All Forum Posts by: Jay A.
Jay A. has started 5 posts and replied 11 times.
Post: Mid South Home Buyers - Has anyone ever done business with this company recently?
- Posts 11
- Votes 16
Anyone work with them recently and find they still have actual cash flowing properties.. after all fees, vacancy, capex calculations etc?
Quote from @Evan Polaski:
@Jay A., while I have not invested in a turnkey property, I have viewed several on some of the websites. Things I would ask:
Full list of renovations that were done, with before and after pictures of basically everything.
I would still get a property inspection, like any house you buy. If they provide you one, I would still say I am getting my own.
I would ask for full demographics of the area, including incomes, home prices, education levels, crime levels, etc.
I would want to see full tenant application and any pertinent backup verifying income, employment history, landlord references, etc of the in-place tenant.
I would want to talk to the property manager, if they are coming with the property. Understand their fees, bid process, termination requirements, markups for work done, how they confirm fair bidding (especially if they have on-staff handyman).
I would talk to the actual tenant in place to understand what their experience is with both property and management team.
I would drive the area to understand how your property compares to others on the street/in the neighborhood.
I would talk to other management companies and realtors to understand their understanding of the market, rent levels, etc.
Basically, full due diligence and underwriting of the property. You are effectively paying a premium for someone else's work, and taking on all their risk, so I would make sure to understand as much of the risk as possible.
you mentioned a few things I wanted to Clarify:
- markup for work done , what does this mean?
- fair bidding?
Thanks!
I was wondering if anyone who has invested with turnkey companies, if there were certain questions or checklists that you asked prior to investing?
If this is in the wrong section, apologize in advance
Post: Looking to Connect with Other Out of State investors (New and Seasoned!)
- Posts 11
- Votes 16
It would be great to connect with new and seasoned out of state investors!
Would love to hear your experiences then and now with current market situations. If you are new to out of state, lets connect and help each other out!
Post: Questions to Ask from new Property management company for out of state investing?
- Posts 11
- Votes 16
Quote from @Greg Parker:
Get a sample lease management agreement.
Ask about maintenance upcharges, what amount does not need owner approval? ($400)
How often do they inspect?
Response time to your questions.....if they take 2 days to respond to you, they probably take 2 days to respond to a tenant.
thanks for these wonderful suggestions!
Post: Questions to Ask from new Property management company for out of state investing?
- Posts 11
- Votes 16
Thanks, very helpful!!
are there specific things you are looking out for on their leases or just to make sure they include what I would want?
Post: Questions to Ask from new Property management company for out of state investing?
- Posts 11
- Votes 16
Just curious if anyone has a checklist that they go through when evaluating new property management companies for out of state investing?
Any questions you specifically ask? Any red flags that steer you away? Any processes you have in place.
Post: Looking into investing OOS in Columbus OH,
- Posts 11
- Votes 16
Thanks for the replies!
I will be send you all DMs.
What is the CoC that you are seeing currently in class B neighborhoods w the current interest rates (assuming 20-30% down).
Post: Looking into investing OOS in Columbus OH,
- Posts 11
- Votes 16
Hi all,
I am looking to invest out of state in the Columbus OH region.
I was hoping to connect with any investors, agents, Property managers in the area to hear your experience!
thanks!
Post: Reverse STR or Airbnb Arbitrage
- Posts 11
- Votes 16
Quote from @Luke Carl:
Or just put it with a property manager?
Right, of course that is always an option for a LTR
However, I was curious to see if this method would allow for any significant benefits such as consistent tenant (the subleaser) with good history. Potentially higher rents as the subleaser will be making profits from the STR prices, you may be able to charge slightly higher rent? Potentially dec expenses as majority of day to day stuff would be managed by the subleaser.
I am sure there are cons as well, but I wanted to see if anyone is doing this successfully or if this is worth considering based on the pros