All Forum Posts by: Joshua Adlam

I agree this is very sound advice

What type of property is it?

This will help me give a better answer

I agree with Zachary, as a property manager myself, property management is no easy task. 

However, it is great training for handling your own investments. What are you goals for creating a property management company?

In my honest opinion you should non renew the residents immediately. 4 bedrooms for only $800 stills sounds low to me. The biggest thing that can help you raise the value inside the unit  is fresh paint, nice appliances, good flooring (most expensive). 

Hi Gary 

I am a property manager, so I can help with this question

our job includes the following

-Handling all rent payments, including making sure rent is paid on time and residents who are not paying are either on a payment schedule or evicted

-Maintaining a clean grounds, keeping the trash off the grounds, making sure its always presentable for a potential renter

-Making sure the property is up to date with all mandatory inspections such as fire extinguisher, fire alarm, etc

-Fixing maintenance issues, when issues occur they need to hire someone to fix it. 27 units is not a big property so they should have good relationships with plumbers, handymen, electricians etc who are easily able to fix what's needed to be done. Our biggest job is to take the stress off of the owner's back! You should set a maintenance limit with the management team.

For example: anything that goes wrong and cost under $200 dollars go ahead and get it fixed. Anything that needs to be fixed and is over $200 get some quotes and have me approve it.

- in all honesty with only 27 units I don't reccomend you have a onsite manager and here's why,

the onsite manager gets paid through the building, this could be costly. However is you had a management company and they just charged you 7% chances are you'd be saving more money vs hanging someone on site. 

Let me know your thoughts

@Jess Kempf

What’s your end goal?

$600 cash flow is pretty good, if it’s a true net number, in no time you could have the house paid off.

Have you considered paying off the house and just netting the mortgage? How long do you think it’s take to pay of 45k? Let’s say it’s 2 years. Could you sacrifice for two more then rent it out and net 1k per month.

Also have you thought about selling the house taking your 200k profit and investing in multiple deals? You could buy a house and possibly 2 investment deals as well

I love how we can get creative here!

@Rob Bianco

I would definitely add at least one more washer and dryer, as well as a nice folding table for the residents. Trust me, I manage properties with community laundry rooms and this makes a huge difference

@Stanley Pearse

Hey Stanley

What state is it in? I am a property manager and may be able to connect you to a good company depending on the area

@Bernice Monroe

That's awesome! I am so happy for you. Investing in meaningful relationships these days is such a lost concept. I'm glad you found the right property manager for you! 

Much blessings and success coming your way

 Hey, I work with Atrium Management, I just sent you a pm so we can connect