All Forum Posts by: Nathan Faselt

In this post pandemic world where virtual meetings and showings have become much more standard in everyone's lives. Is it possible or is anyone out there not doing any in person showings?

There's great resources for prospects to tour an apartment 3D doll house tours (Matterport), professional photos, videos walkthroughs of the exact unit, floorplans. We are asked more and more for Virtual tours and or someone shows up and is on facetime the full showing. Why should we still take them through the units? This seems like a waste of my and my staff's time, Gas at the time of writing this is crazy high. The type of properties we manage are 50 units and under, spaced all over multiple cities. We fill each unit and don't have a model unit like some large complexes. In addition to the savings, we will have happier tenants who don't have prospects coming through their home in the middle of their lease in my market sometime as early as 8 months before the current lease is up. Or on the flip side we have units that the current tenant is a slob and it impossible to get them to clean up or the XXX images around ect. and we lose prospect as we walk them through the unit because no matter how much you promise them that it will be professionally cleaned and fully maintenanced they are already gone.

This could help Reduce a large cost that we incurred to get them leased up.

Do enough people still want / need an in person showing to close the deal that its not worth the reduction in expense ?

Perhaps a good hybrid would be showing only to people who have applied or even more deep processed and approved applicants , anyone doing this?

@Greg Scott Thanks for the response.

I am writing this to ask the BP community what they see as a normal turn over in a few ways. 

1 - How long does it normally take for turnover?  

2 - If the apartment was left in pretty good condition how would you handle the deposit? 

3- If you have cleaners come do you charge the deposit or just normal ware and tare?  ( Im specifically talking about when the tenant obviously cleaned very well when they left the home maybe missed a few thing like windows, vents ect. 

4 -   Is dirt/ dust normal wear and tear for carpet cleaning ?  / Do you charge the deposit?  ( carpet has no smell or stains or visible damage)   Lease states carpet should be returned they way it was provide to them.  

5  -  What justifies a full deposit back?  

@Isaiah Moore

Ik this post is a few years old now.

I’d be curious if you have learned or gone to a few sales, granite I know 2020 was off and I think 2021.

To your original question I am used to it it would just be one percent and it is very difficult to get ownership when you do the percentage bid down so from my experience it seems very uncommon that people pay down the percentage of ownership there is kind of an unwritten rule amongst investors to not bid down ownership. That way it maintains more of a lottery feel. If you’re in a county where it is being bid down I would not participate.

@Andrew Postell

Yeah miss understanding in the brrrr strategy

The refinancing part is where you just an equity that you can loan on. For the next deal still 20%

If you don’t repeat in theory you have lowered your down payment with paper money. But how about the 1st house you get.

In addition to @Carolyn Fuller point of ask guest do they need anything. ( after night 1 )    I have had a lot of luck asking after they have left ( We strive for a five star experience. Is there any feedback/ suggestions or items to improve the home for the next guess stay?  )   This allows them to help you out for free and saves you the time to get the thing they suggest right NOW to them. but rather offers the past guest a peace of mind knowing they may have made the stay for future guest better.  And if they were thinking about putting this in a review you can over compliment/ praise  their idea to be implement potential waiting the information to be added in a review 

I like this chain and the thoughts behind how to handle police reports @LeAnn Riley great point to add to your due diligence check list before buying. 

As an owner & property manger  for other investors. This is something I have looked into we mange over many different jurisdictions of police districts in the Iowa city / Cedar Rapid.  I called 6 different agencies and even talked to the county sheriff about this and they all handled if differently.

Some were handled as @Darson Grantham mentioned per request. Some were billed hourly, some there was an annual report you could buy or per event price,  ect.  

1 - There was no standard for the information or cost to get it,  I wish it was more constant from the freedom of information act.  @Damaso Bautista had a good thought about seeing that and perhaps holding the agencies to a standard and it almost needs to be lobbied as an easy and more assessable way to see info on your properties. 

2- Seems like you should be able to have this automated  with the departments or main dispatch to receive a email or notice when a call is sent to your property or just a months report. This was something I was wanting to add to my monthly owners reports.   I wanted to partner with the police force as a manger and landlords to help them keep more eyes on the trouble properties or residents. It seems like it could save the government money they only negatives I see is it could open up fair housing concerns and cost for the automation but could be outweighed with reduced calls. . 

@Dennis Tierney you mentioning that the Property management company you work with in Des Moines has a relationship, perks my interest as to what that relationship looks like. What company were you referring to? I would like to talk to them about this and see how they are handling this topic.  

Also if anyone knows of police forces or a county that are doing this well with landlords/ mangers. 

@Adam M.

I am curious to hear how this unfolded a few years later for you.

@Kim Meredith Hampton

For the clawback part of the agreement what are good ways for the seller to feel comfortable with you and that you won’t be a bad manger and lose the contracts because of your service. How would you build that into a agreements or is that just the relational aspect and due diligence on the sellers part?