All Forum Posts by: Cody Journell

@Sean O'Keefe not sure about KS or CA, but in VA as long as you are a broker you can have an unlicensed person act as a property manager on your behalf as long as they are your employee. I don't think they are supposed to open doors and show units but they can do most other tasks. I still believe he's better off with someone licensed in that seat to avoid any potential fair housing or other liability issues that can occur.

Total rehab on this was about 10 months. 2 months were prep and demo, 8 were actually construction, then the last 2 months we marketed and leased the units before refinancing. 

I actually partnered with a GC on this one and traded equity for them bringing some funds to the table but mostly bringing project in on time and on budget. So far very worth it imo.

 It wasn't too long ago (about 7 years now) I was flipping my first mobile home trying to get some cash together! It happens fast if you're determined and willing to learn.

Yes and no. We were able to estimate out each unit but still had common area, exterior and some site work that was added to totals. 

 Thank you! Yes we are actually on #2 now. 8 units on this one similar scope of work but not quite as involved. It seems like the 4-20 unit buildings are the bread and butter in our area. Too big for the average Joe investor and too small for the big boys to scoop up. 

 Hey Nathan this is a great idea too. We actually run a brokerage here in house as well so incentivizing our agents here first is a no brainer. 

Do you have any marketing material that you use with your outbound or is it mostly networking and direct to specific agents advertising?

Hey @Lauren Christie do yourself and everyone a favor and give her a non renewal notice. The reason I would wait until the non renewal is to reduce friction. Especially living there and her knowing you’re the landlord I could see some real drama starting. Just tell her you need it empty to do all the repairs mentioned and unfortunately there are no other units to move her into.

@Rey Jaj if you’re confident you can rent it in a reasonable time just let them go. Whatever you lose in a turnover will be made back pretty quickly once you get a tenant in there that takes that utility burden off your hands. That’s another $3,000 to the bottom line for each unit!

@Jason Weber my first question would be is she a PM with other clients and properties under management or is this just someone you hired doing it as a side gig?

My next question would be is this a multifamily property, or just a single family rental?

It seems to me like the hourly rate will cost you more in the end than a % unless you’re talking about a multi unit property with much more income. Our structure as a company is

8-10% of rents

1/2 first months rent placement fees

10% markup on turnovers

If it’s an individual I don’t think you need to pay all the fees but up to you to incentivize her to take care of the investment.

@Sam P. This is not a requirement for us in VA but I'm not sure if regulations are different in your state.