All Forum Posts by: Mark Vandzura

Hi @Amy H.,

Thanks for weighing in. You make a good point. Thats another reason that I think I'd have more control if I hired an assisstant/PM.

Hi @Levi T.

I like your train of thought. Stay ahead of the curve. I agree with @Account Closed, As investors we need more leverage. You do not need to take their car, you simply convince them that you can and will if necessary. Tenants have way too many rights IMHO.

Wishing everyone loads of success,

Mark

You make a good point @Matt K.,  

I know you're correct,  a 15 dollar an hour employee will definately cost me more than 15, but at the same time I should be able to write off their wages. I'm not sure if the write off  will offset the added expenses of paying the things like SS tax & workman comp, etc. for an employee but maybe someone else can answer that question. 

And I'm certain that I would have to manage the manager( more so in the beginning for sure). 

I was thinking (in my dream world) I would like my proposed employee to eventially become as self sufficiant as a PM company.

Good luck to you also @Mike Dymski, 

Thats great advice. I have been listening to a magnitude of podcasts, but I have yet to find time to get out to a Reia meeting (I'm working on it). I did a little research on past forums but then thought I would just post the question myself in hopes that the answers would come to me. The BP followers have been fantastic in thier responses and I  look forward to more, and I will certainly continue to research other past disscussions on the topic. Thanks again Mike.

Wishing everyone loads of success,

Mark

Hey @Jp Kilduff,

Could you tell us a little more about the South Jersey Rehab Group like where and when you meet. I'm investing in Gloucester county and I'd love to check out your group.

Wishing everyone loads of success,

Mark

Hey @Kyle R., I agree, networking is key. I recently was able to set up a meeting, through a colleage of mine,with a gentleman who owns several large 100+ apartment complexes. He was more than happy to share his experiences with me and since we are not competing (I'm looking for deals on a much smaller scale than him) he mentioned that he may be able to connect me with a couple of people he knows that are looking to sell 18 to 20 unit buildings. It may amount to nothing but only time will tell. I'm thinking positive. And, it's one more person I have in my network.

Happy weekend BP members,

So I'm not the type of person that's afraid to admit when I am wrong, and I'm begininng to feel that way. In answer to @Craig Bellot, ... there is nothing about their agreements that scare me off. It's just that at first glance it seems like a lot of money to pay out of my profit and I was thinking that I could be more in control by hiring in house. 

I'm not sure I am understanding @Jarrod Kohl. Are you saying that it would be more expensive to hire an in house PM or more expensive to hire a PM company?

And as for @Peter VanWesep, I love your attitude, If Iknew of a property management company that was as confident as you (cheaper than everyone else and BETTER THAN THEM TO BOOT) I'd probably hire them tomorrow.

After reading @Matt K.'s reply, I began to quickly do some math. If I have a portfolio that generates 17000 in gross rent monthly, (17000 x 8% is 1360) That comes out to 16320 annually.

I have a full time job and manage my rentals, so I would estimate that it should take less than twenty hours a week for a part time assisstant. At 16320 annually that's about 15.70 an hour. So I'm wondering... does the employees at a property management company that would be taking care of my properties make more that that? I don't know. And could I train a 15 dollar an hour assisstant to manage my rentals? I don't know. Would it be legal? I don't know. 

I think I'm leaning towards Jarrod's idea of trying out a PM co. for a few properties to see how it works out.

Any other thoughts are always welcome and appreciated :)

Thank you everyone

Wishing everyone loads of success,

Mark

Hey @Jason Magee,

Thanks for the tip. The tax assessor was very nice and offered to compile a list of multi family units free of charge. She wasn't sure of all the info that it would provide, so I'll have to wait and see. She said it will take about 7 days.

Thanks for replying @Craig Bellot,

Love the chart.

You are correct :)  When I purchased my first few properties, I did not think of property management as being an expense to analyze. 

Fortunately I do beleive that my portfolio cashflows well enough to hire a Property Management Company. I have only found a few local PM companies and after reviewing their management agreemenst it seems as though I could better serve my rental company with a direct employee and less expense.

By no means am I saying that I am correct in this assumption, ( which is why I posted this discussion). I sincerely welcome all feedback form the BP community from novice to well seasoned investors. 

Thank you all for your willingness to help.

Wishing everyone loads of success,

Mark

Thanks @Ray Lai,

I love your recommendations, especially #2 :)