All Forum Posts by: Kristopher Kyzar

@Nathan Gesner based on some mild Google stalking, your company appears to have a great reputation.  Sounds like you had a client with unrealistic expectations.  The important thing is to communicated as well as possible, keep track of everything, and be like a duck (water off your back).  Hopefully you have a file drawer for just such a tenant in your permanent records.

@Jordan Meyer I'm not a property manager (and for good reason).  A good property manager not only gets/keeps your properties rented, but also adds a layer between you and your tenants.  They execute lease agreements, collect rents, hold your tenants to the leases they signed, assesses late fees as necessary, and keeps your cash flowing.  They take all of the 3am calls for clogged toilets and the like.  They ensure your property is ready to rent between tenants.  They plan and schedule any maintenance you have on the property.  They assess and adjust your rent to keep you in line with the market.

@Marian Smith See above for the daily value add comment.  Also, if you don't get paid, they don't get paid.  I'd call that significant skin in the game.  Besides that, the tenants who have issues with you as the owner are going after the PM to resolve the issues.

An additional benefit is that instead of doing all of the work my PM does, I can focus on more deals that I can have them manage for both our benefit.  I'm happy to pay my 10% for all of that, in fact I started having a PM manage my units when I lived right next door for all the reasons stated above.  In my opinion, PMs (the good ones) are the heroes of this industry.  There should be a national holiday for PMs.

ABNB

@Chris Wheelus we used a local credit union. Got 75% of the ARV. Probably tough right now though.

Great deal!  So many good lessons for long-distance investing in one story.

@Warren Golston There's also wholesalers.  There are some good ones in the area.

@Colin Stewart The Charleston market has been hot and difficult to get into unless you are a cash buyer.  I'm looking forward to seeing how it is affected by this COVID-19 crisis.  I myself have been, with little success, trying to get into the market there.  I'm not willing to invest with the slim margins that seem to be prevalent.  I'm also investing long-distance, so my team on the ground there have been super patient with me while I wait for the right property.  Keep analyzing deals, and keep looking.  Eventually you'll find the right property, just don't lower your standards to get any property.

Oak Trust Properties is a really good company.  Keith Harmon is my POC.

@Marquis Williams Many lenders now do what they call a "soft pull" on your credit report, which doesn't trigger an inquiry, for the pre-approval process, and a "hard pull" when you're actually going through the motions of getting fully approved.  Something to ask the institution about.

@Kyle Groseclose You could let them know the property is under new management, that you intent to renovate the properties when vacant, and that they will need to sign a lease to remain tenants.  Some may choose to do so, at which point you can raise their current rent slightly.  Those who don't choose to sign a lease, the notice of new management can be their 30 days notice.