All Forum Posts by: Andrew Hatcher

It's surprising how much goes into choosing an automatic lock and choosing the right solution for your particular situation.  Unfortunately there's really not a short/easy answer here.  

For starters, smart homes use different networking technologies to communicate between devices.  I personally believe Z-Wave devices create the most robust system (for your own understanding look up Z-Wave vs Zigbee vs Bluetooth vs Wi-Fi and the difference between a star network and a mesh network).  I've never purchased a Remote Lock but I have looked into them. The majority of their locks use Wi-Fi to communicate, and I'm not a fan of this set-up.

I would recommend purchasing the following:

• A Z-Wave compatible lock from from one of the three main lock manufacturers.  When choosing a particular lock, pick one that is a ANSI/BHMA A156.3 Grade 1 certified as this is represents the highest quality:
  
  • Kwikset
  • Yale
  • Schlage
• Purchase Samsung SmartThings hub to control the lock and connect it to Wi-Fi.
• Purchase the Rental Lock Automater app from the company RBoy Apps.
  • Don't be fooled by the non-porfessionalism of this company web-site, they have some awesome products.  This application will completely automate your vacation rental check-in process.

Hey @Matthew Coleman, sorry I haven't been on in awhile.  I ended up purchasing a home in St Marys in the Point Peter neighborhood south of the base.  I'm still in the process of renovating, but from all the pre-analysis I did, I think it's an under-appreciated location to invest.  The consistent influx of new renters from the Naval base with decent housing pricing options was appealing to me.  I'll let you know more once I finish the renovations.

Google "Hold Property Analysis Worksheet" and download the excel spreadsheet.  I've tweaked it over the years but that was the first spreadsheet I used when I started analyzing properties.

Hey everyone, I'm looking at purchasing some property in the Saint Marys or Kingsland area around Kings Bay Naval base.  Has anyone had success investing in this area?

Hey Ben FYI I'm not a property manager, I'm thinking about it, but I'm not one.  Just trying to learn as much as possible right now.

I have thought about your idea before though to go with a higher monthly rate and eliminating the "finders fee".  I really like the idea because I agree I think that would benefit both parties.  I think that gives the PM incentive to land a better tenant.  Would all investors go for this structure I wonder?

What if you were to put some kind of stipulation on the finders fee?  Say 50% of one months rent for every new tenant per every two years.  That way investors would only have to pay the fee if the tenant lasted loner than two years.  But if the PM put a bad tenant that didn't last two years the investor wouldn't have to pay extra.

Good insight Jon.  For personal reasons I'm not able to invest in anything right now so I'm just trying to research as much as possible and I had this thought.  Any ideas on how property managers can "incentivize performance"?

Thats an interesting suggestion thanks Colleen.  I was trying to figure out if a different payment structure would make a property management firm more attractive and it sounds like your suggestion could appeal to investors.  Have you ever worked with a company that does something similar to this?

Would you be more interested in hiring a Property Management Company that charges  7-10% of the monthly rent and 50% of one months rent for a move in fee or one that charges a low monthly fee, say 5% of the rent, and charges everything else based on an hourly rate?

Whats the most creative way you've ever financed a deal on one of your properties?

Thanks for the advice!