Connor Patterson
@PattersonConnor
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Sharing my experience trying to become the best business operator | Investing in Student Housing 🧑🎓 | Multifamily 🏠 | Car Washes 💦🚗 in Ontario, 🇨🇦
Our Investments 👉
Joined March 2011
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We learned a potential gym tenant was looking at a corner retail location. Whipped this up in Midjourney in less than 2 mins and sent to show them what it could look like.
Super powerful.
Personalized AI renderings for every single tenant prospect is the new norm.
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I introduce to you the 10 X 10!
- 10 Bedrooms
- 10 Bathrooms
- Two Ranges
- Three Fridges
- ... and $50K per year in party-related damage charges
Student Housing layouts remain undefeated.
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Just closed on an 18-unit multifamily value add acquisition in Brockville, ON🇨🇦. Investment highlights below:
List Price: $2,800,000
Purchase Price: $1,700,000
Hold: 4-7 Years
IRR: 20%-25%
Equity Multiple: 3.01x
Congratulations to our partners on this investment!
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Having pre-leased 25,000+ student housing beds and counting. I’ve learned some fundamental patterns with leasing demand throughout a leasing season.
Here’s the order of leasing demand for pre-leasing student housing beds to keep in mind:
🏠 ➡️ 🛏️
FIRST 👉🏼 5+ Bed Rentals -
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We’ve been property managers for 20yrs, and for 20yrs we’ve used 3rd party key cutters 🔑 and locksmiths…
No more!
We officially cut keys in house. Our managers can replace 🔑 faster for tenants, and we just unlocked a new source of revenue 💴
Woooo!
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For those asking: this is the original photo I loaded into Midjourney (linked below) and I started with a prompt like:
“/imagine this photo (link to original image), with ground floor gym, people exercising, orange glow, moody sky at dusk.”
Midjourney:
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We are updating the exterior on one of our downtown office buildings. No changes to the brick, but the tattered blue awnings got to go!
Any ideas for tasteful signage that would match the red brick facade?
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Very sad news today for the
#ygk
community learning of the passing of Gregg Rosen. When I was 16, I started my first business, “Bonobo Boardwear”. I was looking for advice and a place to set up my van to sell t shirts. Gregg Rosen agreed to meet with me and learn about my
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@TheMooshee
Nope just came across my feed and need to appreciate it for what it was. It is being built as we speak in Austin, TX.
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Have had this account for 12 years... Only started taking it seriously last week, and here's what happened...
I committed to posting once/day about my experiences as a real estate operator.
In that time, I've had some of the coolest people reach out, DM or connect with me
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Flying home after an incredible few days at
@REconveneLA
!
This Canadian had to make a quick stop on the way…
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If you are leasing apartments, and don’t invest in aerial photos… You’re being lazy.
It’s cheap and the ROI is huge. They make great hero images for your website or Google my Business listing.
Don’t skimp. You’ll instantly stand out from competitors.
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@bobbyfijan
For 90% of “luxury” apartments = we’ve spent money on the unit interiors in the past 5 years.
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This pretty much sums up the last 3 days at
@REconveneLA
for me.
Incredibly talented people, doing incredibly inspiring work.
Believing now more than ever that my best work is yet to come.
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The “Starbucks effect”
Our apartment buildings with Starbucks on the main floor or within the same block command a rent per unit of at least $50 more per month… just because there’s good coffee.
Commercial tenant selection in mixed-use is important to get right. Don’t overlook
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I'm excited for our team to launch Pre-Leasing for our new student housing community in Kingston, ON. Project by-the-numbers:
Name: GEO Kingston
Beds: 554
HVAC: Geothermal
Delivery: September 1st, 2024
Pre-Lease Target: 100%
Renderings: Absolutely 🔥🔥🔥
What do you think?👇
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My
#CRE
journey ->
📍 Started in hospitality 🏨 Turning over units every night. Wasn’t easy, but thought it was exciting.
👉🏼Then found student housing 🏛️ Tenants were high touch and trashed the place, but only had to sell units once a year, amazing! Sign me up.
👨🎓 Graduated
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Since we began operating 🎓student communities 20+ years ago, we've offered complimentary housekeeping services 🫧🧹
There are 3 main reasons why. The first two are obvious, the last one will surprise you:
First off, what is included in housekeeping services? Once or twice
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Our team manages 3,600+ residential units. It's taken 18+ yrs and a TON of mistakes to get here. These are the Operating Principles that took us from $0 to $3B in assets managed. Posting 1 every day for the next 30 days to share the love and the learns
#retwit
#propertymanagement
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A big takeaway for me at Re-Convene last month… the number of successful GPs I met who do NOT use debt in acquiring and operating assets.
Some of the key reasons why were compelling.
We’re now working on our first acquisition without the use of debt…
And BOY is it
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JACKED UP for the
#ArchangelSummit
tomorrow! Looking forward to hearing
@ThisIsSethsBlog
@garyvee
@RobinSharma
and many more speak!
#Hustle
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Having executed over 25,000+ leases, with a variety of amenities and offerings, there are a few truths about apartment amenities I've come to learn.
Which amenity is the best? Which is the worst?
Let's dive in...
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@tvolpe97
Uploaded image of current exterior and user something like “/imagine “insert link to the original photo” with ground floor gym, people exercising, orange glow, sky at dusk” etc.. took a bit of fine tuning and then just popped in their logo.
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PS logo was added on after in Canva. Midjourney doesn't do text logos like this (yet)
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Our team is about to launch the pre-leasing for our newest community - the GEO Kingston. The project by the numbers:
- 344 Units
- 555 Beds
- 12-month lease-up
- Achieve 100% occupancy by revenue
Also, building is Powered by the earth 🌎 (Geothermal)
->
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A little-known fact about student housing markets👇
Every new 'On-Campus' residence bed built = demand for up to 3+ new 'Off-Campus' Beds.
This is important in 🇨🇦Student Housing where on-campus is typically only for first years.
I like this dynamic.
Long 🇨🇦student housing.
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Just celebrated my dad's 60th birthday. Thinking about him more and more these days as I am now a new father.
When you're a son, the lessons and love often go unnoticed in the moment. But when I look back, it's crystal clear how amazing of a father he was (and is).
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This bad boy just arrived. Excited to dive in!
@rohde88
The moment you stop learning… is the moment you stop learning.
Trying to level up each and every day🤙
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I had a lot of fun speaking at the Queen's Real Estate Investment Conference this past weekend in Kingston, ON🇨🇦. Thanks to QRIA for having me out to chat about what our teams are building across Ontario.
The future of Canadian Real Estate is in very good hands.
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@ChadGriffiths
ooof! that's a tough one. But who knows... maybe in a year or two's time, you'll look back and be happy locking in something sub 10
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Pet peeve of the day: Seller's asking you to pay for the opportunity to add the value they were unable to execute on and add themselves.
Do the work first and we'll pay the price you want. But don't price in value you were unable or unwilling to add yourself.
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Contrary to the popular narrative, our office portfolio will close out 2023 98% leased! 📈
We continue to invest in quality assets, lease to great tenants, and execute operations at an incredibly high level
Our property management and asset management teams are crushing it💪
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New Community Alert! Today we open phase 2 of our newest 305-Bed community in Kingston ON.
#reTwit
#NewHousing
#ygk
#StudentHousing
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Want to lease your units Faster and for More Money?
Whether it is a storage unit, apartment, light industrial bay, etc. the principal applies to all…
👉🏼Create scarcity with Group Tours.
What does this mean?
We push our leasing teams to ONLY offer group showings across all
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Today, I am excited to share one of our core
#operatingprinciples
"The Trust Algorithm". It's how our team approaches building trust with our partners and customers.
Trust Alrogithm:
TRUST = Accuracy + Frequency x Personality.
Let's break down how this works...
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🌐 How to include internet services in a multifamily/student residential community. There is an Old School Way, a Hard Way, and an Easy Way. Spoiler alert, the easy way is also the most profitable.
Let's dive in...
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Property management can get hairy. You are dealing with people and their homes. When dealing with tough tenants, vendors or owners, I remind our team that they are just what we would be, under similar circumstances. Act with empathy, always.
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So what does AI think of property managers?? Let's find out:
"Hey AI, generate an image of John the property manager, he's just starting out, manages a few hundred doors, and is still learning the business"...
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Still rocking with some post
@REconveneLA
energy. Must’ve been that crisp, early morning dip in the pacific.
Get busy living 🤙
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Not so hot take… Your news hires are terrible on the phone.
Phone skills 📞 = a dying art.
The moment we stopped assuming all our new hires had basic phone answering and call making skills, is when we improved the over the phone experience with our brands dramatically.
⚾️
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WHY people UNFOLLOW on
#Socialmedia
http://t.co/j6tLPvwv3q
#infographic
#content
#marketing
Great article from
@Adweek
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@tenantrep1
I watched this 2 min YouTube video and played around for 15-20mins. It’s all about the right prompts and revisions.
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There is a RIGHT WAY and a WRONG WAY to include furniture packages in your residential property. Do not do it the wrong way...
🛏️🪑 Student and Multifamily Residential operators consider the inclusion of furniture more and more these days, and for good reason!
We typically see
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🏗️ Cranes, cranes and more cranes! Kingston’s downtown is in build mode. Still a lot more work to do to meet our city’s housing demands, but I always get excited when I see new cranes go up.
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Stoked to hear to the new
@OakridgeAve
record!
Last day of tracking with
@OakridgeAve
boys. Been a really fun session, lotsa laughs and I love a band with open minds who are willing to explore songs and see where they will go.
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First, Follow up, Fast.
Read that again👆
This principle will make you millions.
How fast do you think prospects expect to be followed up with? Spoiler alert, it's faster than you think.
It's not days or even hours... it's minutes and sometimes seconds.
⚡️Speed Wins⚡️
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I've been trying to get a meeting with the leader of a top Canadian Multifamily Investment firm (you've definitely heard of them.) I met this person back in 2020, and since then, have sent an email and called EVERY SINGLE month for the past 3 years. Today... he finally followed
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@JShamess
Our team at Portsmouth Residential takes 3x as many calls and new leads from condo unit owners and developers asking about rental vs traditional MF. Lots of traditional condo folks looking at rental right now
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The best new ideas and technologies are a balance of awesomeness and unknown.
"There goes somebody's else job." A robot being tested in a Wal-Mart to scan inventory.
1K
2K
7K
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About to start our biggest capital raise to date 💵📈
Peanuts compared to some, but this next deal will be our largest one yet.
Excited to bring this new opportunity to market soon.
We’re just getting started!
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@HawksleyWorkman
Look out for local musician
@SeanWPatterson
busking your music ALL afternoon in Kingston market square tomorrow!
#ygk
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Hey Property Management
#ReTwit
, anything else missing here?
PS I can think of one BIG ONE...
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@StudentRentPro
Speed and velocity in student pre-leasing are key. Most folks who aren't in it, don't get it. Love to see your early fall numbers. Crushing it 💪
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@bobbyfijan
@StudentRentPro
@REconveneLA
Been there before! We started using a managed internet provider a few years ago and that changed the game. They deliver the service, manage communications with student, and charge us by the bed. Allows us to just benefit from the premium on, including Internet in the rent without
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@JShamess
CMHC also considers office to residential conversion for their New Development financing and will do up to 95% LTC and 50 years Ams. Seeing good spreads in secondary markets with suburban office as well.
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PSA: Listen to Audiobooks and Podcasts at 2X Speed. Why?...
1) Your brain can comprehend audio faster than humans can speak it. Take advantage of this.
2) Time is short, and what you can learn in a day is endless. Become a more efficient learner.
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Let's talk about the 3⃣ levels of being a Real Estate Investor...
PS You would be amazed how many investors do not graduate past level one:
It all starts with your first deal...🧵
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Our team has not received a single call about the internet in over 5 years!
You purchase services in bulk, the service is managed by a third-party firm, and then can still charge great inclusive rent premiums.
It is really a WIN-WIN.
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@JShamess
Just had this play out on an multifamily apartment in ON. Seller was pricing their building inclusive of the "economic opportunity to increase rents 50%" LOL If only banks financed on the "economic opportunity" Do the work if you want to reap the benefits.
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I have to say, though I bought
#dogecoin
as a joke last year, it is has been INCREDIBLY fun to own and follow. Today especially.
#DogecoinToTheMoon
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"Two left, want one?"
This short and super powerful sentence tripled our team's closing ratios in the past 4 months.
The challenge was how to create urgency, scarcity, and finally how to ask for the close in the shortest sentence possible.
Why is this little sentence so
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Why
@Airbnb
is about to take over the apartment rental listing space (and why property managers and apartment owners need to pay attention!).
a 🧵👇
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Merry Chri…. Err uh… Happy Halloween!
Canadian 🇨🇦 weather is undefeated.
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Getting closer and closer to
@REconveneLA
, my first time going. Really looking forward to learning from and meeting some of the great folks from ReTwit in person!
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Here it is in all its glory:
The Magic Triangle of Growth in Ontario 🇨🇦
Within it you'll find:
- Robust population growth📈
- <2.5 hour drive from 3 of the largest 🇨🇦 cities (Toronto, Montreal, Ottawa) 📍
- Main transportation corridor (rail and road) for Canadian economy 🚆🛣️
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@TheDukeofDirt
@REconveneLA
@moseskagan
@SimranKagan
Really enjoyed our conversation. Lots of exciting things on the horizon. Let’s go crush it! 💪
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This is what leadership looks like...
After a tough loss and a tough post-game interview, Coach Saban takes a moment to remind his team's two leaders, Bryce Young and Will Anderson that he is in their corner.
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So, which amenities are the Best?
1) 🛜Managed Internet Service - Internet is more important than water. The ROI is the best in the business. Huge opportunity to convert apartments to managed services. Get ahead of the game.
PS use a 3rd party, do NOT manage yourself.
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@brandonlecoq
Most definitely. First time seeing it as at this scale as an apartment in a new build. Student housing value engineering coming in hot 🔥
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@TheRealEstateG6
One of our best performing investments of the past 3 years is a Class B office building in a secondary market we operate in.
- Bought early 2021 when the market was running from office. Barely got financing.
- 20% of leases expiring, but the rest of the building was locked in
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My daughter and I get up early and spend the first hour or so of the day together.
It’s the best.
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Real estate acquisition process can be understood in very simple terms:
- Identify a potential acquisition & get it under contract
- If the math doesn't work, don't buy
- If the math works, but capital doesn't like it, don't buy
- If the math works and capital likes it, buy.
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@lukeottenhof
I feel yah! Can we normalize starting gigs at 7pm?? Call me an old fart, but man, live music is tough to commit to with late night sets these days.
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I do regular walkthroughs of our rental communities. The
#1
tell tale sign that our resident experience team is crushing it…
Addressing every resident that walks by the lobby by name 👋, every morning.
It’s a subtle gesture that goes a long way in building a strong community.
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If you’re trying to sell me something on a video call, and don’t turn your video on, that’s an immediate no from me.
Unprofessional and totally misses the point of the call.
How do sales folks get away with this?
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Customers don’t want choice.
Read that again☝️
They are lazy and want to be told what product is right for them.
LESS: “so, what option do you want?”
MORE: “This is the option that is right for you”
Reduce choice in your sales process and you will 3X your closing ratios
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Had some super creative spaces to fill with beds in a new student housing project. The development team did some killer value engineering and was able to fit 4 Beds, 4 Baths into this really unique shape.
Bed-Bath parity is important for students. This one knocked it out of the
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Painting my house this weekend, what’s the best music to listen to?
And why is it Stan Rogers?
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