All Forum Posts by: Lucas Miles

@Dillon Dale for multifamily yes we are looking in the general Waseca area. Love to connect!

@Joshua Logan I'm out of the Mankato area, we invest in Section8 apartment buildings (Project Based HUD properties). Happy to connect!

@Trevor Schmitt Hello! I'm an apartment investor out of MN. We have a portfolio of market rate and affordable properties in MN, expanding into IA as well, I'll shoot you a message, love to connect.  

@Marysue Connelly just let her a notice of lease expiring, and that you won't be renewing, make sure she is aware she has to be moved out following all your move out processes by X date. No need to give her a reason for this, no. Make sure you are following your state guidelines for all this process. (Not legal advice, just my opinion). 

@Gina Mueller we would be interested in learning more, we will be closing on our first multifamily in Iowa soon, and are actively looking to add units. I'll shoot you a message. 

Awesome story @Taija Golden and where you are headed! Should connect, couple markets we are looking into in South Dakota, curious where you are invested in!

@Jannet Matthew switching utilities over to the tenant can be a great to decrease expenses for a property. I don't have experience splitting water, but have done this with electric before. 

Electric - Can be challenging to figure out what circuits go to where in your duplex. One way to do this is to plug in something to every outlet, turn on every light, fan etc in the duplex (both units). Turn off one breaker at a time and look to see what lost power. Once you have all this documented you should know what wire goes to what unit, an electrician can then add a new breaker panel/meter and rewire to split the electric to the 2 units. Have to check with your local laws on any permitting that is required to do this.  

@Michael Smythe Propertyware doesn't have affordable properties capabilities does it? We have both HUD Section8 and USDA RD properties, so affordable capabilities is a must for us.

@Frank K Hwang we have used Buildium for a handful of years now, have had good success for the most part. Seems like their "award winning customer support" as they claim it, has really gone downhill quickly. We will likely be switching to Appfolio or Yardi Breeze soon, they are more expensive but seem to better solutions for larger portfolios.  

@Tyler Condon ask for referrals for other properties they manage of the same asset class, ideally in the same location. 

Act like a prospective tenant and call the "for rent" listing for a property they currently manage, how does this conversation go? Are they friendly, knowledgeable, if they don't answer, do they call back in a reasonable time? 

Ask the CEO/owner of the PM company, how they view their relationship with the owners of the properties they manage. They should view this as a partnership, and no a "we do everything and send you your report at the end of the month"