All Forum Posts by: Joseph T.

I personally use Hendricks Property Management. They've been good to me for many years. The other PM I've heard of that gets good reviews is Rentwerx. 

I'll be there too. Thanks for hosting this!

@Mike Palikij I emailed Rachel Bailey and she will send you a link that will register you for the event.

@Kim Tucker This looks like a great event to learn how the auctioning process works. I'm excited to attend this event and meet with all the other investors. Thank you!

@Giovanni Rigters I'm also interested in finding another property management company. Were you able to find one that you liked and have signed with?

@Rich Lopes I have heard that Voepel is pretty good. I've called them and left a message (with Julie?), but they haven't contacted me back. I'm interested to know what you think of their response times, communication, and how they handle maintaince issues.

@Marcello Oliveri I'm sorry to hear that you're having a lot of trouble with your PM. Renewing a contract without your permission for hundreds less sounds very unreasonable especially if you had planned on evicting them. Would you mind sharing who your current PM is so that I know to avoid these guys? 

My current PM is CJ Real Estate. Their communication is good and their maintainance costs are reasonable. However, the issues I've had with them is that I think their screening criteria for tenants is terrible as I've had to evict several tenants. 

@Anton Ivanov 

Thank you for sharing your amazing success story. It's been truly inspiring as an investor to keep at it and continue to build my portfolio. I currently have a SFR in KCMO and I'd like to know if you can recommend any PM in the area. I also plan on visiting KCMO in September to meet up with some local investors there too.

@Aaron Winters I haven't done a deal with them yet, but I've also been looking into them. I plan on traveling out to Kansas City in September and meeting with Storybook and some other potential team members. 

@Lilly Fang If your plan is to do a flip, then you may want to follow the 70% rule. If you're not familiar with the 70% rule, it's used by investors to quickly determine what the maximum price you should pay for a property based on the After Repair Value (ARV). Even though the 70% rule is usually used by flippers, you can actually use it for any strategy when you want to find a "good deal". For your case you said recent comps are $550-599K. So if you take 70% of %550K, it would be 385K which interestingly enough was your list price. You wanted to put 50-70K into the house. Let's just use 50K of repairs in this example. So this means for the 70% rule to work, you would need to purchase the house at $335K (385K-50K). This is what would be considered a "good deal".

However, if you are considering to simply to buy it and live there yourself and you purchase at 430K, then it would be about 78% of it's full value (430K/550K). I guess it really depends on what your goal is. I'll leave you with this link. Good luck!

Deciding Whether You Should Rent or Buy?

Hi BP Community! 

I have a condo rental that needs some rehab work done in Clarksville, TN. Does anyone know of an investor friendly contractor that can be recommended? 

Cheers,

Joe

Hi Natashia! Welcome to BP! My advice to you is to get educated in real estate investing. You may want to start here. https://www.biggerpockets.com/real-estate-investin...

Aside from reading blogs, you can listen to the Biggerpockets podcasts. The interviews are very insightful and I've personally learned a lot just simply from listening.

For me, I find that Biggerpockets is an invaluable source of information. I hope this helps. Good luck!