All Forum Posts by: Branden Edenfield

@Chandler Jones

Welcome to the community!

@Jay Yoo

It’s a good idea to add internet when leasing student accommodations in general. My recommendation would be adding an internet usage addendum to your lease stating that you will cover internet in return for the additional fee frontier will charge as an addition to the rent. Check your state laws to see what can be done in recourse if they do not pay that fee, but being in student housing management myself I am sure they would rather pay you than try to fight a utility company.

@Stephen Broadus

It depends how you are marketing the property. I currently work in student housing and obviously fully furnished is a huge benefit as long as the rent is within the market rate. Conversely, military housing usually isn’t furnished. You should take into consideration the entire cost of furnished vs not and what you could feasibly make on rent for the unit in both aspects. This would be one of those assets you really need to start a market survey.

@Zachary Boren. Also, when it comes to researching a company I look for specific market penetration. Predominantly on a management side this is done by researching the advertising details. How heavy are they advertising? What's the reputation like on the portfolio? I came to my company because they were known for listening to resident ideas more than going for NOI.

@Zachary Boren. It really depends on the companies you start applying for.

I learned by trial. Basically (in my prior MFR career) I was required to research local management company styles and physical assets to determine their styles. There isn't really a formal training for this due to each company having different goals and investment attitudes. You really have to learn the management portion of real estate investment to know how this works. This can also be aided by detailed market research which is something you should learn how to do in your leasing agent career, but if not I can definitely help on proper techniques.

@Zachary Boren. Hi Zachary! Welcome to BP.

I started out in real estate management years ago with no experience either and I will tell you it’s not as daunting of a task as you may think. (I’m actually not far from the Indianapolis metro, but I started in a submarket of the New Orleans metro). Best bet: start with a well established management company as a leasing agent. You need to determine what type of property you want to eventually invest in. Conventional; tax credit; purpose built student housing; etc. that will help you develop skills useful to your investing. If you prove yourself leasing and learning you will undoubtedly move up into the AM position. Let me know if you need any insight into management companies as that was part of my prior position was evaluating other management company operations and properties.

@Joyce Gabriel Welcome to BP!! Your background in restoration is great as you know what happens in the worst situations SFR and MFR renters experience. Wishing you the best of luck in every investment you have and feel free to reach out and connect should you ever run into questions.

@Brad Metzits great to have you here and good luck with starting! Though you are an OTR driver and thus move around weekly your home base near Columbia SC provides a great start for investing in buy and hold properties. Good luck in everything you do!

@Timothy Duggan from a management company perspective if I have three people applying for the same place and they all meet my qualifications for renting I follow the “first applied” method. Basically who put down the app and/or deposit first. This allows managers of rental properties to stay in accordance with fair housing regardless of portfolio size. If the first applied person declines to rent then I move to the second person and so on. It may be an arbitrary method but it helps me stay fair.

@Eudith Vacio comparing apples to apples and the portfolio size I would be tempted to lean towards buildium personally as they both provide similar services. Both companies offer free demos and videos of their specific product as well.