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REI142: Real Estate Syndications w/ Dan Handford
Millennial Investing - The Investor’s Podcast Network
How Do You Use Your Operating Reserves to Compete in Markets Full of Capital?
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We stress test our properties at a 60% or less occupancy. You use pretty conservative rental rates and occupancy rates. And then you build into your business plan at least eight months of reserves. How do you use those underwriting criteria to compete in markets that are highly competitive and full of capital? It's very challenging. This year has been more challenging because of that market being all over the place. But also it's always been challenging, right? Because one of the things that we always do is we always have that cushion in there of operating reserves so that we don't have to worry about future capital calls.
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