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Updated about 4 years ago,
Finding a Property Manager (PMs) for your first deal (Oklahoma)
Hi Everyone,
If you've followed some of my first posts, you know I'm new to this game. In my last post I mentioned a potential lead we are working and hope to share more details on that as it progresses. As we get closer to to acquiring our first property, we were wondering at what point should we attempt to look for a PM? The house should be nearly rent-ready at time of purchase. Should we begin interviewing potential PMs prior to purchase to ensure we have one ready to rock once the house is ours? Or should you wait until a certain point during the negotiation/closing process?
Once we know at what point to contact them for an interview, what are some of the vital questions to ask? I did enjoy David Greene's BRRRR book (great book btw) in which he discusses the 4 things he looks to accomplish during a PM interview:
- Finding out about them as a person
Finding out about their experience & skill
Whether they invest themselves
A list of resources
I don't want to go on and list out all the specific questions already listed in the book, but wanted to see what the BP community recommended as well? One key aspect we are looking for is to locate a PM that will still treat our single property as well as someone with say 10 or 20. We don't want our property to get shunned just because we only have one when others might have multiple.
Since I tossed in the keyword(s) of Oklahoma (OKC/Norman), does anyone have any specific recommendations of some PMs to vet and reach out to? I know the relationship with a PM can be important and vital for successful REI and given our lack of experience, it would be helpful to rely on their experience and wisdom to help us get off on the right track.
I appreciate any feedback and/or recommendations!