Why Alignment of Interest is Important in Workforce Housing Investments
To operate ethically in multifamily housing is no simple matter. There are considerations flying at developers from all angles: from investors, to buyers, to sellers, etc. - and many times these interests conflict with each other in unexpected ways. That's why it's crucial to find an alignment of interests as a developer.
In this video, Scott Choppin, CEO and Founder of Urban Pacific, explains how his company navigates these tumultuous waters.
From this video:
Scott: So what I mean, when I say what is the seller’s story in a land transaction is what's their attitude and approach to how the transaction needs to go to be a success for that. Right. So they'll have a narrative, a story about, OK, I'm going to close quick or I need maximum price would be examples of that. Right? I want a short due diligence period. You know, I need to sell to a trusted party that I like. I've met them in person, right, that they connect with the people behind the transaction. So obviously there's infinite numbers of examples, but I think those are some good ones. And so when we approach, we need to know that the story, their story, their narrative about how the transaction should go to be a success for them has some common ground with what we have as a story or narrative for our success in the land closing.
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