All Forum Posts by: Jason Muenchow

I own a property management company in the Sarasota/Manatee county area of Florida. You should never work with a property manager you don't trust, BUT there is a big BUT.....A property management company should have systems set up in place so that there is transparency so you as a customer/owner does not have to wonder how your property is functioning. An example of this is inspections (with photos that are uploaded to your owner portal), your properties financials always available online, and any tasks being accomplished for the property visible to the owner. There are more examples, but these are just a few things a property management company can do to be transparent. 

In regards to quotes, any large jobs should have more than one quote. That being said its important to educate yourself on different costs/repairs. Its good to have a property manager you can rely on, but it is your investment in the end. 

So in short, Trust, but VERIFY!!!

  Hey Rob, I sent you a connection request. I work with a property management company in the area called Gulf Income Properties (www.gulfincomeproperties.com) . Feel free to reach out for advice or if you need help managing.

Hey there Gil,

Let me know if you need help with property management in Sarasota! I'd love to talk. 

Jason Muenchow

www.gulfincomeproperties.com

Hey there @Marty Summers. I'm an investor in Bradenton. I'd be happy to chat with you about the area. Feel free to send me a message. 

@Jeff Young Thank you for your comments. There are lots of options! Thats my problem. I'm leaning towards the refinancing for sure though. How are you finding Sarasota? Feel free to PM me! I love to hear how other investors are doing in my area.

Jason

@Dave Foster thank you for your thoughts. I’m leaning towards the refinance. However having the properties near me in Sarasota/ manatee county Florida would be ideal. Finding the good deals to 1031 exchange into is also holding me up from selling. That being said prices in manatee and Sarasota are ridiculous as well. Makes me wonder sometimes who is buying this stuff !

@Cathy Svercl and @Dan Maciejewski

Thanks for the response! Yeah, the drive is a huge pain when dealing with small things. If I didn't have my w-2 it wouldn't that much of an issue! I've never really looked into or had much faith in property managers. They charge roughly 10 percent right? I'd miss that money for sure! I did have the thought of refinancing and pulling some money out of the property. The payment would roughly be the same if not a little bit higher, but I could pull out 50-65k (assuming the appraiser isnt a moron)

@Kyle J. Cooper Thank you for your thoughts and thank you. I only wish I could still house hack. Since I purchased this property I got married and had two kids. My wife isn't really a fan of house hacking anymore. I might be able to convince her if its a rental on a beach! I plan to refinance all the properties I own around March/April of this year. I thought about doing a HELOC or pulling money out of them. I currently have some capital to put to use to buy another duplex or two. I work a w-2 job as a social worker and haven't had much time to look for deals recently. To buy all the rentals I have currently I scoured the market for hours a day for months..and got lucky on top of all that. Thank you again for your thoughts and its much appreciated.

Hello all, 

Thank you in advanced for taking the time to read this post. I've got a triplex in clearwater FL which im trying to decide if I should keep or sell. The triplex consists of two 3/2.5 units and one 2/1.5 unit. Rents are 1350/1300/950. Rents could easily be increased to 1450/1450/1150, but the tenants I have in there are great paying longer term tenants. Two of the units have been renovated since ive owned it starting in 2016. The triplex is in fairly good condition. One of the nearby identical triplexes (in square footage and build) sold recently for 410k. My triplex is bringing in more rents and is overall better condition. I feel the triplex could sell for 450k-500k. I currently have a 245k mortgage on the property. PITI (including mortgage insurance (originally was a house hack)) is 1950. If I keep the property, I plan to refinance out of the mortgage insurance. Rate on the mortgage now is around 3.9 percent.

One of my issues is that I live roughly an hour and 30 minutes away from the property. I currently self manage.  I'm trying to determine if I should keep the property or sell and use that money to buy more properties. My overall goal is to gain more units. I think I might be emotionally attached to this unit because it was my first purchase. So my question is do you all think I should keep this unit or sell and attempt to turn that money into more cash flow. (prices are pretty high in my area) The Pinellas, Manatee, and Sarasota County areas in Florida. 

Again, thank you all in advanced for taking the time to read this post.