All Forum Posts by: Steve Maginnis

Hey @Drew Sygit.  Agreed.  But there are so many people who boil everything down to cost.  Your point usually comes to them with experience and failure.  

Hello @Drew Sygit.  I feel quality of service is is subjective, depending on the expectations of each owner.  How would you quantify that?  Of course there are tons of questions a Landlord can ask a manager to determine if they may be a good fit.  I think the best use for this tool is to use it to compare companies after one has done their due diligence on the companies they want to consider (reading reviews, interviewing the manager, etc.).  I'm sure there is a way to give weight for particular attributes that are important to a Landlord, but I never did very well in statistics, LOL.  If you have a suggestion let me know. 

Hello @Kori Kelly  I suggest talking with the tenants.  If they have good things to say about the PM, I would consider using them if everything else meets your standards.  However, if they have negative things to say, it could mean they are not doing their job, but could also just be a disgruntled tenant.  Tenants can get upset if a PM does not do what they expect them to do.  We expect tenants to abide by the terms of the lease they signed.  They may get upset because we will not come out to change their HVAC filters, for example.  The lease provides them to provide and change themselves, but a previous apartment complex did this for them, so they expect us to do the same.  It is not reasonable for them to be upset, but they can and do.  Another example we may see is a tenant expects us to respond to any work order requests immediately. If it is not a high priority repair, we may take 2-3 days to come out to repair their broken microwave handle.  Again, it is reasonable to wait that long in our eyes, but not the tenant.  I hope this helps. 

In the Charlotte, NC market, we have seen rental rates for new vacant properties increasing over the same time last year.  Properties rented last year for around $1400 are renting closer to $1500 a year later. We are also renting units faster this year than last.  This is likely due to the lack of supply.  However, due to Covid-19, owners are generally deciding not to increase rents on renewals, where we normally would push for a slight increase to offset cost of living, taxes, etc. 

I'm no attorney, and certainly do not know the laws in states other than North Carolina, but I imagine your management agreement is between the owner of the property and the management company. The lease is between the owner (represented by the management company) and the tenant.  The owner decides to sell the property, so the lease would remain in force.  However, once the owner sells the property, the management agreement is nullified for the new owner.  I suppose I could see some "creative" agreement terms that binds the management agreement to the owner, entitling them to pay early termination fees, but it should not bind to the property or subsequent owners.  Sounds like BS to me, but I suggest you reach out to a local RE attorney and have them read the agreement and send the PM a letter.  Best of luck.  

Hey @Allen Viancourt.  Congrats on your first post! I personally love Thomasboro.  I invested heavily in the area before the housing crash because I believed it's proximity to uptown, airport, major interstates, etc. placed it right in line to blow up.  Of course, it is nearly 15 years later and it has not blown up, but I still feel it is prime to do so.  We are seeing a lot of new construction in surrounding areas pushing in to Thomasboro.  There is still a stigma associated with the area, so some tenant prospects may be turned off, but there are plenty looking to rent who were not around when it was worse.  Crime rates are still an issue in some spots.  It is MUCH better than it was a decade ago and is moving in the right direction.  I am more than happy to manage rental properties in the area for investors, and have no issues with my personal rentals there.  If you are looking to hold it for a short time and resell for a landslide, that is not likely to happen.  But if you look to buy and hold, I think you likely can't go wrong if you buy well.  I hope this helps.  Best of luck.  

Thanks @Kyle J.  I've dealt with some companies years ago, but never had good results.  I'm hoping someone who has experience with some companies and maybe some examples can chime in.  I will definitely look in to the companies you listed though.  I have been doing my own collections also, but since we are growing, I need to free up some time.  

Greetings. I'm looking to find a decent collections agency to turn over delinquent tenants to.  Seems most everything I Google is for medical collections.  Anyone have any suggestions?  I am a property manager, and would be turning over accounts from different owners, if that makes a difference.  Thanks in advance.  

I have no doubt with the interest rates staying so low, and our increased growth, that the retail sales will continue to be strong. My concern is the rental market. With the eviction moratorium pushing back the ability to file evictions, and tenants continuing to struggle with the virus, I can see an increase in foreclosures. Unless the government steps in with Landlord assistance, the problem could get out of hand. If the vaccine does not take off and dramatically slow the spread, then I feel it will present more problems for investors. Especially in low income areas. Of course, this would open up opportunities for other investors to pick up short sales or REO properties, which is what I'm preparing for. Any way you slice it, I think 2021 will be an interesting year.

Good answer @Bob Norton