All Forum Posts by: John Becker

Do many property managers not charge placement fees?  My guy charged $500 for each unqualified tenant he placed.  I am realizing that my vacancy rate should not be the 8% I have been quoting on my bigger pockets calculator, but rather 25% based on the lack of rent paying, the process of eviction, then the rehab for one month, then the slow rent up.  I don't mean to sound down, I just am having to learn about the hard times for myself.  I would love to hear of other people who have effectively worked with their property managers and how they did it.

Jon, thanks for your  feedback. My situation feels like a 747 with engines out, trying to maintain altitude.  How would you suggest I find the best available property manager in my area?  They all say they are great on the phone, but  so did my current manager.   I want to be an honerable man, and find a way that I can keep these investments as a positive situation. It just seems confusing what my next step is.

How do I search for other good quality rental managers?   I have spoken to others, and they seem great on the phone, but I really like my current guy, and thought he and I were the same person as far as values, and goals.

Now that things are going bad, he just seems to avoid me when he can.

Hello, I have jumped into investing in single family homes in Northwest Indiana, in Lake county. I now own 11 homes, and have been working with a property manager that I personally do like. I would like to explain my results with the group and get your perspective on what is going on. I have had 11 tenants placed in 2017. 1 went through entire eviction process, 1 left on August 15th, 2017 without paying august rent. My property manager who placed this tenant about 6 months earlier, charged me $2600 to get the property rent ready, and I just got an email today, almost one month after the tenant left, that it is now tenant ready again. So of 11 people placed this year, 5 have been evicted.

I just found out that 3 more of my tenants have been filed on for eviction as they have not yet paid August rents. Another person is being evicted tomorrow. Of my portfolio, only 2 tenants are current on their rent.

The property manager tells me that if they were high credit people, they wouldn't be renting.

I would love people to explain the 50% rule to me, as I am getting almost 50% of what my expected rents should be for these properties. I don't want to transfer my properties away from my current manager, but he does not return my calls, and makes me feel like I am a bother when I express my concerns.

I was so very pumped up to get into investment real estate, but now that I am having huge monthly payments for my taxes, mortgages, and insrurance, yet rarely am I getting rental income, I fear I am on the wrong path.

If there are any property managers or investors that work in Hammond, Gary, Hobart, or Merrillville that could offer me an experienced opinion, I would be grateful. I can't change my Property manager's way of doing business, but I can change who I hire to manager my nest egg.

Thanks

Hello, I have jumped into investing in single family homes in Northwest Indiana, in Lake county. I now own 11 homes, and have been working with a property manager that I personally do like. I would like to explain my results with the group and get your perspective on what is going on. I have had 11 tenants placed in 2017. 1 went through entire eviction process, 1 left on August 15th, 2017 without paying august rent. My property manager who placed this tenant about 6 months earlier, charged me $2600 to get the property rent ready, and I just got an email today, almost one month after the tenant left, that it is now tenant ready again. So of 11 people placed this year, 5 have been evicted.

I just found out that 3 more of my tenants have been filed on for eviction as they have not yet paid August rents. Another person is being evicted tomorrow. Of my portfolio, only 2 tenants are current on their rent.

The property manager tells me that if they were high credit people, they wouldn't be renting.

I would love people to explain the 50% rule to me, as I am getting almost 50% of what my expected rents should be for these properties. I don't want to transfer my properties away from my current manager, but he does not return my calls, and makes me feel like I am a bother when I express my concerns.

I was so very pumped up to get into investment real estate, but now that I am having huge monthly payments for my taxes, mortgages, and insrurance, yet rarely am I getting rental income, I fear I am on the wrong path.

If there are any property managers or investors that work in Hammond, Gary, Hobart, or Merrillville that could offer me an experienced opinion, I would be grateful. I can't change my Property manager's way of doing business, but I can change who I hire to manager my nest egg.

Thanks

Hello, I have jumped into investing in single family homes in Northwest Indiana,  in Lake county.  I now own 11 homes, and have been working with a property manager that I personally do like.  I would like to explain my results with the group and get your perspective on what is going on.  I have had 11 tenants placed in 2017.  1 went through entire eviction process,  1 left on August 15th, 2017 without paying august rent.  My property manager who placed this tenant about 6 months earlier, charged me $2600 to get the property rent ready, and I just got an email today, almost one month after the tenant left, that it is now tenant ready again. So of 11 people placed this year, 5 have been evicted.

I just found out that 3 more of my tenants have been filed on for eviction as they have not yet paid August rents.  Another person is being evicted tomorrow.  Of my portfolio, only 2 tenants are current on their rent.

The property manager tells me that if they were high credit people, they wouldn't be renting.  

I would love people to explain the 50% rule to me, as I am getting almost 50% of what my expected rents should be for these properties. I don't want to transfer my properties away from my current manager, but he does not return my calls, and makes me feel like I am a bother when I express my concerns.

I was so very pumped up to get into investment real estate, but now that I am having huge monthly payments for my taxes, mortgages, and insrurance, yet rarely am I getting rental income, I fear I am on the wrong path.

If there are any property managers or investors that work in Hammond, Gary, Hobart, or Merrillville that could offer me an experienced opinion, I would be grateful.  I can't change my Property manager's way of doing business, but I can change who I hire to manager my nest egg. 

Thanks

James, thanks for the idea. I will ask about it.

I am doing the BRRRR strategy, and I have a great clean property that I was going to cash out finance. I was just told by my lender, that since my lease, had an addendum for Rent to own, that I could not get my mortgage approved without a form deleting the Rent to own provision.

The mortgage guy couldn't explain why this was the case, other than  if I were to sell the home, only the current tenant could buy it.?

Any lenders out there who can explain this condition? Is this accurate? Should I no longer offer the rent to own on my BRRRR properties?

Thanks

Hello, my name is John and I own 10 clean single family homes that I am looking to hold as rentals for the long term. I am interested in talking with property managers who work in Hammond, Merrillville, Hobart, Cedar Lake, and Griffith area.  My wife and I have had the real estate  fever for the last year, and may  purchase additional homes.

I am also very interested in learning more on becoming a hard money lender. I have learned a great deal from the BP podcasts, and would appreciate hearing any recommendations on a great property manager in the area.

Thank you for any advice or wisdom you can offer.