All Forum Posts by: Branden Edenfield

@Eudith Vacio

Absolutely! For closer knit portfolios I personally would look into buildium and appfolio. They aren’t hard to learn and offer excellent reporting. Now Yardi Breeze is slowly becoming more popular as a light version of yardi voyager and is great for mixed asset portfolios if you do residential and small commercial.

@Eudith Vacio

I’ve used a variety of systems over time. Currently, I am on Entrata for site management.

@Jason Rosenblum

Columbia SC is just a relatively low growth market regardless of the type of investor. I worked with a client that owned a property locally there and the only reason they had a return was due to the fact that the asset was a non performing loan. It’s a great market if you’re on a buy/hold plan though when you find the right deal.

@Joshua Rosenwald

Hobbs is great. San Angelo too as mentioned above; however they are still volatile markets. Lubbock is added in there too. Please perform proper market surveys on COMMERCIAL or industrial investments not just MFR.

SOURCE: I managed 3 Multifamily assets in the midland/Odessa region and sold all. My current client runs 28% of all loans in that market.

@Stephen Kunen

Being it’s a commercial building find a local GC that has a history in your area. They are more likely to be familiar with codes. This might cost a little more but is well worth the investment as they can do things with the city much faster than you as an owner can since they speak with the city more often for permits.

@Alex Tang

From an on-site asset management perspective this is somewhat normal. If being sold by a firm you’ll see “value add” a lot in the listing. Your red flags, as mentioned above, are high down amounts and short to no due diligence periods. Having performed receiverships on non performing loans I will say that if they want no time for the acquisition you need to be wary. Try to negotiate a due diligence time frame to have a trusted set of contractors visit so you have an idea of Cap ex expenditures needed in the near future.

@Quentin Mitchell

I will never forget my best tenant. I was managing a property for a loan repositioning company in Metairie Louisiana and this resident was the 88th lease to be signed back in 1971. She had lived there ever since. Fast forward to 2016 when I came in as an Assistant Manager we had to update files. So I called my long term in. We discussed life and the property for 7 hours that day as she had seen everything. While she had her tendencies I will not mention due to fair housing she was an amazing person in her final years as she would come in every Saturday to have coffee with me and discuss life, the New Orleans Saints, and basketball. As grouchy of a New Orleans lady she was she always had a smile and was always so happy to talk.

@Joshua Uelmen

From an on-site management perspective: if you make an offer this definitely needs to be contingent upon full inspection of the physical asset. Depending on your location and financing you may be required to repour in a very specific fashion changing your costs.

Also, ask for a rent roll with exp. dates. Simple enough and most owners have them regardless off portfolio size.

Without seeing the property it’s hard to determine if your manager is accurate on their assessment of value. Having done several sales evaluations I would say call an appraiser as I still do to this day even if I know I’m accurate.

Hi everyone! 

I am a new member to BP based in Champaign, IL (but that does not limit my search).  My current profession is a property manager in purpose built student housing in the area; however I have a long history with varied asset types in many markets around the country. I have physically managed assets ranging from Class D to Class A in New Orleans metro, Midland/Odessa, and Columbia, MO that have been conventional or student housing assets. With that company, I also assisted several properties across the country as we operated in the special servicing/receivership line of assets allowing me to develop my construction, repositioning, and asset sales knowledge. In the evenings I assist my parents with their business which is to acquire and develop recreational land (RV parks, hunting lodges, etc) as an asset consultant. I joined BP to be a part of the discussions, learn new tips and tricks, but most importantly network as my goal is to build my own portfolio of communities. I’m glad to be here and look forward to reading through the forums!