StudentRentalPro @StudentRentPro
/ 2,000 college kids have called me their landlord + many other names / professional $ borrower / ultra marathoner / luke 12:48 / youtube.com/watch?v=bnIFN3… Joined August 2021-
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Followers31K
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Following329
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Likes30K
Pre-Leasing Nobody likes to do it, but a must for college rentals 1. multiple showings within a 30-60 min window is key 2. this lowers the disturbance of current tenants 3. also increases motivation of tour groups 4. stacking them 10-15 minutes apart is best...one group…
Might be weird to say, but I love this time of year The 1st week of May - Kids graduating and being sad about it It makes so happy (seriously) they appreciate college My PM has heard "We don't want to leave" all week College is awesome It's OK to be sad it's over.
Anytime I’m worried about an appraisal, I’ve learned to spend my energy debating the value *before* the appraiser completes it Once it’s done - v difficult to get changed Bank, underwriters have seen it and becomes excruciating to get it moved
You are the social chair of pi kappa phi whose brothers defended our fine country’s honor and flag. You now have almost $200k to spend on a rager. What’s the play?
You are the social chair of pi kappa phi whose brothers defended our fine country’s honor and flag. You now have almost $200k to spend on a rager. What’s the play?
Mistakes I see new college landlords make 1. individual leases 2. not including washer + dryer 3. carpet (capital offense) 4. any grout that is not dark 5. not requiring renter's insurance 6. dropping prices too early (7 months out) 7. keeping prices the same too late (3 weeks…
Buying a building this week and inheriting 10 students for ~30 days Which reminds me Any time I buy a property and inherit tenants, I should expect them to... 1. be unhappy that something has changed (understandable) 2. send in work orders for stuff the previous owner never…
Roses are red Violets are blue If you never want to sleep Rent to Sigma Nu
Roses are red Violets are blue If you never want to sleep Rent to Sigma Nu
"Why is student housing so expensive?"
"Why is student housing so expensive?"
Students choose housing based on location, not the landlord. You can be the world's best property manager But if your competition is 4 blocks closer to bars, no one will ever know.
Fraternities are 5 tool tenants. Truly elite. - pay leases in full - pay on time - park where there’s no parking - ignore everything I say - have pledges that clean the house (smells like Windex and bean burritos)
If it's move-in day and you walk inside your rental And Moms dropping off their daughters are driving these You're walking into a hostage situation
I bought 5 SFHs with my parents & brother for $1,050,000 in 2006-07 Value went to $800,000 in 2010 Mercifully sold for $1,115,000 in 2020 The buyer (the new version of 2006 me) has never owned student rentals. Prob losing $$$ every month too. But their value is $1,700,000
I told this story at Reconvene 2022 (I think to @PaulinaJones and @mwmoedinger ?) But my 7 year old saw my laptop open and my Twitter profile Her: Student Rental Pro? Is that you? Me: Um (embarrassed) yeah Her: You’re not a pro!!
I told this story at Reconvene 2022 (I think to @PaulinaJones and @mwmoedinger ?) But my 7 year old saw my laptop open and my Twitter profile Her: Student Rental Pro? Is that you? Me: Um (embarrassed) yeah Her: You’re not a pro!!
Great student housing sells two things 1. Fun If kids “feel” like they will have fun at a house, they’ll sign a lease 2. Peace of mind If parents “feel” their kids are in good hands, they will provide the $ Lots of problems if you’re missing either
In my experience: Reducing rents on a mediocre college rental to attract tenants is a bad idea Instead, make the house nicer 1. ~Every kid wants to live in a great place 2. Price sensitivity isn't there w/ parents or loans footing the bill
I’m only 99.9% sure today is Tuesday, but I’m 100% sure I’ve seen more stolen street signs than you
If you’ve ever been skydiving, you remember that moment when you’re at that open door at 14,000 feet and you think “this is either going to be awesome or it’s going to kill me” and that’s what my job is like every day
A truckload of pain & suffering to figure this out Rents in a college town vary wildly based on timing. Like, you can't even imagine. There's no "a 2 BR rents for $1,500" A 2 BR landlord might be renting the exact same apartment for $1,000 or $2,000, depending on when they…
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@StudentRentPro I like item #10. Utilities are in my name and I bill students for them. When I inconvenience them for something I tell them, I picked up the water bill this month for you or something like that.
@multifamilyman_ This is not hard at all! get a competent art advisor and have them work on retainer. This advisor needs to be in LA or NYC b/c that is where the “museum-quality” art is most likely being made. This advisor knows the ecosystem (emerging artists, emerging galleries, etc.). A…
@StudentRentPro looked him up, had never heard of him (or forgotten). Either way I’m an embarrassment to all art-related professionals.
If a city wants to protect a historically significant building from demolition, the city should have to buy it. (Otherwise, bc historical designation is ~costless to government, the incentive is for NIMBYs to abuse the rules to block development.)
Watching a seller cut their listing price to less than what they rejected from you previously.
Intentionality in who you are in business is a requirement. So, when it comes to setting up my own agreements, I practice what I preach. These are the things I disagree with most often in consulting agreements and the way I address these items in my proposals: Flat fee for…
If someone hangs up on you on a cold call, immediately call them back. 2/5 of them won’t answer and you can leave a voicemail providing additional value 2/5 of them will go absolutely ballistic on you and it’ll make a great story 1/5 of them will respect the guts it takes
@StudentRentPro Even if you have to bear the cost of cleaning, as @StudentRentPro will confirm, it's a lot cheaper than a vacancy or last-minute scuzz-balls as tenants next year.
@StudentRentPro Your first suggestion (multiple showings in a short window) has made our leasing process materially easier. Thank you!
@StudentRentPro 😂exactly! That last sentence is the truest thing on this platform!
I would be nice to attain outlier outcomes without outlier effort… But the world just doesn’t work that way.
Fresh small balance bank debt quote: - 6.75% fixed for 7 years - 48% LTC (purchase money, not refi) - 3, 2, 1 prepay (not applied on sale) - 2 years i/o, followed by 25y am - 50% recourse - single tenant, industrial, LT NNN lease Approved this week. Not bad!
Before he’d be sitting at a desk right now takes tests and doing worksheets, waiting for that 20m recess. Not anymore. He loves this! 8 year olds are capable of so much more!
New patio incoming. This time as part of a historic church conversion - offices, coffee, and big ass oak trees: