All Forum Posts by: Phillip Vera

Appfolio has an Investment Management which is more geared towards syndications.  You can track fund raising and there is an investor portal.  Really great software.  We use Appfolio for our property management company including some multifamily and commercial, along with sfr.  We are speaking with a representative tomorrow actually about the Investment Management software for a potential fund.

@Daniel Walker that's right at 144 units in Chattanooga.  In Augusta, GA we were at 98.5%.  Almost 650 units there.

@Joshua Savage the Chattanooga market is alive and well.  Despite reports stating that unemployment could reach 30%, we collected 97% of rent in April.  

Which strategy are you looking to use in your purchase? BRRR?

Both.  We've seen an increase in both which has boosted our occupancy rate.

Our properties are leasing faster than usual with 13/21 properties renting in 10 days or less in April.  That does not include a few more that pre-leased.  Turning properties quickly and seeing sub 5% vacancy.  That's along with pushing rental rates.

We also got an increase in renewals.  Many current residents decided to hang in there for a while longer and accept an increase in rent.

Interesting times for sure!

We've seen faster than normal lease times during COVID-19 in all of our markets.  Do you do agent showings or are you utilizing self-showing technology?

@Reggie Rearden I'm just over the river in Augusta.  Welcome to BP!  

I don't know much about the Aiken market but we're exploring venturing into this area.  Would love to connect with you and @Ben Dean once coronavirus quarantine is over!

@Reggie Rearden happy to see another investor in the CSRA market.  Rather than trying to be the landlord, I've seen these work where one main person takes on the responsibility (barber) and gets a discounted rate or a commission for bringing in other barbers/stylists.  They have the contacts in the area and it would motivate them to bring on a good team of paying stylists.

I've also seen entrepreneurs take this on by leasing the space from you so you are guaranteed a monthly income and they take on the responsibility of the leasing for boosted profit.  

I get what you're trying to do and seeing I'm 2 weeks late to your post, COVID-19 has changed things significantly since.  Best wishes on getting it worked out.

I'm a little down the road in Augusta, but went to school in Athens.  Always happy to talk real estate.

@Robert Collins, I've seen some surprising things in this neighborhood.  It's traditionally been and still is mostly a Section 8 neighborhood, but we recently rented a 3/2 non-section 8 for $950 and a 3/1.5 non-section 8 for $900.  They were both renovated nicely, but seems to be some potential.  

What are you looking to do in regards to renovation?  Section 8 has standards and you can pull a "Common Failed Items List" from the Augusta Housing Authority website.  Would love to take a look and answer any questions if I can help.

Good luck on the rental!

@Account Closed I think Steve put it perfect in his post.  Alignment is the key and there is a big difference in what I call passive property management companies versus active property management companies.  Passive companies are rent collectors.  However, active companies understand your real estate asset as an investment and think in a way which is always providing value.  From strategic resident placement to inspections and maintenance, they think like an investor in order to save you money and increase your returns, but also protect you, the resident, and your asset.

Also, some disclosure here, I operate an investment based property management company.  However, you as an investor need to focus on investing.  Property management companies are professionals at what they do.  I see this everyday that investors believe they can do a better job managing their own properties.  Just simply the volume of things we see, builds our experience and allows us to have continuously improved processes and procedures versus an investor.  Numerous other benefits as well.

Arguments can be made either way, but if you're OOS, one travel trip to your property if something goes wrong could cost more than a PMs fees.  Find the right PM company and you'll be fine, just factor the expense into your investment purchase.