All Forum Posts by: Christie Gahan

Yes, contact the realtor board.

If you want him to get a smack on the hand that hurts, tell his employees that he's not paying the employment taxes.  They should all walk.  

I really liked reading about your journey.  We should get more of these.

Somewhere, some kid is catching hell from his/her friends over this failed Home Depot return.  They wanted cash but it seems like the clerk said , " No receipt.  It goes on the card".  What are they gonna say?  

Thanks for sharing. This is really funny.

Quote from @Chris Seveney:

Quote from @Paige Kuhbacher:

 14 Posts

19 Posts 

Yep. 

@Nate Marshall

I've been on BP since October 2020. I am a full time realtor and investor. It has not been a priority of mine to sit in the Bigger Pockets forums and post/comment on everything. I do however provide input and value where I see fit. 

I would be happy to help answer questions or clear up any confusion anyone has about the Subto mentorship. I joined in March, but have been involved enough to see the massive potential it provides to investors looking for a supportive community. 

Here's my calendly link if you'd like to set up a call: https://calendly.com/pkuhbacher 

So are you saying people pay $7,000 to join a community?
Curious how much is joing a community?
Since joining, how many deals have you done?
Do they tell you upfront how much money you need?
Do they explain what happens if a borrower files BK after a sub2 deal?
Do they explain happens if the person you sell to files BK is a POC filed on both loans?
Do they have a counter of how many people are in the community and how many total deals they have done?
Does the sponsor of the group share addresses of properties they did sub2 and how many deals they are doing?

Chris: What does happen if they file bankruptcy ?  Does it cloud title?

Aaron: You need People!  Actual people that can strategize and trouble shoot.

Good News!  I met with a new PM yesterday and she was much more what I wanted.  She was smart and capable and knew all sides of the business.  Before this, I think I was meeting realtors that are part of a brokerage that offers PM services.  There core business is selling houses not PM and I wanted someone whose core business was PM.  

I feel like a good PM is defending me from scam artists.

Get out the superman cape!

Quote from @Account Closed:

Quote from @Christie Gahan:

If you have not done so already ....

Time to invest in kick *** accountant and lawyer.    Dig deep into tax strategy, tax efficiency, etc  Learn about estate planning.  Time for a team.  

Personally, I think I would stack some cash for a year or so while I did this.  Learn about multi family and mobile home parks.  I keep reading about all the weird financing issues in this space so I wouldn't actually put money in until mid 2025 or later.  

 I would agree with this :P. Ok as real estate focused accountant perhaps I'm biased. Seriously though, if you haven't already get your self a solid real estate-focused tax professional in your corner. They will do magic for your financial situation. 

Making money and keeping money are not the same thing. A real estate business can also potentially generate a SOLO IRA or something like that. Health insurance payments, Health savings account lots of options. If your money that you want passed down is in a ROTH or something your beneficiaries can wait 10 years for distribution to get them another 10 years of tax free growth. That's cool.

Quote from @Michael Smythe:

It's not easy!

We get turned off when the first thing an owner asks us about are our fees and not how we do business!

Recommend you ask them to explain their processes for: advertising rentals, prospect screening and maintenance COMMUNICATION.

 I'm sure it is not easy.  There might be a link between owners that ask about your fees first and also don't communicate about repairs. ???  There are some, not all, that take out as much cash as humanly possible and don't want to maintain or fix anything.  I've been looking at buying another property and I see this in the spread sheets.  

Michael: Are you getting any animosity from tenants or the public?  I was at a city meeting last night and heard 2 different people who were suspicous of property managers.  It suprised me.  They seemed to think PMs were Cruella de Ville.   

Quote from @Wade Wisner:

I would like to know that as well, as the few property management companies that I have used have not been at all satisfactory.  The have tended to over-represent the tenant's problems over me the property owner who pays the bills.  Communication has always been the sticking point for me as I am not quick to trust my investment to someone with no skin in the game and who hasnt' gotten my ok on spending my money.

In my mind it might be better to find a realtor or other money partner in long distance properties and pay them a management fee for that service.  Find someone who is also an investor.  Most property management issues, once the tenant is in place, other than collections, are problems or repairs in the property.  If you have a few good subcontractors - electrician, plumber, appliance guy you can handle most of it.  Also have a lease agreement that makes the tenant responsible for any repairs up to say $150 - $300 per item.  This will keep them from driving you crazy with nonsense items that so often come up or things that they have created anyway. 

 I have this relationship in a CA commercial property, and it seems to work pretty well.  I sleep much better when I know what is going on with my real estate investments.

If you need to hire a property manager, my suggestion is gets lots of references and talk to those references prior to signing.  I hope this helps you.

trust my investment to someone with no skin in the game

Wade, this resonates with me.  In my market, a 3/2 is easily $500k.   So when a landlord has 20% down, they have a min of $100k in the property.  To me, $100k is a lot of money and I would appreciate a PM that could acknowledge that .   Many of the larger realtor groups have a property management division.  Any of their realtors can be the public face for property management.  Meaning, they are showing units, getting new clients etc but they are kind of light on the actual nuts and bolts of property management.  I ask to speak to someone that actually does PM and they treat it as an unusual request.  ( Maybe it is.)    One of the services they "offer" is helping to price the property.  I've had 2 different people give me a page from Rent O Meter.  The pages were identical.  It lists 6 comps.  I reviewed it. One of the comps wasn't a comp because it was a furnished MTR.  Of the 5 remaining comps, 2 of them had lower rent prices then what was on the sheet.  So, 5 out of 6 comps are correct and 3 out of 5 prices are correct.  I feel like they are lazy and not checking their work.  It's kind of becoming a test for me.  If you hand me a RentOMeter that you didn't double check, I don't want to hire you.  Meeting someone new today, fingers crossed.