Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kyle Myers

Kyle Myers has started 9 posts and replied 35 times.

Post: Property Management Expenses

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

@James Wise

I don’t think he’s asking because he feels like he’s being taken advantage of or doesn’t want to pay fees. Just wants to know the different ways PM make their money and what is normal to pay for vs being scammed.

If I have a $500 hamburger and $10 hamburger on the menu your not going to want to know why?

Post: PayPal is free, unless your tenant can’t follow instructions

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

@Anthony Wick

Have you had any problems with PayPal and their terms doing this?

I use PayPal a lot for transactions, not real estate related, and of course when I sell something want people to send me as the friend option because no fees, but when I pay for something would never consider sending money via friends and family option. No buyer protection and would lose any dispute. Id be willing to pay an another 3% for that protection.

I’d be worried if PayPal reviewed my account and saw I was doing business using the friends method they’d freeze my account and all my funds or ban entirely.

Post: BP Lending Options Webinar

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12
Originally posted by @Kathie Riedel:

@Kyle Myers  Not able to give you a reference. As a private lender friends bring me their deal and we negotiate terms. Hope I am understanding your question correctly.

Thanks Kathie. As far as reference I’m just referring to seeing a post on this website or I think it was in one of the BP webcast where they listed several documents he recommended bringing to your lender to help make process easier. I thought I bookmarked it but couldn’t find. Hoping someone remembered the same and could re-link me too it. 

Post: BP Lending Options Webinar

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

Can anyone reply with or direct me to what I recall seeing in a webinar or podcast that basically listed the items to bring to your lender. I can't for the life of me find it, but recall being provided exactly the items to bring in order to increase odds of getting funded. I know one of them was the BP deal analysis report plus some other documents.

Post: Real Estate Analyst Education / Skillset

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

Is anyone here ever been a commercial real estate analyst or real estate investment analyst as their profession? 

Would love to know what it takes skillset/background wise to get a role like that and what day to day is like. I'm currently working in commercial property mgmt, but interest lies in evaluation of deals and working with data and would like to do more of that in my day to day job if possible.

Post: Family Friends Agreement

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

Question regarding presenting a new deal to family/friends

I have property in my sights, realtor, property management, and partner in place. Looking to bring on a handful of additional people close to me to get the remaining funding. First time putting together a deal like this.

1) What's the best term sheet/format to provide a potential investor in this capacity to agreement in place they want to invest? Am I supposed to offer shares  or can it be a simple as min investment is X, investor gets x%/ $$ per month, and can exit after x time frame.

I have my property analysis and "pitch deck". Basically looking for best format to show what I'm needing from them, show expectations on a return and ability to get an unofficial agreement their in if I close on deal.

Post: Property Management in Wichita, KS

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

Post is a couple months old, but having worked for a commercial property management company may have some experience. 

TLDR: Don't feel scammed or overcharged this will be typically of any PM company. As long as you aren't being stolen from and their doing a good job leasing/managing tenants I would work with them on the other minor stuff. PM isn't hired to work on property, but manage the processes.

Some of those charges you'd hope to be within their monthly fee are normal.  That % is to cover known overhead expenses, admin fees, etc.

Anything unknown like inspections, lock changes, etc., my guess is they have a handyman subcontracted to perform who charges the PM company who then if you lucky passes cost to you, or likely marks up 10-25%. Seems expensive for $20-40 lock work, but it's not worth their time to go to the property for much less.  They can't and won't include that in their monthly management fee  because they have no idea what their contractor will charge them before signing a PM agreement and if they do it themselves it's little bit extra $$. 

It's also, not an excuse, typical for information to not get relayed from a vendor/landscaper, to the PM, to you when it comes to misc things like bike laying in lawn. Can be for various reasons, but not end of the world and I would just remind them to please stay on top of things like this. If they weren't aware or address major issues like leaks, hazards, etc. that's when I'd be worried about their ability to manage.

In regards to being billed months late normally they won't charge you until their charged by contractor/landscaper, and just know their probably using joe blows landscaping who knows how to haul around a mower but probably not the most attentive to administrative/billing of their own business. Making it worse is if being billed monthly, that landscaper won't invoice the Pm company until end of month, most times a week or two into the following month, and if truly bad they struggle to get invoices from contractors at all, but again they can't bill you until they receive an invoice.

Any issues you are having with maintenance, inspections, fees (outside leasing related) likely not the PMs fault it's the vendors their using. Of course it's their job to manage this so you have a right to question charges and prompt work, but you need to work with them on a process so you can manage your financials better. Switching companies if everything else is good especially being able to find good tenants won't solve your concerns.

Recommendations:

1) Get agreement that you won't pay charges over 30 days late. i.e. late lawn charges. they should be able to put same agreement to their vendor to put pressure on them to bill on time, or make a vendor change. I have customers who won't pay past 60 days so puts pressure on me to assure my vendors bill me timely, and in my service agreements with them have same rules in place. If past that date I'm not getting paid, so my vendors aren't and if it happens multiple times I switch vendors and part of that monthly mgmt % is for my time to manage this process and/or find better services for you. 

2) Get agreement on flat fees for the various routine cost such as landscaping, inspections, lock changes, etc, and require them to submit their vendor invoices as backup. This way you can confirm they aren't marking them up, and any non routine charges require them to get multiple bids. Bit extra work on your part at first to assure everything is square. If over time you feel better about their transparency you won't have to look through the back up as critically.

3) Require some sort of monthly report, if you don't already especially if managing remotely, that includes pictures. This helps to assure vendors are being conscious of unusual issues at property, the PM company who I'm sure doesn't see the property in person as much as you think has visuals to see if say a bike is laying in yard and landscaper just mowed around it or trashy, and if you see those issues in report without comments it was taken care of express your displeasure the PM company isn't doing job to your standards.

Post: Predicting Area Growth

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

Thanks for insight. To clarify question though. Predicting may have been poor choice of words. I don’t really mean predicting where the next “boom” per say will happen, but if there were sources to keep eye on to see if developments have already been planned and put into action whether through building permit filings or maybe property/land purchases. So maybe not predicting 10 years in advanced but 1-2yrs.

Idea was sparked because I feel familiar with my area in terms of how it “has” existed but it is clear some areas are starting to be  revamped in small chunks whether that be an apartment complex or two are being redone or stretch of street where one side was clearly redone while other side  wasn’t yet.

Question was geared more towards if there’s good way to research if those rehabs look to be more one off cases of maybe someone like myself purchasing small complex and is rehabbing that only or if a block or neighborhood has a larger developer with bigger plans that maybe i would be better off looking somewhere else if that makes sense.

Post: Predicting Area Growth

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

What are the best ways to predict or research potential growth of particular areas or neighborhoods?

For Example, If I was targeting a certain neighborhood is there a way to research if there are possible new attractions, big retailers, etc being planned for development, or maybe possible indicators to look out for that an old or run down part of town maybe target for developers to start revamping soon?

Even general growth direction such as 10-20 years ago knowing Collin county areas such as Frisco, Colony, Plano, etc.. north of Dallas would grow so much knowing all the planned developments of Dallas cowboys and Toyotas of the world, or does this type of stuff happen so quick relatively that you can't research with public records/websites until you starting physically seeing the development and having to make a judgement call at that point?

Post: How to Find Empty Lot Owner to Build On

Kyle MyersPosted
  • New to Real Estate
  • Frisco, TX
  • Posts 36
  • Votes 12

You should be able to go to the county site, google something to effect of "[insert county] tax assessor property search" should give you direct link to site. Typically allows you to search by view variables including address.