All Forum Posts by: Jonathan Morgan

Logical PM has an enormous number of complaints on BP and Yelp.

I'm seeking a new metro Detroit property manager, as my latest property manager absolutely destroyed my cash flow over the last year. I'm now considering switching to Zest PM, which is owned by Tim Moore. I found a number of positive reviews for this PM. Do you have any bad or good stories working with this PM? Thx!

I might turn my current residence into a rental property and move elsewhere. On average, 3/2 homes in my area rent for ~$700 more in my area than 2/1 homes. My current residence is a 2/1. I figure if I can add on a bedroom and bathroom to my house for <$70K, I will have a decent ROI when the home becomes a rental. Does this make sense, or am I missing something? I read online, in general, that adding roof onto a home is likely never financially wise. Quotes to complete the addition above, though, appear to be <$70K. I'm worried, though that these quote may be too good to be true.

Actually, @Cody Bara, I was leaning toward selling the home and investing elsewhere (per the cashflow/equity point #4). 

I live in a nice home in Miami. Although, our family is outgrowing the space. We are considering moving. If we move, we have to decide what to do with out current home. Should I make my current high equity property a rental, or sell it? A few very important notes:

1) My current home has relatively high equity (>$250K), due largely to local value increase the last 8 years.

2) Current property could be rented to net >$1000K/month, after all expenses.

3) I would pay capital gains on any later sale of the house if I sell my house after renting two years. Capital gains would be >$50K, which would be ~4 years of cashflow income on the property.

4) Considering cash-on-cash ROI, making my property a rental seems to me to be a good idea. Although, considering equity to cashflow, making my property a rental seems to me to be a bad idea. That is, I purchased and renovated my home relatively cheaply. So, cash-on-cash return would be >24%. Although, maybe I should consider opportunity cost (what opportunities elsewhere I would forfeit if I don't take out the home's equity be selling). The home has a relatively large equity. (Annual cashflow)/(equity) is ~4.8%, which is not good. Perhaps, then, I would do better to sell my current property, avoid paying capital gains today, and purchase rental property elsewhere in the country that would see better returns, even after paying management companies.

Thoughts? Am I missing something?

Does one need to use a property manager for rental properties that are located elsewhere in the country (US)? If not, do you have recommendations how to handle issues when you can't be there personally (changing lockboxes, inspecting repairs made by contractors, kicking out squatters, etc.)?

I have two rental properties in Michigan, and I've been using a property manager for those properties. I'm considering another property in Florida (Tallahassee) in a location where I do not have any trusted contacts. Do you have suggestions how I might avoid using a property manager, but still get things done (changing lockboxes, inspecting repairs made by contractors, kicking out squatters, inspecting property before/after move-in/out, show house to tenants, etc.)? I find that property managers (I've used 4 different companies in Michigan) are often inattentive and sloppy. 

WORST PROPERTY MANAGEMENT COMPANY I HAVE EVER DEALT WITH. UNPROFESSIONAL, CHILDISH, AND THIEVING CEO AND VP. I hired Marketplace Homes to manage one of my rental properties. I planned to hire them to manage additional properties if they performed well with the first. Marketplace Homes failed miserably. They wrongfully withheld from me earned funds, stealing my rental property income. After a submitted complaint and arbitration with the Better Business Bureau, the BBB agreed with me that Marketplace Homes wrongfully withheld my funds and owes me money. As of today, I have not received my stolen funds, despite the judgement from the BBB. Throughout the course of events, I received numerous belligerent, unprofessional, and childish emails from the Marketplace Homes CEO (Mike Kalis) and VP (Jon Wilson). STAY FAR AWAY FROM THIS COMPANY.

I purchased my first investment rental property last year. It's going well. The single family home for rental investment is located in Detroit, and I live in Florida. The numbers made great sense to continue with this rental purchase.

I recently discovered an interesting duplex rental in West Palm Beach, FL, not all too far from where I live. Running the numbers on this property, it seems viable. Although, I have some concerns about the property. Some of the concerns are specific to South Florida and the WPB area. Is anyone willing to meet with me over Skype for a 20 minute discussion? I would like to run my calculations by you to learn if this property is viable for not. I would especially like to talk to someone familiar with the South Florida rental market. Thanks!