All Forum Posts by: Matt McCourry

Great Story Quincy and thanks for sharing!

@Account Closed I defiantly recommend getting into it, the smaller the university the closer you need to be to campus, walking/biking distance is optimal.  I bought a duplex.  Don't count on them year after year, you may get some but I wouldn't bet on it.....  However the good reputation is a must, no matter how much advertising I do the majority of the kids that rent know the area and someone who lived there... Word of mouth travels fast in a small university 

Chris, no complaints here!  Whenever I get sick of dealing with the Tenants I always check the bank account and then I feel better!  @Account Closed

You have to be tough with them, I let them know upfront that my number one priority is this asset and making money.  NOT their happiness or their wallet.  I charge for absolutely everything and stick to my guns.  College kids just want to party and are lazy as hell, I let them know there is no short supply of them in the market and every time they give me pushback about fees or fines Ill tell them that they can pay up or get out.  For instance, this past month I caught them burning a couch in the driveway?!?!  Immediately I told them it had to be cleaned up by 5 pm that day, they were all getting a  100$ fine (300$ total) and an additional 150$ a day for every day it was not completely cleaned up.  In addition to that if I ever caught them doing that again it would be an automatic eviction.  Its a crazy business when your managing your own student housing.  But be tough and professional and you'll not have a problem.  O and be sure to inspect and change air filters at least once a month, and I recommend a drive by weekly or bi weekly.   

@Nicholas Armstrong you hit the nail on the head my friend!  When I started in in apartments and the raising money game it took me over a year to be even part of a deal.  At the time I was frustrated and worn out and about to throw in the towel when I realized the same thing, its the process that requires commitment, NOT the end result.

I love it!

-Matt

@Joe Nolan Welcome!  I love anything in the Charleston/summerville/GC msa!  

@Scott Huggins would be able to provide you with some investment advice as he is active in that market!

Good Luck,

-Matt

@Brian Adams Just wanted to say I really liked the IDEAL investment report.

Did you take down the Atlanta deal?  211 units I believe?

@Elber Martins Welcome to Biggerpockets!  MB is a great area and there are many opportunities to be had along the grand strand!  Feel free to reach out and lets see if we can collaborate in the future!

Good Luck,

-Matt

@Alex Franks good point, also think there may be more opportunity in the charlotte area for these types of deals...

I tend to agree with @Omar Merced , if you are moving quite a bit then maybe find a spot you want to retire to that has quality growth and strong market indicators and build your team there.  Its all about the team from finding deals to construction to managing the property.  You definitely want to take advantage of economies of scale.

Good Luck and thank you for your service Chance!