All Forum Posts by: Keith Jourdan

So, you're going to buy a rental property FIRST, and THEN hire a PMC to manage it?

Why wouldn't you  leverage the expertise of a local PMC?

Can't tell you how many OOS investors we run into that try it your way with VERY limited success. Usually, a scammer sells them a Class C or D property(s) they were led to wass at least a class higher than it actually is. Then it doesn't perform because the PMC the scammer recommends is incompetent and/or also a scammer.

Then they contact us and here's how it typically goes:

OOS: Can you take over the management of my property(s)?

LPM: Why are you looking to change PMC's?

OOS: Because my current PMC (Pick one below:)
1) Bills me for repairs every month without permission and won't send me invoices or explanations
2) Ignores my requests for pics or videos of my property(s)
3) Hasn't sent me funds in months, but keeps promising to do so
4) Takes weeks to respond to me
5) Hasn't evicted the tenant who hasn't paid rent in X months
6) Refuses to provide a monthly statement of income & expenses
7) Terminated me when I demanded (some type of accountability)
8) Has disappeared

LPM: What's the address of your property(s)?

OOS: It's ....

LPM: That's a questionable location. Enter the address in Google Maps, go to Street View and virtually drive around the block. How many boardups, burouts  & blowouts do you see and what is the overall condition of the rest of the properties in the neighborhood and how much trash do you see dumped?

OOS: Oh my! Can you help me sell and recover my funds?

LPM: Public records show that you overpaid for the property(s). So, we can help you sell it at a loss or you can try to find another OOS investor to take advantage of - which we won't help with.

OOS: !@#$% I hate Detroit!!

A good PMC will assist you in buying good properties because:
1) They want less headaches to manage, not more
2) They make pennies from managing 1 property for you, so they'll want you to buy more so they can make dollars. You won't buy more if the first 1 or 2 go badly.

So, why again are you avoiding finding a good PMC and instead want to hire "boots on the ground"?