All Forum Posts by: Ford Bennett

Hi Matt!

I'm a PM in Washington state and I also work with investors to discuss handing their property over to professional management. You're pretty much right on the money. I mostly see investors that are moving out of town/state, or have the fear of managing a bad tenant (not necessarily already having that bad tenant experience), are those contracting with a PM. Very few of my clients, or those I speak with, are waiting until their portfolio grows to a unmanageable size. 

 Agreed. Adverse action notice is the proper channel. 

In-person walkthroughs can be a great way to get off on the right foot with your tenants. If you're nervous about the screening and finding a well put-together rental agreement, give a call to your local property managers. Some of them will likely offer a Tenant Placement option where they will do all the marketing, screening, and will put a rental agreement in place and then hand everything over to you to self manage!

I agree with Richard. Check your local laws to see what requirements there are. Here in WA you can be a property manager or a leasing agent with no broker's license. Find a Leasing Agent position and work your way up!

Hi Kyle!

Good question, I'm a property manager so I'd like to give my perspective. Adding your PM as an additional insured allows them to file claims on your behalf, it also protects your PM in case a tenant brings a suit against the PM (they usually file a suit against the owner and the PM) and your management agreement likely limits the PM's monetary liability to a certain amount, in which case if that claim exceeds that amount they could try to come after you for the overage (if they do business like that, some might not). Hope that helps!

Thank you Mark and Scott!

Hi all,

I have a couple people that are interested in doing a flip with me so I can get some funds and partner with them on long term deals. They will be bringing all the money and I will be managing the flip (they are experienced long term investors and I'm a property manager with a lot of big turnover experience). After I pay them back their original investment, how should the profits be split? 40/30/30? 60/20/20? Is there a rule of thumb for this or a standard?

Thanks!

 I had to do the same thing but for cigarette smoke (30+ years of smoke to be exact). We replaced the furnace, all the flooring, base layer painted every inch with Kilz even the subfloor and it turned out great. No lingering smell at all and the tenants have been happy. 

@Nicholas Zaharevich

Hi Nicholas! That would be great! I’m in the early stages of RE investing; saving, reading a lot, etc. I should be relocating to Kennewick in July/August and will be sure to reach out when I do! I may have some Tri Cities specific questions for you before then as well as I learn more.

Are any BP members investing in Kennewick, Pasco, or Richland WA? After a lot of research it doesn’t seem like single family investing is very lucrative, unless you score a killer off-market deal.

Are you investing in mobile homes, commercial triple net, or multi family?

I’m moving to Kennewick later this year and want to connect with local investors and discuss strategies that are best suited for the area.