All Forum Posts by: Adam M.

@Taylor L. yeah the timing is something we were discussing today too. We'd likely hold off on getting a bunch of stuff setup and signing up for various subscriptions until we were confident we'd land a client. Not wanting to outlay $X to start a company and then be paying $X a month for services we aren't using. Just burning cash. I had suggested a meetup. Likely will be part of our strategy. Would also help us get a feel for the local market.

Looking into starting a property management business and have some questions on acquiring client properties. Decently familiar w/ sales funnels and CPC advertising w/ Facebook and Google. I have a couple strategies in mind I would probably try.

1) Referral payments to RE agents for clients. Something like $X per unit when a client agrees to a management contract. Possible marginal fees (ex. $50 per unit up to 5. $75 units 10-15, etc.)

What dollar unit amounts make sense here? Is this even a viable strategy? Some agents double as managers so likely would not happen with them. My guess is this might have to be in the hundred(s) of dollars to make it worth their time. Really only thing they would have to do is fill out a form to submit it to the CRM and then we'd handle the rest from there. If the potential client signs a contract then they would get paid.

2) FB/Google CPC advertising

Having done this before the strength of geo targeting would be nice. I'd be concerned about wasting money advertising towards people looking to rent a property vs. looking for a property manager. It has been a few years since I've advertised with them and had success. Google AdWords might be better because they are searching for "Property Manger X city".

3) BiggerPockets

I'd likely explore advertising here obviously. Need to do some more research on the offerings. I know there are service ads. Haven't read into them much.

Grew up in Gardner. It's a nice town. Growing. You have the intermodal adding a lot of decent paying jobs. I still frequent it because both my parents have businesses in town. There as well as Edgerton are solid as they were technically the municipality who annexed the intermodal (This was a dramatic issue at the time. Basically NIMBYs of Gardner won and they didn't annex and so didn't get the tax base). School district is pretty good.

Robert Schiller, Yale econ. prof author of "Irrational Exuberance" wrote the follow piece in the NYT yesterday. Thought it was pretty interested. Doesn't appear to come to any conclusions simply explores some of the possible causes.

https://www.nytimes.com/2018/12/07/business/housin...

Not sure. Don't care. A publicly traded REIT can offer similar dividend yield with the benefit of liquidity and equity upside.

@Mike V. Worse. Defaults are up all across the board [1]. Even with LendingRobot managing mine I saw 12% default, albeit on higher risk loans, which wiped all my returns. No longer reinvesting and simply cashing out for a small loss and putting my cash elsewhere.

Anyone watch this yet? It's about property managers in New Zealand. I've watched the whole season and it is pretty good. They do show a lot of just god awful situations and I know they are showing the few but extreme ones for ratings. Also not all the situations that show up on the show are bad.

Can the OP remind them that they are under no obligation to renew the lease?

To really be successful with quickbooks, or any accounting software in general, you are gonna have to understand double entry accounting. There is a ton of classes as mentioned on Udemy. I don't know the quality of them but I have took other classes from that site and they are pretty good. That would be the quickest option as opposed to a community college class which would take a semester or two. Long term I would say it is best to get some formal training in it via a classroom where you can ask questions and get feedback. At the end of the day the ability to manage your cashflow is going to be the most important aspect of running a successful business.

I think the last crash really ate up the margins on building affordable modular homes. Also they cracked down on owner financing for builders with Dodd-Frank. There was a lot of institutional money that would build a subdivision with cash and provide owner financing to make ongoing money.