All Forum Posts by: Marcus Curtis

Everything with me is by the books. My view is if you do anything "above-and-beyond" for one resident you must do the same for all. A simple letter thanking them for their continued tenancy around the Holidays is a simple and inexpensive gesture but only if you are doing it for all.

The one thing I started doing two years ago is stocking the fridge with bottled water, the freezer with two pizzas, a custom pizza cutter with my contact information on it and a roll of paper towels. For units with dishwashers, I provide a small bucket of dishwasher detergent pods with a warning not to use regular dish soap in the machines. You would be surprised by how many times residents were unaware that dish soap was not for the dishwasher. I do this for everyone.

The key I think is to do it routinely for everyone no matter the circumstances. One of the worst accusations that a Landlord can receive is that they are playing favorites. It is a discrimination case just waiting to happen.

I am 50/50 for Red or Blue. Really I think it comes down to the landscape. Can you add additional landscape elements to compliment your choice color? There should be some resemblance of color leading from the front yard/stoop to the door essentially drawing you into the home.

I believe that a truly professional management company should have all the resources you need and then some. They could simply be your accounting department, your maintenance department, your leasing department and legal department or all of the above. That should be the discussion you have with them.

You, as an investor, will fall into one of two categories; Hands-on or Hands-off. The latter being you simply checking the PO Box each month to receive your owner statement and maybe in the spring meet with your Manager to go over operating budget and to discuss upcoming Capital Improvements.

The only way to manage the manager is to be the manager in my opinion. Either that or you find a Property Manager that has a well equipped team with the knowledge and experience to handle every facet of the property management business.

The question to ask is, "Why have I hired a Property Manager if I have to manage them?"

@Mike B. You Beat me to it! I am uncertain of the future of this system though- I think all it takes is for one tenant to radically challenge the "Fairness" of the system. It certainly helps neighbors keep one another accountable but even that at times can be troublesome.

There are several companies who will handle the billing for RUBS for you so it can be an automated system.

Walmart. Just don't meet your first wife there.

(Speaking from personal experience.)

Send a resume to local management companies who manage not only large properties but also smaller <30 unit properties. Your target should be those smaller properties as they are often part-time gigs with partial or even full rent credits. (This will help you SAVE to get into the game)

Inform them why you want such a position and what you know about the industry. You should be familiar with Fair Housing, Landlord Tenant Laws, and how to effectively perform a lease-walk (i.e. showing).

Also, be prepared to get your hands dirty in assuming not only the role of resident manager but also as caretaker, handyman and strategic response team.

Although I work full time in Real Estate Management and operate my own business I still manage to make time to be a Resident Manager for 80 units on my own. In my area compensation for Resident Manager comes out to roughly $20 per door- That's $1,600 additional per month to begin putting aside for your first investment property!

I think this is the best way to begin in real estate- you not only learn the ropes but you also get the opportunity to make mistakes, find solutions and better yet understand the phycology that goes into the job as a manager, owner and consultant.

Now get typing the resume and building your list of companies!!!

Imagine you are in your early 20's and into the dating scene. You are not out there looking for an "easy" win. Rather, you are looking for that one special someone you will spend the rest of your life with.

So, would you lower you standards because after 20 dates all you are getting are those "easy" wins? Or will you stand steadfast on your policy to find the one that is worthy of being your eternal mate?

That was deep but hopefully you understand what I am getting at.

Cheers!

Hi Jeff- This post looked lonely so I thought I would chime in with my two cents.

Unless your rental property is an executive level home in a highly affluent neighborhood where tenants have the expectation of high-end finishes I would advise against wood blinds and even faux-blinds. Take a look at the competition in the neighborhood- what are they using?

While I personally think it is great to differentiate your product from the rental down the block I highly doubt potential tenants will base their renting decision on the $450 blinds throughout the house. I think that $450 would be better invested in higher end appliances, installing a dishwasher, or even taking care of the never ending list of deferred maintenance such as the steps that are cracked or the bent storm door.

The first question I ask is, "Will this get me any more rent?" You would be surprised by how much easier this makes decision making.

Lastly, I do not agree with your father on the aluminum blinds. Rather, I would recommend vertical vinyl blinds. This way they cannot be bend and if one of the blades are damaged you simply replace one blade verses the entire unit. Thus further reducing your operating costs.

Hope this helps!

This is the one problem I see with self-managing your own properties; your emotions get in the game. It happens to all of us. My thought is however that if you want to run a charity you might have gotten into the wrong business.

Don't get me wrong, what you are battling is an honorable battle. But at what cost does it come to you? What are you leaving on the table? The main goal for an investor is to 1.) Increase NOI and 2.) Increase overall value of property which is done by increasing NOI all the while reducing your expenses.

I will say however that the rate you are getting for your identical unit is the Market Rate and NOT the Rental Rate. Your Rental Rate is the rate you are charging for current tenants and the Market Rate is what you would charge a new incoming tenant. Rental Rates in my area are usually 3-7% below Market. 

Another way to look at it is the cost of finding and leasing to a new resident if she is unable to pay her rent. With the industry average turn cost for a two bedroom unit of $1,500 you may face some short term expenses that may be hard on the pocketbook if you do not have a wide cashflow spread.

Lastly, you might consider the conversation with this tenant that if she is unable to pay the Rental Rate she may work off the balance each month in return for duties such as taking out trash, cleaning common areas, yard work etc.

Personally, I would advise against the additional carpet cleaning. To the sounds of it you or the previous occupants must have had cats. Is there an specific area within the condo that the smell is stronger?

I advise against the additional cleaning because I fear that if you do it again you will only re-saturate/moisten possible soiled areas in the subfloor where there may or may not be pet urine. By re-moistening this area you will likely enhance its odor.

The condo and/or the air in that region may be humid as well. If they are running at a higher heat and humidity level this may be bringing the odors out.

Just my thoughts from my experience!