All Forum Posts by: Mike Berkaw

Hello All,

I inherited an out of state property and for 9 years I have continued using the PM that was previously managing the property. Although I receive the rent checks every month I am not satisfied with their performance. 

• They never contact me, I always have to go after them
• They have not changed the rent up or down since 2012
• I have never received a home inspection report
• Everything they do is low tech, phone communications and mailed checks.

I would like to hire a new PM but I don't know how to go about the process. Does the lease carry over with the next management company? How are the keys handled? What do I look for when vetting a new manager?

Also, if anyone has a recommendation for a PM in this area I would be happy to get their contact information. 

Hello fellow RE investors. I have been lurking and reading the blogs for well over a year. The combined knowledge on this site is amazing. I look forward to learning more and hopefully building some relationships along the way.

I entered the RE arena when I inherited three SRFs located in various states. I took the easy road and let the existing PM continue to manage the locations. I was able to refinance one house in order to pay off the other two. By doing this I was able to lower the interest rate and pull out additional funds to purchase another rental. The wife and I are looking into the rental market in Prescott since that is where we plan to relocate.

We were also able to leverage the equity of our main house so we pulled money out, bought another house and turned our old house into a rental as well.

I am really interested in the BRRR strategy since I enjoy performing the work required to turn a dump into a rental. The goal is to get enough positive cash flow to start my own part time business and enjoy life to the fullest.