作者：三马3ma
下午听了Neal Bawa 组织的TownHall Zoom meeting，干货满满，summary 如下：
下午听了Neal Bawa 组织的TownHall Zoom meeting，干货满满，summary 如下：
- now it is fake economy until Govt supports expired
- Neal is bullish on vaccine but bearish on jobs coming back，he thinks unemployment rate will Stay 10%+ by early 2021
- CMBS and Freddic Fannie financing are back active for multifam，rates are around 3% for stable projects
- but bridgeloan for value-added projects not there，or offer at higher rate due to higher risk
- transaction volume down due to lack of sellers，Cap rate steady but NOI might drop a bit so price slightly down
- big metros losing residents to suburban cheaper cities nearby
- resort towns will be dead for a while
- hotels convert to workforce housing is happening but operational wise not easy
- 1 Billion SF of retail space might be available for redevlopment/repurposed，example of one big KMart convert to 300 units apt
- TX/NC have the most positive outlook
- B class property performs best，distressed opportunity in class C
- Be patient in this environment dont rush into a deal now
- Refi is good to lock in low rate debt for long time
- Mobile home parks prefer those with tenants owning their own mobile homes，less default risk
- DFW，Houston，Atlanta，NY，Miami condo inventory channels are pretty full in near future
- Next best opportunity is in retail and hotel spaces，retail rent collection range 20-40%，blood in H2O
- if try to pick up retail，financing will be tough，maybe can try seller financing
- not very positive Outlook on senior care/housing，its occupancy already trend down 5% Pre Covid-19
- Multifam at CA is scary and will get worse，mostly due to political uncertainity
- Student housing will have some distressed Prop come onto market，should offer at higher Cap for higher risks