All Forum Posts by: Marcela Correa

@Dave Snider, did you end up trying out Visio? Any updates for us on your experience with them?

Thanks!

Hi Jason,

The definition may be location specific. Your local regulatory/permitting agency will have the definitive answer. If it is a walk out basement that'll be great for listing and marketing.

I'm not familiar with PA but I would still try the big names, i.e. Geico, Allstate, etc. You're looking for Builders Risk insurance. 

Congratulations on the wedding! There is a ton of customer service in property management. You are the main point of contact for all of the tenants so they all turn to you for things that are and aren't your responsibility (for the latter you just have to point them to the relevant section of the lease). How challenging the customer service aspect will be depends on your tenants, and specifically the personality of the owner and/or the office manager who is your point of contact. Some are professional and straighforward to deal with and others may have unreasonable expectations and demands. 

You also have to oversee the work of all the subs and service providers to (the common areas of) the property and be the interface between them and the tenants. Again, another opportunity for things to be straightforward or for people to point fingers and require a lot of mediation. 

If you interview for another position, try to speak one on one with someone working at the properties you'd be charged with to get the skinny on the tenants. It doesn't have to be the outgoing property manager; it can be the engineer, janitor, etc. 

Congrats! Wish you the best on more to come!

An FHA loan is not a one time thing. You can have several throughout your life but there are limitations on having more than one FHA loan at a time. Here are relevant rules directly from HUD: http://portalapps.hud.gov/FHAFAQ/controllerServlet.... If you and your wife live together and you are obtaining separate FHA loans to acquire investment properties then it could be seen as circumventing the rules for investment gain. I recommend you speak directly with a lender about this since ultimately it's their underwriters that will approve the loan.

However, if as @Wayne Brooks states, you refi out of the FHA loan on the first rental then you can use another FHA loan to purchase the second rental if your intent is to move into one of the units so it qualifies as owner-occupied.

In my market, granite is practically the default option. Can't speak for the Kannapolis market. Since you're wavering and it's so small, why not put in the cheapest granite possible? It's still granite but at a lower expense. Ask the supplier whether they have any remnant pieces they'll sell you at a discount.

@Robert Nason My worry with split systems is to what extent they'll service the rooms where the unit is not located? For example, I often here of it recommended for basement rentals or in-law suites. Assuming about 700 sf, will one unit in the main living area suffice? Should one be placed in the living area and one in the bedroom? Will this still mean that the bathroom will not be quite conditioned? Appreciate anyone's thoughts on how much the conditioned air travels from one space to another.

@Gina Shields I hope this helps you as well!

Good luck!!!

Hi Eddie,

I came across your posts by happenstance. I switched careers 2.5 years ago--from international development to real estate. I knew I wanted to be an investor but I wanted a full-time position within real estate so that I could learn more about the industry. Though I looked at a variety of positions, I accepted a role as a commercial PM. It was a great choice but not for the reasons I expected. I was expecting to learn a lot more about real estate and construction. Ultimately I learned more about accounting, maintenance, leasing, and most of all, customer service. I was correct in that the hours were very manageable. 

The company was stellar at property management and I learned many lessons about how to do it right...that I'll be able to take with me if ever I develop a rental portfolio. In the short-term, the great hours allowed me to devote my evenings and weekends to growing my own business. My success in making that first transition gave me the confidence to then transition full-time to my own company a couple of years later.

The description of the position after your first interview sounds amazing and it sounds like you're going to have exposure to a lot of areas. If any more interviews arise, feel free to PM me for some specific interview advice. 

Also, be mindful that your potential employer not perceive any conflict of interest with your personal pursuits. After they made me an offer, I informed the employer that I had my own company. I specifically sought commercial developers so that there would not be any issue with my company, which only does residential.