All Forum Posts by: Julie Chai

 I follow your point.  But as your portfolio builds bigger and the property management company charges per property and not per portfolio, I would think having your own team gives you a better sense of control or a better overview of your properties wouldn't it?  This is in addition to cost savings.

My thought coming in is that if I do want to eventually have my own team, wouldn't it be beneficial to get my hands dirty even though it is more work at the start.  If I personally understand the skin in the game first hand, I would think this will help me become a better manager of my team on it in the future right?  Or would this train of thought seem totally not realistic and it is simply better to save the time and offload it to the property management firm as a whole?

It’s late so reply whenever you may see this.

Have quite of few larger multifamily deals (multi million dollar price points ) with underwriting done

When it comes to disposition of these type deals, how do you suggest I seek out serious investors / buyers ? 

Partnered up and NDA on these. Need to know where to start here 

Hi all!

My name is Arin and I am excited to getting into Fixing & Flipping here in Charlotte! I am super interested in connecting with other investors in the area during this booming time in Charlotte. 

Hello All,

I’m new to real estate investing and would really love to start House Flipping to start off. I’ve worked under a contractor for a couple of years, from building the home , plumbing and hvac , to all the finish touches. I’ve partnered with a license contractor to get the ball rolling and get more rehabs done. I’m considering getting a hard money loan as funding for our future projects. Would this be a good way to go? Anything I should keep a look out when looking at terms with these lenders?

Thank You

 Usually utilities are included or not based on the design of the property.  Almost all of my properties have a single water meter -- so we just bake it into rent (no way to individually submeter, and I don't feel like doing RUBS, I'd rather raise rent to accommodate it)

When it comes to electricity, it's either individually metered or it's not.  If it's individually metered, it should go in the tenants name.  If it's master metered, then -- like water -- just bake into rent (or try to RUBS)

But if this person was NOT doing STR, they still wouldn't be paying utils as that's not how their lease is. Thus back to my original question which is why do you think the fact they're doing STR means the utils (that they already don't have to pay for due to the lease) are going to be higher?

I'm not trying to argue here as you can do whatever you want with your property.  I'm just curious.  I have about 100 units leased to a handful of STR operators and I've found that it works quite well for me (vs. LTR tenants).  Less turn over.  They take care of small repairs.  They're more "stuck" to the property due to the sunk costs they've put in.   They pay a small premium.  The units are always kept up, etc. 

Still confused. The security deposit size or missing has nothing to do with them doing STR. And I understand you might be negative because of high utility costs and having them baked into the rent -- but I'm not sure what them doing STR has to do with that?

I don't see why someone doing STR with their unit would have more utility bills?  I don't have a way to measure STR vs. LTR but given STR units are normally only occupied 50-75% (guess) of the time, it would seem they'd use less water?  Less AC?

I'd have kept them in and collected rent while I tried to work out this problem.  Now you have an empty (or soon to be) property, no management, litigation, and it's 1000's of miles away.  In a market that would make selling very difficult (esp empty).  

I hope you get this all worked out. 

There should only ever be one cook in the kitchen at a time.. not two. As a PM I've had to resign from some landlords (you call it quit, we call it firing the owner) where this was a challenge. Our agreement clearly states that direct communication between owner and tenant is a no-no and grounds for our automatic termination. 

If you're going to hire someone to manage, let them manage. If you can't let someone manage, do it yourself. 

But doing it yourself will be almost guaranteed to fail. The property management industry exists for a reason. 

P.S. a SoCal attorney who knows someone in RE who knows someone else, who can get someone local to show the units, is the absolute wrong way to go about it. What you need is something like what @Nathan Gesner recommended: vet a quality management company that is local to the property. 

And when you find them--let them take over and manage in all aspects. I promise.. it will work better that way. 

 I don't understand what about the fact they're doing VRBO/airbnb causes you to be negative?

We have almost 100 units we lease to people who do airbnb.  We don't have a problem with it.  They pay rent better than most tenants, take care of small work requests (per agreement) and we hold a fat deposit in case of default.