All Forum Posts by: Brent Sweet

I don't really know how to get clients, but I can tell you how I picked mine and it is a very non-traditional way.  I had an employee in my day job.  Long story short he basically got a "I'm selling your unit and you have 2 weeks to get out" notice.  Whether that was legal or not... moot point he had to get out.

When I was talking about hiring a property management company he said you need to hire X.  He was like as a tenant they always answered my call, they always showed up for their appointment, they never rented one out from under me.  He is like every other company (and he worked with a lot) would set up appointments, not show and then when he called they'd be like oh someone rented it without looking at it.  He was like well the least you could have done was notified me.

Literally that tenant experience was enough to sell me on my property manager.  It was word of mouth, but if tenants are going to talk and know who good property managers are you will have plenty of demand for your owners (suppliers).

 Yep.  Give you a prime example.  I had a bunch of high bushes and crap that needed trimmed way above my height so I bought this pole saw to start trimming those down while my drywall guy was in the house working on that.  He came out and was like man my wife has been all over me to prune trees that sure does look like what I need to get to get that done.  The next day I showed up with a new one in the box and I was like here you go buddy make your wife happy this weekend :)  He literally cried.

I have a few pieces of advice from my minimal experience:

1.  I don't like to hire general contractors.  Understand if you are long distance or whatever you may need to but I like to act as general.  One of my main reasons is when I get enough passive I'd like to do my own general contracting business and use my contractors.

2.  Pay attention to what they come up in when you meet them.  Sounds silly, but I hired a contractor/handyman to replace a door on a rental.  I mean very simple job.  He pulls up to bid in this beat up car. I thought well he's a construction guy surely he has a truck maybe since it's just such a small job he drove his car over.  No he was an absolute nightmare.  I literally had to be onsite supervising a job replacing a door for hours across several days.  It was very apparent he didn't know what he was doing.  Even more frustrating is he is looking around my rental telling me all the things he could do to it like I was hiring him ever again.

3.  If you can't keep a contractor busy yourself with projects get business for them.  I have literally went on Facebook marketplace and saw someone needing some work done and said hey I know someone and shared their info and said make sure to tell them I sent you to get the right deal.  That way your contractor knows you are sending them business.  I didn't want a kickback for finding the work, I just wanted him to have work while I had nothing to do for him so he'd answer my call next time.

4.  Be VERY reluctant to give second chances.  I had a contractor do some drywall finishing in a rental.  He flaked basically the last day of the job saying his shoulder needed to be looked at by a doctor so I finished the little bit of sanding myself it's whatever.  I had another property come vacant that I had a decent sized punch list of stuff to be done.  Gave him a 2nd chance.  He bid, all was good. Started work and then never met deadlines. The more I pressed him on deadlines the more excuses and crap I got.  Luckily he had finished most the hard stuff so I just ended up completing myself.  Both times, however, he agreed to do work and completed the majority and then couldn't finish.  The last time I never paid his last draw.  He never asked for any of it I think because he knew I was pissed he wasn't finishing my job AGAIN.

5.  Pay attention to your contractors needs.  I have went out and bought a contractor a tool a few times and just gave it to them as a gift.  They are always so thankful and they never forget you for it.  Especially if its something they say like boy I sure wish I had an X.  If you can get X without throwing off your whole deal go do it... its another  type of investment.

Does anybody have recommendations of a banker that is investor friendly at a local bank in Springfield, MO?  I currently bank with a Simmons Bank, a relatively local bank but I haven't really been able to get to know anybody there as far as my investment strategy and plan because it seems like the personal banker position is a revolving door.  I'm hoping to get my banking into an institution that is local that has someone that is tenured with that bank that I can build a relationship with that can get to know my long term goals and help support them.  The bank I am with just isn't going to be that bank I don't believe unless I just don't know the right person at the right branch.

Any advice would be appreciated.  At this point I can pretty much still go the conventional route.  I have 2 rentals one is in my Wife's name and one is basically an owner/finance sublease type agreement that I am in for so little money no bank will refinance it.  So really the only conventional I have is on our primary home.  I have a preapproval letter from Better Mortgage (an online company) right now for a purchase of $745,000 without a credit check.  That's great that I have the ability for them to fund an investment so I have somewhere to go to get my next place, BUT I don't know what like the next property looks like if we don't have a personal relationship or someone that understands my goals.