All Forum Posts by: Joshua Mumford

What I "literally" said was that, in my opinion, it's only a problem when the value exchange is in one direction

Did you miss the part where I said the only issue in my opinion is when the fees don't have a proportionate value to the residents?

 I pay for the lawn care, pest control, Surevestor, actually replace the air filters, and that's the only fee an owner ever pays. 

The goal is to secure a premium rent by providing a premium experience, but the renter knows the number up front and they're not getting back doored with move-in and admin fees and mandatory "benefits"

If anything that approach is better for the LL because we're sharing in the increased rent potential instead of just hogging all of the fees from marked-up ancillary services

To me the issue isn't charging fees and making profit as much as it is doing so without providing tangible value in return

A business exchange should result in value added not extracted—charging a 50% leasing fee to then only do remote showings, charging a $25/mo smart-home fee because of an added a $50 wifi-enabled thermostat 

My clients pay management fees as high as 20%, none lower than 13%, and in return they receive comprehensive property management

My residents pay nothing other than rent, because they're not clients

I can't complain though, because if it weren't for the industry's standard practices becoming this way, I wouldn't have my niche

Have you looked at Steadily?

I had a friend rent from Darwin Homes, they were getting charged a smart-home fee of ~$25/month. The only "smart" thing in the house was a thermostat.

So many of these ancillary revenue streams provide no actual value to residents, and are actively robbing them of $50+/month just to get a $5 air-filter delivered.

This is a big part of the problem 

"AMH, formerly American Homes 4 Rent, grew its portfolio of single-family homes by 8.5% between 2019 and 2021, but its fee revenue grew by two-thirds during this time period, according to the group's securities filings. Speaking to investors last spring, AMH executive Bryan Smith touted a recently implemented "pet program" and said, "we're very excited about the opportunities we're going to have for ancillary revenue," referring to fees. (AMH did not respond to a request for comment from CBS News on its fee strategy.)

Tricon Residential, which owns 36,000 single-family home rentals, increased its fee revenue by 42% since the pandemic (when many late fees were banned). Last year, COO Kevin Baldridge told investors the company planned to increase that by 30% per renter "as we continue to roll out fees and other ancillary services," according to earnings transcript"

Sent a message, I'd love to speak with you about mine. 

Keyword alerts are huge, had no idea, thanks for the tip!

Just here to also recommend the local meet-ups & REIAs

I’m Joshua, 25 years old and local to Raleigh since July ‘20. I cook professionally at one of the best restaurants in the area and have been doing so since November ‘20.

I've learned looking for my second rental property that lenders don't care about what you have, but what you make, and I'm seeking to efficiently partner my investment capital with other local RE investors to acquire SFH/MF properties that my income as a cook prevents me from doing so without paying entirely cash.

With one fully paid off Nashville property cash flowing I’m more concerned about positioning myself well for appreciation and building a portfolio in the area. Additionally would love to put in some sweat equity with more experienced guidance.

I’m easy going and passionately committed to growing as an investor—if you’re not familiar with my line of work, I’m efficient with time and project management, especially under pressure.

Feel free to reach out, and I would especially love to hear from anyone in construction and development as well.