All Forum Posts by: Dominic Ruegemer

Maybe this is a Stupid Question.....

As a Property Management company, how do you handle the money? Do you collect it, take your fee( placement/monthly fee), and then give it to the owner. Or do you bill the owner?

Also what softwares and CRM’s do you prefer?

I have a handful of rentals and flips. The goal is to build a property management system that we could scale up to manage other people’s properties as well as all the future units that we buy.

How do you all handle your books and monthly bills?

I’d love to hire someone to do this but I’m not sure how to go about it.

I have a handful of rentals and am flipping houses. Right now I’ve got two on the market, three in the remodel stage, one under contract and making offers on more. I came from the hammer-swinging background, so office type work doesn’t come easy and I haven’t had any experience with it in the past. Right now I have quickbooks set up/ learning it and I have OneDrive for storage, but I am still struggling to take the time to reconcile every month. Is there an easier way? Do you set up separate checking accounts for each flip and rental?

I am also considering a Climate-Controlled Self Storage facility in St Cloud, Minnesota. There is only one other in the area and it is 98% occupied and renting out for and average of $1.25/sq ft. In the middle of town we have our eye on a 50,000 sq ft building  with the potential of converting half into self storage and keeping the other half as a retail and warehouse/ dock space. Two potential tenant/partners are seriously interested in the retail and office space and have approached us about it already. Right now I'm in process of gathering and running numbers on the storage side of things. We will need to basically nock down the existing office and break room walls, build all the units, and install a security and access system. Also, the property may have the lot space to build a smaller storage, accessible from the exterior. I haven't worked with storage facilities before and am curious what kind of input you good people would have and if anyone around the area could point me in the direction of a contractor and an experienced manager. 

Steve which town? Detroit Lakes?

John, how do you prefer to estimate repairs?

Thanks for the input guys. When looking at comps, do you guys prefer to compare the price per sq ft, bed and bath count, year, or anything else?

Charles, I figured 20 k for rehab , more if the plumbing freezes. It’s not an ideal buy and hold by any means.

Wayne how would you suggest I get comps?

Hey guys, I have the rights to buy a pre foreclosure (the sherif sale is on Wednesday). It’s located near Zimmerman Minnesota, just north of Minneapolis and St Paul by Elk River. It’s in a great neighborhood on two acres. I can get it for 27,000 down and take over the remaining loan of $178,000 at 4.5%. It’s a 1979 3bed/2bath/2stall attached garage and Zestimated at $245000. It needs a huge clean up, a new front door, some light fixtures, a couple new windows, and some paint. Is this a good deal? Should I buy? Wholesale? It hasn’t cost me anything yet. Thanks in Advance!

Hello Folks, I have a situation for you. I kindly ask for any input from especially those of you who are experienced in the area.

About 7 month ago I stumbled upon 4 boarded up duplexes all in a row just wanting sometime to get them up and running again. I took an immediate interest and decided to look up the owner. After getting to know her and the situation of the duplexes I asked if she would like to sell and finance the deal.

Finally now, after months of working the deal, we will be buying them for 24k down and 2,000/month for four years with a balloon of 286,000 at the end. Also we have the option of paying them off sooner. They need a bit of work, a contractor gave me a rough estimate of 25k each four a worst case senario after walking through them, but we hope to get them in desirable condition within four months and each unit rented for at least 800/month plus utilities.

Our plan for the rehab is to take the building that requires the least amount of work and get it fixed up and rented before moving onto the next.

Any thoughts?

Much thanks in advance,

Dom