Fed Reserve White Paper: REO to Rental - One Year Later: Time to - PowerPoint PPT Presentation

Dec 10, 2022 •371 likes •430 views

Fed Reserve White Paper: REO to Rental - One Year Later: Time to Act with Twist Limited Supply: Increase in Home Prices Strong Elastic Demand: Institutions + Professional Property Management Thomas W. Eggleston

Fed Reserve White Paper: REO to Rental - One Year Later: Time to Act with Twist Limited Supply: Increase in Home Prices Strong Elastic Demand: Institutions + Professional Property Management Thomas W. Eggleston teggleston@HouseKeyProperties.com
SF Market Rebound to Sellers’ Market • SF price increase strongest in six years – supply constrained • Funds $10-20B raised to convert SF to Rentals; increased by debt & IPO proceeds; plus 2 nd tier regional investors • Investors in “new asset-class” able to convert 1M REOs to rentals = $100B if supply released in REOs & NPLs. Rental demand driven by 5M homeowners displaced in past 5 years. • Investor transactions +75% Nov ‘12 from prior year in 25 metros. Elastic demand from landlord economics. • Ramp up REO listings at stable pricing to meet demand: 150,000 REOs/month (2008 pace) v 50,000/month today • Draw down part of Shadow 2.3M houses: CoreLogic
SF Rental Case Study: Atlanta • ATL community bank mecca: concentration of FHA loans • Capital Groups acquire packages, at Trustee Sales, Short Sales, MLS; 18% price drop (2011) to 10% increase (2012) • Typical to have 20-40 offers per MLS listing • REOs trade at no discount; (2013) price increase 1% mth • Days-on-market to lease SF less than 30 days • Professional property management – licensed, insured, 24 hour repair #, Tenant portal for online rent payment • Current limited REO supply frustrates investors • Demand could be met by NPL sales & REO listings
Deed Restrictions Align with Business Model • Proposal: List REOs for sale with Deed Restriction: lease for 5 years unless sale to Tenant. Report current lease to Asset Mgt firm handles listing. • Aligns with Investor criteria of SF Homes for rent: • REOs trade at 40-50% of replacement cost • Market trade at 30-50% of peak price • Rental period of 5-8 years • Rents Cash flow + Home Price Appreciation Emphasis on occupancy for continuity of utilities, asset preservation.
Sellers Stipulate: Property Manager Qualified • Similar to NPL Auctions: Bidders need qualified Servicer • Proposal: REOs lease & managed by Qualified PMs: • $5M General Liability + Professional Liability insurance • BackOffice system to generate Owner & Tenant portals for online info on property, rent payment ie. Propertyware, appfolio • 24 hour emergency call # for repairs • Licensed Real Estate Broker; licensed PM where required; complaint process • Largest firm – RPM – has 75,000 properties under mgt; other national, qualified PMs in place

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