All Forum Posts by: Charles Carey

I have really been tearing up the forums lately, but I have too many questions on different topics. I currently live in a town of about 8,000 people. We just recently got a satellite campus for a college and it is growing faster than expected. The president of the school just came to the city council to request funds to build dorms. This seems like a no brainer to buy up property to rent out to students or even teachers as the campus grows. We are 30 minutes from a large city. The school has one of the only Agriculture programs in the area ( which is heavy in Ag.). We only have a few apartment complexes and they are for income based so most students wouldn't qualify. The town is also building a new rail yard for the railroad as we have outgrown the current one. We also have 4 aircraft manufactures in our town. And have 2 large distribution and fulfillment centers coming to the city, that will draw in people from out of state they may want to live in quieter town without the cost of the suburbs. I was furloughed when COVID hit and had to live off my savings for about 6 months and took a huge chunk there so I don't have the cash to put down to get these properties. Would you recommend I reach out to investors and just try to wholesale properties or look into Hard money lenders and attempt to flip properties? 

Hey Guys, Kind of same boat here. But I am really trying to grow my Property Management Company. As well as wholesale. I currently have a full time job so I need something that will allow me some financial freedom to grow my company. 

Very true Calvin, I know it easy to want to hide the bad from the client but it is something that has to be done so that your client can always trust in you. 

You are absolutely correct! I pride myself on my ability to communicate with property owners, if its a phone call I follow up with an email of what we talked about so we have something to go back and reference if there is ever a question. I try to do most repairs myself as I started out doing that before coming to the management side but am no expert and do rely upon contractors sometimes. I have found it hard to find an affordable company that will be there and repair the problem when they say they will. 

@Osim Mannonov this is great advice and not an area I had thought about.

@Dovi Zagelbaum I will also bird dog properties for out of state buyers. Take pictures, get bids for repairs, contact the seller for you. Really whatever is needed.

@Dovi Zagelbaum as an independent Property Manager I kind of tailor what I do to your needs. But I typically start off at 10% of rent fee this can go down if I get enough properties from you. The placement fee depends but stays around $300, this is to do the marketing/selection process etc. As far as repairs I charge no fee and give you the direct bill from the contractor. But I also have a decent amount of experience in home repairs so I will offer my services, if it’s a small job I’ll do it for free. There is also an eviction fee that can arise but up to this point I have never had to do that.

I have been managing family properties for many years as a side job. But I've decided to go all in at this point. I have been managing over 20 SFH and never had anyone teach me, I just went with my own thing. Property owners out there is there anything a property manager did that made you think "WOW". I would greatly appreciate any information. That being said I also find out about SFH before they go on market a decent amount time. So I do a small bit of wholesaling as well, would that be something you see as benefit?

Good advice Joshua. I appreciate you reaching out!

@Soh Tanaka I’m in Kansas and that isn’t a requirement here which is really nice.