All Forum Posts by: Jessie Dillon

hi! i'm in the multifamily space as well. as a mentor i would never charge that, but i'm not surprised that some people do. one thing to consider is that some students might totally abuse the 'unlimited emails' perk which would create SO much work lol. but i can't imagine many would. the higher-profile of a coach you're wanting to work with, it's natural that their time will be worth a lot more, but something else to consider: do you really need to be learning from someone whose time is worth that much? i find it's way more actionable, digestible, motivating.. to learn from someone who's just like 1.5-2.5 years ahead of where you're at now. finding someone at THAT point, may save you quite a bit of money in mentoring AND actually get you better results.

hey! that's also my ideal deal size. i'm buying in chicago and there are tons of deals out there. i find mine on loopnet and have a few agents that send me pocket listings. on loopnet, some brokerages will just put the offering memorandum linked on the listing, which makes things easier. there might be a filter in loopnet where you can view only deals that have linked attachments!

- that, or
- short term / vacation rentals, or
- midterm rental to travel nurse / insurance agency / etc, or
- invite the students to pay an extra $$ to stay the summer

just be sure to work potentially empty summers into your schoolyear rental rate

hey @Brandon Gidicsin ! i'm not far from you, i'm based in south central MA. also working on multifamily projects, long distance, value-add... shoot me a message, let's see if there's an opportunity here to collaborate!

i'm investing in chicago, and especially if you're willing to put in the time to network with commercial agents, there are some killer pocket listings out there right now!

i think you'll be hard pressed to find a 20% COCR with a <$200k property that you're doing LTRs on. unless your BRRR it. then your COCR is infinite. so a better question might be, where can you BRRR with <$200k? the answer would be, a LOT of places if you're open to using bridge financing! so there's my advice: BRRR for an infinite COCR.

there absolutely are. even some banks can do it! if you called around, you'd get probably 30 NOs and 1 YES. but you only need 1 yes. your DSC ratio will still have to work with the second position note, that's the only tough part, so you have to get a really good deal. 

across the 3 properties i own/co-own, we have 15 tenants right now (+2 vacant units). of those 15 tenants, a handful have had to pay late over the last month. i know a lot of investors and property managers who would've given formal notices as soon as possible. that doesn't work for us.

every working role i've ever had has been in customer service, and property management is just as much a 'people business' as anything else. as a property manager, you're selling a product/experience to a customer, and if your product/experience sucks, you'll have a hard time keeping customers around.

part of providing a great product/experience, is knowing your audience. so in this case, knowing what type of tenants your units are going to attract, what exactly they're looking for, their pain points, etc. that said, an "a-class" rental require one style of property management to be successful, "b" requires another, "c" requires another, and "d" requires another.

most of our units are in c-class areas. what i've found is most effective in c-class areas, is being human. if a tenant is hit with a bunch of unexpected expenses one month, they very well might not be able to pay in full on the first. HALF of americans do have less than $5,000 in their bank accounts right now.

but here's the thing: if someone's making a clear effort to catch up, they're on the right track, they're communicative, they're respectful, and they take care of their unit... i'm perfectly happy having them as a tenant, and don't want them to leave. i will always want to work with someone who's making those efforts.

obviously a line has to be drawn, because you're not doing anyone any favors by letting them dig themselves into too big of a hole. and once in a while, someone does have bad intentions, and you usually don't figure that out until they're way behind.

but that all goes to show that managing c-class rentals is an art, not a science. *yes* we should have processes/procedures to ensure a consistent renter experience and protect ourselves legally, but i just don't believe in throwing the book at people every chance we get.

finding the balance here is just something that comes with time, and i'm sure my thoughts on it will keep evolving as my RE journey goes on. but for now, i'm very thankful to have a PM company for our out-of-state property that is nailing this balancing act on our behalf.

i don't think anyone's scared, they're just way harder to find. you can either spend a little more $ up front to BRRRR, but be able to go faster 'cause you don't have to wait around for deals, or you can spend lots of TIME trying to find creative deals. time = money.