All Forum Posts by: Jordan Myer

I'm want to invest in a few markets here in Louisiana. Particularly, looking into Duplexes, Tris and Fourplexes. Is there anyone here from Louisiana than can recommend a Property Manager ?

Checking Google reviews is a great way to see how good a PM is. I would also recommend asking what their prospective tenant screening process looks like. Do they do the bare minimum? Or go above and beyond to find out everything they can about the tenants background and rental history? A comprehensive tenant screening takes care of 99% of the issues that you hear about in landlord horror stories.

1 Vote

New Orleans, Louisiana

Quote from @Diane Bonheur:

Hi everyone! I'm reaching out in search of a mentor who can provide guidance, share insights, and help me navigate the world of REI.

For the past 8 years, I've been an executive assistant to SVPs and C-Suite executives in the tech, legal, and finance industries...I'm basically Harry Potter when it comes to all things admin, and I am very proud of that fact :D While my time in Corporate America has been fun, I'm tired of making a boatload of money for someone else.

In October, I officially started my investment career, and the timing couldn't have been better because I was laid off 2 weeks ago. Being let go has given me the bandwidth to grow my knowledge-base and focus on building my real estate portfolio. My goal is to strategically build a portfolio with a focus on Section 8 multifamily properties. At some point in the future, I'd like to acquire an apartment complex.

Here's what I bring to the table:

Strategic Mindset: I've learned to think on my feet—strategic planning, anticipating curveballs, and remaining calm in chaos - my motto

Communication: I'm the clear communicator in the room. Whether it's speaking with investors or calming nervous tenants, I keep things smooth and build amazing relationships.

TIME: I have nothing but time...literally 😅

1 Condo: Even though I'm a novice in the investment world, I'm not starting from scratch. I have 1 condo in my portfolio that was purchased 2 years ago. I didn't intend for it to be an investment property but things change!

If you are an experienced investor who is open to sharing your knowledge and insights, I would be incredibly grateful for the opportunity to connect with you. Whether it's a casual conversation over coffee or virtual meetings, I am flexible and eager to learn from your experiences.

Just an FYI - I'm based in Rockland County. Thanks!

I would recommend going to local networking events and meet-ups. You could also reach out to local property management companies (you'll need a PM anyways) and see if they have any recommendations. More often than not PM company owners have their own investment properties and could be a great mentor

0 Votes

Quote from @Michael Marquis:

Hello BiggerPockets Community,

I hope all is well and you're getting ready to wind down for the holiday season.

I have a quick question for the daring few who started a property management company.

Out of all of the lead generation strategies you've implemented to add doors (and grow your business), which ones have been the best return on your investment?

I want to create a daily business development schedule that optimizes revenue-producing activities. After reading pretty much everything on Property Management and listening to countless podcasts, this is the list that seems to work:

- REIA Meetings (Networking)

- BDI Meetups (Networking)

- Local Chamber of Commerce (Networking)

- Real Estate Offices (Networking with Investor-Friendly Real Estate Agents)

- FRBO (Zillow, etc.): Direct Mail/Mailers

- Host Educational Seminars on Building a Property Management Company (target landlords)

- Direct Mailings to Out-of-Town Property Owners

- National Association of Realtors Local Chapter Meetups

- Facebook Marketplace (Private Owner Listings)

Are there any additional lead generational techniques that have worked with growing a PM Business?

Thank you so much in advance,

Mike Marquis

SEO optimization and PPC ads work well too! Google reviews are gold and will do a lot of the selling for you so make sure to ask for reviews from clients and tenants

0 Votes

Quote from @Hamza Riaz:

New investor in the market for property managers for a couple of MF homes in Houston area. Please recommend some good ones that you have encountered before.

I would recommend looking at Google reviews. Every PM will have a few bad reviews from angry clients or tenants so look at the total amount of reviews and average amount of stars per review.

0 Votes

Houston, Texas

Quote from @Grant T.:

Quote from @Jordan Myer:

Quote from @Grant T.:

Quote from @Jordan Myer:

Quote from @Grant T.:

I am curious, if anyone is willing to share. Don't have to be too specific but i think a post like this can help a lot of people out.

Where are you currently investing in/looking to invest in multi family and why?

Personally, i am looking at Columbus Ohio, Louisville Kentucky, and smaller cities in Illinois.

I am leaning away from Columbus currently because everything is so expensive, I'm assuming due to projected appreciation. I like Louisville a lot because it seems like there are some areas where crime is low and pretty good rents for the money and Illinois has a lot of smaller cities that have great demographics. I know Columbus is great, but i'm currently looking for cashflow> appreciation.

Any responses would be great, weather you don't own a single property or own 1000. Love hearing others thoughts. Thanks.

Kansas City! Currently one of the fastest growing markets

currently trying to find best submarkets there. Any you like?

On the Kansas side - anything in Johnson County. On the Missouri side - Lee's Summit, Waldo, anything around Ward Parkway, Brookside, Westport

Awesome i love checking out new markets. thanks Jordan!

My pleasure!

0 Votes

Quote from @John Landskroener:

I was wondering if anyone would be interested in having a coffee with a property manager once a week or once a month? I could give you updates on rental markets, what we're seeing in different areas, and what new products we have that may help your income stream.

Linkedin is also a great place to ask and network

0 Votes

Orlando, Florida

Quote from @Grant T.:

Quote from @Jordan Myer:

Quote from @Grant T.:

I am curious, if anyone is willing to share. Don't have to be too specific but i think a post like this can help a lot of people out.

Where are you currently investing in/looking to invest in multi family and why?

Personally, i am looking at Columbus Ohio, Louisville Kentucky, and smaller cities in Illinois.

Any responses would be great, weather you don't own a single property or own 1000. Love hearing others thoughts. Thanks.

Kansas City! Currently one of the fastest growing markets

currently trying to find best submarkets there. Any you like?

On the Kansas side - anything in Johnson County. On the Missouri side - Lee's Summit, Waldo, anything around Ward Parkway, Brookside, Westport

2 Votes

Quote from @Cindy B.:

Hi, I have been managing our own rental properties. Recently I have had an experience I am struggling with:

we have 3 unrelated parties who currently live together to apply, -- one of the applicants who only lived with the other 2 for 6 month together (she).

On the application current job she stated who she works for, how much she makes and what her job title is. By the time I requested pay stubs, she send in her unemployment pay history. I also found inconsistent and misrepresenting info on her debt ratio. Under normal circumstances, we would just denied her application and move on. But the other 2 applicants seems to have decent track records and credit score.

Shall I take them as equals on the Lease? Or give the other 2 the opportunity to apply and deny her only as applicant? Or shall I deny them all?

I know the final decision is ours, but I wanted to hear what other landlord have to say if they are in the situation.

Thank you in advance!

I would not. Lying on an application is a HUGE red flag

2 Votes

Denver, Colorado

Quote from @Erin O'Connor Smith:

Two tenants who are roommates have always been argumentative and difficult with me about following rules. I discovered they moved in two new roommates, a couple, under the radar a month ago.

I agreed to screen the couple to potentially add them to a new lease jointly and severally with the original two, and found neither has adequate verifiable income, and one has no credit history at all.

The original two will not agree with my terms to conditionally approve the couple, which are an additional 1-month security deposit (equalling 2 total) to cover my financial risk and a new 6-month lease vs continuing the month-to-month to have more stability. So, I delivered a 3-day perform or quit today to move out the unapproved occupants. I put it in an envelope and taped it to their door when nobody answered and took a video. I will follow up with a mailed letter. I would love them to all move out.

QUESTIONS:

1 Can I deny the couple's application for cause of non-verifiable income, when the original two have covered 100% of rent every month? I don't want non-qualified tenants there if the qualified ones move out!

2 Should I tell the applicant couple that there was a breakdown in the agreement over the additional security deposit and 6-month terms? @brandonturner says I need to send a letter telling applicants why they were denied. I've only communicated with the couple about their application, which I ran on apartments.com but didn't follow through with landlord verifications after seeing the income problems.

3 After 3 days (today is Tuesday, I believe that means Friday?) how do I successfully verify if the tenant performed my demand to remove the couple?

4 If not, then what? Move forward with filing an eviction?

Thanks to all of you with solid professional experience and advice to offer! I'm all ears.

I would highly recommend reaching out to an attorney to handle this.

I know in Kansas City (and pretty sure in CA) once someone has established residency you have a tenant. Doesn't matter if you approve them or not, or even know if they moved in in the first place. Since they are a tenant you are required to go through the eviction process to remove them from the property. Cash for keys is a way to get around evicting them (I would still double check with an attorney prior to doing that).

1 Vote

Quote from @Raul Sai P:

Some background - Around 5-6 years ago, I was getting decent tenants for the most part and a pretty good PM company to manage the rentals in MO state.

While I understand that it is part of the game to have a rental property trashed every once in a while, I am currently facing a situation where pretty much all of my 3-4 homes are getting severely trashed every year. I am talking of move-out repairs around $9000-$12000 in damages for each property, which obviously goes way beyond the security deposit. It costs $2000 to just remove the piles of trash before I can fix the rental. There is not a single aspect that's not trashed with intentional damages like big holes in walls, intentionally ripping out carpets, trashing new appliances, kids drawing in all rooms, broken doors, window shades, screen doors, lost garage and fireplace remotes etc. Most Tenants do not even stick around for the move-out inspection. These damages are so extensive that it's wiped out years of breakeven cost that I initially managed to get. Plus $10K is a significant loss when the house itself is in the $200K range.

My challenge is that I am a remote owner and cannot visit my rentals every month so I have limited options. The original PM company was acquired by a bigger one a few years ago and takes care of everything from getting tenants/screening them to collecting rent, repairs etc. This PM company does follow a good screening process: credit check (with a score of 550 or higher however if lower PM company will not decline solely based on the credit score itself), rental/mortgage history, employment/income verification of 3 times the amount of rent, and a criminal background check. The approval is made on a combination of these 4 items.

One option that I tried was to sign up for six-month inspection at additional cost from the PM company but that did not help. The PM company does send the damage bill to Tenant, notice through a lawyer and follows all the process for collections, but I am yet to see a cent back.

I am hoping to explore some options and ideas from the fellow community especially in the MO area.

- Any screening process that you follow differently to improve tenant quality?

- Any options or recommendation for a PM company (ability to find good tenants and recover some damages from tenant in the worst case)

Sounds like your PM is not screening well enough. Proper screening and due diligence on prospective tenants will take care of this.

I am with a PM based out of Overland Park, KS but we also manage on the Missouri side. We do extensive screening and rarely have properties that get trashed when a tenant moves out.

0 Votes

Kansas City, Kansas

All Forum Posts by: Jordan Myer

Jordan Myer has started 0 posts and replied 82 times.

Post: Property Manager Needed

Post: REI Newbie in Search of Mentor

Post: Property Management Lead Generation

Post: New investor in the market for property managers

Post: Multi-family/ Apartment Investing

Post: coffee with property manager

Post: Multi-family/ Apartment Investing

Post: Would you take a tenant who misrepresented herself in application?

Post: Served 3-day notice to perform or quit, now what?

Post: Remote owner challenge with Rentals getting consistently trashed