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All Forum Posts by: Matt Friesz

Matt Friesz has started 11 posts and replied 44 times.

Post: Clearwater, FL property management suggestions

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Josh Green:

@Matt Friesz Thanks Josh! Does Jay work for Graystone?

On the topic - @Jay Michalec is the best property manager you'll find. I would highly recommend him as a dependable, trustworthy and professional PM


Post: Clearwater, FL Rental Property Manager

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15

@Dan Maciejewski Hi Dan, I know this is an older post, but if you still have the contact for the PM company, could you forward that to me!

Thanks,

Matt

Post: Clearwater, FL property management suggestions

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15

@Norman Schultz hi Norman, have you found a good PM company in Clearwater? If so could I get their contact?

Thanks,

Matt

Post: Tampa Bay Free RE Meetup - August 2022

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15

Great! I invited another investor this morning. We were looking at our calendars, and I realized that we have company in town that week. So I'm not going to be able to make it! Please let me know about the next one. 

Post: Tampa Bay Free RE Meetup - August 2022

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Khaled Morad:

Yes. We are doing it 9/20. Post coming soon.  

Great! Will it be at Cigar City again?

Post: Tampa Bay Free RE Meetup - August 2022

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Khaled Morad:

Woop Woop. I'm excited. Looks like we will have a great turn out this week. Looking forward to seeing everyone tomorrow night!

Happy Saturday Khaled! Are there any REI meets up scheduled for September? Lmk 
Matt

Post: Property management Nightmare

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Richard F.:
To put a finer point on it, everyone has their own opinion of what "ready to rent" is. You need to define YOUR requirements as to what, exactly, that means. Walk through the unit with your PM, and talk it through so that they understand what you want, and you also listen to their recommendations. As a newb, you probably do not know, what you do not know. Ask questions about their suggestions, they might make sense. Or not. Then, actually look at a couple comparable units, with your PM if possible (assuming they have other vacancies?) and see how your idea of rent-ready compares.
Your "home inspector" is doubtfully looking at the property with curb appeal and wow factor in mind. He is looking for functional and physical defects primarily, that affect the appraised value. Typically, when I take over management of a new property, ASAP I at least do a brief walk through of occupied units, taking a few photos, and upon vacancy, I send a lot of photos along with my recommended repairs and upgrades. If possible I meet with the owner at the property, but of course some are out of state owners. Once we are in agreement of what needs to be done (and often with me explaining why it should be), if it is mostly small, routine, turnover items, we will just have it done based on a verbal estimate. If it is a major reno, the Owner will need to sign off on a written contract with the vendor. Either way, I check on the projects at least weekly, documenting with "in progress" photos shared with the owner, and a final, RTR series of detailed photos. With regard to shortage of vendors, I 100% understand that, but they should have warned you up front.

If you have no cap on expenditures that can be made without prior approval, that can be dangerous. We recommend our clients limit it to either $1500, or a full month rent. (For all of you investor's screaming NO, should be only $250, that is absurd. You can't get a toilet changed for that in most markets.) It is shocking how expensive a cleanup and remediation for a large water leak, especially sewage water can quickly become. Of course, hopefully insurance would cover some of this, but my point is you should get information long before any "invoice", and I do not understand why the invoice would not provide relatively adequate details (to be fair, most contractors are horrible about writing down much in the way of details,even for routine service calls. Find someone good at it, and treat them like gold!). I would add that failure to respond to an email within one or two business days is NOT a good sign. Is PM the primary business of the companies you have used? Or is it secondary to sales,or managing their own properties?
Hi Richard,
Thank you for the great information. I am sitting down to write out my questions for the PM. Im pretty sure PM is the primary business. I’ll ask them when I’m up there this coming weekend.

Post: Property management Nightmare

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Drew Sygit:

@Matt Friesz couple of thoughts:

1) Not every PMC is capable of deciding what needs to be renovated on a property besides "making it look pretty". We've taken on 100+ properties that other PMC's messed up on the rehab and either ignored "obvious" repairs that negatively affected marketing or went way beyong "maintaining to the neighborhood" and wasted owner's funds.

2) What Class are these properties? We've found many owners buy properties thinking they are Class A or B and in reality they are not.

3) If Class C properties, they may not be the correct type of PMC. 

Suggest you have a real open conversation with your PMC about what is really going on.

Thank you Drew!

Post: Property management Nightmare

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Michael Haynes:

Hello Matt Friesz, This is what I see as the problem with the Go Go attitude you get from BP. Example, "I'm a 23 year old girl, just out of College and I bought 30 Rental Houses this year producing $30,000 a month in Positive Cash Flow." It sounds like you are making all the mistakes that you can make. It is time to personally take over and resolve this mess. You could watch the youtube video by Reventure Consulting called, Buying a Home in 2021 = Financial Ruin? Find out Why.

Thank you Michael.

Post: Property management Nightmare

Matt Friesz
Posted
  • Rental Property Investor
  • Oldsmar, FL
  • Posts 48
  • Votes 15
Quote from @Patrick Drury:

@Matt Friesz
It sounds like there was a lack of communication. When buying a property you should have laid out definitively what you want to be addressed by the pm company if you want repairs to be done. I think you assumed they would just fix everything and you wouldn't hear from them again, and that led to a misunderstanding between the two of you. Although if you lay out and clearly state what you want to be done and they aren't able to get it done potentially look for someone who can. Keep in mind if you decide to fire the second PM and hire a third, the new PM will have to onboard the property, which will take time and you will be back to square one with someone new. 

Hi Patrick,
You nailed it! I was thinking they would know what to do. Lesson learned/still learning. I’m flying up there next week to go over everything. My fault for sure!