It’s that time of year as college students start or return to school. They may think they know it all, but really know nothing. How many students does it take to change a lightbulb or turn the heat on? It’s time to grow up in the real world!
Today’s guest is Peter Tverdov of Tverdov Housing. Although student rentals are management intensive, Peter actually enjoys dealing with students. It’s prepared him to take on other types of tenants to diversify and grow his business.
You’ll Learn... [02:18] Rutgers University: Becoming a landlord in New Brunswick and loving it.
[02:53] Student Housing Side Hustle: Accumulate more and manage them for others.
[03:24] Hindsight is 20/20 in 2020: Bad timing to start business and quit day job to grow.
[04:41] Decision to deal with students and student housing led to diverse tenant groups.
[06:15] Peter’s Portfolio: 65-70% student rentals, 15-20% low-income families, 5-10% middle-class/workforce housing.
[08:10] Onboarding Students: Educate and set expectations to limit excuses later on.
[11:00] Happy Tenant, Happy Owner: Second largest lead generator is tenant referrals.
[12:57] Broken Windows Theory: Dumpy/dilapidated areas attract crime and trouble.
[13:45] Tverdov Renovation Consultants: Improve properties to attract better tenants.
[14:47] Avoid or Acquired Taste? Riches are in the niches as a student rentals landlord.
[16:33] Other Options? Rules/laws for room rentals, individual leases, boarding houses.
[20:55] Responsibility: How to be landlords and hold each other accountable.
[23:35] What’s next for Tverdov Housing? Track KPIs, achieve goals, and grow doors.
Tweetables Landlord Business: Slowly and discreetly acquire more properties, get your hands dirty, and deal with people.
“In business, it’s good to diversify.”
“Managing student rentals, it really gets you battle-tested for managing other tenants.”
“We’re not for everybody. We’re fair, but firm.”
Resources Tverdov Housing
Tverdov Housing on Instagram
DoorGrow on YouTube
Transcript Jason: Welcome, DoorGrow Hackers, to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow Hacker.
DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you’re crazy for doing it, you think they’re crazy for not because you realize that property management is the ultimate high-trust gateway to real estate deals, relationships, and residual income.
At DoorGrow, we are on a mission to transform property management businesses and their owners. We want to transform the industry, eliminate the BS, build awareness, change the perception, expand the market, and help the best property management entrepreneurs win. I’m your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now, let’s get into the show.
All right, today's guests, I'm hanging out with Pete. I’m going to see if I can say your last name right, Tverdov. And I'm going to unmute you so you can actually respond to that. Did I say it right?
Pete: That was awesome. Pete Tverdov of Tverdov Housing. Pete, before we get into the topic, I want to introduce you, have you introduce yourself a little bit, but we’re going to be talking about student rental properties and the title is The Cash flow and Chaos of managing student rental properties. That sounds kind of fun. Let's get into the cash flow and chaos after we hear a little bit about your background, how did you get into this, and tell everybody who's listening about Pete.
Pete: Sure. Happy to be on t