All Forum Posts by: Justin Johnson

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Thank you for this!!

0 Votes

Indianapolis, Indiana

Quote from @Josh Hickman:

Who was the old property manager that you fired?

Middletown Property Management. First 3 months were solid then it just went downhill from there. 4 different asset managers in 12 months. It's been rough. Learning experience for sure!

0 Votes

Indianapolis, Indiana

Hey All,

I made a big jump last year and jumped into multifamily and got an apt building. Bad news is I made the wrong decision and chose a PM that wasn't up to the task at hand and now I need to find a new one.

Here's some info on the property:

-15 units

-9 of the 15 units are empty

Address to the property - 2930 Albright Rd,Kokomo, IN 46902

What recommendations for PM companies do you all have?

Thanks in advance for your help

1 Vote

Indianapolis, Indiana

Hey all - I have a mid size multi family project under contract (my first one yay!) and I’m looking for an excel sheet that is formatted for a checklist for when i do a walk through to inspect all the units.

I want to leverage it to call out things as a part of due diligence unit by unit to make sure it’s a good deal AND use the same document to create a unit by unit breakdown of the renovation work needed when we take over the property,

If someone has one they can share that would be a huge help

Thanks!

0 Votes

@Mindy Jensen do you have any insight on timeline or things being announced? Sorry I’m just planning out my year.

Is there a weekend circled for it or a couple of weekends/dates you’re circling? Trying to just set the time aside accordingly

Thanks in advance!

0 Votes

@Mindy Jensen hey Mindy are there any details for bpcon2020 nailed down? Maybe i missed something but I’m planning out my year and a RE conference is on my list and wanted to see if the logistics and dates line up.

Any insight is appreciated

1 Vote

Thank you. I’m in Chicago

0 Votes

I'm looking at a 3 flat right now and one unit I will live in and the other units I will rent out. This isn't a house hack situation where I'm going to rehab and then flip. I plan to live there for the long haul and it's turnkey, but I want to be smart about the investment.

Any insights or tips on how to look at the numbers? I'm a PRO member so I can use the BP calculators.

Thanks in advance

0 Votes

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*This link comes directly from our calculators, based on information input by the member who posted.

0 Votes

All Forum Posts by: Justin Johnson

Justin Johnson has started 10 posts and replied 25 times.

Post: HELP NEEDED...just fired my property manager...15 unit apts

Post: HELP NEEDED...just fired my property manager...15 unit apts

Post: HELP NEEDED...just fired my property manager...15 unit apts

Post: HELP NEEDED...just fired my property manager...15 unit apts

Post: Due Diligence Inspection Checklist

Post: BiggerPockets Conference BPCon

Post: BiggerPockets Conference BPCon

Post: How do I analyze my primary residence?

Post: How do I analyze my primary residence?

Post: [Calc Review] Help me analyze this deal