All Forum Posts by: Derek B.

Awesome transformation @Account Closed!!

Not sure I understand the fascination with wanting to know his numbers.  Some people share, others don't.  He has been a GC for over 20 years, so even if he told us his margin, it's not like the average person could replicate it. 

This guy is a wealth of knowledge on building, remodeling and everything that goes with it from finding and managing subs, to purchasing materials, to construction code and navigating the permit office, but all you care to know is how much money he makes??  Move on with your life.

@Leann W.  people are not responding to your requests to connect?  Surprised to hear that and it's unfortunate given your and your husband's experience. Possibly you haven't encountered the right people yet.  Is there a reia? If not, find out through record searches who the rehabbers and landlords are in your area and try to connect with them. Best of luck to you. I grew up in the eastern part of the state as well. 

Welcome. Glad you are here. 

Based on what Rohun says, it's worse than I thought.  If you talk to them, ask them to keep their trashy signs out of my city. 

When you do a periodic inspection, check to make sure they are actually changing the filters. Otherwise, you'll find all of the new filters unused in a closet when they move out in 2 years. Ask me how I know.

Are they the yellow signs with red lettering?  They have littered the Triad with their signs too. My guess  is that you will be their bird dog and will do all of their work to make a fraction of what you could make without them.  

Would a real mentor use bandit signs to find a mentee?  It's generally the mentee who finds the mentor over time and through personal relationships. So that's their first lie. Are you going to believe whatever else they tell you?

Special thanks to whoever kicked this guy off the forums!

@Melissa Johnson

you may want to read some of his other threads before engaging too much further...

@Holly N.

1.  Your issue of losing money may or may not be the PM.  Give us more detail on the property and people will chime in as to whether it's the PM draining you or just the property itself.  Maybe just give us the #s on the 8 unit rather than all 3 buildings:  purchase price, loan amount, P&I payment, annual taxes, annual insurance, building age?  How do you pay your PM? Monthly %?  Lease fee + monthly %?  Something else?  What do your units rent for?  What class (A,B,C,D,F) property is it?  

2.  There's a lot of hate and distrust of PMs out there (myself included).  You really do have to manage them.  I once agreed to let a PM make repairs up to $300 without my approval.  Their explanation is that it expedites emergency repairs when they can't reach me.  Reality was that they did about $275 of repairs each time did a quarterly inspection.  Stupid stuff that wasn't broken.  l later found out that the PM owned the maintenance company. 

3.  There is a cost to working with a PM.  If they had to repair a sink faucet then $65 seems like a gift.  Not sure if they had to get the guy a new key or actually repair the mailbox.  

You should spend a lot of time on here reading about the pitfalls of working with PMs so that you know how to better manage yours and what to expect.  Then, you may want to take one of your multis and give it to a new PM.  Tell the old PM why you are taking it away - it may improve their performance.  Tell the new PM that they are getting one your properties on a one year trial basis - they will work hard and play by your rules in order to earn your business.  All of this is assuming that your PM is the problem.  Your answers to #1 above may indicate otherwise.

4.  Not sure why you went out of state, but there are lots of opportunities here in the Triad.  

@Jeremiah H.  i think you are referring to a public adjuster. A public adjuster represents you in your insurance claim by evaluating coverage, preparing loss estimate, etc. They represent you and you hire them. 

An Independent adjuster works for the ins co but is an independent contractor, but they do the same thing as a staff adjuster. 

If you hire a public adjuster, you do not work with them instead of the ins co adjuster. It is in addition to them. The ins co isn't going to give their checkbook to an adjuster you hire. 

You will pay the public adjuster a percentage of the settlement they negotiate for you. Terms will vary.

Note: not legal advice and I am not a licensed adjuster.