All Forum Posts by: Kevin Coco-Senyszyn

The thought of using Zillow to screen applicants makes me nervous haha! You definitely want to look into each step of the process of self managing and see what is involved, not just to do it, but to do it right. For tenant screening I suggest you start with Biggerpockets Ultimate Guide to Tenant Screening. 

As far as I’ve seen, self-managers like to use Buildium to manage. I can’t speak for that software, but the software we use, AppFolio, will handle marketing, maintenance, invoicing, and all tenant or owner communication from the same place. Your software will be instrumental in running your rentals like a well oiled business machine. 

As far as evictions go, you should find a professional to help you with this process. It’s not worth the risk of accidentally missing a step or filing something incorrectly and extending your possession by weeks or months. 

I think the bottom line is there is a lot more commitment that goes into property management than most people think, but if you have the time and energy to commit, go for it. Otherwise I would talk to your property manager and see how they are benefiting you. I would also shop around, see if other property managers can give you similar or greater service value for the same or better price. 

We've had luck in Hawaii for vacation STRs. 

I think the first question you need to ask yourself is what your goals and values are. If you want to retire from your job (assuming your $200k cash flow comes from a job) in 5 years and start investing in real estate full-time your strategy will be completely different than if you are just interested in being a passive investor while continuing to work.

What does generational wealth look like to you? What type of returns are you looking for and what level of risk are you willing to accept for them? 

It sounds like you're considering both self-management and hiring a property management company for your first rental property. While self-managing can seem attractive because of the potential cost savings, it's important to consider the time and responsibilities that come with being a landlord.

If you're still on the fence, consider the following:

1. Time commitment: Self-managing a property requires a significant amount of time, especially if you're new to the process. From finding and screening tenants to handling maintenance and repair issues, there's a lot to keep track of.

2. Expertise: Property management companies have the experience and knowledge to handle the complexities of being a landlord, including legal and financial responsibilities.

3. Stress: Being a landlord can be stressful, especially if you have to handle difficult tenants or unexpected expenses. Hiring a property management company can take some of the stress off your shoulders.

In light of these factors, it might be worth considering hiring a property management company, especially if you're looking to grow your real estate portfolio in the future. If you do decide to go this route, I'd be happy to discuss the benefits of working with a property management company and how I can help you meet your goals. Feel free to reach out to me at any time.

Andrew, I recommend you find yourself a mentor and build a good team of people who you can contact in your area. Go to real estate investor meetups and introduce yourself to lenders, realtors, and other investors. Find someone who is doing what you are trying to do and learn from them. I recommend finding contractors through your network who are tried and true.

Cash Flow = income - expenses 

Income is rental income, calculated net of vacancy.

Expenses include: Fixed Expenses + Variable expenses

Fixed expenses: PITI (Principle, interest, taxes, insurance) + Utilities + other (HOA)

Variable expenses: Maintenance, Capx, Property Management

ARV and Refi % are factors used in determining how much cash out of pocket you need for the deal, which will help you determine your cash-on-cash return.

What are your plans for management? And how are you calculating your initial setup and cost? Once you get everything set up, especially if you have someone managing it as an STR, it's not much work for you. And on the back end, if you plan to sell it, it's good to have eyes on the property every week or every month, depending on how long the rentals are. That way if maintenance issues come up, you're able to resolve them immediately which gives you more liquidity for the property.

Ask the current owner of the property what their utilities are and double them for STR. You can also ask other STR owners in the area to get a good idea.

You have been facing challenges with your condo investment in Hollywood, Florida due to difficulties in finding reliable contractors to perform the necessary rehabilitation work. This has resulted in the property sitting vacant and draining your bank account.

There are several steps you can take to address this situation. One option is to consider listing the condo for rent until you can find dependable contractors to complete the rehabilitation work. You can also reach out to local real estate investor groups and ask for referrals for dependable contractors. Additionally, you may consider hiring a property management company to help with finding tenants and managing the property.

When considering your options, it is important to thoroughly research and weigh the pros and cons before making a decision. Have you tried posting your need for a contractor in real estate pages or groups to find leads? Is the condo livable in its current state? Can you move into it temporarily? Does the association have any leads for contractors? Consider the size of the rehabilitation work needed and whether it is possible to make the condo a long-term rental with less renovations. Good luck in finding a solution that works best for you and your investment.

I recommend you lean on your network and your property management team to ensure success. Make sure your property management team is experienced in working with investors and is aligned with your goals. They should be able to help you find the right contractor or team to work with, as well as help manage the day-to-day responsibilities of your rental property. 

Make sure you flesh out the rest of your team as well. A good hard money lender won't let you fail because they won't let you buy unless the deal makes sense. Good investor-friendly lenders, realtors, and property managers will also have other connections you need like wholesalers, contractors, or insurance brokers.