All Forum Posts by: Heath Sizick

Hi Shawn,

What part of Coastal Carolina are you? I can help direct you to a few local networking & meetups for investors. 

Hello. I am relatively new to REI as well. However, I do work for a property management company that serves from Wilmington up to Jacksonville. We focus on LTR. Have you looked into any REI networking or meet-ups in the area? I know the first Tuesday there is one at Mad Mole Brewery. And I believe Cape Fear does some as well.

Let me know if I can be of help at all. I do know managing more than 1 property is a tall task unless that is pretty much your job. 

@Jennifer Fernéz

Did you buy the property? If so, how did you handle the tenant?

Are they the only potential applicants? 

Anyone who has been evicted is a high risk as everyone has already shared. One way to minimize vacancy is to lower your rent. Lowering it by $100 could gain more interest & lease it out sooner. Think of it this way, for example...

If your rent is $2000 but it is vacant for 2 months that means your effective growth income (EGI) for a year lease = $20,0000

But if you lower it to $1900 & it sits vacant for only 1 month your EGI for a year lease = $20,900

You can play with the rent numbers & how long you think it could remain vacant, but at the end of the day the most expensive route is vacancy. You can & should raise rent annually. Good luck!

Welcome @Maria Jeanette to BP's. Where in NC does your passion lie?

 @Daniel Vineis Where in NC do you have investments in?

I live in Hampstead, near Topsail Beach & Wilmington. If I can be of any help to either of you I'd love to connect.

I agree with everything Drew & Kevin.

Old head here & echoing what my late-dad always said - "time is money." At the end of the day, owners get a PM to minimize headaches. They are hiring a PM to act as their landlord & to deal with the drama of tenants, the painstaking of marketing, the uncertainty of vetting the right tenant, the headache of a late-paying tenant, & the details of staying compliant with local & state laws. That is my 2 cents! 

As part of the Tenants benefits we include HVAC filters quarterly via mail for them to replace. We do semi-annual inspections & check to see if the filters are actually being changed. 

The more that is written out clearly in lease agreement the better. Staying in front of things will give you & your tenants more peace of mind & minimize problems on back end.  

Yea I agree! I'd encourage you to go back & review your PMA so you understand exactly how they charge maintenance repairs. Either way, everyone on here agrees the charge was high so getting an understanding of this is vital. You want to have a good relationship with your PM & like tenants, if maintenance isn't handled well, the relationship will fracture. Good luck!

This is a job for a handyman not a plumber. The licensed plumber will charge more. Do you know if your PM upcharges on all maintenance repairs? Many PM companies make money via maintenance upcharges. I would avoid these companies!