All Forum Posts by: Cj Powderhorn

@Stephen Akindona

@Stetson Miller

@Zach Lemaster

@Chris Clothier

@Peter Davis

I’d love to hear some input. I’ve been really happy with a few companies for the last 15 years in Memphis and 4 in CC but am not happy now. Should I lower my expectations? Thanks!

I have 10 SF and MF rentals in several areas, my concerns are with Cape Coral and Memphis. I use property managers in both places. I feel like I’ve seen a few recent issues and curious what other investors have seen.

1. I have duplex in Cape Coral. Rents b/t $1400-$1700 per side. One side was vacant from April to August! When I inquired about it, the manager told me, ‘the tenant had an issue moving out of their last place’. Then, I just saw a placement fee of $1275 charged by the management company. This is something I haven’t experienced before. I’m not calling out the company yet, as I want to make sure I’m not missing something. I’m almost wondering if they held this property, at my expense, for a friend or acquaintance. How is a 4 month vacancy ok?

2. Memphis. Wow. I’ve used several different PM’s here since 2005. I have had one favorite company. However, tenant moved out prior to July 1. I was given a get ready estimate between $3-$4K. Which, to me, should have been a pretty quick turn. I check in this property several times and wasn’t satisfied, as there was no progress. Property finally listed around Sep 6. But the turn cost exceeded $6K. There was no information shared prior to the increase.

These seem like really long vacancy periods and poor communication. I haven’t experienced it before. I know there are lots of Memphis and CC investors here and appreciate any help.

@Daniel Curtin

Wow! If you'd like an opinion from a simple, bogan investor who doesn't own any major company but has received great advice from many listed above...

I believe Zach has incredible patience and will do whatever he can to stand behind his products. I was under contract with RTR and ended up canceling my contract, but my friend who went UC at the same time did continue. We both ended up satisfied. She had lots of frustrations but I can tell you that Zach made it more than right - which is what everyone wants from a TK provider!

I ended up buying a small, older, MF in CC that I am probably going to sell now. I did receive rental income for the entire 2 years that my friend was waiting for her new construction to be completed. The realtor I used is now involved with yet another FL NC venture.  I bought an older property with a new, permitted roof which exceeded the requirements at the time-and the storms haven't impacted me. When I was buying, concerns were the quality of new construction, the timeline fluctuations and cost increases. Even when I sell it for a small profit, it will still cash flow for the next owner. 

In Memphis, I've always and only used MSHB (Terry Kerr's company) or done things on my own. I understand their pricing and do think the TK additional expenses are worth it, but I've been investing with them for almost 20 years so I've got lots of experience with their PM side as well. They are pricier than doing it yourself, but I think they earn it. I'm buying one of their NC homes in Little Rock right now. I don't want the headaches and I know I can trust them based on my own experience.

Now, I am probably going to sell the SWFL property and 1031 it to Ohio! During covid, I invested in several syndications which have also been hit or miss.  I am definitely more of a wombat than a roo in the game of real estate but I've never felt over-extended financially and that's what worked best for me.

Good luck with whatever decision you make - I would reach out directly to individuals who have posted here. I've had quite a few people contact me via email and have always been happy to help them. Anyone extremely polarized, especially in a negative directions usually is going to complain about everything. If you need a few individuals to contact directly, feel free to reach out and I'll connect you.

Hi, trying to get a couple of additional SFR/Duplexes in Little Rock Metro. Only interested in homes rehabbed and/or currently managed by MSHB. Does anyone know what realtor most investors are using to resell their properties? I'm not talking about the actual new/rehab waitlist maintained by MSHB but the next phase of properties. 'investor resales' for lack of a better description. Jeremy Veldman (great guy) handles most of these in the Memphis area, is there someone in the LR area? Thanks!

I've been investing in the Memphis area since 2005.  MSHB is ALWAYS my first choice. I find it really shocking that you've had such a bad experience, Terry!  I actually am only looking at resales that are currently managed by MSHB b/c I have not found another PM company that comes close to meeting MSHB.I've had one tenant for 12 years, I feel like at MSHB they different areas (maintenance, current leasing, tenant retentation, etc) really talk.
I'm currently dealing with a nightmare with another PM company. The lack of communication between the different departments has cost me thousands of dollars.

Good luck with wherever you end up and whichever company you choose!

Hi!

I've been a Memphis Investor for 15 years, and have been happy with my PM's for all properties except my home in C'ville. I believe it is a higher end rental. It's about 4000 sq feet and has a pool. It was my previous primary residence. I'm looking for a solid PM that can take care of this home.  Thanks for any recommendations.

Hey CC locals

Just wondering if anyone has been in the 33990 zip since the storm. I’m just a bit North of the Thrive Center on 801 SE 5th. I know some roads are impassable but just thought I’d check in here in case anyone is out and about.

thanks,

Cj

@Patrick Bavaro thanks for the info. How many NB have you completed with RTR (or other companies) in FL? Have a Happy New Year!

Hi,  I keep getting a lot of questions regarding my decisions to cancel my NB’s in SWFL. It does not have anything to do with the leaders of the various companies as I think some Of them, especially Zach Lemaster, are fantastic. I just wanted a more stable investment with strong rental returns. I took a look at the numbers and sustainability doesn’t seem to be there -in my view.  . FL is historically very, very volatile. Also, I repeatedly heard that ‘everyone is moving to FL. This is just not true.  As you can see below, more people were moving to FL in 2015-2017 than in 2018-2020.

Thanks,

Cj

I had 2 NB under contract in CC. I cancelled both of them. One was w RTR and one was with Norada. Feel free to PM me with any questions.