All Forum Posts by: Cary P.

Also, check with the Utility company.  You should have a landlord agreement on all of you properties that states if the tenant moves that, as the landlord, you will be responsible for paying the bill so that the power and gas are not turned off.  Your PM should be the one tracking that. Also, the tenant should not be able to change the bill without you being notified immediately for approval.  This will notify the PM that the tenant has moved, or is pulling a fast one trying to get you to pay the utilities, and avoid this happening in the future.

Good luck!

In Nov 2014, my business group bought what I would graciously call a slum as our first foray into multi-unit. We went from SFH rentals to a 36 unit building with a good 10-20 years of neglect and deferred maintenance.

Through a lot of sweat equity and about $1M invested, we have turned it into a nice C+/B- property because we want to keep the property available for the working class so we never have to compete with new development in Downtown Denver.  We have more than doubled the value AND it is starting to be cash positive for us on a monthly basis, with the $1M invested being recovered on paper.  We hold a $1.5M loan on an over $4M property.  

We are in the Denver Metro area, so our rents jumped from an average of $650/month to $1000 per month because of both the improvements and the surge in people moving into the area.  Our take home after expenses appears to be settling in at about $6K/month, along with the principal we are paying off.  We are just starting to get that return, but it is a success and we are hoping it will remain a cash cow, as it is in an area that has been identify for gentrification with commuter rail and the city invested in revitalizing the area.

Is that what you are looking for?

Yessss... I have tons of information. I found an amazing property management company and other great resources. I am using Atlas Real Estate Group out of downtown Denver. If you want to PM me with contact info, I'll share what I've learned in exchange for a cup of coffee ;) I've dealt with both single family and multi unit, so I've learned a LOT ;)

I am still very happy with the work they are doing. Good luck in your search.

Hey guys,

I'm not sure if this is the right place to post this, but it seemed like the only forum that might be related.

Short Version:

I recognize that we are still in our honeymoon period, but so far, Atlas Real Estate Group has been great as a property management company for my multi-unit properties. I highly recommend them. They say the right things about what they do and they actually do what they say. They place quality tenants, they keep the property in good repair, and they are a light, flexible company instead of a rigid corporation who has to follow a prescribed set of rules in every case.

Long Version:

I started talking to Atlas Real Estate Group in January 2016 when I was trying to get away from my previous property management company. I spent about 5 months vetting the company while trying to find a way to legally break my contract with the prior property management company that did not require me paying $20K. The contracts did not expire until the end of June and the end of October (different properties). I joke that I spent more time "dating" Atlas than I did my husband :)

Basically, any time my former property management company did something that did not seem right, I would present the scenario to Atlas and see how they respond. It was always the way I would expect a property management company to respond if the company actually managed the property. They were very willing to negotiate on the contract terms. They understood that I was gun shy to enter into a contract because of what I had been experiencing prior. They seemed too good to be true - a company that actually wants to manage your properties and not up-charge you for every little thing.

The good news is that the former company released me from all of my contracts on the same day - June 7th. Atlas was only expecting to receive one multi-unit building, but they were please to get all of my properties on that date without any hiccups. Most importantly, they have been able to make the transition smooth for both my business group and our tenants.  Within the first month, I felt comfortable enough to not have to constantly follow-up on what was going on, but I'm still keeping my eye on them because of my insecurities.

If you're looking for a property management company that actually manages your property and helps keep you on your budget, I cannot recommend them enough.

Cary

Hi Guys,

I was REALLY active about 6-7 months ago when I first joined Bigger Pockets.  I was in a really low place.  I wasn't sure how I was going to make things happen - I had a property management company that did not align with what I was trying to accomplish, I was in way over my head with a multi-unit flip I was not expecting to have happen so quickly, I was struggling to rent units in this CRAZY Denver market, I was fighting my insurance company, and the sharks were definitely in the water trying to scoop up some "lost cause" properties. I came on here and asked for advice, recommendations, etc, and I wanted to take a moment to thank you all and give some updates.

1. For those of you that mentioned or recommended a personal adjuster for my insurance issues, thank you.  I didn't know about this profession, but it has been handy.  My adjuster is still working the case because the insurance company is dragging their feet.  I get that, but we are closer to a resolution than the $2K they wanted to pay on about $60-80K in damage and lost rents.

2. I know a lot of people start a business with the intent of helping people, not ripping them off.  Many of you in multi-unit were against property management companies because you are concerned about being ripped off.  I got into multi-unit as investments, not a business I wanted to run.  I had already been through 2 companies that I was totally dissatisfied with in the Denver area.  I'm sure both of these companies are probably great at single family, but multi-unit is not their thing.  I finally found a company that appears to do what they say and say what I want to hear regarding what they can do to help me. I am very pleased with what the new group has been doing for me.  I am now fully rented and maintenance is under control!

3. I have received several unsolicited offers to purchase both properties, which I have refused, but those offers validate all of the work that I am been managing since June 2015. With the market as hot as it is, as long as the new company continues to serve me well, we will not be giving up.

Long story short, I was able to come in, get the information I needed to keep moving forward and get some "therapy" about how to not let the properties get me down.  I used all of that information and I'm starting to thrive.  It will be back to being an investment for me soon. I'm almost at the point where I can be on here learning and sharing what I know more frequently instead of just taking the information I needed to survive.

Thank you, Bigger Pockets.  I would not have made it without this group!

Cary

Hey @BrannDon Albert, I'm on the north side of town. There are a number of good groups in the area and some folks that really want to see you succeed. I'll PM you with the info I have - mostly contacts. I'm in multi-unit, but came from SFH rentals. I haven't completed flips for sale.

Good luck!!

Cary

His crew came out yesterday!  I need a new French drain. Thanks, Troy!

My biggest "gotcha" is to recognize that you are buying a business.  Unless you get in with a great team, you will be more hands on than you expect.  It is an investment, yes, but it is also a business that needs to be watched and protected.

It had nothing to do with a well or pot holes.  This is a drainage issue where my leaching field or whatever it is called no longer drains.  I just need a contractor that deals with those.  What have I said to make anyone think this is anything other than a drainage issue due to run off?  We received 2.5-3" of rain in a day and it isn't draining.