All Forum Posts by: Amran Musaid

@Leo R. , my real estate agent says that we wouldn’t have leverage to renegotiate since the due diligence period is over. Also I would prefer to try to negotiate a better price but I’m not sure if the seller would be willing since even with the major reduction in sqft it still appraised 6k over the purchase price. 

I have a deal on the table right now and I’m not sure if I should close or walk away from the deal. It’s a duplex and the listing says that the property is 2100 sqft the purchase price is 165k. The appraisal came in a few days ago and it came back at 171k. The problem is the appraiser said that the property is only 1590 sqft. When I did my math I was basing it on the 2100 sqft so I thought I was getting a great deal when in fact it turns out that I’m getting a mediocre deal. Should I just walk away from this one?

@Eliott Elias

 1,I had one property manager that actually had a tenant living in the property and told me it was vacant

2, My second property manager had my unit vacant for months and was not good that their job. 

3, This property manager had 5 million clients and it would take me a minimum 2 weeks just to schedule a 15 minute phone call. No response via text or email either

4, This guy I wouldn't be surprised if he end's up CNBC's "American Greed". This guy has done everything from billing for services that were never performed to illegally  withholding rent by hyper inflating costs of services he claimed needed to be done. 

5, Up charging by doubling the amount of the actual cost   

@Cliff H.

I would actually prefer PM that would be a partner and allow me to free up my time and find great investments. I'm saying that I would settle for someone to hand out keys and make sure the heat is on because I can always email correspond with handyman, contractors, tenants etc... That's why I said at this point I'm considering doing just that not because it's my first choice

@Drew Sygit
The contract says there’s no charge but there is a 10 % fee to supervise the work. That being said if a repair should cost $1000 then I would  expect to pay $1100 because no one works for free. The problem I have is when it should only cost $1000 and the property manager says it cost $2000 + $200 management fee. I’m sure you can see how this can turn a great investment into a money pit very quickly

@Drew Sygit

All of my properties are in B areas. I don’t buy anything in a war zone. And as for confirming instead of assuming well the problem with that is. I had a property manager confirm that they will do one thing and do something totally different. For example I had one property manager that told me she wouldn’t upcharge the repairs but ended up getting an invoice for double the amount. Every item on the invoice was doubled and I know this because this is not my first rodeo. 

I live in California but all of my investment properties are in Michigan  and so far the biggest hurdle has been finding a good property manager. I’m on my 5th property manager right now and at this point I’m seriously considering self managing and just installing smart locks and nest thermostats on all my properties that way I don’t need a property manager to pick up or hand out any keys or do I need them to make sure the heat is on when a tenant leaves in the winter. I’d love to get some feedback from all of you long distance landlords out there.