summary – since inception
Summary – since inception For personal use only 2,407 properties evaluated 21% • Record breaking March - US$30.9m 79% • Currently own 386 properties (+92 more) • 858 units under management (+205 more) Closed /accepted Evaluated 21
Slide 45: Negotiation and closing
For personal use only Negotiation and closing 22
Slide 46: Negotiation process
Negotiation process For personal use only • Short Sale • Estate Sale • Pocket Deal • Active MLS Listing 23
Slide 47: Our competitive advantage
Our competitive advantage For personal use only • Cash buyers • In-house construction team • Quick closing 24
Slide 48: Sussex St.
For personal use only 109 Sussex St. 25
Slide 49: Estate sale – Sussex St.
Estate sale – 109 Sussex St. For personal use only Asking Price: US$1,100,000.00 WE PAID: US$985,000 SAVINGS: US$115,000 26
Slide 50: Legal process
Legal process For personal use only • Paralegals – Lisa Gozza and Delores Little • Closing Attorneys – Jack Miller – Hudson County – Robert Gumenick – Brooklyn and Queens – Steven Raphael – Manhattan 27
Slide 51: Final walk through
Final walk through For personal use only • Ensure property is in same state it was evaluated in • Provide detailed voice report for Property Management 28
Slide 52: In conclusion…
In conclusion… For personal use only SOURCE DEALS EVALUATE ANALYZE NEGOTIATE CLOSE 29
Slide 53: Construction & Development Strategy
For personal use only CONSTRUCTION & DEVELOPMENT STRATEGY Daniel Bailey, CEO Dixon Projects APRIL 2013
Slide 54: Disclaimer
Disclaimer For personal use only This presentation is not financial product advice and is intended to provide information only. It does not take into account your individual objectives, financial situation or needs. The information is taken from sources which are believed to be accurate, but Dixon A
Slide 55: Overview
For personal use only Overview
Slide 56: Dixon Projects
Dixon Projects For personal use only 1 Different approaches for different properties 2 Project Manual: the key to quality 3 Dixon Projects adds value 4
Slide 57: Difference to Australia
Difference to Australia For personal use only 1. Age and type of housing stock 2. Range of market 3. Business culture 5
Slide 58: The Dixon Projects Team
The Dixon Projects Team For personal use only 6
Slide 59: Current volume
Current volume For personal use only 1. Awaiting design (25%) 2. In design / awaiting construction (35%) 3. In construction (40%) 7
Slide 60: Different jobs: different strategies
Different jobs: different strategies For personal use only Project Type Cost Range % of Active Jobs Single subcontract $1K - $5K 10% Cosmetic refurb $5K - $20K 25% Major renovation $20K - $100K 30% Gut renovation $100K + 35% 8
Slide 61: Type 1: Single subcontract projects
Type 1: Single subcontract projects For personal use only 1. 10 % of active jobs 2. $1K - $5K in value 3. 1-6 weeks duration 4. Tenants often in occupancy 5. Roofing, boilers, façade, foundations 9
Slide 62: Boiler replacement - Wallis Ave
Boiler replacement - Wallis Ave For personal use only Before… …After 10
Slide 63: Roof replacement – Clarke Ave
Roof replacement – Clarke Ave For personal use only Before… …After 11
Slide 64: Type 2: Cosmetic refurbishment projects
Type 2: Cosmetic refurbishment projects For personal use only 1. 25% of active jobs 2. $5K to $20K 3. 1 to 4 weeks 4. In-house design / documents 5. Multiple contracts 12
Slide 65: 197A Dwight Street - bathroom
197A Dwight Street - bathroom For personal use only Before… …After 13
Slide 66: 197A Dwight Street - kitchen
197A Dwight Street - kitchen For personal use only Before… …After 14
Slide 67: Belmont Avenue - bathroom
75 Belmont Avenue - bathroom For personal use only Before… …After 15
Slide 68: Belmont Avenue - kitchen
75 Belmont Avenue - kitchen For personal use only Before… …After 16
Slide 69: Clarke Street - bathroom
29 Clarke Street - bathroom For personal use only Before… …After 17
Slide 70: Clarke Street - bedroom
29 Clarke Street - bedroom For personal use only Before… …After 18
Slide 71: Boyd Avenue - bedroom
156 Boyd Avenue - bedroom For personal use only Before… …After 19
Slide 72: Boyd Avenue - bathroom
156 Boyd Avenue - bathroom For personal use only Before… …After 20
Slide 73: Type 3: Major renovation ($20K to $100K)
Type 3: Major renovation ($20K to $100K) For personal use only 1. 30% of active jobs are major renovations 2. Same as a cosmetic refurbishment except includes: layout changes, plumbing, electrical, heating 21
Slide 74: West 18th Street - kitchen
45 West 18th Street - kitchen For personal use only Before… …After 22
Slide 75: West 18th Street - kitchen
45 West 18th Street - kitchen For personal use only Before… …After 23
Slide 76: West 18th Street - bathroom
45 West 18th Street - bathroom For personal use only Before… …After 24
Slide 77: West 18th Street - bedroom
45 West 18th Street - bedroom For personal use only Before… …After 25
Slide 78: 66A Williams Avenue
66A Williams Avenue For personal use only Before… …After 26
Slide 79: 66A Williams Avenue - bathroom
66A Williams Avenue - bathroom For personal use only Before… …After 27
Slide 80: 66A Williams Avenue - bedroom
66A Williams Avenue - bedroom For personal use only Before… …After 28
Slide 81: Type 4: Gut renovation ($100K +)
Type 4: Gut renovation ($100K +) For personal use only 1. 35% of active jobs are gut renovations 2. 3 – 9 months 3. All aspects of the house brought up to modern standards 4. Top tier contractors 29
Slide 82: 2nd Street, Jersey City
240 2nd Street, Jersey City For personal use only 30
Slide 83: 240.5 6th Street, Jersey City
240.5 6th Street, Jersey City For personal use only 31
Slide 84: Project manual: key to quality
Project manual: key to quality For personal use only 1 Style guide 2 Project procedures 3 Appendices 32
Slide 85: Style comparison - bathrooms
Style comparison - bathrooms For personal use only 33
Slide 86: Style comparison - bathrooms
Style comparison - bathrooms For personal use only 34
Slide 87: Style comparison - bathrooms
Style comparison - bathrooms For personal use only 35
Slide 88: Beige bathrooms
For personal use only Beige bathrooms 36
Slide 89: Style manual – flooring
Style manual – flooring For personal use only 37
Slide 90: Dixon Projects adds value
Dixon Projects adds value For personal use only In addition to the preceding construction work: 1 Negotiates volume rates 2 Priority treatment from contractors 3 Disaster recovery 4 BROADEN THE PORTFOLIO 38
Slide 91: Astor Place – before
30 Astor Place – before For personal use only 39
Slide 92: Astor Place - before
30 Astor Place - before For personal use only 40
Slide 93: Astor Place – kitchen
30 Astor Place – kitchen For personal use only 41
Slide 94: Astor Place – kitchen
30 Astor Place – kitchen For personal use only 42
Slide 95: Astor Place - kitchen
30 Astor Place - kitchen For personal use only 43
Slide 96: Astor Place - kitchen
30 Astor Place - kitchen For personal use only 44
Slide 97: Prospect Street - before
132 Prospect Street - before For personal use only 45
Slide 98: Prospect Street - kitchen
132 Prospect Street - kitchen For personal use only Before… …After 46
Slide 99: Prospect Street - bedroom
132 Prospect Street - bedroom For personal use only Before… …After 47
Slide 100: Prospect Street - bedroom
132 Prospect Street - bedroom 2 For personal use only Before… …After 48
Slide 101: Prospect Street - bedroom
132 Prospect Street - bedroom 3 For personal use only Before… …After 49
Slide 102: Prospect Street - living room
132 Prospect Street - living room For personal use only 50
Slide 103: Dixon Projects: Different strategies for different projects
Dixon Projects For personal use only 1 Different strategies for different projects 2 Project Manual: the key to quality 3 Dixon Projects adds value 51
Slide 104: Multi Family Investing & Financing
For personal use only MUTLI FAMILY INVESTING & FINANCING Adam Davis Director, Capital Markets APRIL 2013
Slide 105: Disclaimer
Disclaimer For personal use only This presentation is not financial product advice and is intended to provide information only. It does not take into account your individual objectives, financial situation or needs. The information is taken from sources which are believed to be accurate, but Dixon A
Slide 106: Multi-dwellings overview
For personal use only Multi-dwellings overview
Slide 107: Multi-family portfolio overview
Multi-family portfolio overview For personal use only 15 multi-family apartment complexes acquired for US$49.2 million 15 APARTMENT COMPLEXES TOTALLING 528 UNITS HIGHLY EXPERIENCED US-BASED JOINT VENTURE PARTNERS AVERAGE PRICE PER UNIT OF US$93,000 4
Slide 108: What is multi-family?
What is multi-family? For personal use only • 5+ units on single title • Doesn’t exist in Australia • Safest, largest, most stable forms of real estate investment in US • Multiple operators, all price levels 5
Slide 109: Why we like multi-family?
Why we like multi-family? For personal use only • Stable in-place rental income and long-term capital growth • Diversify the Fund’s portfolio • Achieve increased economies of scale • Rents have been increasing in our target markets • Above average year on year rental increases • Attractive pricing i
Slide 110: How we got here
How we got here For personal use only • Researched market • Met with multi-family operators • Opportune time to invest • Didn’t need to execute 7
Slide 111: Acquisition process
Acquisition process For personal use only • Value driven by rent roll • Focused on under-maintained and / or under- managed buildings • Apartment turnover is key • Normal due diligence with key focus on rent roll “bumps” 8
Slide 112: Target market & property characteristics
Target market & property characteristics For personal use only • Buildings overlooked by larger institutions: – size of properties – intensive management, renovation platform required – dealing with local county regulations • Pre-war buildings, between 20-60 apts • Regulations allow adequate rental
Slide 113: Overview of Urban American
Overview of Urban American For personal use only • Founded in 1997 by Philip & Betsy Eisenberg • Manages 12,000 apartments • Acquire, improve and operate multi-family buildings throughout NY & NJ • Strong track record • 398 units and 2 retail stores at $94,000 per apartment in JV with URF • Fund has
Slide 114: Urban American Portfolio
Urban American Portfolio For personal use only 11
Slide 115: Urban American Portfolio
Urban American Portfolio For personal use only 12
Slide 116: Urban American Portfolio
Urban American Portfolio For personal use only 13
Slide 117: Urban American Portfolio
Urban American Portfolio For personal use only 14
Slide 118: Overview of Excelsior
Overview of Excelsior For personal use only • Founded in 2008 by Andrew Miller & Jacob Schulder • Principals from prominent real estate families • Young and hungry • Hands-on in every aspect of portfolio • Focused in Hudson County and northern NJ • 122 units and 6 retail stores at US$87,500 per unit
Slide 119: Excelsior: 1700-1710 Bergenline Avenue
Excelsior For personal use only 1700-1710 Bergenline Avenue, Union City, New Jersey • 5-level building • 55 apartments, 6 retail stores • Frontage along Bergenline Ave • Easy commute to Manhattan. 16
Slide 120: Excelsior: 1405-1415 Palisade Ave
Excelsior For personal use only 1405-1415 Palisade Ave, Union City, New Jersey • 5-level building • One of the largest apartment buildings in Union City • Large apartments, expansive NYC views • Easy commute to Manhattan 17
Slide 121: Case Study: 1405-1415 Palisade Ave
Case Study: 1405-1415 Palisade Ave For personal use only • Turned over 9 apartments (13%) • Monthly rent roll up: $5,400 $8,980 • 66% in monthly cash flow 18
Slide 122: How are we doing?
How are we doing? For personal use only • Both partners performing above budget • Value significantly enhanced • Urban American estimated to deliver 6.6%-7% • Excelsior estimated to deliver 7.8% -8.2% • This doesn’t count increase in capital value 19
Slide 123: Multi-family going forward
Multi-family going forward For personal use only • Look for new assets • Pricing of comparable buildings has solidified our purchasing • Conservative approach, not chasing deals 20
Slide 124: Financing
For personal use only Financing
Slide 125: Investment thesis
Investment thesis For personal use only • Largest fall in history for US housing • Dollar at all time highs • Lowest all time interest rates with stringent lending standards • We purchase housing all cash at cheap levels – Asset 1 • Lock in cheap capital on long term basis – Asset 2 22
Slide 126: Multi-family financing
Multi-family financing For personal use only • Multi-dwelling properties support larger, cheaper financing than freestanding as more ‘traditional’ strategy • Urban American JV: US$23 million, 7- year term, 3.42% fixed rate, 61% LTV • Excelsior Equities JV: US$8.4 million, 10-year term, 3.63% fixed,
Slide 127: Early strategy
Early strategy For personal use only • Met with a number of banks, small to large • Positive response but difficult to action • Investors Bank – local bank and a great partner for URF • Strategy agreed to form “tranches” of properties 24
Slide 128: Current tranches
Current tranches For personal use only Freestanding properties Tender process, short-listed several regional relationship banks Tranche 1 US$3 million, 10-year loan, 3.99% fixed for 5 years against 32 properties ( 50% gearing) Tranche 2 US$3.2 million, 10-year loan, 3.75% fixed for 5 years against 3
Slide 129: Bigger players, bigger banks
Bigger players, bigger banks For personal use only • Bigger banks have entered the space • Can’t afford to ignore growing market • Reverse enquiries • URF appeal: We are the only ones in this market • Advantage: Ability to establish “global facility” 26
Slide 130: Summary
Summary For personal use only • 15 buildings have performed exceptionally well • Comparable transaction solidify our investment • Continue to explore this market • Potential for global facility, strong alternative strategy in place 27
Slide 131: Leasing & Property Management Strategy
For personal use only LEASING & PROPERTY MANAGEMENT STRATEGY Alan Dixon, Managing Director & CEO Priscilla Lebron, Director of Property Management & Leasing APRIL 2013
Slide 132: Disclaimer
Disclaimer For personal use only This presentation is not financial product advice and is intended to provide information only. It does not take into account your individual objectives, financial situation or needs. The information is taken from sources which are believed to be accurate, but Dixon A
Slide 133: Property management team
Property management team For personal use only 3
Slide 134: Walk through analysis - 41st St, Union City
Walk through analysis For personal use only 414 - 41st St, Union City, New Jersey 4
Slide 135: Security team
For personal use only Security team 5
Slide 136: Property secured 24/7
Property secured 24/7 For personal use only • Patrolling property 24 hours 7 days a week • Almost zero property incidents since inception • Police and community liaison • Improved our standing with relevant cities 6
Slide 137: Leasing: Construction, Boyd Avenue
Leasing For personal use only Construction: 156 Boyd Avenue, Jersey City Before… …After 7
Slide 138: Leasing team
For personal use only Leasing team 8
Slide 139: Competitive leasing plan
Competitive leasing plan For personal use only • Aim to be at or fraction below market • Month to month and half security • 12 month leases 96% of the time • Advertising: Dixonleasing.com, Zillow.com, Truillia.com 9
Slide 140: How we qualify applicants
How we qualify applicants For personal use only • Copies of the 2 most recent paycheck stubs • Tax returns (if self-employed) • Documents supporting recurring income from other sources • $30 (per adult) non-refundable application fee payable to Dixon Leasing • Valid identification from the applicant
Slide 141: How we qualify applicants (continued)
How we qualify applicants (continued) For personal use only • Background Checks • Credit history • Household income should be at least 3 times the monthly rent and must be verifiable • Must have satisfactory rental references from at least two prior landlords or for at least the past two years 11
Slide 142: Rental rules
Rental rules For personal use only • Payment due on the 1st of each month • Late fees applied on the 6th of every month • Zero tolerance for non-payment — eviction process starts on 10th of month 12
Slide 143: Rental payment & evictions
Rental payment & evictions For personal use only • Strict liability, only defense is to pay! • Eviction ordered & sheriff gets warrant • Lockout typically 2nd-4th week of 2nd month 13
Slide 144: Inspect occupied apartments
Inspect occupied apartments For personal use only • Aim for within 3 months of new tenancy • Led by Mike Perez • Helps the fund determine how much to increase renewed lease • Mike and team decide when they will revisit property 3,6, or 12 months • All iPad enabled for efficiency 14
Slide 145: Internal Property Managers
Internal Property Managers For personal use only • 5-person team led by Shanniel Morrison • Each has allocated properties • Takes calls and emails, discusses issues with tenants 15
Slide 146: When a tenant renews
When a tenant renews For personal use only • Discretionary increases – Free market value is determined by area – Quality of tenant also influences rate of increase • Non-discretionary increases – Rent control – Section 8 16
Slide 147: When a tenant moves out
When a tenant moves out For personal use only • Await furniture out of unit • Room by room • Damage • Photos taken • Deducted from security deposit • Back to step 1! 17
Slide 148: US Masters Residential Property Fund
For personal use only US MASTERS RESIDENTIAL PROPERTY FUND APRIL 2013
US Masters Residential Property Fund — Investor Day (May 2013) on 6ix