All Forum Posts by: Davartay Miller

Rudy, 

It's my pleasure! I hope you are able to connect with agents, property managers, affiliated brokers, other investors, etc –  here in BiggerPockets who services the Johnson City community. While you may not be interested in using all of them ..... they could teach you something valuable in your journey. Johnson City . . . . be on the look out. Rudy's coming for you. 

Ruby, 

I am not sure what market you are purchasing the property in but congratulations! What exciting news, right!? Please note we all had/have to start somewhere! You are on the right track. My grandmother would always tell me, "Do not bite off more than you could chew." It means exactly that. It's okay that you are starting small. Better small and efficient than large and inefficient. 

Best of Luck! 
 

My pleasure, sir! @David Jarboe

Viral, 

I am not sure why they are giving you such a hard time. I would hate for you to spend unnecessary money to fight with a resident that is vacating soon. However, despite their unwillingness to help, you must remain positive and remember their time there is soon to be over. While it may be frustrating, especially being the owner, you can only hope they will come around to the idea that the property is on the market and there's no turning back. I am not sure the relationship you all have had or has but some residents are just difficult. I know none of this may be helpful but oftentimes I just remember that someone is always going through something we nothing about. Perhaps home searching for her isn't going to well, perhaps she can't get approved anywhere else, perhaps she doesn't know where her next bed or meal is going to come from, and etc. Look there's neither an excuse for her actions nor an explanation perhaps for her rude behavior towards others. All we can do is be the light in the room and move forward. I wish you nothing but the best in this situation. 

Best of Luck! 

David, 

As an out of state investor, its important to keep doing what you are doing – your research! I can't speak on Ohio and Kansas City but the Memphis and Alabama market are two awesome performing markets. That's not to discredit Ohio and Kansas City – they could both be awesome and perhaps even better depending on who you ask and what you are interested in doing. Reaching out to some of the many investors, property managers, turn-key providers, agents, and affiliated brokers here on BiggerPockets may be your best bet. Give it a shot! Networking is key. 

Best of Luck! 

Viral, 

If it's in your lease – then I guess you have grounds to stand on. However, as an owner/investor myself, I would never allow complete strangers in my properties without supervision from myself and or a represented agent. Viral, just see it from the resident's point of view. With the resident still living there it could possibly be very uncomfortable if a stranger stated they are here to see the home but there's no structure or guidance – ultimately leaving the current resident there to give the involuntarily tour. Just something to think about! 

Best of Luck! 

@Danny Jimenez It's my pleasure! Please allow me to add two more points. 

1. When you are interviewing the companies of your choice pleaseeeeeeeeeeeeee see what company offers before asking what are the fees associated. Why? What does that matter? Just because John Doe pay 8% doesn't mean 10% management is high? 2% is definitely a huge difference but what is that 10% covering that was not mentioned in that 8%? This boils down to the questionnaire. Feel free to add your own flavor to those questions but what it boils down to is know the value of the company you are interviewing. Compare Apples to Apples...and not Oranges to Apples and Pears.  It makes a huge difference! Trust me! Remember, someone can always do something cheaper...... However, I will hate for you to find out why they were cheaper when it's too late! 

2. Most importantly, write down how the company made you feel during the conversation. This is important. Remember this is going to be a long term. relationship. What you hear and see is what you get! 

Best of Luck! 

Danny, 

Awesome post! Investing outside starts with marrying the right company/individual. What does that mean? I often tell clients that investing out of state without trust never works. With that being said, you are on the right track by reaching out to those who can expound on their experience. There's nothing like getting the information from the source (the individual who actually experienced the journey their pointing at you to take). Perhaps @Samir Patel (who's an investor) can elaborate on his experience with buying properties himself and turning it over under management. 

@Danny Jimenez when interviewing companies be sure to ask your questions, get your data and do your research:

Are you an investor?

Do you own in the exact neighborhoods you are selling?

How many investors do you work with?

Do you own all facets of the operation?

Do you offer rental or maintenance guarantees? If they answer yes, ask them why. Then ask them if they will put the guarantee on year three.

Do you defer maintenance?

How many properties do you manage?

Do you own the properties you sell or are you a promoter simply taking a fee from Turnkey companies to market their companies?

How long have you been in the business?

What is your average vacancy rate?

What percentage of expiring leases will renew their lease each month?

What percentage of signed leases fulfill their full term?

What is the average number of days a property is vacant between tenants, move-out to move-in?

What percentage of billed rent do you collect each month?

What is the cost of an average repair bill after move-out?

What are your management fees?

What percentage of collected rent goes to yearly maintenance on average?

What is your average number-of-months occupancy per property?

What is your average occupancy rate?

What programs do you have in place to keep residents happy?

What customer service programs do you have in place?

Will you call me every month with an update on my portfolio?

How many team members are dedicated solely to providing service to your clients?

What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

I am not sure if this was helpful at all but I hope you keep doing your research and make the best decision for you and your family. 

Best of Luck and Stay Safe! 

Allen,

I am not sure what you are willing to take on or not. But from the sounds of it – maintenance is a pain. Typically, a property management company that offers full-service can lighten that load – tremendously. But in your case, it doesn't appear that you are looking to relinquish the property management duties. Correct me if I am wrong. However, you might be better off negotiating with a local company who can service that unit on a as need basis. The problem is going to be comparing the value of it compared to outsourcing it altogether. Look at your options. 

My thought process is you have the contact information for the residents living in the units, they are precious jewels, and most importantly their experience should matter. Hiring a maintenance company who doesn't have that relationship with the resident may or may not work. Only trial and error can be the deciding factor – perhaps. Your residents, living in your housing, should be priority on top of their average length of stay. Not having the correct team and systems in place and totally damage your reputation as a property owner/manager, if your team (the maintenance company) does not have the same vision as you.

Perhaps there is someone out there and if so . . . I surely hope it works for you and your team. 

Best of Luck! 

David,

Are there any cities in particular? Please do not hesitate to reach out if I can be of assistance. 

Respectfully,