Most important person(s) when investing out of state

[Kyle Neff]

Hello BP Community!

I am interested in investing in multifamily outside of Georgia where I live. Curious as to who is the most important person/persons to have supporting me in this, and how to go about finding them. Thanks in advance!

[Stephen Krzyzak]

Hi Kyle,

I have been an out of state investor for several years.  In my experience, the property manager is the most important part of your team.  

When looking for property managers, there are a couple different things that I look for

1.  How many properties do they manage?  Will I be a big fish in a small pond?  Ideally, I want to know I have some leverage if I decide to my portfolio elsewhere.

2.  Does the property manager have their own maintenace company?  I have seen where maintenace becomes another profit center for managment companies where they try to nickle and dime you on every turn.

3.  Does the property manager have an office and dedicated staff?  If the property managment consists of one person, this could obviously become an issue.

4.  Are they expecting me to sign a long term contract with penalties if I decide to void it.  Property managers should earn your business every month.  If they want to lock you down longterm, be cautious.

Best way to go about finding property managers is to simply get and throwing scenarios at them.  You should also ask them how long they typically take to turn a property and get it re tenanted.

Hope this helps!