All Forum Posts by: Dominic Holt
Dominic Holt has started 5 posts and replied 23 times.
Post: Property Management Recommendations AZ?
- Posts 23
- Votes 20
Jackson,
Yes, please. Feel free to send me her info.
Post: Property Management Recommendations AZ?
- Posts 23
- Votes 20
The main issue is a consistent lack of effective management and oversight. For example:
- -A tenant complained about the AC not cooling, so I replaced the entire unit with brand-new equipment. Afterward, the tenant reported the same issue. The person checking the unit just said needs replacing so we did but it did not solve the issue. $6000 repair.
- -They failed to realize the property had washer/dryer hookups. This led to a nearly $3,000-$4,000 bill for new installations until I clarified the situation and found that the unit already had hookups. This misunderstanding stemmed from incorrect lease terms indicating washer/dryer access when we did not actually have any washer or dryer set up. I had to get it set up due to the advertised washer and dryer costing me $$.
- -A water heater issue resulted in repeated mismanagement—confusing unit assignments—leading to extra costs to fix the same issue 3 times and on each occasion "more fixes" needed to the water heaters that I plumber said was needed.
- -When a tenant moved out, the management company refunded their security deposit but failed to account for damage, such as holes in walls and outlets ripped off the walls, leaving me with repair bills and also tenants moving in without the repairs being done.
Stuff like this that is consistent and when I ask questions they are defensive, when I ask for more quotes for high ticket items they are defensive.
The property was cash flowing almost $1,000 extra per month but it is sucked into all these extra repairs.
Now I have two vacancies and lower rents than when we started.
Post: Property Management Recommendations AZ?
- Posts 23
- Votes 20
I would love to connect. I will give you a call this week to the number in your post.
Post: Property Management Recommendations AZ?
- Posts 23
- Votes 20
I have been with a property management company for 2-3 years in Arizona and the property is being run continuously at a loss. I am looking to hire a new property manager in Phoenix. Does anyone have any recommendations for property management in Pheonix?
thanks! Yes, I agree! It does seem like there is no instant way to find them and a lot is referral based! I’ll let you know!
This is great advice and appreciate your input! Just created account and searching now! That’s lots of experience and I have heard cleaners quitting out of nowhere or no showing so I love this advice of having two in the rotation! I do have a question, what’s the best way to share calendars with a cleaner? Is this something built into Air Bnb or are there third party apps?
Hey everyone,
I am excited and about to close on a deal for an air bnb in the Portland area up toward Mt Hood.
I am looking to build my team and looking for connections and referrals for:
- A great Cleaner
- A great handyman
If you are in Portland and have any recommendations I’d love to hear them!
Quote from @Grant Schroeder:
Yes! Love the points @Scott Trench and @John Clark.
My first two duplex house hacks in the Portland metro in 2 bed 2 bath units, we were covering $500-$600 of the mortgage after the tenants rent from the other unit, but we would have been paying $1300-$1400 for that same 2 bed 2 bath unit in the Portland metro. Not only were we building equity and owning an asset, but our portion of the mortgage was going to principal pay down and our housing expense was less than half of what it would be to rent. In higher priced markets, you may never cover the mortgage completely, but you can get your housing expenses below what it costs to rent the same unit and own an asset in the process. Win-win! @Dominic Holt
Quote from @Carlos Ptriawan:
my formula for house hacking is simple.
I always use 25% down because bank requires this.
With this, the total rental income for (CA) duplex both units is 2x mortgage I have to pay.
In reality, the repair cost is taking 25-30% of the cash-flow anyway so they're actually almost breakeven.
The problem in your scenario is very simple. I understand you're buying it properly. It has nothing to do with "your market". It is what it is. The problem is your downpayment is just simply too low.