All Forum Posts by: Derek Holt

Thanks for the insight here guys! I plan to be very hands-on and do all of the leasing work via Tenant Cloud. The "Manager" would really just do showings and take calls to get things expedited as needed. I will definitely reach out to my local employment attorney for a set of rules I would need to follow. The PRO act seems like it will be dead in the water when it hits the Senate. I will definitely keep my eyes peeled on that as well. Thank you for your help!

I am taking part in the ownership and remote management of a 38 unit complex in North Dakota. The current partners have a W-2 employee managing the complex. This individual is going to retire at the end of the summer. I have someone in mind that is a great candidate to be the resident manager of the complex. I am wondering I can just hire that individual as an independent contractor considering its a part-time job that they will set their own hours. I would like to avoid dealing with another W-2 employee until there is more to manage. please let me know your thoughts on what I can and should do to transition as smoothly as possible.

Hi, i'm looking to start a Property Management business in ND and I am looking to see if anyone has any sample contracts that they have created and or used for their properties. I'm not looking to plagiarize the document. I just need some meat to create my own. I don't know where to start. I know each state has its own laws, I just want to get a few that I can start with!  FYI I'm asking because I want to do right by the owners as much as I can for a for profit business.

I want to get into real estate sooner then later. I am interested in starting a property management company in North Dakota. Anyone out there willing to point me in the right direction on where to start? I am eager to learn and welcome any help that the bigger pockets family can provide. 

When are you moving to Fargo?  The market is pretty light right now. You will see more properties pop up for sale in a few months when its not so darn cold.

Steffan, There is a industrial park 1 block to the north and a trailer park 2 blocks to the west. trust me, You can find a better location...Have you thought about buying a 2-4 plex and renting out the other side/units? Its a great way to learn the industry and will help you snowball your income into the next property. You may not like it right away, but its a sacrifice for your future. live in it for a couple of years and save up money for a nice mid level SFH or just keep buying properties and renting them out. Who knows how long you will be in the area. Again try to find a property that doesn't say freshly painted and fixed up. You are paying for that. Find something that needs a little work and make it for yourself.

Steffan, Welcome to the Fargo Area. Fargo has opportunities to hit these numbers, but you will rarely find them on the MLS/Zillow/Realtor sites. I briefly looked into both of those properties and I would stay away from the one in West Fargo. The one for 150K North of Rose Creek Golf course is a decent neighborhood. If you are looking for something to rent it out after you will probably need to find something that needs some work. (put some sweat equity in if you are able and have time). I'v lived in all my life and I know the area very well. Feel free to bounce any home ideas off of me. What is your price range? FTHB?