All Forum Posts by: Jenni Utz

Definitely as others have said. You need boots on the ground. If you are having a contractor go look at the properties for you, pay him an hourly fee for his time. If you buy a property out of the ones he has looked at, have that time factored into the job costs. If you are looking at a larger deal, I would personally view the property myself with the contractor. 

If I have an investor looking to sell, but not getting many bites, we put the property on the market for sale and for lease at the same time. It gives more flexibility on options for our client. If a lease comes through and the client likes that option, we remove the "for sale" listing, and rent it out for a year. The client has the option in a year to try selling again, or renting it out. But as @Joe Homs mentioned, you could refinance the property, after renting it out, get the cash out, and use that money to purchase your next property! 

Best of luck!

One point of advice: Did you get a home inspection prior to buying the property, or take a contractor in with you?

We use two different CRM systems for the property management side we use LeadSimple-it is a PM driven CRM system. Then with our other portfolio, we have used InfusionSoft.

I would work with a trusted Realtor who understands the market, and the types of properties you are buying. They should be able to give you insight on market trends.

There are some great PM software company's out there, but most don't make sense until you really have a large portfolio. I would recommend Buildium or Propertyware for your portfolio. 

Whenever we take over a new property/unit, I always get them to sign our lease. We keep the terms the same, but bring them over to our language on the lease. If you build a large enough portfolio, you don't want multiple tenants on numerous leases. Keeping them straight is a nightmare!

I absolutely love Real Estate. All aspects of Real Estate, the construction, remodeling, buying, selling investing, renting, etc. But the best part is, my passion for Real Estate has created a life I am passionate about. I get to help other people, I get to take care of my family, I get to help those less fortunate, and I also get to travel and experience new things with my family. It's a win win all the way around!

If you are looking to bring in additional investors, I would recommend talking to an SEC real estate attorney. I would also highly recommend getting the book "Best Ever Apartment Syndication Book" written by Joe Fairless. It goes into great detail about the steps you need to take and who you need on your team. 

I would suggest moving to another location. Chances are the landlord will get the rent price he is asking for (or pretty close), and if you are able to get a better deal somewhere else, you should take it. 

To me, it's no different than when a prospective tenant sees that a unit has been on the market a little longer than normal and comes in with a low ball offer. Landlord will never accept it, and then 1 week later, we were able to get a new prospect in the rental at $25 less the listed rent price.