All Forum Posts by: Marissa Pesce

Asset Management is a HUGE undertaking on multifamily properties, and you can't rely just on a PM for most of the functions. For example, we've recently taken over marketing internally because the property management company was not experienced enough in using the newer advertising methods we need to pursue. Additionally, we have developed templates for tracking key metrics that we require our PMs to fill out weekly.  @Kevin Waymire - it's great to start thinking about this now. A lot of operators don't focus enough on the asset management component and rely too much on the PMs. Our company is actually starting an Asset Management Mastermind to address these infrastructure issues and share our systems and procedures. I'll message you directly to see if you want to talk more. The asset management piece of investing is not focused on enough, in my opinion. 

I love that you're asking this and questioning the need at all. I think it's important to break away from the idea that college is the best next step for everyone because it's not. In my opinion, it's creating too much student debt and a lack of skilled tradespeople. But that's a different topic. I will acknowledge that the value of the friendships and networks created from going to college is hard to recreate without that environment. If you're social and put yourself out there, there are other ways to create these relationships outside of that. I think this is a very important topic that needs to be discussed more and appreciate all these answers. 

I don't know the particulars but there are other factors outside of the insurance costs to consider. In flood zones, you often have to build with specific materials that may cost more and you may also be limited for future development on this land which will limit your exit strategies. I'm not saying it's not worth it, especially if it's already cash-flowing, but consider potentially higher R&M costs and be aware of how this will affect your exit strategy. 

First, I think it's great you're considering a mentor/coaching program.  My partner and I joined a group a little over a year ago and as of last week, we have just under 1200 units in our portfolio.  I fully support the mentor/coaching model and I don't think we'd be in the position we are in now without it.  My only experience with Rod Khleif was through a meet-up where he was the speaker so I can't provide any feedback on his program. But I would encourage you to go through the same process with 2-3 other groups before you make your decision if you haven't already. We met with 4 other mentors before figuring out the right fit for us. Good luck! 

What type of rental properties? I think going directly to property managers or leasing agents is the best resource. I also find it extremely valuable to do my own analysis with good old fashioned excel. Using apartments.com, Craiglist, Zillow, and calling around you can find the asking rents & current rents for similar properties. It's certainly more time-consuming but overall I think it gives you a much better sense of the market you're looking in than some of the online calculator models.

I took this course on Udemy when I was first exploring MF investments a few years ago. You can get through the content pretty fast but the biggest value comes from the access to their models. They are detailed and you can modify them to meet your specific needs. Yes, there are better ones and yes you can create your own but at the price point, it's a good starting template to build on or at the very least reference. 

https://www.udemy.com/course/m...

Hi @Tee Grange- I am also looking at a few student housing deals. There are a lot positives. This report just came out which could be helpful in providing some additional insights:

https://www.multifamilyexecutive.com/news/nmhc-releases-student-housing-report_o?utm_source=newsletter&utm_content=Article&utm_medium=email&utm_campaign=MFE_021320&

I think now is the time you would see a lot of available rentals so I wouldn't necessarily be discouraged by that but as stated in some previous posts, the lease up period is critical. You should have most of your leases signed in March/April for the upcoming school year and if you miss that window it could be tough. And it's also important to look at the enrollment rate, proximity to the school, and bedroom/bathroom parity (it's easier to rent 1/1).

Hey @Chris Salerno- That's awesome. Good luck with the book! If you haven't already, I'd also consider adding supplemental material (videos, online courses, spreadsheets/templates, exercises, etc. ). I found that to be helpful with Michael Blank's book (I'm sure others do it as well but that's the only one I read). I recently read a statistic that we retain 10% of what we read vs 90% of what we do so adding an active learning component would be incredibly valuable as well. 

Hey @Alex Ramirez- Property Managers are also a great resource. Find out who is managing some of the properties that fit your criteria and give them a call. Often they're the first to know when an owner wants to (or should) sell. You can also ask for references and that's another way to connect with investors/owners. Good luck!

@Trevor Ewen provided a great answer and I couldn't agree more with his statement regarding relationships. I'd start with the "who". In addition to studying the demographics, consider areas where you may have previously lived or where you have family/friends/colleagues and let them know what you're looking for and ask if there's anyone within their network they could connect you with (other investors, brokers, property managers). Another option like @Basit Siddiqi said is building relationships at your local meetups with other investors and asking for referrals in their markets. 

But if you are interested in learning more about how to evaluate markets based on key indicators I can recommend a free Udemy course created by Neal Bawa:

https://www.udemy.com/share/10...