All Forum Posts by: Jason L.

Thanks for sharing your experiences and thoughts, @Jesse Waters . Yes, I do need a new PM, fast. 

However, I'm less sure about the advice (from earlier posters, not you) to fire my PM "ASAP" given that, as I'd mentioned earlier, I don't have a replacement PM yet. I think it'd be prudent for me to keep "a" PM in place while I continue my methodical search for a new PM. After all, it was because I didn't thoroughly vet this current PM that has put me in this situation.

Thanks again, BP Nation, for weighing in! You guys rock.

Thanks @Mike D'Arrigo and @Amanda Litz for your suggestions. 

Amanda, great idea to put together a survey. That's at the top of my to-do list, along with securing a replacement PM.

Mike, the out of state PM actually purchased this block of business from my original PM who, despite being based in Indy, had to be talked down by me to a more reasonable asking rent. Yes, all very bizarre.

@Account Closed , sending you a pm.

Thanks @Troy Whitney for reminding me that ultimately, I'm charge. (Hey, what can I say, I'm still new to this real estate investing thing.)

@Lucas P. , I like your idea about kicking in some seed money for any projects the tenant wants to initiate, assuming I approve of them. Like your idea also of maintaining some distance between tenant and myself.

Is it ever advisable to reach out to a tenant when you already have a PM in place? There are a couple of reasons why I am considering doing so, but before getting into them, let's see if I can understand the risks involved with reaching out to them:

1) I might undermine the authority of the PM.
2) I open myself up to that possible 2 a.m. call in the future when the the PM should be contacted instead.
3) With my contact information, the tenant could potentially play me and the PM off of each other down the road, making the PM's job and my life unnecessarily complicated.

I own an SFR in Indianapolis and am dissatisfied with my current PM because
1) they're not even based in Indianapolis and more importantly
2) they don't always return my calls/emails and take too long to give me basic status updates on items like outstanding work orders.

But I've got to first line up a replacement PM before firing the current one.

Meantime, I'd like to reach out to the tenant because
1) The tenant had expressed (through the leasing agent at the time of lease signing) a desire to build a deck and backyard fence. I'd like to know if they were still interested in doing so. For all I know, they may have tried to seek permission from me through my PM, only to have their request fall on deaf ears.
2) I'd like to hear whether their needs are being taken care of by the PN. Last thing I need is for a good tenant (which I believe they are, having paid timely rent every month since moving in) to move out because the feel their needs are not being met by the unresponsive PM. I feel I can't trust my PM when they tell me that the tenant's home is fine and that the tenant is satisfied.

According to the leasing agent, my current tenant received glowing reviews from their previous landlord of 5 years, who called them model tenants that treat a rental home like it is their own. That landlord had to sell the home, which is the only reason why the tenants needed a new home and eventually moved into mine. That glowing review, along with their preference for a two-year lease, and their desire to build a deck and fence on their own dime all paint a picture of a responsible tenant, the kind I should comfortable reaching out too with minimal risk of repercussion.

Thoughts or suggestions?

Thank you all for your helpful responses so many months ago as well as those who chimed in more recently. I'm back with some updates!

A few weeks after initiating this thread, I visited Indy, the property under rehab, and met with the seller and PM. I was performing my "due diligence" but, looking back, my heart was set on pushing through with the purchase. I know, classic beginner's mistake, getting emotionally attached to a property.

With the help of an independent inspector we touched up several details of the rehab work that were initially unsatisfactory. When it came time to close, I had spoken with him as well as with the contractor on several occasions and I was comfortable moving forward.

@Mike D'Arrigo and @Account Closed yes, the projected ARV was $87K. The rehabbed home ultimately appraised for $87K, for whatever that's worth. I realize I didn't get the best possible deal out there... I think I'll be more selective moving forward.

Thanks @Raymond B. !

Good idea.

The home is near Winship Dr. & Furnas Ct.

Thanks @Elizabeth Colegrove Looks like I've got some work ahead of me!

Thanks for the reply, @Account Closed ! I agree, the 87k asking price does seem high to me. I'd include the address -- I do want the feedback -- but since I'm new here and unfamiliar with forum etiquette, I thought I'd play it safe and leave the address off this thread.

Thanks, @Engelo Rumora

87K is higher then what I'd imagine paying to gain entry into the midwest market. I'm being told that I'm paying for the neighborhood plus the fact that the house is rehabbed from top to bottom (new roof, furnace, flooring, windows, kitchen, bathrooms, windows, garage door, etc.).

I'm not sure exactly the neighborhood level myself. I'm pretty sure it's not an A. Maybe a B-/C+?