All Forum Posts by: Davartay Miller

Joshua, 

First, I would like to say what a great book, right? This is one of my favorite books. I would never forget the juices that were flowing following this particular read. 

Secondly, I have to say every investment is different. So before you take one set of questions – please add you flavor to match your expectations. Most importantly, the goal is to inspect what you expect. Remember when asking your realtor questions you are wanting to know what their niche is. I assume you are looking to build a team. No matter what the end goal is – your team is only as good as the weakest link. So you want to make sure your team knows what to except rather that’s buying, renovating, selling, renting, etc. Here are a few questions that come to mind. I am sure you will have many more posted in this thread. 

"Do you work with buyers or sellers?" "Do you have referrals from past clients?" "How much do you charge/how do you get paid?" "Do you work with a team?" "How long have you been an agent?" "Have you sold homes in this area before?" "What’s your marketing plan?" "Do you have recommendations for how I could increase the selling price?" "How did you arrive at this listing price?" "Will you also represent the buyer?" "What’s happening in this area, and how could that impact home prices?" "Do you have a list of recommended resources?"

Great agents have a network of trusted resources they can vouch for, whether it’s a home inspector, electrician, plumber, general contractor, who always does a thorough job, or a lender that provides competitive financing rates. Never be afraid to ask the “not so typical questions.” 

Finally, just know that your first deal may or may not go as planned – no matter how much we prepare. The bigger picture is to track what went right and what did not. If you succeed? Great! If you fail? Do not quit! Quitting isn’t an option

Best of Luck, 

David, 

I typically tell clients that there's nothing better than word of mouth. Most times, when a lead calls our office it's because they were referred by their best-friend, business partner, mentor, mentee, colleague, etc. Why is that? It's simple. People want to hear from those experiencing what they are trying sell you – personally. 

I would recommend you search multi-family property management in the search field above and see what populates. If you see there's an investor in the Florida area .... perhaps he or she could connect you with a realtor, closing attorney, lender, and other professionals in the area. If all fails, please consider reaching out to those representing the seller online and see what company/individual is currently managing the units prior to the sales transaction.... this could give you some great insight. 

While I might not have any Central/North FL property managers in my directory... You are definitely on the right platform. Do you have a particular city in mind? If you reply to this thread with the identified cities – perhaps it will trigger the keywords for those in that area who could join the post. 

Best of Luck! 

One of the most challenging decisions an owner/property manager must face is whether to raise the rent on a good resident. It's a fine line an owner/property manager must walk between increasing rent to keep up with market value and others, and ensure a solid level of profit, while at the same time keeping a good resident happy. The resident can not be the last thought in the equation. However, this doesn't mean you cannot raise rent on a good paying resident but good advise would be to pick your battles –wisely. This should be a case-by-case situation. I see where owners come from when they are wanting to increase. Look I get it. Cashflow is important and the additional income is too. Personally – I don't automatically increase rent annually if the same tenant is in the property, and if they are good tenants in all the important ways - caring for the property and paying their rent on time etc. However, Changes in mortgage rates, insurances and maintenance costs are driving factors in having that conversation – if necessary. 

@LaMiracle Schaefer The sales clause is typically 1 year, correct? If so, you can also try and transfer it following the clause stipulation. 

Best of Luck, 

@Chace Dietrich 

Private Message Sent. 

Good Luck in your search! 

Best of Luck! 

@David Sosa 

What city are you looking for a property-manager in?

@Marlia Stone 

No problem at all. 

Best of Luck! 

@Marlia Stone

Congratulations on your purchase! This is definitely going to be an experience. I would suggest going with a property manager who's job is to do just that – manage the headaches so that you and your family aren't having to. Managing it yourself is also an option but perhaps you interview multiple property manager to see what they offer. The goal here is not to convince you to go with a property manager.... it's to see if you think you would want to do those services yourself. 

Best of Luck! 

@Richard Lundy Jr While I do not know anyone in the area, what I do know is experience matters. I tell potential clients all the time that testimonials are key to property management. @John Williams posted his experience here and that’s what you want! I do not know much about My Place Realty & Property Managment but they are doing something right if John’s experience is going well. 

Best of Luck! 

Hey Tommy! Before I say hire a property manager…. Make sure it’s a property manager that has a proven track record, systems in place to handle the scope of work, and actually has a quality control manager/Project Manager that oversees daily renovations. Not all property manger oversee construction, inspections, etc. But there are some that do and that’s who you want to do business with – in my opinion. Tommy, please interview the local PM’s in the area and see what services they offer. Do not force the relationship to work! Just try doing your research in the area and see if there are a few in the area that can handle the level of work and effectively communicate with you. There’s nothing worse than hiring a ‘manager’ and you having to manage it Colorado. No good! Hire the experts so that you can sit back, relax, not worry about if the countertops came today, if the house is being marketed, etc. The right team/manager wants the owner to relax, trust but verify, and collect their money. 

Best of Luck!