All Forum Posts by: Bob Beach

Unfavorable experience with Reedy.  Midsouth, so far has been best for me. 

Jack, I look at what's going on once a month, when I get the statement.

  I just take a quick look at income vs. expenses and the different management companies have a little different reporting method, so, get a little confusing sometimes. And, I raise an issue if something doesn't make sense, which, you know, I have found errors.

We have an issue with one tenant falling behind. This is a statement sent to us from our PM, about a week ago, that me help or support other comments.   ...."The CDC has clarified the guidance regarding the moratorium. We can go ahead and file on her, that way we’re ahead once the moratorium expires. We can go to court and everything, we just can’t set her out until January."
Hope this helps. 

I've also been in that situation.  Sell a Porsche and invest in rentals.  I restored a 70 911E and made huge profit.  The values of the early air cooled 911's sky rocketed during the few years it took to complete. I sold it and made enough to buy my second CA house.  I'd also had a 72 911T for 20 years and 2 years ago, restored it completely.  Got it in a magazine and then sold it for more investment properties. Who knows when the air cooled 911 market will top out.  Since the recent administration, it seems, more money is going to the stock market than collector cars.  What do I know.  Curious to what year the 911 S was? 

But yea, it's a tough decision to choose between a dream car or more investment properties. I also, think you made a good choice but there are more cars in the future.  On the other hand, a friend of mine always said:  "You can live in your car but you can't drive your house."

@josh 

@Josh Wood

Wow, very detailed questioning to vet a PM.  Much better than my 10 minute chat on the phone with each one. And I still thought, I covered all my bases. I believe, we are in the middle of contracts on all but one house and currently having little to no issues (at least for a 4 to 5 month period).  I think the stimulus checks are keeping the rents coming in.  But biting my nails when they end.  If we decide to change PM's, I will reach out.  Thanks much.

@James Wachob, I believe most of our properties are class C, maybe one or two are B's.  Still learning the difference. I did think I had a good set up for a while.  I had a handy man that was (at the time) reliable and did quick work.  So, I continued to use him for the next house and the problems started.  I would do half the work and I would push him to finish.  He claimed he finished and I asked for photos.  I sent oddly framed photos to get me to pay and I found out by a later inspection, the work wasn't done.  I will be posting later, once we have funds, to acquire a reliable contractor, to complete the last unfinished house.  Fortunately, non of our houses have 70's wallpaper, but the one has a bad roof.  Thanks James, for the input.  Much appreciated. 

@Cj Powderhorn Thanks for reaching out.  Yea, we also currently have three PM's. One we like and two, kinda not so much.  Currently, we are on our longest "trouble free" streak since investing in Memphis, about 4 months, (out of 4 years). Don't want to rock the boat right now but possible in the future would like to get down to one or two PM's. Thanks!!

My question, which is barley a question, was, Is this the norm in Memphis?  I think it is. And Curt, your right.  If the prop managers were perfect, I wouldn't even think of posting this. 

We have one rental in CA (where we live) and I manage it myself, such as Walter says. This one is trouble free and the tenants think of the house as their own and do much of the maintenance without even telling me something was needed. Other then maybe a broken microwave or fence materials. And yes, that house is never than the one we live in.

Thanks for the input.

Wondering if everyone in Memphis rental properties has the same experience as us?  We've worked our way up to 6 rental properties in the last 3 or 4 years and have had five property managers, total.  Currently three. We have one good one and the rest, we have moved around from one to another. One will have great customer service, always answer the phone or reply to emails but lack luster in tenant choice and integrity. Another is trouble free but goes months and months without getting quotes for smaller repairs. Another would never answer the phone, then give a quote for repairs, pretend they never gave the quote then give another for 3 times the first amount, (after we transfer funds and give approval for the first quote).  The first prop manager we acquired has always been professional, responds to emails quickly, gets work done fast, picks better tenants, follows through on eviction proceedings (with wage garnishment), but is very selective about the houses they manage. 

I'm assuming this is, "business as usual"?

Thanks,

Bob