All Forum Posts by: Andrew R. Lucas

DOnt miss out on our November Meetup! We are hearing from Brian Trippe this month on discovering hidden profits! Doors open at 5:30 and we start at 6:00!

@Leah Rapley Not sure if you have an area picked out, but REI Live Columbia is a great networking group that you could join. We meet up about once a week to talk real estate.

Dont miss out on our October monthly REI Live meeting! We are hearing from Adrian Smude. He is the go to guy for everything Mobile Homes and investment properties. Doors open at 5:30!! See you there!!

@Adrianna Tyson you have some great local investors commenting above.  

I'd add that you should consider adding a property management costs to your calculator. I see it at 7%, but that should be 20 or 25% for STR. I know you will probably do it now, but your time isn't free. And you will want to know if this will cash flow even if you can't run it. My experience is that I'd rather hire a manager that already has the "Super Host" designation so my listing will start out with more bookings.

As brandon said above, 3,500 a month is high for actual income.  If its 3,500 gross rental then you would probably get more like 2,400 to you before management, taxes, insurance, and mortgage.  

Happy to help further!

Andrew

@Jack Payne we have over 100 units in Columbia.  We have experience with a number of PMs here.  There are a few good ones, so you should connect with them and interview them to find who fits best with your goals.  Check theses out:

Auben Realty

Cantey Company

Stephenson property Management

Horton Company

Please Join us to see the behind the scenes of one of our flips finally coming to a close!! This home was purchased after it had caught fire. Bring your questions!!

Come Join us for our September meeting! We will be hearing from Andrew Lucas as he presents his own spin off of a Masterclass all about the 10 Steps to finding YOUR next Deal!!! Doors open at 5:30 and we will start at 6:00!!

Dont miss out on our August Meeting!! (We have moved it to the second Tuesday just for this month!!)We will be hearing from Todd Lyle, Rochelle Hicklin and Krissi Wyss, all top realtors of the Columbia area. They will be hosting out panel on real estate agents working with investors on all sorts of deals!!Come with Questions and we will see you there!

 Hey Jordan

May I offer another view...  I think you should return the call.  They left you a voicemail and I just prefer to call people back.  

But MOST important is that you may learn something about your property manager that you didn't know.  You live a distance away and the PM deals with the property.  What if the PM is doing a terrible job of maintaining the property and picking terrible tenants for you??  I would listen to the neighbor and see what their issue is.  You could actually find an ally on the ground that could help you.  If the neighbor is "crazy" and just complaining for no reason then you would just tell them that you will pass the info along to the PM.  However, if they just want the best for their neighborhood and they have legitimate concerns about the management of your property, then you will never hear it if you Don't return the call...  

 That is a fine deal.  UNLESS, you have a regime or hoa fee that reduces that 1195 net rent amount to below $1,100 a month.