All Forum Posts by: Chad Walker

Thanks so much Caleb.  I'll be reaching out to them next week.

Hi everyone,

I know the topic has come up many times here, but I haven't really come across any recommendations from investors that are actually using the PMs they recommend. I'm looking for first hand knowledge from an out of state investor that can recommend their current PM.  I hired a property manager out of Cleveland that has done a horrendous job with one of my multi-family properties.  I won't get into all the details, but since hiring them, I've spent more time dealing with the property than I did when I was managing it.  Not really supposed to work that way.

I'm not very active in the BiggerPockets community, but have gotten some good advice in the past.  I would be extremely grateful for any personal recommendations!

Thanks so much,

Chad

@Elizabeth Goff  Thanks for sharing Elizabeth.  Glad to know I'm not alone.  Based on peoples reactions I'm probably being way to conservative with my numbers.  I'd rather plan on 5-6% and be surprised when it turns out to be higher, than have it swing the other way though.  

Turnkeys aren't off the table.  If we get down to the wire that will most likely be the route we go.  Have a good agent now, (fingers crossed) so the stress level has come down a bit.  Think we'll be okay.  It'll be what it will be.  In the end, we'll either make some money, or gain a valuable life lesson.  That being said, I'm kind of hoping for the money;-)

@Dave Foster Appreciate the reply Dave. Unfortunately these will be my FIRST deals.  Hence the stress. I realize I'm probably more freaked than I need to be, but being my first time out, I'm a little on edge.  Guess I just need to take a few deep breaths and make it happen.

@Matt K.  Okay, got ya.

@Matt K.  Sorry Matt, but not quite sure what you are asking?  We close on the 15th of march, at which point we will have 45 days to identify properties and 6 months to close on those properties.

@Senthil Akasham Thanks for the info.  Sounds like a great alternative, but the sale already took place.  Wish I would have dug a bit deeper into the tax code!

@Aaron Howell  I must be plugging in numbers that are way to conservative.  Anticipating lots of expenditures do to the ages of the homes in the area.
As far as the leveraging, the plan is to use the equity in the homes to leverage deals after the exchange.  Have to name the properties we plan to purchase within 45 days.  Afraid adding financing could complicate things. 

@Caleb Heimsoth Since I'm paying cash almost all would cash flow. My concern is that If I did have to finance, some of the same properties wouldn't. My question was about whether I'm making a mistake investing in a property that doesn't have the best ROI, but will allow me to borrow against it for more strategic investing in the future.

@Matt Motil  Thanks for the advice Matt.  Scheduled to attend my first investor meet up on the 8th.  Hopefully a deal or two will present itself.