All Forum Posts by: Account Closed

Well since no one seems to be interested in participating in a whole interview, I will just post my questions here as you suggested Marc, and then anyone who wants to answer one or more can do so.

Here is what I have:

1. What are the best parts about being a PM?

2. What are the worst parts about being a PM?

3. Should the property management profession be regulated with licensing requirements?Why or why not?

4. What are the hardest types of property to manage, and why?

5. What was your hardest lesson learned as a PM?

6. What are your most effective means of marketing the properties you manage?

7. How do environmental hazards and other liability risks affect you?

8. How do various laws affect your performance? Examples: Fair housing act, EPA regulations, etc...

9. What traits do you feel a good property manager needs to possess in order to be successful?

10. What is one thing you wish you had learned before becoming a property manager which would have made you better from the start?

That's it!

I am seeking a qualified professional property manager to interview for a college course I am taking on property management.

All correspondence will be by email or through this website. I have a fairly short list of questions that I would like to ask, and will probably add to that depending on the PM's specialty, or responses to initial questions.

Anyone who is willing and able to participate, simply post a reply to this message and we can go from there.

Thanks In Advance,
Jerod

Hey Greg,

Now, I have no first hand experience in this particular situation, but besides having the property alarmed, what about a surveillance? They are relatively inexpensive and may help, especially when you consider features of newer systems such as DVR system which stores to an internet server so there is no way for the culprits to retrieve the footage.

If your systems are alarmed, is this tied to a security service? Seems like if it is that should help, unless response time is too slow.

The bottom line is that you are obviously going to have to do something, or it's going to keep happening. My opinion is that if you can't deter them from stealing your stuff, the next best thing is to make it so once they do, they get caught and thrown in jail. It may take some creative problem solving, but there are things that can be done. For example, I mentioned surveillance systems. If a simple surveillance system (or maybe a dummy system) doesn't deter them, then perhaps you should go to a concealed surveillance system, something that can pick up their faces without them knowing it, and hopefully that will get them a free ride to prison. Also, depending on your situation, it may be possible to find some police officers that need some part time work and arrange for them to sit on the house during their time off. You don't want simple security guards though because the won't have the capability to arrest anyone that does try to break in. These are just some ideas, but hopefully you can find something that will work for you.

Jon,

That is kind of what I was thinking as well. There may have been some special circumstances to that sale though because I believe that the owner was originally asking for over 200k, but it's hard to know for sure what happened. There are some similar properties in the area that are assessed for somewhere between 150-180k. These are tax assessments. I'm not sure exactly how that correlates with the market though.

Could you explain the "50% rule evaluation" to me?

I've been looking at a rehab project for a 4 unit multi-family that I intended to hold. After looking at values of surrounding buildings in the area, I'm not sure the ARV is going to be as high as I expected. I was curious to see what percentage of ARV people typically looked for in such a property.

What I am looking at is a purchase of 45k, and rehab costs of roughly 80k. An identical building next to it was redone a few years ago as a single family and sold in 2008 for only 117k. I'm not sure of the extent of the work done on it. What do you all think?

Lucia,

I totally agree with you n keeping everything the same between your units. The price you mentioned you paid for ceramic is good. If I can find some at that price (or slightly more) I will probably use that.

Emilio: All the prices I am throwing out are materials only, since I do my own install. You are right though, bamboo is technically a grass, and I suppose that is the problem.

Lucia, you make some very good points. What do you think the most I should spend on tile per sqft, or flooring in general for that matter?

I'm not looking to make it a palace, I'm just trying to get ideas from people that have been around the business for a while. I do believe, however, using the cheapest products may cost more in the long run.

Peter, you make a good point about the slip hazard. I will have to look into this further. as Vikram pointed out, they do come with different finishes, so that may be an option. Additionally, I know there are floor finishes available that have higher Coefficients of friction, but whether those are available for granite, and how costly they are to maintain are another matter.

Carpet is not really an option for me right now due to the fact that I have to replace the heating system, and I was planning on doing so using an underfloor radiant system that mounts between floor joists under the subfloor. In this case, carpet would greatly reduce the transfer of heat in this situation.

If you noticed, I posted a recent question concerning a potential rehab I am looking to acquire for the purpose of renting. This would be my first investment of this type. If it goes well I would like to continue to make similar investments.

Should I form an LLC or Corporation through which I should handle these properties, or would it be best to do them under just my name? What are the benefits/drawback to each?

Thanks for your thoughts everyone.

Vic, the bamboo you have used has held up well? I was reading some comments on BP here where some people felt it was not durable. This doesn't quite make sense to me since, as you pointed out, bamboo is a very tough product, plus the hardness and wear resistance of the surface is mostly dependent upon the finish. Something with an aluminum oxide finish should hold up well I would think. One benefit of solid hardwood over bamboo though is I don't believe you can sand and refinish bamboo if it gets too bad.