All Forum Posts by: Ben Halabi

Can someone recommend a property management company on Houston area.

Hi all, I am closing on a property in Auburn New York, are there any property managers out there in the area? Would love to connect!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $41,400
Cash invested: $41,400

Single family home in Cleveland Heights. The tenant is being finalized through section 8 but it should be approximately $1100/month + utilities. The closing on this took forever! I had this under contract in January 2019 and it took until November 2019 to complete the point of sale violations and transferred over to me.

What made you interested in investing in this type of deal?

I'm always looking to add to my portfolio in order to gain cashflow.

How did you find this deal and how did you negotiate it?

I purchased this from a colleague who was looking to sell. I didn't do a ton of negotiating to be honest as he is a friend and I'm guessing that the price was fair.

How did you finance this deal?

I had refinanced my own personal residence to purchase three homes outright in the Cleveland area.

How did you add value to the deal?

I can't say I added value. The numbers already made sense though now that I've said this, the property taxes are WAYYYY higher than Cleveland properties.

What was the outcome?

It took over 10-months but I was able to complete the transaction. Now to get the house rented.

Lessons learned? Challenges?

1) Properties in Cleveland Heights and Garfield Heights need a POS (point of sales) inspection in order for a sale to be complete. I'm not sure how many inspectors there are but with all the "violations" that needed to be completed, it was hard to find people to do the work since a bunch of the jobs were small jobs.
2) We should have formalized the agreement through a statement of adjustments and escrow but in order to save the double exchange rate, we didn't and I'll end up losing out a bit.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No. The only professional I worked with was with Mount Morris Title Agency (Debbie) which I would definitely recommend.

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Hi everyone, I am new here to BP and have just made my first investment purchase in the North Collinwood area, close to Waterloo. I live in Kansas City and also have one other STR property in Branson, MO.

How did you finance this deal?

Cash

@Ben Halabi Excellent information!  Thank you!  Now if I could get you to move to Saint Louis ... ;)

Hi community!

We are in the process of closing on a three unit rental that is roughly 45 minutes from our home.

Our realtor/good friend owns a property management company along with having numerous properties himself. He charges 6% for his property management company.

A few numbers on our (soon to be) property.

Rents for $1750

Mortgage and Escrow: $550

Utilities: $450(high end)

Property Management: $105

Estimated Profit: $645

Utilities Note: the gas and electric are not separate so its included in the rent.

Would it be smart to hire the property management company right away or wait until we have five or more properties?

We plan to close on this one next week and right away apply for another one. Numbers seen to be right and we should be able to qualify for another.

We have done a flip before and also a live n flip, but this is our first rental property.

Thanks for all your input!

Hello everybody!

My name is Christian Haley. I currently operate a small real estate photography and videography business as well as managing the social pages for RE/MAX Infinity in Overland Park, KS. I got hooked on learning about real estate investing after starting to work with the brokerage. It has motivated me to start looking into ways to not only expand my real estate media business, but also learning, networking, and engulfing myself into the real estate market in Kansas City.

A little bit about me..  I went to college at The University of Kansas and received my Bachelor's degree in Molecular Biology. I worked as a senior phlebotomist for two years at Lawrence Memorial Hospital before realizing I wanted to build something of my own. I started in November of 2019 and currently work mostly with agents creating content for them to build brands as well as market their homes.

I am looking to network and meet as many people as possible in the Kansas City area as well as on here. I plan on house hacking my first house this year while working on my media business and eventually moving into more investment strategies down the road! I am super excited to have found this community and hope we can all meet in person sometime very soon!

Thank you for taking the time to read all of this!

Hello Oklahoma City - I am looking for recommended property management companies that cover the OKC and surrounding areas as far south as Norman. Specifically for 4-10 unit properties. If you are a current PM, send me a email with your info and please include your current unit count and occupancy level of that total. Thanks and I look forward to talking to you! ~Mike

Hello everyone.

I'm looking for a new property management team in Saint Louis MO.  I have two properties in Florissant - one is on a lease option and the other is just a straight lease.  

Does anyone have any suggestions?

Thanks!

Really want to get into the Cleveland market who’s doing deals out there?