275: High Occupancy Rates with Military Tenants

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Foreign. Hey, it's my pleasure to welcome Zach back to the show. He is going to talk about vacancy or how not to have dreaded vacancies. And we're going to talk about that in one of our markets, one of our markets that I'm invested in with 10 units of my own. And then we're also going to talk about special pricing and how that is really true. How you can actually buy below what other people are paying right in the same time frame. And you'll be kind of a amazed at how this is possible. So let's talk about that. Zach, let's dive into vacancy here. We've both got some vacancy reports in front of us for this particular market that we're going to talk about today and they are nothing short of amazing if you're an investor, if you're a landlord, right?

Absolutely, that's correct.

Well, so what are they? I mean I'm seeing vacancy rates below 3% in an almost three year period. Wow, that's amazing. I mean our performance go with 8% vacancy. But you're beating that like crazy, aren't you?

We are and we have consistently done that since. Well, you're looking at the reports January of 2009 and we've done that across the board on our duplexes, on our two and three bedroom duplex units, and on our one bedroom apartment type units.

Okay, so we've had a lot of clients buy duplexes in your market and a couple buy small apartment buildings in your market. Tell us about the duplexes.

I guess the duplexes typically we either do 2 bedroom, 2 bath, 1 car garage type units or 3 bedroom, 2 bath, 1 car Garage type units. Overall, they rent obviously very well and they stay rented. You can see the vacancy reports where you can see the average move in and move out times. I mean you're looking at typically 12 days or less and typically two weeks. It's very, very tight turn times. A lot of that has to do with a very strong rental market and very strong demand. And strong demand coupled with a supply shortage along with toot our own horn here, a management company that really understands and understands the P and L on a property and understands how to decrease vacancy by being highly proactive whenever they know a unit is going to go in.

Yeah, so I've got a few different reports here that I'm looking at. There are three different reports. But let me share one summary of one of the reports with our listeners here. Okay? And this is history. This is not a projection into the future. This actually occurred. This is real life. So we're talking about a total of 20 different units here where in this period of almost three years, 980 days is the exact time period there were 39 move outs. Now that sounds bad, but remember this is almost three years. So you didn't even get one turning a year on average. And the average days vacant between tenants. Get this. You listening everybody? 11.66 days, not even 12 days of vacancy. Okay. On average the total vacancy percentage is 2.34%. 2.34%. And again, we won't allow you to project anything below 8%. So you're beating the heck out of it. And we've been working with you for a few years. And just so as not to keep everybody in suspense here, we're talking about St. Robert, Missouri. Okay. I don't want to keep the listeners in suspense for too long as to what market we're talking about with these great records. But Zach, we. What is going on in St. Robert? Why are you having such good success there? I mean, other than tooting your horn with the management, which is great.

Obviously with St. Robert, you have Fort Leonard Wood, which is. The units that we're discussing in these vacancy reports are within four miles away from Fort Leonard Wood. And these obviously these vacancy reports go all the way back to January 1st of 2009. And since then we have seen the base in Fort Leonard expand substantially, which has obviously increased demand. It's now graduating over 100,000 soldiers and students per year through it, which in turn obviously creates a very good rental market.

Yeah, and how long have you been operating in that market?

We brought our first unit online back in 08. So I've been there almost four years now. Going on four years.

So four years and pretty good success, that's for sure. Pretty good success is an understatement. Now I bought a 10 unit property there with some wonderful clients of ours who are probably listening to this show right now, Danson and Elton. And how is that one going?

That one we brought online in May and I think by mid June we were actually by first of June, I believe we were eight out of 10. And I think through June we got the last two leased up. So I believe first of July or mid July, we were 100% occupied. And I believe we're 100% occupied right now on that building.

Well, it's hard to complain about 100% occupancy, that's for darn sure. So good job. Let's look at another one of these reports, Zach. Now this one we're talking about 24 units here and we're talking about a slightly longer period of 949 days. We had seven 70 move outs, but the average days vacant between tenants was 9.71 days. 9.71. This is on the report you just gave me. And this equates to a 2.88% vacancy rate. Pretty awesome. And I'm looking at a report here with the actual names of the tenants. And this is the real deal. Unless you're just completely making this Up. Okay.

I don't have that much time on my hand.

Yeah. Okay, so tell us a little bit more about what you're doing to get these units and really keep these units leased and get them leased so quickly between tenants.

Well, these units we've actually found a target market of. We do a lot of one year and less leases on these type of units. And these are actually identical to the 10 unit building you're involved with. These just have been online since February 1st of 2009 is when we actually finished up these two 12 unit buildings and stabilized them. But the units are identical to the current 10 unit buildings. You're involved with just a longer time period stretched out over 949 days. You can see what happens with 2.88% vacancy rate. We are targeting with these a niche market of a lot of people that are coming in for captain's courses. And these are a lot of times higher ranking soldiers that are renting these things. And they're coming in for a six month captain's course. And as those courses come through, they graduate and then the next one comes in. And you can obviously tell by our vacancy report an average number of days vacant of 9.71, that even if we turn over more than one time a year on a unit, it's a very quick turnover and it works very, very well. Obviously we tapped a very, very strong need in the area.

And talk to us a little bit about how the. Well, before we switch from vacancy. Actually, before we do this, I want to just go over one more report summary. Okay, but before I do that, Zach, tell us about the product types. Mainly duplexes, right? Is that what you're working on?

Mostly a combo, actually about 50, 50 between apartments and duplexes.

And when you say apartments, what unit sizes are those?

These are one bedroom. All our apartment buildings that are. We do anywhere from four unit buildings all the way up to 16 unit buildings. And it's just a different variation on the size of building. All the units are identical. They're all one bedroom, one bathroom. They have a carport for their unit and they're all right around that 640 square foot per unit.

And so you're finding that those small, really almost efficiency type units are really the most desirable in your market, huh?

They are for this. And with the apartment buildings now, once we go to the duplexes, we get in the two bedroom, two bath type units and the duplex unit. On a two bedroom unit, we're right around 1140 square feet of living space. Per side. And then on the three bedroom duplexes, we're 1380 per side.

So let's take one of those three bedrooms as an example because I want to switch to that in just a moment. But let me just share one more vacancy report summary here. Now, this is a total of 16 units and there were six move outs. This is a shorter time period. It's 615 days. And the average days vacant here in this report was 6.8 days vacant. So not even a week, not even seven days. And the vacancy percentage here, only 1.48%. That's phenomenal. Now let's, let's switch gears here. But you know, before we switch gears on that, I know I keep saying I'm going to switch gears to get to the price thing because I got a question for you about that. But when landlords are looking at vacancy rates, it would be deceiving to look at. And I'm going to spring this on you, Zach, because you're probably not ready for this one because we didn't talk about it and you were not expecting it. It would be deceiving just to look at vacancy rate and think that that's your total issue. Because what it assumes, Zach, is it assumes that everybody's paying their rent. So you've also got to look at collection issues. Now, I know from the military tenants I've had over the years and I've had several of them, the vast majority have been great, just great tenants. And I don't have collection problems with military tenants.

No, we do not either.

Yeah. So is the vacancy rate. I guess the way to say it is, is that an economic occupancy rate or a physical occupancy rate? In other words, someone could be in the house but not paying the rent or are they paying the rent? What are collections like? Do you have collection issues?

That is technically a lease date to lease date. So that is a physical occupancy date. Now, as far as collections and stuff, we could figure those in. Those are not enough to even make a blip in this radar though, due to it being 95% of our tenants being military.

And what does that mean, military? I mean, I know what it does, but I want you to explain to the listeners because you have more firsthand experience than I do. I just have several military tenants I've had over the years. But when a military tenant doesn't pay their rent, what do you do?

We go to their commanding officer and we have some ins there. Typically we can find out who their commanding Officer is, most of the time we get that information if at all available in the very front end when they're moving in, we request their commanding officer's name and contact information. So if we ever have an issue, we go straight to them. And generally speaking, we get our money very quickly. Much more than the pure normal non military.

The civilian tenant doesn't have to do like 6000 push ups if they don't pay their rent, right?

That's correct. The military definitely frowns on any kind of financial hardships or anything like that. And they definitely step in and try to get them straightened out on any kind of off base private issue.

Yeah, military people are great. I mean they're so disciplined and generally just very, very good people. Okay, so let's switch here finally and let's talk about price because something that's very interesting is all of these investor groups out there, my competitors, you know, they're marketing properties as though they're below market. And I won't allow any of our local market specialists, whether they're developers or rehab. We have different deals in different markets. Sometimes we have developers that are building brand new stuff as it is in your case, but sometimes we have rehabbers that are buying properties at auctions and rehabbing them and then getting them ready for investors to buy and rent or buy and flip. And they all want to say, you know, the properties are below market. And I think that a lot of times that's really, really a misnomer. It's not true. And that's the reason I won't allow our local market specialists to for example, put it on the Performa that the market value, initial market value versus I won't let them make those numbers different because if they make them different, the roi, the return on investment on that investment, it goes through the roof. Like if you were to say a property is just $3,000 below market value, it would turn an ROI projection of 20 to 30 to 35% into 250% annually. I mean it's just, it's crazy. The numbers just, they go nuts. Nobody would believe it. And plus it creates too liability for us. So we won't allow that. Okay. We just think it's wrong. But now. But I want you to explain what goes on with the pricing of your units. And let's use a duplex, a three bedroom duplex as an example. So you've got 1380 square feet on both sides. Our clients can buy these for $189,900, right?

That's correct.

Okay, so 189,900. And we're going to take 1380 square feet. We're going to multiply it times two, okay? That gives us two thousand seven hundred and sixty square feet, okay? So everybody remember that number, 2760, because we're going to come back to it in a minute. Now, Zach, what's the highest price you've sold one of these duplexes for?

I believe it was 236,000. Right around 235. How long ago 235 was sometime in 2011 that buildings have sold for that? Yeah, five to seven months, somewhere right around that ballpark.

So this year, so earlier this year for $235,000. Now if we take. Now here's the BS detector, folks, for everybody listening. This is the BS detector when you're talking about a brand new duplex, okay? Any brand new structure, all you do is I want you to take your calculator like I'm doing, and take $235,000 and divide it by 2760 square feet. And we see that the cost per square foot there is $85 per square foot. Now that is a legitimate number for brand new construction. $85 per square foot. So. So the first thing that comes to mind is why would anybody come along and pay you $235,000? Wouldn't they simply check the comparable sales and realize that you're selling these properties to our investors for $189,900? Let's just call it 190. What don't they know?

They do not know how we structure the deals. And that is where our competitive advantage, if you will, kind of lies with being the construction company, the property management company, and the full on developer. We have the ability to do things that most other investors don't have access to or provide different ways to finance things that other investors don't have access to.

Okay, but let's get specific about that because what you do is our client really is not buying the property from you per se, they're hiring you to build it for them, right?

That's correct.

So when they hire you to build it for them, the price that they ultimately pay never really shows up as a comparable sale, does it?

That's correct. And this is not marketed locally either. So nobody, nobody has access to it, Nobody even knows about it.

So they're not in the mls, in the multiple listing service. So it's a different deal. And there's nothing to prevent you from building a home for someone. You can do that. You're A developer. Now, if you build a home for what they call for spec, which is the way you're doing it for a regular consumer, you stick it in the MLS and you get them to pay $235,000 for it. But you can't get the economy of scale where you're selling a lot of them to investors through our group in that scenario. So for those, you really do have to sell them for more, don't you?

That's correct. So the investor, we own the land, we develop the land, we own the lots. The investor would come in, execute a lot purchase contract to acquire the ground that we would build the duplex on. At the same time that they execute that lot purchase contract, they would execute a construction agreement, a specification agreement and a floor plan agreement. And what those things state is that we're going to build you a building, turnkey it to you, and we're going to give it to you for X amount of dollars and build it. And once you're done, you're done. Now we actually even. I'll take it a step further and I'm going to spring this on you, Jason. We actually cover all of your interest during the construction inside that turnkey price. We cover all the appliances, the yards, everything. The building is absolutely rent ready whenever you're done. So much that we actually cover your interest until there is one tenant in place. So as a developer and owning the property management company, we're assuming that risk that you will not take over an empty building, take over any kind of a payment on an empty building. So you will at least be 50% occupied. So by doing it this way, you, you're not buying a building, you're having a building built. And while on the surface, and at first glance it doesn't seem like much of a difference, it's a huge difference in the marketplace. And as Jason was saying, in no form or passion is this on the multi list. Because there's never. Technically, the only thing we are selling would be the lot and we could put that in a multi list, that's no problem. That wouldn't hurt anything. But the building itself, you're financing it in your name. You're acting as in a sense a mini developer because you're providing the financing to build the building, which in turn is not a sell, that is a build out and a build to suit, essentially.

So one of the big risks people have with building their own property is this, and my mother's going through it right now, so I'll share that experience because many of Our listeners have been kind of interested in the story about my mom building her house. And it's exactly this. It's that you go and you finance a project. And this happened to thousands of investors in Florida. I mean, there's a lot of litigation out of this, this stuff. Russ Whitney was selling a lot of properties like this. Marshall Reddick was selling a lot of properties like this. And it was a big problem in Florida. We never did that main Florida area. We did a little bit of business up in the panhandle, in the military areas like Pensacola, where I own property myself. And those have fared much better. But the rest of Florida is pretty much a bloodbath. And what would happen there is people would do deals similar to this. And the way they got burned is because the builder would never get around to building the house or finishing the house. And so my mother is building this 9,000 square foot house, her dream home, this southern mansion in Gulf Shores, Alabama. And she's having the same problem because she can't get people to get their job done. To get the work done. The painting contractor comes in and makes a promise, oh, I'll have it painted in a month. And here we go. Months later, the painting still isn't finished. And they use every excuse in the book. Oh, the weather, the this, that. And that's where the risk really comes in for the investor developer. Because our listener is really an investor developer. And what they're doing is they're hiring a developer to take that risk, put their money where their mouth is, and carry all of the cost. Until when? Until the property is rented, right?

That's correct. Until there's one tenant in place.

Okay. Oh, one of the two tenants. So they do have the risk of not getting the other tenant, but at least it'll be half occupied and it'll be finished. Because it has to be finished to get the certificate of occupancy, correct? Yeah. Okay, good. What else should people know?

Typically, it takes two to three weeks. Obviously, you can see by the vacancy reports that we were discussing earlier, it takes typically two to three weeks. I mean, you have your second tenant in place, so it's typically a very short period of time before the second tenant is in place. So very. Overall, traditionally there has been little risk there as well. So that's a very good thing.

And you've got a new financing plan that we're going to talk about on a future show. You've got to get it cleared, accounting, legal, get all that done. And it's pretty exciting and pretty Interesting. So we will have you back here on a future show to talk about that. But just give us a little overview of the area and why it's desirable and the product that you're selling. You know, we started in kind of backwards on this one where we talked first about vacancy, then we talked about the pricing issue and how to build in a profit for oneself as a developer. Basically a $45,000 potential profit there. But talk about the market and the product, if you would.

I'll start with a 10,000 foot view. The reason we are a question I get all the time from investors is how can you do this as 189,000 to us and then still take them for 235? Aside from just the appraisal and those types of things, how can there be that much margin in there? Because if you do the calculations 189 to 235, that's a huge developer margin. Typical construction margins are not that big, let alone for us allow us to do the building to the investor189 and still have enough margin in there for us to survive. And there's a few different reasons for that and factors at play. The first one that comes to mind is by doing 189, we get our economies of scale. We can run for the area a decent amount of volume. We can run anywhere from 15 to 25 duplexes a year. So anywhere from 30 to 50 units a year. And that in turn gives us in this size of an area, in this demographic, different demographic of an area. That gives us a substantial control over labor and a substantial control over materials and pricing and everything in the area. And gives us buying power to in turn bring down our, our net build price to allow us to be able to build for the 189 and have enough margin in there. If we were coming in on a retail side like we were talking about 235. The reason $85 a square foot is completely legit on new construction. And it is actually completely legit in this area because for typical volumes and typical absorption of sales for a developer or builder to build that on spec, they're not going to do 15 to 25 building. And to put it bluntly, if we could come in and build and sell 15 to 25 buildings a year retail, we would probably do that and not even mess with taking anything to investors. To put it very bluntly, you used.

To be able to do that. I mean, during the heyday, during the roaring 2005 era, I'll call it the money printing era and that craziness. Anybody can get a mortgage. You know, a developer could do that and they would make obscene margins. They could build attractions, 40 properties with no buyers. They just built. They could get the financing to build them. First of all, they could just build a tract of 40. Well, really, they could build a tract of a couple hundred units and the buyers would just come on in and buy them. If you build it, they will come. The field of dreams. But, but you can't do that nowadays. It just doesn't work anymore. And so that's why the investment model is much more efficient for you as the developer, right?

Absolutely. And also, just, just as you were saying, we don't have to build it and they will come, which in my conservative stance is that equates to risk and I'm very risk averse. We do not build it and they will come. We make the investor come and then we will build it, which in turn decreases our risk substantially, which in turn makes our risk reward from a construction company and developer and everything. It puts it in line to where it's a comfort level that I'm okay with by having the investor already speaking for it and carrying it on, technically carrying the debt and the loan and everything on the investor's balance sheet versus us carrying it on our construction balance sheet, construction company's balance sheet. And those are the two biggest contributing factors to allow us to come in and hit these type of price points because we are building substantially cheaper than market value in the area. One more quick thing I want to add to that is that's not going to last forever while labor pricing, just as a construction industry as a whole, labor pricing is very, very cheap right now. Labor is not going to get any cheaper. Material pricing. Material prices are rock bottom. They are not going to get any cheaper at the first opportunity for construction to pick up enough. Here's what we're going to see. In the construction industry, there's enough subcontractors, contractors that have went out of business that the few that are still standing are getting all the current business and they are just coasting and they are just surviving, if you will. And they are going to survive. They are the best of the best that are left. But as soon as the volume of construction picks up, you have a much smaller labor pool to pull from. So in turn that is going to enable them to brace their prices very quickly. And the same analogy is in place on the material supply side. So as an investor, when you're getting in for these type of price Points that are really below market value. You're going to, I believe, correct me if I'm wrong here, Jason, you always say that back to replacement cost. I can't remember your exact verbiage.

You always use regression to replacement cost. That's.

There we go.

That's my famous phrase, regression to replacement cost.

I'll send you your nickel that I owe you for using your time.

My royalties.

Yes, your royalties on that. But you're going to see the same thing because you're going to see inflation in the construction industry. And it may be two years from now, it may be a year from now, it may be three years from now. And every market is going to be different for that. But every market, you're going to see a very quick ramp up of construction costs due to the decrease in size of labor pool and the decrease in the amount of material suppliers. And there's going to be a disproportionate supply to demand and it's going to go the polar opposite direction very quickly when supply, or excuse me, volume does pick up in the construction industry.

Yeah, well, you know what I think it's going to be? I think it's just going to be inflation driven basically. And we should just differentiate. In all fairness, most people will say, well, prices will rise. Well, that's true, but that's in nominal dollars maybe or maybe not, I'm not sure yet. In real dollars. The significance in real dollars will be more, much less. But the thing is, is that you arbitrage that nominal versus real dollar equation with financing. And that's the beauty for a real estate Investor. If there's 10%, and we've talked about this in prior shows, so I'm not going to go into it in detail. Listeners, go back to prior shows creating wealth, home study course, come to the Meet the Masters event, whatever. There's a lot more to this, too long to explain now. But basically it's like this. If you get a 5 to 1 load leverage ratio, say you're ultimately putting 20% down on a property, just for a simplistic example, you have a 5 to 1 leverage ratio. If inflation is in the future 10%, then you normally, just by owning the property with cash, you're going to keep pace with inflation. Because real dollars to real dollars, it's just a real dollar increase. It's not a true gain, but if you finance it, you're going to outpace inflation by a multiple of 5 or 500%. This is why people become so wealthy owning income, property properly structured and that's what we're here to help our listeners do. So go to Jason hartman.com and have us help you with that. But yeah, absolutely, that's an amazing opportunity. No question about it. What else do you have to tell us on that, Zach?

Along with the construction pricing and where we're at with that with investor version versus retail price points and that market value, the market itself and the local economy is booming. With the military, you don't have job loss in the military, you don't have wage decreases. If there is inflation, military people will get, generally speaking always get cost of living increases, which in turn means you have nice rental increases. So those two things coupled together really help to hedge this area against inflation. When and not necessarily if, but when it comes. That coupled with just the economy and what's going on in the area with the growth of insulation, the growth is outpacing the supply side by far because construction financing is still very tight. And it is still, I'll be honest, nobody in the area focuses on multifamily. Nobody in the area understands it's a smaller demographic and it's not big enough to attract larger money pools to come in and drop 2 and 3 and 400 units at a time on the area. It's smaller developers, we develop more multifamily than anybody else in the area and we develop about 60 to 100 units a year. And we'll keep on that pace. It's a solid, good pace that we can absorb and it's strong without getting way too ambitious and increasing the supply side too much. It's good. And we'll keep a good thumb on that market.

Well, what you seem to have really done and you've succeeded at it quite well. My hat's off to you is you're a big city guy because you don't even live in St. Robert, you live in Kansas City. So. So you're a big city guy that came into a small town that's largely a government funded small town through the military, through gigantic military base and you're in a place where there aren't a lot of like really sophisticated real estate development type people that are competing with you. So that was really a brilliant strategy. Hats off to you.

Thank you. A little bit dumb luck.

Really, really good. Well, dumb luck, brilliant strategy. Hey, you know what I always say? I'd rather, rather be lucky than good any day of the week.

Exactly. No, the rent to value in the area, rent to build cost is highly disproportionate in the right direction from an Investor's point of view. And it's a very good opportunity that jumped on and definitely pounced on it.

Well, it's that way in a hotel as well. And the problem with hotels is they can't keep their units occupied enough. But because of just the hotel industry and the way that whole business model works. But what hotel is providing in service to its very short term tenant is it's providing convenience and mobility. And I said it to someone yesterday, I was at the W Hotel in Scottsdale, Arizona and I was talking to this girl, she was there with her dog. We were going to Doga class. I know it's something you'd think you'd only do in California, but Yoga for dogs. I know, it's hilarious, right? And she said she was interested in real estate investing. And she said she just moved here with her fiance for a job from Dallas, moved to Scottsdale, Arizona. And what's interesting is that I said to her because she was thinking of, should I buy a place for myself? Should we buy a place for ourself here or should we buy rental property? I've been reading rich dad, poor dad, et cetera. And I said hands down, rental property. Because the best thing you can have on a resume nowadays is mobility, the ability to move for a job. That is what will keep you employed. So as investors, as landlords, that's what we're providing to people. We're allowing them to stick mobility on their resume where they only have a one year lease instead of a house that they are just completely stuck with. So I think we're providing a great service. I think landlords, investors like us will literally help increase the rate of employment and decrease the rate of unemployment. And so it's a great thing that we're doing. And with military people, they need mobility so they're not looking to buy stuff as much. They're looking to rent stuff, right?

Absolutely. They definitely look for mobility. Most people there for three years or less and generally speaking, they can't buy a single family home, recoup commissions and everything between the time they move there, buy it and need to sell it again. So it makes perfect sense for them to be renters and for two or three years while they're there.

That's a great strategy. Okay, good. Well, hey, thank you so much for sharing this today. We look forward to having you back on to talk about a financing opportunity and we appreciate it. Good luck keeping those vacancies as low as they are. Good job.

Appreciate it. Time, Jason. Thank you.

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