All Forum Posts by: Mark Vandzura

Hi @Geoffrey Schaeffer,

Thanks for your reply. It certainly helps that my units are located within a close proximity, which is why I was comparing them to a small apartment complex. As I've grown, I have learned and developed systems and processes. Since I don't have an extremely large portfolio yet, I am thinking of a part time assistant/property manager to serve as the primary point of contact for tenants, prospective tenants, venders & contractors.. Some of the tasks I would like that person to do are as follows:

1. Answer and respond to all phone calls, texts & emails (e.g., tenant complaints, maintenance requests, vacancy inquiries, etc.) in a timely and courteous fashion.

2. I do use an online property management software (Rentec Direct) which is great for ACH payments and bookeeping, but I still need someone to keep it updated (e.g. post rents received, input vender/contractor invoices, input taxes & insurance, keep track of late payments, etc.)

3. Call and setup contractors to do small maintenance tasks.

4. Gather estimates for capital expenditures.

6 Show vacant houses to prospective tenants.

7. Review and process applications

8.Collect security deposits and review leases with tenants. ( I dont like to just hand tenants a lease to sign without going over it in detail so that there is no confusion as to what is expected of them down the line)

9.Inspect units semi-annually

10.File for evictions immediately when rent is more than 5 days overdue. 

11. Set up & remove For Rent signs.

12. Take pictures of units, design flyers and bring flyers of vacant properties to local businesses to attract more and better tenants.

I'm now looking for multi family buildings with 5+ units which would grow my portfolio exponentially and further create the need for a full time Property manager. 

I appreciate your thoughts and the wisdom gathered form all those who have responded. 

Wishing everyone loads of success,

Mark

Thanks for your thoughts @Robert Gilstrap,

 I'm sure that for a novice landlord a PM company is worth thier weight in gold. I do put a high value on my time, but I am the type of person that learns by doing. I've been managing my own properties for about 8 years and in that time have developed my own systems, processes, connections, etc. What I'd like to do now is hire someone else to handle the load so that I can scale my business. 

I know of several owners of apartment complexes that have full time W2 Property managers, But I haven't met any owners of SFR's and duplexes that go that route. It seems to me that managing 20 SFR's would be very similar to managing a 20 unit apartment complex. And I still find it hard to believe that nobody has tried this.

I tend to agree with @Simon W. that a PM employee that receives a salary and not commissions should not need a license.

Thanks again to everyone who has shared their thoughts. I'd still love to hears the opinions of anyone else in the community. Maybe someone who owns an apartment complex could weigh in.

Wishing everyone loads of success

Mark

Thanks @Jim Celmer, I appreciate your input.

I can't believe that there is nobody out there that has already done what I'm trying to do. There must be someone in this expansive BP community that has hired a personal assistant to handle their day to day property management tasks.

I know you're out there. Come on in and share you're knowledge and experiences.

Let's all grow together :)

Wishing everyone loads of success

Mark.

Good morning all,

Hey @Hetal Patel, my properties are in an LLC, but I don't think it mattered for the line of credit. I'll Pm you my contact.

Thanks so much everyone for you're insight.

So, let me give you a little more of my thought process. 

I had heard that a PM needed to have a real estate license as @Peter VanWesep mentioned, but I also was under the impression as was noted by @Irina Belkofer that if I hired W2 employee then that person would not need to be licensed. What I had never heard before was that if I had an LLC the PM would need to be licensed. Thanks for that info, Irina. Thats why I'm coming to the BP community for wisdom. I'm wondering, do the property managers of apartment buildings then need to have a real estate license also?

I was thinking more on the same line as @Paul Ronto, and hire a "personal assistant". But I'm not sure of the legalities of that because most of the tasks that I would require of that assistant would be real estate related. Anyone have any thoughts on that?

I know that I could easily continue to self manage. I do use an online service (Rentec Direct) for record keeping and accepting ACH payments, and that has helped a lot. But my main goal right now is to grow my portfolio..So every minute that I'm not learning, reading, networking, anylyzing deals, etc... that is just slowing down my growth process. My aspirations are to be a more passive investor and as I grow my company , the need for assisstance become more paramount. 

I enthusiastically welcome any more info on the subject. Thanks in advance BP Members.

Wishing everyone loads of success,

Mark

Hey BP members, 

Does anyone have any advice on hiring a property manager? I currently manage 16 doors myself, all within a 10 minute drive from each other. (I do everything). I looked into a few property management companies but they want 10% of the gross rent plus other fees to renew leases and file evictions, etc. On top of that, the realtor wants the first months rent when they find me a new tenant. Nothing against property managers for sure, if thats what people are paying, then God bless you :)

But I was thinking of hiring a part time employee (property manager). I could pay them a salary or hourly wage and I am thinking that would be less expensive and give me more control? 

If anyone has ever done this, I'd love to hear your thoughts and how you went about it.

Here's what I'm thinking: If I hire an employee I can determine the job description. I'd like them to handle everything such as handling all phone calls, maintenance requests, posting and showing vacant properties, signing leases, filing evictions, etc,etc,etc...They could even work flexable hours.

I'd love to get some feedback from the BP community.

Wishing everyone loads of success,

Mark

Hey @Robert Sapienza,

Here's a little info you should know.

Not all towns accept section 8.  

I've never rented to section 8 tenant before but I've had several try to rent from me in Malaga, NJ. Wnen I called the Housing Authority in Gloucester County, they told me that they do not do section 8 in Malaga and several other towns in the county (Newfield, Pitman, Malaga and a few others.) You'll want to make sure that you buy a house in a town that accepts Section 8.

Hope that helps, Good luck.

Hi all,

I'm a local south jersey investor, gloucester county area. If anyone is doing a meetup, please keep me in the loop.

Hey @Haney Mallemat, I'm up for coffee and some good conversation. What's your schedule look like?