Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: John O'Neal

John O'Neal has started 2 posts and replied 6 times.

Post: Possible Investment

John O'NealPosted
  • Property Manager
  • Canoga Park, CA
  • Posts 6
  • Votes 1

I work in Property Management for HOA's, and a situation arose a few months ago that I found quite interesting.

An elderly owner of a unit within one of the HOA's we manage, was taken away by authorities because he was not deemed fit to take care of himself (severe dementia). Mortgage is paid off, he has no family or next of kin to take over the property. Once the delinquency of his monthly HOA Dues reach $1,800.00, the HOA will be foreclosing on the unit.

I feel kind of scummy thinking about capitalizing on this poor guys situation, but if not me, someone will. Is there some way of obtaining this property before it goes into foreclosure, or does the process have to resolve no matter what? Any insight whatsoever would be great. Thanks!

Post: New Member/Property Manager

John O'NealPosted
  • Property Manager
  • Canoga Park, CA
  • Posts 6
  • Votes 1

John Sheedy It's a delicate balance sometimes. Pleasing our clients by keeping their costs down, but at the same time maintaining a good relationship with quality vendors. Communication again. I'm sensing a theme here :)

Post: New Member/Property Manager

John O'NealPosted
  • Property Manager
  • Canoga Park, CA
  • Posts 6
  • Votes 1

Suzie B. I admire your execution. "All these companies stink, let's start our own." I absolutely agree with you on the inspections though. Most owners only want the absolute minimal done. I understand where they are coming from though. As much as I feel I'm wasting my time doing them, it at least shows the owner I'm earning my pay.

Ali Boone Thanks for the nod! The most common complaint I hear from new accounts that fired their last PM - lack of communication. It really shocks me, especially in this day and age where getting a hold of someone is easier than ever. The software is a tough one. Once a PM (individual or a company) have a certain amount of accounts, Word and Excel just don't cut it. Depending on the software they use (and their knowledge of it of course), they can put a invoice/statement onto Excel with literally 3 clicks of the mouse. It's usually much easier to read that way also.

Kyle J. Thanks for the welcoming!

Post: New Member/Property Manager

John O'NealPosted
  • Property Manager
  • Canoga Park, CA
  • Posts 6
  • Votes 1

Wow, great feedback everyone.

Brandon Turner I don't blame you for not handing the keys over, that sounds awful. How can they expect to gain business? Especially when that business is overseeing someone's investment worth hundreds of thousands of dollars. Sheesh.

Lynn M. That's a very interesting structure. How much control do they give you when determining rental amounts? Do they not offer on-site inspections? I do quarterly inspection reports for mine, but rarely do owners take any action on the recommendations. The typical feedback I get is "Great report! Keep an eye on that and let me know once it breaks." Lol

Post: HOA Management Fee

John O'NealPosted
  • Property Manager
  • Canoga Park, CA
  • Posts 6
  • Votes 1

Hey Anthony,

It depends on what type of management they provide. Finance-Only management, or Maintenance-Only management will be cheaper than full service. The amount of units the HOA has is also a factor. Do you own a unit in an HOA? If so, request a copy of the approved budget for the current year from the management company. PM's are required to provide this to all owners. It should show how much the HOA is paying them annually and monthly.

Post: New Member/Property Manager

John O'NealPosted
  • Property Manager
  • Canoga Park, CA
  • Posts 6
  • Votes 1

Hey everyone! Just joined BP after seeing some very insightful threads. Here is a brief background of myself:

Started out (January 2011) part time as an intern for a reputable property management company in Southern California, specializing in SFH and HOA's. I began to take a genuine interest in the business, and have gone from the company "envelope stuffer," to having a portfolio of 15 HOA's I directly manage. Not tooting my horn by any means! It's been a bumpy ride at times and I still have much to learn :)

As with any field, you generally get what you pay for, and PM's come in all shapes and sizes. As owners/investors/landlords, what are some of the contributing factors you look for when selecting a company to handle your investment? What does/doesn't your current PM do that would make you question hiring them? Any thoughts and insight would be greatly appreciated!