All Forum Posts by: Christian Paluzzi

Hello,

I am looking at a 40 unit property in downtown Wichita and looking for recommendations on property managers for C class value add projects, has anyone had any luck with any companies that they can share?

Thanks in advance!

@Ali Mahdavi and others, how has this list changed since the OP years ago?  Any major movers?  In reading the thread it sounded like some roughly agreed with the OP while some definitely disagreed, is there a current consensus? 

@Jason Maguire I am not sure if I am allowed to post a company recommendation directly on here, but I have used a company in PA that was very communicative and organized, and made the process pretty painless.  I would be happy to share the contact info with you if you send me a DM!

I am looking at different options for a problematic student rental duplex in North Philadelphia, and Bungalow.com came up as an option.  From my initial call with them, it sounds like they are a full service property manager that also handles leasing, but will do so through somewhat of a master lease from which they sublease to a 'qualified pool of tenants' looking to mainly rent a single room.  The price per room quote they shared seems too good to be true and all of the reviews I have found online are horrible (about 95% one star, probably all the answer I need); does anyone have experience working with this company as an owner?

@Ethan Giller I cannot seem to DM you for some reason but would like to follow up on your post above, could you please message me when you have a chance?

@Noelle Carter thank you for the Bungalow suggestion, I had not heard of them but scheduled a call to get more information.

In terms of marketing for sale, it was on the MLS several times and was distributed through email blasts to our agent's network, but our agent basically told us he did not think he could sell it after multiple attempts with no interest from 460K down to 420K. This property was our first and we would love to move on from it given what has happened, but we are very hesitant to go below 400K as that would basically mean losing every penny we invested in it (a not insignificant amount).

We are currently contracted with a semi-wholesaler who is trying to sell it for as much as possible to then pay us 400K with no fees, but we have about a month left on the contract and they have not had any interested parties either.  Seeing as this does not look like it will pan out either, I am exploring the next option.

@David Lee Hall, III we would be open to seller financing if there were any interested parties!

I own a student rental duplex a couple of blocks north of Temple University's main campus in North Philly which was hit hard by covid and is still struggling.  Up until early 2020, we had been fully rented with student groups at market rates, but once the school shut down for the pandemic and the area went downhill we have been unable to rent it to any groups (student or qualified non-student groups) even at steep rent discounts - it does not help that there have been multiple carjackings and a murder on our street during lockdown.  The property was built nearly ten years ago and has a tax abatement that is about to expire this december, and we tried to exit at a loss over the last year or so but have not gotten a single offer (even low ball) after listing several times at decreasing prices.  We recently got in touch with a recovery home operator who was interested in the Philadelphia market and were close to signing a lease for the company to operate out of our building, but the company has encountered issues with the city and has extended their pre-lease timeline indefinitely.  We looked into potentially airbnb'ing as a long shot, but the local rates and reservation frequency is extremely low.  We had a strong cash flowing asset until the unpredictable happened and now we are stuck with a major anchor in our portfolio.  Does anyone have any advice on how to improve this very bad situation?

Thank you @Dena Puliatti and @Caleb Bryant for the recommendations, we will be reaching out to them!

My partners and I are looking to move into the Des Moines market and acquire +/-100 unit garden style B-/C+ complexes with value add opportunities to provide attractive returns to our investors. We would love to make some connections through this excellent community and are looking for broker and title attorney recommendations!