All Forum Posts by: Account Closed

@Keith Anderson

Thank you for the feedback. MACK Companies does offer 1 year rent and maintenance guarantees but we sell mid/long-term investments and I want to ensure we are providing all of the information that our investors need to make a sound decision for the long-run. 

Here is our 1 struggle. With the high demand we have, we sell these homes after acquisition and complete the full redevelopment and leasing during the 60 day contract period. When investors are selecting homes - they aren't complete yet - they will be when they close so we can't provide pictures beyond the exterior (which often changes a great deal as well). The only solution we've thought of thus far is to provide pictures and information on what our standard, new-construction quality development looks like. We are also jumping back into a system where we share photos with our investors throughout the contract period - updating them on the construction status of the home.  

As far as data goes this was helpful. I'd be interested to see if anyone has anything to add to it. 

@Brie Schmidt Thanks for a great event. It was wonderful to put faces to names and make great connections!

1700 single-family units -Propertyware (a Real Page Company). 

I personally have also had great success with the Real Page multi-family platform. 

@Morgan Marshall

I used to run the marketing and leasing efforts for two large multi-family units on and near the VCU campus. This was by far one of the better performing college towns the group of investors I worked for had. In fact, a primary investor on those assets is still there. (The Chesterfield and Stuart Court buildings). I won't lie and tell you that before we had the right management team there, leasing in the summer months was difficult. Eventually, we figured out different tactics to keep long-term leases, some that included discounted rent in the summer months, and offering 'storage' rates so students would keep the residence while at home. The best tactic was to offer leases for 2 and 3 years (the duration of their schooling) with the promise of no increase. We took the rent up to what we anticipated the market would have and billed that. 

When setting the rent rates for a property in a college town you just need to factor in your cash flow for a summer loss. Using systems like Rainmaker LRO are helpful for this. 

All in all - if you have the right location this is a great area to be in. I am a huge fan of multi-family investments in a college town. The summer will prove difficult but if you create the urgency, students will stay for a 12 and 24 month lease.

A great source to find property owners by area (and by quantity owned) is to use the online source: findcashbuyersnow.com

There is a subscription fee but Kent Clothier is known very well known in the industry and this tool has been well vetted by providers across the country. Check it out and let me know your thoughts.

As a marketer for a turn-key provider, this information and other solutions are valuable to me as well! 

I work in the turn-key industry and you fit mold of an investor that would benefit from a passive RE investment solution. However, you should note that although you may not need to worry about construction or property management when you partner with a turn-key provider - you do need to do your due diligence in vetting that provider. I work and am affiliated with some great, reputable providers (full disclosure I work for MACK Companies - arguably the nation's longest tenured turn-key provider) but I've seen investors get burned working with the wrong people

The bigger pockets-based group that launched http://turnkey-reviews.com/ can provide some insight as well. 

Vet a turn-key provider like you would a GC, a Property Manager and a business partner. When you find the right one - it can be a great solution to passive RE investments

I work for a turn-key provider in the Chicago-land area. For years we have been using a website called Real Yields to build pro-formas on all of our single-family investment properties (we sell 6 every week). I haven't loved the service or system and am looking to make a switch. 

Some big affiliate markers use 'Property Tracker' but our organization (MACK Companies) works in over 27 different neighborhoods with varying property taxes that make it unmanageable to use the 'general assumption' feature in Property Tracker at a volume as high as we do. 

I'm looking for advice (A.) on a software/system that could replace or compete with Real Yeilds/Property Tracker or (B.) some input from investors on what they look for in a pro-forma on a single-family investment home. How important are pictures? (one enough)? Do you want to see monthly and annual expenses? Other than CAP and cash flow and monthly expenses what are you looking for?

Any and all comments welcome! 

@Al Bunch , that's unfortunate $200 a month! Well, if it doesn't make sense for your budget on a small group of homes then it doesn't make sense. The only wisdom I can pass on to you then is: ensure that the books you are keeping (all be it quickbooks or excel) that they are formatted in an 'industry standard' format. Yardi, Property Solution and AppFolio all treat the basics the same - the property is the grounded center - the tenant is an addition to that ... ect. This is will 1. help you stay organized and 2. allow for a seamless transition as you grow. I think, if you keep buying, $200 a month is going to start making sense. Until then - follow what the big guys are doing. 

How large is your portfolio? I've seen countless landlords go cheap on the software until they grow to a size and into a problem that can no longer be managed by quickbooks. I've always struggled with why people do this - all property management software is not as expensive or complicated as yardi (and since you've invested in a MAC ... you can't use that expensive IE based software anyway).

Many of the large operators/managers nationwide use software that is very much accessible to smaller sized landlords and they often pay PER PROPERTY - allowing you to grow into your portfolio in an organized fashion.

I firmly believe to run a small or large portfolio - it's all in the software. For first timers on a budget I'd start with a company like AppFolio that has a great UI and charges a per-property cost. 

Who do you use to screen your tenants? Often - even for landloards with smaller portfolios the screening service you use will provide leases for your specific state. Screening your tenants before hand is imperative and really, cost efficient. 

I'd start with On-Site, I've worked with them on a large and small scale and feel comfortable recommending them. 

You can also do a simple google search "online tenant screening" (or ' landlord screening services')