All Forum Posts by: Clark Michael

Definitely stay put with that interest rate. You wont be able to get that for a while. Take the cash flow and keep the equity growing, and then get a line of credit on the house to go buy another property. 

This is our primary focus. They have a great ROI. The only down side is these could potentially be stepping stone houses for people looking to eventually get a larger 3 bed 2 bath home. Just screen you tenants to find the best ones that you feel will be longer term and not looking to upgrade in 6 months to a year.

I have heard you can use this method to bypass the seasoning period, but no mortgage broker has done it around area. Looking for recommendations.

You as the investor and the client the decision is 100% yours. If you do not agree nor does it make sense for your numbers to pay a fee on a non paying property it is time to move on. Doesn’t matter if it’s fair or one party is being more greedy than should. Focus on the numbers and the relationship. If you can’t afford that and need to find a different company I would highly suggest moving your portfolio. If you can afford and the company manages everything beside this how you like it done then I would stay. All people have different standards of work and pricing. You could find another company that has a different model. Do what’s best for your business.

@Tyler Dix Your first problem was after the fact the PM contacted you letting you know there was a problem with the AC and asking your preference. I own a PM firm in NC and when I’m signing a new client we have that talk upfront. I discuss with my clients if they are going to want their guys or my guys to address issues. Once I see a problem I call my crew right away to repair. If price is going to be costly to fix I’ll call the client then and talk to them about what’s going on. We have a pre arranged amount to where I go ahead, or I call and let them know. After that I stay on the issue till it’s done. My clients don’t have to worry about constantly texting me asking if items got repaired. I wouldn’t be kind but inform your pm you expect better communication. A simple text to explain a situation solves much of the issue on the PM side.

@Cesar Gomez You have multiple options here.

Court house steps to find property that city is taking and just pay the taxes off.

Find a private seller ready to just let go use your 5k to buy the house.

Get a personal loan if you don’t qualify for more and find a house for about 20-30k.

All of these are hard, the house will need work, and it takes everyday riding the roads looking for one like this. Find it and make a profit then use it for another. 5k to start is hard but not impossible.

Started at 21 with zero idea what was going on. Got out and learned everything I could. Came back at 25 with the knowledge and everything went so much smoother.

That’s awesome! I would refinance and take all your equity and put it down on a small apartment building. From what I’ve seen that would be your best next move.

Most property management company own rentals through the company or an employee there does and they fill their vacancy before the clients. Around my area we have a few that will get their units fully occupied then start to get the client’s properties rented out. Also property management companies don’t communicate with you except for the end of the month pay out, then you have to call and ask what these expenses charged are for.

I fully agree. Multi family is the way to go.