All Forum Posts by: John Figueiredo

This is great to know. Thank you very much @Adam Abdel-Hafez. I am relying heavily on Marcus & Millichap for their recommendations but this post have been invaluable for recommendations. I just reached out to Citiside. Thank you!

Definitely. Thanks @Mike Percy! I couldn't agree more about treating tenants fairly. I just want to make sure that the 1% doesn't skew the 99% perfectly happy tenants at some management firm and how to identify that. I'll look through these Yelp recommendations and will let you know when I find the one I choose and how it works out. Feel free to reach out once you find yours as well.

Best,

John

Hey @Mike Percy, thanks for this! I was hesitant to use Yelp because I assumed it would be a mixture of renters and property owners which I didn't think provided a holistic viewpoint on how they run their company. 

Renters will find many ways to complain and so property management ratings on yelp do not provide a valid metric because the larger the company the more chances for renters to complain and property owners reviews would get "drowned out" from the noise of that.

Sounds great. I appreciate it @Mike Percy!

Hey @Anjesh Dubey and @Mike Percy, any recommendations on RE Agents in the area for apartment complexes (10-30 units)? I'm working with 1 from Marcus & Millichap right now and I will certainly not use him again after this experience. I was consistently being "sold" instead of being "represented" and it would be great to work with a high quality agent like I had for my 1031 exchange down leg in Eugene Oregon.

Hey fellow investors,

Intro: I'm about to close on a 20 unit Class C apartment complex in Atlanta, GA and I'm wondering who the best property managers are that are also reasonably affordable? 

Looking for: I'm based out of San Francisco, CA and I am a working professional with limited time for management so will need a full service property management firm that I can trust to have my best interest at heart. I'm looking to spend around 8% of gross and would hope for it to include leasing, maintenance (contracting), submitting work orders, facilitate turns, monthly financial breakdowns, etc..

Current Situation: Currently I'm looking at Meridian Property Management because they have a great reputation from what I've heard from Marcus & Millichap, but their fees seem very high.

Fees:

8 hours of manager time and 8 hours of handyman time per week (assuming that 20 units will take 20% of their time per week at a $36,000 salary per year per person)

1. 20% of $72k ($36k/person) = $14,400

2. 5% flat management fee = $7,500

Total: $21,900 == 14.6% total percent fee. (assuming $150,000 gross revenue)

Any advice is greatly appreciated and thank you in advance!

Best,

John Figueiredo