Advice for Property Managers and Owners from K. David Meit, CPM®, GRI®

K. David Meit, CPM®, is the President and CEO of Oculus Realty. With approximately 25 years of experience managing all classes of multifamily properties, David is an expert in everything real estate, from financing, marketing and leasing, to real estate investment, operations and renovations. David is also a past president of the Property Management Association (PMA). His interview below provides invaluable advice to property managers and owners.

What sparked your interest in real estate?

My father was a developer in New York City and Naples, FL. I grew-up with it. Although I have a liberal arts degree, I took real estate classes in school. After college I worked for Meit & Maxwell Properties where I ran the daily management of apartment communities in the Harlem neighborhood of NYC. Yes, I have stories. I have always been attracted to the multifaceted aspect of real estate – finance, customer service, operations, and administration. Founding Oculus three years ago was a natural transition in my career.

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What Multifamily Housing Investors Need to Know About Reform

Years later the housing market is still feeling the effects of the crash that almost destroyed America’s real estate industry. Many markets have still not fully recovered and many families are still suffering from the consequences. While much of the discussion about the housing crash has been focused through the lens of the single-family homeowner, multifamily housing investors were affected by the crash in unique ways as well. As the government struggles to build reforms that will prevent another crash from ever occurring again, some are worried multifamily investors may be forgotten.

The Difference Between Multifamily and Single-Family Sectors

Experts and analysts are urging the government to consider the differences between single-family and multifamily sectors as they build the reforms that will control the housing market for the foreseeable future. Multifamily investors have an extraordinarily low rate of either delinquency or default, even throughout the housing crash and especially through the Fannie Mae system. The multifamily sector consists of financially knowledgeable individuals that simply do not need the protections that the single-family sector require. Furthermore, it’s simply more difficult for a multifamily loan product to fail due to the revenue opportunities present.

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