October 2021 – Page 3

Successful Real Estate Investing

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A Three-Step Approach: Property, Leverage and Management By Noel Christopher The housing market is at an all-time high with home prices and rental prices surging. With skyrocketing demand for property – both to rent and to buy, pressure is being felt in tertiary markets, not just urban hotspots. Is now a good time to buy property? Here is what you should know if you are thinking about getting started with real estate today. Now could be a great time to start. Despite the fact that property values are at an all-time high, with only growth in sight, if you have the capital and a solid plan for investing, then there are a number of opportunities to be had. One solid investment comes in the form of single-family residential rentals (SFR). In today’s extra-hot housing market though, you will need to look a bit harder for your golden opportunities. You will also need to have a solid investing strategy in place to back you up. Flying by the seat of your pants no longer cuts it with real estate investing. It is more important than ever to ensure that you are smart with your real estate investments. Successful Real Estate Investing is a Three-Pronged Approach What does success with real estate look like? While there are plenty of books, strategies, and approaches available that delve into real estate investing, ultimately it comes down to just three things: the property, leverage, and management. Finding The Right Property The average home value is currently $308,220, up 18.4% from a year ago, and property prices are expected to hold high over the next year. Zillow’s market forecast puts them on track to increase 11.8% by April 2022. Property in many markets is hot, and it is only expected to get hotter. Likewise, rents are climbing as well. What does this mean for would-be investors? Now is a good time to consider single-family residential rental investments in secondary or tertiary markets. Apartments in downtown San Francisco might be sky high (and some may argue, even approaching bubble territory) but there are plenty of other opportunities available for real estate investors. Single-family rentals are a great opportunity for investors today. These are properties that are experiencing growing demand – and in most cases, they are far less likely to be at risk of approaching bubble territory. There is a great deal of movement and investor interest in these properties, including the emergence of build-to-rent (BTR) SFR properties. With existing property prices surging, many investors are finding it more profitable to start turning out these properties at scale, in new developments. Areas where investors should focus their attention include the so-called “smile states,” markets that extend almost across the southern half of the country. For first-time investors or those who are looking to grow their portfolio now, I recommend markets that are just outside of urban hotspots which are usually hidden gems that are poised to experience strong growth. Often, it is these areas –and even popular rural locations, like vacation or second-home markets – where you can find better deals, and usually higher yields. Just make sure to look at localized economic factors to spot signs of a solid, growing market. Now, ask yourself whether you are investing primarily for cash flow, appreciation, or both. Your goals will dictate where you will want to invest. In some booming markets, you may get less cash flow (lower net returns after expenses) – but better appreciation. In other markets, you will see higher cash flow, but less price growth. Look at historical appreciation rates on websites like Zillow to get an idea how much housing is likely to increase in the future. Next up, run the numbers to see what type of cash flow your property is expected to produce. Two other metrics you may want to consider running are cap rate and cash-on-cash returns. Cash-on-cash returns are the net returns you will generate as a percentage of the amount of cash that you have personally invested. Cap rate, on the other hand, looks at the Net Operating Income (NOI) divided by the total purchase price. If you’re using all-cash for a deal, then these two metrics are the same. Here is an example of running the numbers for cash-on-cash returns. If you were going to make $300 (after expenses) every month on your rental, that is $3,600 a year. Let’s say your cash investment in the property is $50,000. The $3,600 divided by $50,000 is 7.2%. Is that a good return? Again, that depends. Keep in mind that this strategy is not taking any appreciation into account, just cash flow. So, if you are buying in an area that is expected to grow, then yes, 7.2% is decent. If, however, you are buying in a rural area that does not see much appreciation, then I would recommend aiming a bit higher. The minimum amount that most investors aim for is usually between 10 and 12%. Leverage and Structuring Your Deal How you structure your deal will impact your returns as well. Real estate is one investment that gives you the opportunity to use leverage to maximize your returns and grow your portfolio. This means that you will be able to use the bank’s money to increase your returns. What does this look like practically? It means that instead of spending $100,000 cash outright to buy one rental property and then getting back 1-2% in cash flow, it would be better to use that money as down payments on two or three properties, and then finance the rest. This allows you to benefit from cash flow on multiple properties and appreciation on multiple assets. Having a Plan in Place for Management Finally, a good property is nothing without a clear management strategy in place. Even the best properties tend to go south quickly if there is no plan in place for management. While apartments or multifamily were the name of the game for easy-to-manage properties years ago,

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Up to 1,000 new, single-family rental homes targeted for development, management yearly Leveraging collective expertise in land acquisition, development, lease-up and property management, SVN | SFR Capital Management (“SVN | SFR”), a private commercial real estate investment firm dedicated to the single-family Build-for-Rent (“BFR”) housing sector, and Coronado West announced a joint venture to invest in, build and operate a portfolio of approx. 1,000-1,500 new, single-family rental homes per year. In total, the partnership seeks to build and acquire an estimated $300 million in completed homes per year. Markets where purpose-built rental home communities with current land assets are targeted include Charlotte, Raleigh, Jacksonville, Tampa, Atlanta, Dallas, San Antonio, Austin, Houston, Denver, Fort Collins, Las Vegas and Phoenix. Homes within the communities built will be influenced with socially responsible or ESG benefits including smart energy and solar technology provided by SVN | SFR’s energy solution partner, Elevation. Jeff Cline, CEO of SVN | SFR Capital Management, said, “We’re fortunate to team with Coronado West to source and acquire land that will bring quality rental housing to undersupplied U.S. cities with growing demand.” He added, “Our collaboration gives us greater access to land in desired areas and allows the partners to scale communities more quickly bringing to market affordable BFR rental housing with ESG benefits for years to come.” SVN | SFR will source BFR land, provide design and optimization, lease-up and property management along with asset and disposition support. Coronado West will lead land acquisition, entitlement, development and home construction. Together, the partners will select builder(s) in each market with completed homes aggregated into the asset operating JV. Additionally, SVN | SFR now has the ability to introduce builders to the land banking benefits through Coronado West. “This strategic partnership provides the opportunity to leverage both our proven platforms to ensure longevity and dedicated BFR community production for the long term,” said John Cork, CEO of Coronado West. “Assets will be positioned in locations with great demand while delivering rental homes with amenities highly desired by residents. This joint venture will allow us to complete two to three times as many communities per year than we could on our own.” About Coronado West Coronado West was founded in Tempe, Arizona in 1984 as a multi-family residential property development and management company. In 1998, Coronado West launched its land banking program, providing financial services for national and regional homebuilders. To date, Coronado West has acquired, developed, and sold approximately 30,000 residential lots in over 200 master planned communities across the Sun Belt and Pacific Northwest regions of the United States. Capitalizing on the contacts and knowledge gained over nearly four decades in the residential real estate business, the company is now acquiring and developing residential properties in the Build-for-Rent BFR segment of the industry. For more information, visit coronadowest.com or email info@coronadowest.com. About SVN | SFR Capital ManagementSVN | SFR Capital Management, (“SVN | SFR”), based in New York, NY, is a private, commercial real estate investment firm dedicated to investment in the Build-for-Rent (“BFR”) asset class across the U.S. SVN International Corp. (“SVNIC”), a globally recognized, Boston-based, full-service CRE advisory firm, is an affiliated entity. SVN is advised by McIntyre Capital Partners, LLC, a registered broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and a member of FINRA and SIPC. SVN | SFR intends to aggregate approximately 35,000 new construction BFR homes in the near-term through an initial allocation of $1 billion in equity and debt capital from institutional investors, to aggregate into a large-scale commercial real estate portfolio for eventual disposition. For more information, call 602.466.1381 or email SFRCapitalManagement@svn.com

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Zombie Foreclosures Comprise Only One of Every 13,300 Residential Properties in U.S. Number of Zombie Properties Slips 1 Percent Across Nation in Fourth Quarter of 2021 Counts Likely to Rise Following Recent End of National Foreclosure Moratorium ATTOM, curator of the nation’s premier property database, released its fourth-quarter 2021 Vacant Property and Zombie Foreclosure Report, showing that 1.3 million (1,312,410) residential properties in the United States sit vacant. That represents 1.3 percent, or one in 75 homes, across the nation. The report also reveals that 223,256 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, up 3.6 percent from the third quarter of 2021 and up 11.6 percent from the fourth quarter of 2020. Among those pre-foreclosure properties, 7,432 sit vacant in the fourth quarter of 2021, down quarterly by 1.4 percent and annually by 2.4 percent. The portion of pre-foreclosure properties that have been abandoned into zombie status dropped slightly from 3.5 percent in the third quarter of 2021 to 3.3 percent in the fourth quarter. Among the nation’s total stock of 98.8 million residential properties, the portion represented by zombie foreclosures remains miniscule. Just one of every 13,292 homes in the fourth quarter are vacant and in foreclosure, down from one in 13,060 in the third quarter of 2021 and one in 13,074 in the fourth quarter of last year. The fourth-quarter zombie foreclosure numbers – for the moment – remain one of many measures showing that the decade-long U.S. housing market boom continues marching ahead despite the ongoing economic threat of the Coronavirus pandemic that hit early last year. Home prices in much of the country have soared more than 10 percent over the past year, seller profits commonly exceed 40 percent, and most neighborhoods literally have no empty, blight-inducing homes at some stage in the foreclosure process. However, the foreclosure scenario stands at a precipice, with zombie counts likely to increase over the coming year. That’s because lenders can resume taking back properties from homeowners who fell far behind on loan payments during the pandemic, following the recent end of a 15-month foreclosure moratorium that affected most mortgage payers. How much and how fast that happens will depend on how many delinquent homeowners can work out repayment plans. Employment is rising as the U.S. economy gradually recovers from the pandemic’s effects. But an estimated 1.5 million to 2 million homeowners were in some kind of forbearance when the moratorium ended July 31, and foreclosure cases are already growing. “Zombie foreclosures are in a holding pattern this quarter – at least for now,” said Todd Teta, chief product officer with ATTOM. “They’re still totally off the radar screen in most parts of the country, with none in most neighborhoods. But that’s probably going to change soon because lenders can now return to court and take back properties from owners who can’t keep up on their mortgage payments. Foreclosure activity already is on the upswing. So, depending on how fast cases wind through the courts, it’s probably just a matter of time before zombie properties begin creeping back into the mix. As always, we will be on top of this trend.” Zombie foreclosures inch down, declining in half of U.S. states A total of 7,432 residential properties facing possible foreclosure have been vacated by their owners nationwide in the fourth quarter of 2021, down from 7,538 in the third quarter of 2021 and from 7,612 in the fourth quarter of 2020. The number has decreased, quarter over quarter as well as year over year, in 25 states. “Market dynamics – strong demand coupled with historically low inventory of homes for sale – suggest that we shouldn’t see a significant increase in zombie foreclosure properties anytime soon, even with foreclosure activity increasing,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Most financially-distressed homeowners should be able to sell their home rather than go through a lengthy foreclosure process where they’d ultimately abandon the property.” Among states with at least 50 zombie foreclosures during the fourth quarter of 2021, the biggest decreases from the third quarter to the fourth quarter are in Georgia (zombie foreclosures down 29 percent, from 91 to 65), Kentucky (down 10 percent, from 58 to 52), Oklahoma (down 9 percent, from 114 to 104), Connecticut (down 6 percent from 66 to 62) and Illinois (down 6 percent, from 805 to 758). Largest zombie property counts remain in Northeast and Midwest Six of the seven states with the most zombie foreclosures are in the Northeast and Midwest. New York continues to have the highest number of zombie properties in the U.S. (2,049 in the fourth quarter of 2021), followed by Ohio (925), Florida (907), Illinois (758) and Pennsylvania (356). Overall vacancy rates down over past year in all 50 states Vacancy rates for all residential properties in the U.S. declined to 1.33 percent in the fourth quarter of 2021 (one in 75 properties), from 1.35 percent in the third quarter of 2021 (one in 74) and 1.56 percent in the fourth quarter of last year (one in 64). Overall vacancy rates decreased in all 50 states from the fourth quarter of 2020 to the fourth quarter of 2021. States with the biggest annual drops are Rhode Island (down from 1.8 percent of all homes in the fourth quarter of 2020 to 0.9 percent in the fourth quarter of this year), Oregon (down from 2 percent to 1.1 percent), Mississippi (down from 2.7 percent to 1.8 percent), Kentucky (down from 1.8 percent to 1.1 percent) and Maryland (down from 1.6 percent to 1.1 percent). Other high-level findings from the fourth-quarter-2021 data: Among 163 metropolitan statistical areas in the U.S. with at least 100,000 residential properties, the highest zombie rates in the fourth quarter of 2021 in areas with at least 100 properties facing possible foreclosure are in Portland, OR (15.3 percent of properties in the foreclosure process are vacant); Wichita KS (15 percent); Cleveland, OH

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An estimated 0.83% of all mortgage applications contained fraud, about 1 in 120 applications Investment properties accounted for the highest-risk applications CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released its latest Mortgage Fraud Report. The report shows a 37.2% year-over-year increase in fraud risk at the end of the second quarter of 2021, as measured by the CoreLogic Mortgage Application Fraud Risk Index. The significant increase for mid-2021 follows a large drop seen in 2020 – a decrease driven mainly by the surge in traditionally low-risk refinances during the pandemic. The current risk level is similar to mid-2019. During the second quarter of 2021, an estimated 0.83% of all mortgage applications contained fraud, about 1 in 120 applications. By comparison, in the second quarter of 2020, the estimate was 0.61%, or about 1 in 164 applications. Continued low mortgage rates and a record volume of refinances pushed the overall fraud risk down. However, risk in the purchase segment increased 6%, with investment properties driving the highest risk in both purchase and refinance populations. “Refinance opportunities that surged lending volumes during the pandemic may be winding down. The outlook is for fewer low-risk refinances compared to purchases and cash-out refinances, which translates to a higher-risk environment for fraud,” said Ann Regan, executive, product management at CoreLogic. Report Highlights: Nationally, most fraud types showed increased risk. Transaction risk showed an increase of 34.2% year-over-year. Income and property fraud risk decreased slightly, aligning with the strong job market and home price growth. The top five states for risk increases include: South Dakota, Washington, Alaska, Vermont and West Virginia. Less-populous states are more volatile due to lower levels of lending activity. These states all had below-average index values in 2020. Nevada moved into the top position for mortgage application fraud risk, with New York, Hawaii, Florida, and California rounding out the top five. The CoreLogic Mortgage Fraud Report analyzes the collective level of loan application fraud risk experienced in the mortgage industry each quarter. CoreLogic develops the index based on residential mortgage loan applications processed by CoreLogic LoanSafe Fraud Manager™, a predictive scoring technology. The report includes detailed data for six fraud type indicators that complement the national index: identity, income, occupancy, property, transaction and undisclosed real estate debt. To view the full CoreLogic Mortgage Fraud Report, visit www.corelogic.com/mortgagefraudreport. Methodology Our comprehensive fraud risk analysis is based on a lender-driven mortgage fraud consortium and leading predictive-scoring technology. The CoreLogic Mortgage Application Fraud Risk Index represents the collective level of fraud risk the mortgage industry is experiencing in each period, based on the share of loan applications with a high risk of fraud. The index is standardized to a baseline of 100 for the share of high-risk loan applications nationally in the third quarter of 2010. The Fraud Type Indicators are based on specific CoreLogic LoanSafe Fraud Manager alerts. These alerts are compiled consistently for all CoreLogic Mortgage Fraud Consortium members. Indicator levels are based on the prevalence and predictive ability of the relevant alerts. An increase in the indicator correlates with increased risk of the corresponding fraud type. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com. CORELOGIC, the CoreLogic logo, and LoanSafe Fraud Manager are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

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Company Combines Proprietary Processes and Technology to Rapidly Consolidate and Optimize Single-Family Residential Property Management Across the U.S. PURE Property Management reached 10,000 single-family residential (SFR) doors under management in its first year of operation. PURE has grown to over 100 employees, more than 1,000 years of combined experience, is profitable, and is accelerating its growth. “We completed 20 acquisitions so far this year, and we’re just getting started,” said Michael Catalano, Co-founder and General Partner. “But this isn’t a door grab; we’ve added many of the industry’s most well-known, experienced, and respected leaders to the team, empowered them with innovative technology, and are out to transform the industry.” With a mission of banding together, building together, and delivering technology that rocks the industry, PURE’s co-founders Catalano and Joseph Polverari raised $25 million from friends, family, and industry insiders to start PURE in October 2020. Catalano is an experienced real estate investor and entrepreneur with over 25 years of experience operating, acquiring, and growing property management companies. Polverari is a seasoned Silicon Valley entrepreneur and fintech pioneer, who led corporate development and strategy at Yodlee, a financial data aggregation and analytics platform, through its IPO in 2014 and subsequent acquisition by Envestnet. “Proptech startups are almost universally off-balance,” observes Polverari. “Generally, too much emphasis is placed on the ‘tech’ while lacking the ‘prop’ experience to design and deliver genuinely useful solutions. We’re not here to disrupt or re-imagine anything, just solve the real problems that our property managers, residents, and owners face every day, with a laser focus on tech-enabling and automating process workflows. From the industry, for the industry drives our roadmap.” PURE captures best-in-class processes from their collective experience and applies that towards enhancing existing technology solutions and developing essential components of its own to automate and optimize the traditionally cumbersome and complex process of managing properties. Together, these solutions improve the value of their services and revenue diversity while enhancing customer experience and satisfaction. Ashley Fidler, Vice President and Head of Product, previously worked with Polverari at pioneering AI platform and cyber security firm Versive. “There are hundreds of software point solutions available to property managers today, and that’s the problem,” said Fidler. “Property managers are trying to stitch together multiple, often disconnected solutions to solve workflow problems. PURE fills in the gaps on their behalf, so that our property managers can deliver exceptional experiences to every resident and owner. Everyone benefits from open, best of breed solutions that streamline workflows and leverage automation, machine learning, and artificial intelligence at scale.” The property management industry faces rapid change amidst increasingly complex regulations, technology disruption, and competition fueled by non-endemic investors rushing into real estate. PURE’s growth potential and people-first mission resonate with the owners of property management companies looking to realize value from their businesses now while also benefiting from the scale, technology enablement, and territory reach uniquely possible with PURE. “Joining PURE was a no-brainer,” said Eric Wetherington, South Carolina’s New Heights Property Management’s Broker and the 2019 President of the National Association of Residential Property Managers (NARPM). “Industry consolidation is inevitable, and the opportunity to join PURE — not only for myself but for my team to grow their careers and have a positive impact on this industry at national scale — is a once-in-a-lifetime opportunity.” Wetherington joins as Vice President Strategic Initiatives at PURE, along with several current and past NARPM leaders, including Jennifer Stoops, Vice President Corporate Development, Jennifer Newton, Vice President Operations, and Jock McNeill, Vice President Partner Relations. “Our vision is to make the process of renting a home PURE – transparent, simple, clean, and satisfying experiences for all,” adds Polverari. “PURE’s operational efficiencies, technology-forward approach, and greater resources let us offer significantly expanded and enhanced services to our property owner clients and the residents of those properties, and that’s just the beginning.” About PURE Property Management PURE Property Management is the fastest growing profitable residential property management and technology company in the U.S. Led by a team of experienced industry professionals and seasoned technology innovators, PURE acquires single-family residential property management companies and invests in their people and processes. PURE provides technology and operations efficiency to achieve market leadership by enhancing resident and owner experiences. Founded in 2020, PURE manages more than 10,000 properties across the U.S. Related Links www.purepm.co

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Investors Account for Fifteen Percent of Residential Property Purchases Investor purchases accounted for 15.4% of all home purchases nationally in Q2 2021 compared with 11.5% in Q2 2020 – a year-over-year increase of 3.9 percentage points – according to a new report released from RealtyTrac. In addition to the annual increase in investor purchase activity, the Fall 2021 RealtyTrac Investor Purchase Report shows that investors are typically paying less for homes than consumer homebuyers, and that investors continue to pay for most of their purchases with cash. While the year-over-year percentage of investor purchases rose, the investor purchase share remained virtually the same as the previous quarter with investors accounting for 15.4% of all purchases in Q2 2021 compared with 15.9% in Q1 2021. According to RealtyTrac Executive Vice President Rick Sharga, the increases, while notable, do not reflect a significant change of course for investor purchase activity. “Historically, investors have always accounted for somewhere between 10% and 15% of residential home purchases, and our data shows that this is still the case today, albeit at the high end of that range. But the data doesn’t support the ‘Wall Street is buying up Main Street’ theme that’s been a popular theory for the past year or so.” Investor Purchase Activity Up in Most States At the state level, the percent of investor purchases among all home sales increased year over year, from Q2 2020 to Q2 2021, in all states and the District of Columbia with the exception of six states: Alaska, Louisiana, Maryland, Nebraska, Vermont and West Virginia. Investor Purchase Share for Q2 2021 Top Ten States with Highest RE Investor Purchase Share Q2 2021 % of Investor Purchases New Hampshire 23.2% Delaware 23.0% Georgia 22.9% Arizona 20.8% Mississippi 20.1% Florida 19.6% North Carolina 19.5% Oklahoma 18.9% Arkansas 18.9% Nevada 18.7% Top Ten States with Lowest RE Investor Purchase Share Q2 2021 % of Investor Purchases Vermont 0.8% Alaska 1.9% New Mexico 7.7% Montana 8.2% Idaho 8.4% Oregon 8.5% West Virginia 8.7% Wyoming 9.4% Washington 10.2% Iowa 11.2% Source: ATTOM Data Solutions, RealtyTrac analysis Investor Homebuyers Pay Less Than Consumer Homebuyers The RealtyTrac report, citing home sales data from ATTOM Data Solutions, also shows that investors across the country paid an average of 29.4% less than consumers in Q2 2021 with a median purchase price of $205,000 for investors compared to $290,230 for all home purchases. According to the analysis: In Q2 2021, among the 38 states with full reporting data for this metric, including the District of Columbia, investors paid less than the state median sale price in all but these five states in which they paid at or more than the state median: o Vermont: average 34% premium over state median (numbers artificially inflated due to a single sale of a high-priced property) o California: average 3.3% premium over state median o Massachusetts: average 3.0% premium over state median o Washington: average 1.0% premium over state median o Nevada: investors paid, on average, the same as the state median sale price States with the highest purchase discounts for investor properties as of Q2 2021 include: o Arkansas: 76.9% discount o Michigan: 60.0% discount o Louisiana: 55.5% discount o Nebraska: 55% discount o West Virginia: 51% discount o Oklahoma: 50.3% discount “Another misconception is that investors are overpaying for properties, making it difficult for consumers to compete and artificially driving up prices,” Sharga said. “But successful investors tend to look for below-market pricing in order to make a profit on their purchases. And many of them buy properties with cash, which gives them a chance to get properties at a discount.” Investors continue to pay with cash in a majority of cases and typically see even greater price discounts for all-cash purchases. In Q2 2021, 79% of all investor purchases were cash sales compared with 69% in Q2 2020, a year-over-year increase of 10 percentage points. Cash purchases accounted for more than 50% of all investor purchases in every state, including the District of Columbia, except for one – Alaska – in Q2 of 2021. This compares with Q2 2020 when cash purchases accounted for more than 50% of all investor purchases in only 41 states with 10 states at less than 50% in cash purchases. Full state-level data is available in the Fall 2021 RealtyTrac Investor Purchase Report. About RealtyTrac Founded in 1996, RealtyTrac publishes the largest database of foreclosure property information in the U.S. along with other real estate and mortgage data used by real estate investors and professionals to find, analyze and purchase residential and commercial distressed properties. RealtyTrac is owned and operated by ATTOM Data Solutions, a leading provider of publicly recorded tax, deed, mortgage and foreclosure data as well as proprietary neighborhood and parcel-level risk data for more than 150 million U.S. properties. For more information, visit www.RealtyTrac.com.