All Forum Posts by: Keric Allen

@Erik Whiting Thanks! Lots of great advice to think about! I really need to figure out my approach for maintenance and leasing fees and any other charges I may or should be charging in addition to the monthly fee.

Focusing on the quality of home is a great point and one I have been planning on sticking to. I am in no hurry to acquire doors just to have doors.

Thanks for the insight!

@Nathan G. That makes a lot of sense!

@Nathan G. Very interesting. Sounds like managing a 100 properties may have been easier than your military job! Thanks for sharing!

@Nathan G. Thanks for the reply. I’ll be reaching out to you for sure. Going from 0 - 100 doors through acquiring another PM co. sounds like a very steep learning curve. Did you have any PM experience prior to acquiring that company?

Thanks for the pointer with NARPM. I continually get pointed in that direction for resources and education. It is a top priority on my to do list.

I see lots of posts on “starting a property management business” in this forum. Many people chime in to say it’s a great idea, lucrative and talk about the 100s of doors managed.

Others question why anyone would want that headache. That said, has anyone started a property Mgmt business recently and would be willing to share their experience?

Did you work for a property management company prior to starting your business? Or did you learn as you grew?

How many properties did you have under management the 1st month, quarter, mid-year, after 1 year?

What would you do differently?

Most the time I either read about or hear on podcasts how someone started a business and then, poof, they fast forward in the discussion 2 years and now they manage 200+ properties.

I’m interested in the in b/n. Those first days of having only 1 or 2 properties under Mgmt of which one may be yours and the other is a friends/relatives. The depressing slow month where you grew 0 doors or the crazy month you grew 15 doors!

Anyone care to share their experience?

If not publicly, perhaps message me and we could discuss.

Thanks!

@Shawn O'Gorman

Go for it! Bought my first home when I was 22 in 2004. Convinced a co-worker to ditch his $795 a month apartment for a bedroom at my place for $425 and split utilities. Mortgage was $850! 12 months later, convinced another coworker to rent another bedroom for $425 w/ split utilities. Took each of heir checks and deposited them into a savings account each month, instead of taking that money to the bar or upgrading my vehicle. When I relocated, I rented the house out to both of them and purchased another house. Still own the house with a nice bit of equity. Run the numbers and purchase right.

It is never to early to invest in real estate the correct way.

Thank you everyone for the input.  Tenants are out and there are no other issues so I guess it was a win in a way. 

I am hoping someone has some experience with this.  I recently went through the eviction process for a tenant in Florida.  The Judge ordered them to vacate the property NLT March 31 and required they deposit rent owed for Feb. and Mar. with the Clerk of Court which was then given to me.  Their lease was not up until June 30.  Can I keep their security deposit to cover the rent I would have received for the months of April, May and June.  Florida state statute 83.49 does not cover this. Any help would be greatly appreciated. 

Aaron,

Search for @courtneyfricke.

She’s an investor in your area and started a RE investing group in Slidell.  

Keric

Courtney,

Local as in LA or AL? Yes please if you have a contact in AL. 

Hope all is well. Can’t wait to hear how 2018 has gone for you.

Keric