$778 million in Texas commercial real estate loans which consists of $562 million in multifamily loans are reportedly headed to foreclosure auction. So what went wrong?
In this episode of Life With Mikey, Mikey Taylor and Michael Michalov look at what's happening across the Texas Triangle: Dallas, Houston, San Antonio and Austin. Just a few years ago these were some of the hottest apartment markets in the country. We walk through how a foreclosure auction works and the debt decisions that can put owners under pressure. We also cover why some properties are selling at deep discounts while others are holding steady. Then we share the questions we believe a passive investor should consider before trusting an operator with their capital.
In this episode:
• How a foreclosure auction works, and why it's uncommon to be a win for the owner or the lender
• Floating-rate debt and expiring rate caps: the pressure on owners
• Why value-add deals aren't penciling the way they used to
• Newer fixed-rate properties vs. older pre-1990 buildings
• Cost basis, cap rates and leverage, explained simply
• Why a "60% discount" headline isn't the whole story
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