Mike Taravella discusses the importance of understanding your rent roll as a buyer and an owner.

Key Information:

#1. Understand your occupancy!

If you are getting agency debt you need 90% for 90 days! Get a report if it is not on the rent roll. As an owner, do your reviews to make sure your PM is operating efficiently and your turnover is low.

#2. Market Rents

What are the true market rents? Do your own due diligence to prove out the comps provided. As an owner, keep track of the rents in your market to know when you need to raise them. You NOI relies on it!

#3. Actual Rent Charged

Know how long it should take to get to market rents… hint… it isn’t overnight! Your loss to lease is the difference between your rents and the market. Know where you are and are you executing your business plan?

#4. Lease to and Lease From

See where the value add is when people have been there for a long time! How close are all the leases? If they are all in the same month, that could be a mass exodus of your property.

#5, Understand the balances

As for your 30-60-90 day delinquency reports to understand where the property is. As an owner, who is paying and who is not? Add a narrative as to why someone is past due for understanding the story and potential eviction support.

Pro tip: Know your rent roll, understand your takeover plan, and make sure you are capitalized!

Contact: MikeT@RANDCRE.com

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