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All Forum Posts by: Eric Fitzgerald

Eric Fitzgerald has started 7 posts and replied 34 times.

Post: [Calc Review] First Investment Property! Feedback Needed!

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

Hello All,

I am in talks to purchase my first property and would like to hear your opinion on this deal! Here are some details, and the report is attached below:

This is a multi-family student housing property. 2 houses on one plot of land, in an ideal location a half block from campus. 

House 1: 3 separate units, 2 of which are fully rented for next year, and one unit that is not zoned for student housing that the investors kids are living in *This is a 2 bedroom unit, so I plan to househack and live in part of it and rent to one of my friends for around $600/month, so I have included $600/month of income in the report for this unit once the investors kids move out. 

House 2: 2 separate units, both of which are fully rented for next year

The seller is an investor who I have worked under for a little over a year and have a great existing relationship with.

Please let me know what you think! This is a huge decision for me and any feedback or advice is appreciated.

I have about half of the down payment secured, so I may have to get a hard money loan, ask family members, or the investor for some help.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: Increasing Tenant Renewal Rates (Student Housing)

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

@Will Gaston our renewal rates are only slightly down this year, but with the increased competition and lower enrollment rates on my campus we are shifting our focus to getting students to stay in our properties for multiple years because filling all the units is becoming more difficult.

Post: Increasing Tenant Renewal Rates (Student Housing)

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

Thanks for the input everyone!

It is a difficult question, and I agree there is no trick or simple solution to get students renewing. It really does come down to the condition and location of the property. 

One thing I have had success with is building relationships with groups of students, whether that be delivering them pizza as thanks for letting me show their apartment and talking for a few minutes or consistently treating them well and meeting their expectations. 

We have seen groups of students stay for multiple years if we get to know them, build relationships with them, and deliver an exceptional property for them to live in.

Sometimes it's better to keep it simple.

Post: Increasing Tenant Renewal Rates (Student Housing)

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

Hello All,

I’m interested in hearing some ideas that you or investors you know use to increase renewal rates with students in rental properties.

I work for a student housing investor who rents to ~400 students, and with the enrollment slightly down at the school and increased competition we are brainstorming ideas to have students stay in our properties for multiple years in college.

Our properties are newer construction and ahead of the curve in regards to competition, so apartment upgrades don’t give us as much pull as others would. We have thrown around a cash incentive, gift cards etc.

Please let me know what you think would work, all ideas are appreciated!

Post: What Property Management Software Do You Use and Why?

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

All,

I have recently started working for a local student housing investor who owns around 200 units spread over 7 or 8 properties. He has no property management software, and uses assistants, excel sheets, his personal cell # for maintenance, and no online payments, but he is very successful. I can see the many ways that software can help his business run more smoothly, and I would like to propose an online software to help him out. I would appreciate some insight into which software you all use and why.

I've done some research on Appfolio and Buildium. The main things I think he needs are online payments, online maintenance requests, and a better system (preferably online) of keeping track of who is paying their rent and security deposits on time. Any insight and advice on your personal experience with property management software is appreciated!

Post: Ways You Increase Revenue in Your Properties?

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

@Michael Dang Bike Rack Rental is something I never thought about, and there's a decent amount of students that ride bikes from our properties to campus. Something to think about! Thanks

Post: Ways You Increase Revenue in Your Properties?

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

@Todd Dexheimer haha hey why not! Your podcast was great by the way, I listened to it not too long ago. 

Post: Ways You Increase Revenue in Your Properties?

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

@Russell Gronsky Good perspective, it's easy to forget about lowering expenses, cause increasing income is the fun part :) 

Post: Ways You Increase Revenue in Your Properties?

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

@Jeff Greenberg Good idea, we are slowly renovating some units in order to get up to the max that the market will allow. Thanks for your input

Post: Ways You Increase Revenue in Your Properties?

Eric FitzgeraldPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 36
  • Votes 10

@Chris Tracy That's an awesome idea, a great way to increase awareness of your new acquisition and get the buzz going with students.