Rental Property Investor · Tucson, AZ · Member since 2019 · 4 posts · 3 votes
Arizona Real Estate Investor here looking to branch out with some Out-of-State investing in Cincinnati, Ohio!
Looking to build a team consisting of an investor-friendly realtor, property management company, contractors and some preferred lenders that service the area.
Looking to purchase buy and hold multi-families in the $700k - $1.2M range. Current portfolio consists of residential only but looking to expand into commercial specifically.
Please let me know if anyone has any recommendations!
Real Estate Agent · Phoenix, AZ · Member since 2022 · 41 posts · 21 votes
4y
Hi Aaron,
If you click on the network tab, there are sections to find vendors for each one of those specialties. Hope that helps and good luck on your investments in Cincy!
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
4y
@Aaron Hunt the PMC should be your first and most important connection. They have to deal with the property daily, while everyone else disappears after the purchase.
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
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