All Forum Posts by: Andy Chen

Dear BP,

      I think it was BP Podcast #352 where Brandon mentioned he recorded his screen and send it to a VR to produce a 100+ page operation procedure. The cost was ~$2 per hour and it sounds like a good tool to implement in our business. May I ask if anybody knows which platform did Brandon use to find this VR service, or if you have used a similar service can you recommend one (platform or specific VR), please? Thank you in advance!

Andy

@James Wise Hi James, I totally agree with everything you are saying! I have a big team managing another property of mine in TN and I really enjoy the way they handle my business. For sure I am going to find a big team instead of a one-man show for my next PM. Thank you so much for sharing so much valuable information!

Andy

@Ali Boone
Thank you so much, Ali. Really solid suggestions!
I would love to get to know more about my tenants if I am managing the property myself. The reason why we pay PM is so we can free up more time investing, right? That's why I am hoping I am not just paying my PM to collect rent every month and never communicate with my tenants (and myself). The first time my tenant was behind I had to find out by noticing a Lawyer fee on my monthly report for the evection process!? I hope it was not too much to expect my PM to notify me ahead of time. I will definitely weight the pros and cons of proceeding with the eviction process (and start looking for new PM) as you suggested! 

I really appreciate you for listening, advising, and taking your time sympathizing with me. It's great to have the BP family to lean on. 

@Matthew Irish-Jones
Thank you for sharing, Matthew! I checked and found out I do have access to the lease from the online portal. I will follow up with them on their eviction policy.

@Ali Boone
Hi Ali! I really your suggestion about letting the PM finish with the tenant and replace them altogether. I am thinking about doing the same. There were positive signs that the tenant was trying to catch up but I did let the PM know if my tenant is late again I would like them to start the eviction process. With only 3 months left on the original lease, I will be able to either: 1) ask them to leave without renewing the contract and replace my PM or 2) evict my tenant and replace my PM. Does that sound right to you?
It is also a comfort to know a good PM will be handle all the coordinating and transition. Thank you.

@Calvin Ozanick Hi Calvin, thank you for chiming in. I truly value and appreciate what my PM brings to the table. I do not want to look over my PM's shoulders and micromanage, at all. I am simply just frustrated of the lack of communication. May I ask your honest opinion from the PM's point of view? I hope I don't sound like a nagging client who is expecting too much from the PM. But please set me straight if I do. 

@Gray Hall I hear you, and I know it is exactly what I need to do. I am responsible for the outcome myself by avoiding and not communicating openly with the PM. Thank you.

@Michael P. Hi Michael, Yes, You are right! I had to learn the hard way. I look forward to getting slammed with more problems so I may learn how to better handle them on my journey, or learn to quit completely. LOL

@Caleb Heimsoth Thank you and I am sure I need all the luck I can get.

"This probably won’t be the last PM you fire."

I will keep your advice in mind and get better at hiring a good PM from now on. You are just full of investing wisdom, my friend. 

@Caleb Heimsoth "If you bought through a marketer, it doesn’t surprise me that you’re having issues." So true, so true. Glad I learned it early. And I hope to hold on to it so my daughters and her kids can benefit from it. :)

@Caleb Heimsoth Hi Caleb, I bought it through a company that I now think is a broker for the turnkey companies and operators. I now realize Turnkey companies come in different shapes and sizes and, to me, it is better to interview the turnkey company itself and find out how they carry themselves directly. I also think my PM was the one that sold the property. It's located in Jackson, Mississippi. Forgive me for not sharing their name publically.

@Tom Ristau Hi Tom, I will check out the app you suggested. It sounds like it supports 3-way communication? Do you suggest communicating with tenants directly? Thank you!

@Gray Hall Hi Gray, I like the 30 or 60 day notice practice. I will review my contract and see what my exit clause is. :) 

You also raised a good point about whether or not have I discussed what happened. It's part of my fault I am passive-aggressive and also would like to avoid a confrontation if possible. I have nicely asked the PM on several occasions to be more proactive about updating me with the tenant when they fell behind on payments or when I did not receive my owner's draw on time.

I started to feel like they either don't care that much or just too busy in general. The gentleman I dealt with is the head of a small team and if the boss is acting like these I doubt switching to others will help. With the tenant being late for a month of rent I am now being more direct about how I would like my PM to communicate with the tenant but again I need to ask them every couple of days to give me update myself. 

For good or bad it is a great learning experience on my young investing journey. I hope what happened to me can be beneficial to other investors about vetting their PM, too. 

Most importantly, I am super grateful to find out how responsive BP family is.