All Forum Posts by: Kevin Coco-Senyszyn

I'd suggest staying with your original choice to turn down their application due to their background. It might be tempting to take the 6-month rent upfront, but their criminal history and limited income bring a lot of risks. It's a smart move to consider partnering with a property management company to help screen potential tenants and manage your property. Keep in mind that short-term leases with high-risk tenants can lead to costly and time-consuming evictions, among other problems. Trust your gut and focus on securing dependable, long-term tenants.

If it ain’t broke…

Keep your property cash flowing for now. Whether you leverage your existing property is a question of cash flow and personal risk tolerance. Will it still make positive cash flow with a loan payment? 

I think if you're starting out, start somewhere simple. House hack. Use an FHA loan to get a "fixer upper" that you can work on yourself and keep your primary income as it is. Bonus if you can find a duplex to fix one side for a year, switch sides and then fix the other side in year 2.

Appfolio is best if you're managing more than a few properties. I think their minimum now is 10 properties. 

Cookie cutter answer: Find yourself an investor-friendly PM in the area you want to invest. A property manager who regularly works with investors will connect you with the best contractors, lenders, realtors, etc... in that market to suit your needs and investing goals. 

 I definitely recommend Andrew Postell and Joe Funari if you're looking to get started in DFW. They'll connect you with the best network of real estate professionals in the area to start investing. 

One of the most important things you can do is to make yourself and your company investor friendly. Take the time to educate your current clients about how they can build financial wealth through real estate and encourage them to invest in more properties. This not only helps your current clients but also gives you a reputation for being an investor-focused property management company, which attracts more investors to you.

Making yourself and your company investor-friendly is all about creating an environment that encourages and facilitates investing in real estate. This can be accomplished in a number of ways.

First, make sure that you have a deep understanding of the real estate market and can provide insight and analysis to your clients. This means staying up-to-date on the latest trends, researching the local market, and having a thorough understanding of the financials involved in real estate investing.

Second, create educational content that provides value to your clients. This could be in the form of blog posts, webinars, videos, or other formats. The goal is to educate your clients about the benefits of real estate investing and how to do it successfully.

Third, develop relationships with local real estate agents, mortgage brokers, and other professionals who work with investors. By working together, you can help clients navigate the real estate investing process and build a network of professionals who can help them succeed. These professionals see investors all the time and will eventually start referring them to you. 

Finally, be proactive in seeking out new clients and opportunities. Attend industry events, network with other professionals, and promote your business online. By building a strong reputation as an investor-friendly property management company, you'll be more likely to attract the type of clients you want: serious investors who are looking to build long-term wealth through real estate.

It's a lot more work than just having a good sales pitch or going to some meetup groups. You need to provide something of value that will attract the type of client you are looking for. 

The only thing I will say NOT to do is ask your tenants to spread the word, (beyond positive google reviews). Tenants usually aren't in investor circles, otherwise, they would be investing! Plus, tenants aren't your clients. They can't talk to a potential client and convince them that your property management services are worth investing in. All this to say that you won't find much luck searching for "bigger fish" by asking your tenants. 

Feel free to reach out to me anytime! I love talking about investing and property management.

I'm sorry to hear that you're having a tough time with your current property manager. Before doing anything, it's important to review your property management agreement to see what the terms of termination are. Generally, there is a 30-day notice requirement, so make sure you follow those guidelines.

Once you've sent the termination notice in writing, you should demand that the manager release the rent for this month, transfer over the deposit and keys, and provide all necessary tenant information. Keep calling, emailing, and texting the manager to get in contact. If they have a physical location, you could even go there to speak to them in person.

Threatening a bad online review is not the most professional way to handle the situation, so try to avoid that. You want to keep things as amicable as possible, but if necessary, you may need to take legal action. Best of luck to you in resolving this situation.

Insightful article! I never knew carrier modes were a thing. What steps can a consumer take to ensure that their broker is acting in their best interests when navigating different insurance carriers? @Cameron Moore

Millionaire Real Estate Investor has been my number one. If you follow what he says in that book, you’ll make money.