All Forum Posts by: April Mattin

So, I was able to renegotiate to the 4% fee instead of the 7% I was on. So I still use them for a few of my properties. I don't know if you're able to choose if you want to have assisted or unassisted showings. They do have a monthly fee that tenants now pay to have tenant insurance and a couple other benefits. They will cover rent if the tenant breaks lease or doesn't pay, however they won't pay the rent for in between tenants, so if they can't find someone for 2-3 months that's on you. They also refuse to overlap tenants, IE won't do showings in the tenant's last month so you're pretty much guaranteed to have at least 1 month gap. The communication piece is still VERY much hit or miss. I don't use their handyman service unless I absolutely have to as I feel like that's hit or miss as well. But that part is good to have as an emergency back up system. Especially if I'm out of town. Just like any other service it has it's pros and cons. Oh and they still do offer the more full service program at a higher percentage. My biggest complaint for the most part now is that they don't seem to work that hard at finding new tenants, and they make it more difficult than it has to be for tenants to renew. Not sure if that helps you at all. 

So take this all with a grain of salt. I've been with them for over 2 years. And I would have highly recommended them up until September of last year when their company went through a major restructure. One that involved firing their entire field operations team, which I thought was key to their success. If you're new to them, you'll probably have a better experience. Because you won't know anything different. But I remember when they weren't so automated and you could actually call someone to talk through issues. 

This new structure has come with many many headaches for me, the prime one being there was absolutely zero communication with owners like me about the change. I called my field ops person one day to ask why a tenant wasn't given a key for move in day and was told he had no idea because he was let go during the restructure. And still almost 4 month since then, I have asked Nomad numerous times for anything that would help me understand the new tiers and how its different from previous division of responsibilities. 

I get things piecemeal here and there, like all of a sudden after 2 years I'm responsible for placing lockbox, surprise! I had to run out and buy new lockboxes to place in time for showings. And don't even get me started on utilities. They have an option to do a flat fee for utilities which I opted in on, and yet the automated system still sent out an email to tenants to get utilities in their name. Talk about unnecessary confusion for me and for the tenants to undo the mess. 

And I'm not sure where you're getting the 4% from. They charge me 7% for the basic guaranteed rent service (along with the listing fee) and then if they do manage any of the tenant work orders there is an additional fee on top of that because I only signed up at the lowest level where owners manage work orders. 

So again, if you sign up new with them you'll probably have a better experience. I'm getting annoyed all over again because I'm paying a higher percentage and getting way less service than I had before. They're all nice people at the company, I just think they're going through major growing pains and unfortunately old owners are feeling the brunt of it. 

Did you end up using them? I'd be curious to know. I am currently using them and wanted a second opinion on their customer service with you. 

100K - it was a partial finished storage area that I turned into a 2 bed 1 bath. Yes you can get it done for cheaper, but right now it is HARD to find a general contractor that you can trust to do get it done right and on time. I had 3 window wells, completely new plumbing and concrete that had to be poured. And existing concrete that had to be removed, so honestly for 100K, and rent at $1800 I think it's going to be a great investment. 

Definitely working with an agent who knows what you're looking for is key. If you're on the MLS look for properties that say "potential for growth" or "potential to add additional unit" or maybe something with a carriage house. I got lucky and found a tri with a basement storage area that I converted to create a quad. It's not cheap to do a full concrete pour and window wells etc. but I'm doing a BRRR so I'll come out ahead. (use the calculator to analyze your specific situation). Good Luck! It's been quite the learning adventure for me, stressful but fun, and it ain't over yet, still in remodel phase of the entire property.

Thank you Bill for the tips. I had posted the quit notice on Sunday evening. And texted and left voice message. But no response. At least I started the process now so the clock is ticking. Thank you all again for your feedback! 

Thank you all for the suggestions and the article!  I have sent her multiple resources to get aid for rent, but she has not made any effort to contact those agencies. I know they will help bc I have another tenant that has used one of them and it's been great. It kills me to think about paying her to leave, but I'm definitely open to it if she would just communicate. At what point does a landlord get to take action based on non communication? 

I need help! I inherited a tenant when I recently purchased a property and she has not paid rent for August or September. She has been trying to move out so I was giving her time, but since she hasn't been back to the property in 3 weeks (still crap in the unit), I am trying to figure out how that works with the whole moratorium on evictions. I'm about to find a lawyer but thought I'd throw it out to this smart group first! I'm in Denver Colorado. 

@Randy Smith my lender who has 25 doors of her own pays double into her mortgage to shorten time line on fully paid off investments by the time she retires. She doesn’t need the cash flow right now. And from my understanding you are correct in assuming a deductible tax expense if you are “losing” money by paying more into mortgage.

@Patrick Froehlich yep, just started at 48. For me it was all about building generational wealth and tax benefits with a high earner in the family. I'll have 6 doors before the end of the year, and won't be stopping any time soon. Every new property is an opportunity to grow and learn. First was a pretty turn key investment where I did nothing but clean, and learned how to find great tenants and manage. Second is a BRRR in an up and coming area so I'll be learning how to work with contractors and staying on budget. And the refi piece. Eventually I'd like to get into apartments. Or who knows maybe I'll love duplexes and quads and stay there! Good luck!