This episode is part 2 of my conversation with Jennifer Joyce, an experienced real estate professional with over 500 units specializing in Texas. Her investing skills and experience span over 20+ years performing various real estate investment activities.

 

If you couldn’t follow this episode, please go back and listen to part 1 on episode 54.

 

Let’s jump right into this episode and learn more about rental assistance, power storming, and tenants’ mobility.

[00:01 - 05:55] Rental Assistance to Fill up the Application

• Jennifer talks about the challenges in filling up legal documents
• • lack of understanding by the residents on how to get through the legal documents 
  • Nobody can really get through it on their own without educating themselves or having assistance
• The responsibility of the property manager to educate the residents and collaborate with them.
• Shifting through the stuff and information that really matters.
• • Putting plans and protocols to use to our advantage

 

[05:56 - 11:19] The Power-storming

• Jennifer shares about how she overcomes hard situation and find the solution. 
• • Write your problem on top of a paper in the form of a question.
  • Write 1 to 20 down the page. 
  • Isolate yourself in a room and turn off any distraction. 
  • Focus on your paper until you get 20 ideas. 
• With this strategy, you are using part of your brain that sits doormat most of the time.
• • Pushing the muscle to get better and come out with more.
  • The last 3 to 5 option is where the big stuff usually happens.
• Jennifer talks about how COVID-19 change the landscape of looking for deals.
• • Tighten up the criteria in the hope for the best plans for the worst.
• Make sure that your financing could go for the long term. 
• • Fluid and flexible in the long term situation.
• Go to the areas of population growth and migration.
• • We are going to see some changes in the population across the country.
• Tighten up the asset criteria 
• • She is looking for newer properties with ten years period.
  • Possibility to move to class A 

 

[11:20 - 22:31] The Mobility of Tenants in the Transition Period

• Jennifer talks about the mobility of tenants from different classes.
• • The transition period in housings 
• The human elements and the amenities in trying to upscale
• • Helping your tenants to learn the sense of community in the new apartment complex
• Keeping the balance to keep your tenants happy and maintain the expenses 
• Jennifer talks about the drive to be in real estate from the first place.
• • Wanting more and eager to climb higher on the ladder.
  • We always knew that there is something more and better.
• The contribution back to others 
• • The drive to want more for everyone, not just for us.
• Provide a glimmer of hope in any forms 
• • Some little things can make all the difference when somebody has temporarily lost hope.
• Look at things more on how the world is changing and what will be the requirement to live in the apartment complex.
• • New business plan item that we could implement at the property.

 

Tweetable Quotes:

“In the case of filling up applications and documents, nobody can get through it on their own without educating themselves or having assistance.”-  Jennifer Joyce.

“We are going to s