We’re looking for presenters for our upcoming Deal Flow Wednesday calls in September, October & November! Have a deal you’re currently working on and want to put it in front of the community? This is your opportunity to present your deal, walk us through the numbers, and get real-time feedback and insights from fellow investors. 📅 Deal Flow Wednesday 🎤 Presenter spots available: September, October & November 🔒 Open to Premium & VIP members only! Whether you’re looking for feedback, brainstorming your strategy, or simply want another set of experienced eyes on your deal, we’d love to have you present. Interested in presenting? Drop a comment below or reach out to Kendall to secure an upcoming spot! 🔥 Let’s get some great deals on the table! 💼

When rent growth stalls, the reflex is to start cutting expenses. I think that's backwards. Expenses are finite. You can only cut so far before you're cutting into the asset. Revenue leaks are different. They're usually just execution gaps: money the lease already entitles you to that nobody is actually collecting. I recently went through three properties (40, 72 and 200 units) line by line. Same pattern every time. Here's what turned up. 1. Flat rents on long-tenure residents → $27K/year The 40-unit had 16 legacy units averaging $957 against a proven ceiling of $1,099. One resident had been there 13.8 years at $900. I'm not going to chase full market on someone that sticky. But zero escalation for a decade isn't loyalty pricing. It's a compounding leak. A modest $50/year bump started three years ago would already have banked $450 and would keep compounding. The rule I use now: every renewal gets something. Under 3 years, market or in-place +3-5%, whichever is higher. Over 5 years, a gentle $25-50 to keep goodwill intact. That's $2-3K per unit over a decade you'd otherwise never see. At a 5.75% exit cap, $27K of permanently impaired NOI is roughly $469K of equity gone. Worth the slightly awkward conversation. 2. Lease expirations stacked in waves → $18-30K/year The 72-unit was running 53% true retention against a 65-80% Class C benchmark. Almost half the departures were controllable: evictions, skips, people leaving over a rent increase. Not the market. Worse, 21 units expired in September. That's 29% of the building in one month. When that happens you can't pre-lease, you can't be selective, and you sign whatever walks through the door. What fixed it: renewal outreach at 75 days instead of 30-45, and 13-15 month terms on new leases to push expirations toward summer and flatten the curve. Now I look at the expiration calendar 90 days out. Anything over 15% in a single month gets staggered before it becomes a cliff. Every avoidable move-out runs about $5,500 (a month vacant, plus turn, plus leasing commission). Twelve of those a year adds up.

Today is a day to spend with your families. We will not be having a call today. Enjoy the day. 🇺🇸

I walked my first property today as GP today for due diligence. I'm super excited.

I love that all the calls are recorded so we have the opportunity to hear what is going on if we miss the calls. Thank you.