All Forum Posts by: Brandon Vanderford

Hey Ryan, I am a property manager in the Raleigh/Durham area, and would be happy to connect. The Triangle is continuing to grow at a record pace, and the jobs reports are coming in strong. I am convinced that it is an ideal environment for continued growth. 

Hi Kunal, I do manage MTRs. The management process and tenant relationship is a little different from LTRs. Really, the cashflow depends on the property. Not all homes are suitable. But for a reasonably upscale property near a hospital or university (i.e. generally, I will suggest within seven minutes), one can cashflow substantially better. 

You do have increased turnover, but my pricing structure does not include a leasing fee, so turnover costs are minimized. The tenant pays the cleaning fee. Also, turnover is a very quick process. I have sometimes had move-ins on the same day as a move-out, although it can occasionally take a week or two to secure a new tenant. I calculate for 8% vacancy, but I generally outperform that metric. I'll send you a connect request, and we can discuss further.

Hey Roy, I am a property manager based in Raleigh. My portfolio is comprised of LTRs and MTRs, but leans heavy on the MTRs. Between the universities, hospitals, and rapidly growing tech sector, I believe that the Triangle is an outstanding place to invest in MTRs. I'll send you a connect request, and we can touch base. 

Hey Manny, in my experience, most tenants would rather pay a market rate without utilities included than an above-market rate with utilities included. Also, if you provide utilities, in the unlikely scenario that the tenant stops paying, you would be legally required to continue paying utilities. Depending on how long the legal process takes in Florida, this can become costly. Pragmatically, you might be better off lowing the price and dropping some of the perks.

If you disagree with the above perspective, two things to consider might be:

1) Do you have professional listing photos?

2) Have you considered boosting your Marketplace listing with FB ads? 

In my area, apartments.com is pretty big too. Might be worth listing the property there. 

It is important that you always accept the first qualified applicant for fair housing reasons, but you know that. You have accepted an applicant, but it sounds like they are dragging their feet on signing the lease. If I were in that situation, I would:

1) Give the first applicants a deadline by which they must sign the lease, else later applicants will have the opportunity to proceed (EOD Tuesday would be fair, imo; that gives them two business days). 

2) Inform the second applicants that you have already accepted an earlier applicant, but that the first applicant only has until such-and-such a time to sign the lease and pay the deposit. If that deadline is missed, the second applicants will have the opportunity to move forward with signing the lease and paying the deposit.

@Kelly Jennings is a good friend. He is well-versed on this topic, and is a big advocate of the infinite banking concept. Tagging him, but not sure how active he is here on BP. 

I usually recommend white, but there are other neutral options. A more glossy paint is better for later touch-ups than a matte finish. A matte paint will show everything. 

I received a cold call awhile back from a small company called Ovation Home Services, based in Raleigh. Their number is (919) 599-0599. 

I have never used them before, so cannot speak to their quality or service. However, as I understand it, they do this sort of thing. 

I charge 20%, but many companies charge more. After all, MTRs take substantially more attention than LTRs. 

When I have clients asking which option I would suggest, it usually comes down to whether the property is near a business hub (like RTP, in my case), or within five to seven minutes of a hospital or university. If not, you will probably be just as well off doing an LTR.

Hey Harrison, if you shifting your focus to investors and small multifamily buyers, it could be helpful to network with a local PM. I am happy to connect.