All Forum Posts by: Arthur Neves

@Scott Spanier Yes lets chat. I 100% agree with you. Software is key for many tasks: automated collections, screening, advertising, etc.

Indeed there is a balance though. Someone needs to check the property, and not just drive by. In my case, a 40 units, would need some extra time of a person to deal with in-person collections, check of property, etc.

Yes, What I am in need is a strong recommendation. 

@Abdul Azeez congratulations on the sale. And thanks for sharing the experience. very valuable. I had similar experience in Atlanta, GA area, and end up selling my SFR there too.

We still have a good amount of units in Memphis, and am going through the same struggle as you, where PMC are very hard to find, and the names that usually come up here are the bad ones I don't want to hire.

Would you mind sharing the PMC you tried and didn't work out, so I don't waste my time with them?

thanks  

@Anna L. I am looking for a PMC company in Memphis too, to replace the current one that we tried for 1.5 year and is hurting our business since. I believe for similar reasons to yours.

Would you mind sharing the company's name you are moving away from, just so I don't make the same mistake and end-up going with them.

thanks in advance. 

Thank for the comments so far folks.

I am pretty much aware of different types of PMC, as I used a handful of them in other states, businesses.

I am not, at all, concerned about price. for what is worth, I would pay 12% for a PMC that would give me 0 extra management tasks, as an owner. And would keep maintenance costs at a minimum and tenants happy keeping turnover low, and if I go check the property every other month, I see a clean parking lot, garbage dumpster, etc.

Indeed, the last thing I want is a PMC that uses software to do everything, and outsource communication to the Philippines. That have 0 active management, and will let the property burn to the ground, or be empty.

thanks for the resources so far. and open for recommendations.

We are looking for a PM company that can manage our 40 units building. Would love to hear recommendations too. 

The buildings are in Frayser, class C area. It is fully renovated, and is 75% occupied.

Open to hear good and bad feedback about companies I should try or stay away from. 

thanks 

@Jay Sheth I agree with you. I use Crestcore as PM in Memphis, and they do the same thing. I am not fully happy about it TBH. Besides they hold a big chunk of the money, which is in the contract, but still not pleased about it.

Wondering which PM company is it? cheers, and good luck 

It seems like you have some properties there already, correct? I would try to nail down the main list of potential issues you have and meet with contractor and PM to discuss them. I find that sometimes having the real, hard, conversations is what makes everybody better, and tighten the relationships.

for instance, a big problem I've seen in Memphis is the number of maintenance requests on old SFR, if that is your case, bring that up to the PM, and try to come with a plan to make that better, maybe renovations, etc. Just an example.

+1 , also interested in something like this

@Ned Carey interesting. I think I dont fully understand what the consequences are, as all my liens folks paid back after a few months.

When you say "when your lien expires", you mean like @Wayne Brooks mentioned? they expire after 7 years and the property going to a deed auction, and nobody buying it, thus you would not re-coup your money?

My strategy so far has been only buying certificates of some type of property, for instance, Single-family homes, that are valued at more than 200k. The expectation there is that they will be paying the taxes at some point.

Also, before the 7 years, could I be the plaintiff and get the property myself?

@Max Brudner very good question. I am in a similar situation. Where I have many LLCs for different operations including STR MF and also agent commissions.

My idea is to hold all these LLCs and have the Holding as the solo member, so at the tax filing , they all can be filed only at the holding level.

That would also simplify bookkeeping, where I can only do it at the holding level.

Would this be possible and most importantly prudent?

Also, what happens if I need to show financials for a individual LLC? Would QBO allow me to pull p&l and balance sheet filtered by class?