All Forum Posts by: Brandon Wells

@Michael Randle @Nick B. is giving great advice.  A lot major players will break their expenses down into several categories $/sqft, $/door, %/sqft etc.  It is best to utilize a system that works best for you.  Since I come from a property management breakdown, my brain tends to think in average price per sq ft or average price per door.  These numbers change from property size, type and location.  

I would recommend getting to know someone who is involved in either the National Apartment Association, or my personal favorite is a CPM® member with IREM (I have credentials with both the NAA an am a CPM®). Being associated with these organizations allows us access to all sort of data. For example, just recently got the Income/Expense report from IREM. I can break it down by region, property type etc and get really detailed information to make the best informed decision for myself and my clients.

@steven wilson, your first mistake is going to OSU :-)  Go Wolverines!!

When you say specializing in real estate are you looking to run your own syndication, property management, construction management?  If it is property management I know a few large regional companies that manage in the Columbus area that I could put you in contact with.

Good luck in your journey! It'll be a fun ride.

@Alan Lambert That is a great first deal!  Where are you at in the process?  Here are a few items that I can notate from an operational point of view:

1. - Make sure you partner up with a reputable full service Management Company. This would be a company who can handle your leasing and rents, lease expiration matrixes, all your facilities needs, accounting and even your construction and project management needs.
2. - It is also advisable that you have your preferred Management Company perform some form of due diligence for you.  For example, they would compare every lease to the rent roll and notate discrepancies, walk every unit and notate age of appliances, carpet condition, any evidence of water intrusions etc.
3. - As @Charles Carillo mentioned, you want to partner with someone who is going to keep you informed.  Do they send you weekly updates on the performance of the week before (that update should include leasing velocity, renewal updates for all leases expiring out 60 days, current reputation data (likes, reviews star rating etc..), updates on maintenance requests and construction projects.  What does their financial reporting look like?  Do they send detailed budget variances?  

I can keep going on what it takes to ensure your property is in great hands, but the above should give you something to think about.  Wish you the best of luck on your journey in the multifamily investing.   

@Eric Littlepage all I am saying is be careful.  You may not be rejecting them because they are a "protected class" but your criteria could overly affect or limit a protected class. 

I will find the details and attach later, but there are HUD groups out west right now that are trying to make it where you can't deny someone based off of their criminal background because it vastly affects a protected class more, same with source of income. These laws are ever changing and landlords and property management companies have to ask themselves, who the policy is affecting and is it going to affect one group more than another.

I believe in mitigating risk for myself as an investor, property manager and that of all my clients.  

I would be more than happy to provide an example of rental criteria that I utilize, but as a disclaimer I don't claim it to be full proof and always recommend you have an attorney review these types of things.
   

@Crystal Nolen all of it

Can't recommend Realpage enough!!! @Raiden Hoon

@John Warren great advice! In some states you can open yourself up to a discrimination case if your tenant screening criteria is deemed to limiting.

Congrats! Real Estate addicting and not ashamed to admit I am also a real estate junky @Jacob Turner

The Indianapolis and surrounding areas are great places to invest for flips and small Multifamily. Message me anytime, open to all questions. @Nathan Yung

@Jessica Beard I would just recommend to ask a lot of questions about how the agent would approach your property from an operational point of view.