All Forum Posts by: Kristian Sexton

@Kyle Carter My top recommendation is to begin by contacting property management companies in each target area. It's important to vet these companies thoroughly. Most property management companies are licensed realtors with extensive experience working with investors and providing valuable insights into their local market. In my experience, allowing these professionals to guide you can be highly beneficial, as they are likely to recommend properties they would be comfortable managing. Since they are responsible for maintaining the relationship with you after the transaction closes, this approach adds an extra layer of confidence and security to your investment.

If you can't find an investor agent that you like or trust that is also a Property Manager or works under a brokerage that has a Property Management Division, I would ask the agent if they recommend a Property Management Company. I would cross check their rental rates they are giving you with the Property Management Company. A lot of agents will claim to be great with investors, and not have a clue what the property would actually rent for. 

@Briar Blake

You might want to start by reviewing your Property Management Agreement to see if it addresses situations like this. For example, our agreement includes a clause stating that we seek the owner's permission for any expenses over $500. However, in emergencies or cases involving health and safety, we would attempt to contact the owner first and, if unsuccessful, proceed with the repair as outlined in the contract.

Regarding the hot water heater, do you know if it genuinely needed to be replaced? If it was necessary, it might be challenging to seek reimbursement. On the other hand, if the repair was unwarranted and there was no attempt to contact you, there could potentially be grounds for a case. It might be worth discussing with your property manager for clarity.

@Leeling Chew we require anyone over the age of 18 to fill out an application for the property even if they plan to just be an occupant. 

@Sami Gren When this happens to us we make the existing tenants reapply, as well as the new ones that they plan to add. We consider background checks and credit checks only good for 60 days. Once we get those in we look at their applications as we would a brand new lease. 

@Tanya Maslach Does your lease agreement speak to this? I know our lease agreement specifically states that if a tenant reports a maintenance issue that ends up not being an issue at all it's the tenant's responsibility. 

@Monish Anand My top recommendation is to begin by contacting property management companies in each target area. It's important to vet these companies thoroughly. Most property management companies are licensed realtors with extensive experience working with investors and providing valuable insights into their local market. In my experience, allowing these professionals to guide you can be highly beneficial, as they are likely to recommend properties they would be comfortable managing. Since they are responsible for maintaining the relationship with you after the transaction closes, this approach adds an extra layer of confidence and security to your investment.

Hi @Fredrick C. Oesterle! We assign a point system to our applicants. If I had two applications they would both know that I had two. I would also let them know they are ranked on a point system based on our application criteria. Take the emotion out of it, and just base the two applications off of facts and your requirements. 

@Iliana Herrman while your local market may feel safer there are also markets that will withstand market downturns and appreciate. Your first invesment may need to be trusted out of state. There are definitely markets that allow Class A properties, and still cash flow! I'd love to chat. 

Hi @Elijah Quinones! Find yourself a good mentor. Before you build a pipeline you have to get your experience in sales conversion and knowing how to find the right product for any client you may encounter. 

I would say your first year is just for drinking from the fire hose, even if it means taking a larger split and not earning as much commission. It's worth it. 

I'm happy for you. Real Estate is rewarding, and challenging. Hang in there. 

@Emily Mohr We use a form called Notice of Adverse Action. It is a legal form that allows you to select what criteria they did not meet on the application and what background software we use. Sometimes a simple denial causes more questions in my opinion.