All Forum Posts by: Account Closed

For single family houses in Norfolk, look up the Z team.  I haven't personally worked with them but I did interview them.  If it's a multifamily Commonwealth is who I use, and though I have only worked with them a few months, they are head an shoulders better than the last PM I had.  

Welcome to the journey, I wish you much success.  I'm trying to get a few rentals in Huntsville myself.  

@Cameron Peters Thanks for the input, I've got a conference call with the PM scheduled today to discuss this further.  

@Colleen F. As far as I know there was just one rat spotted once in each building (there are two).  On the smaller building he likely got in b/c someone didn't properly shut the crawlspace door.  On other other building the door had rusted out at the bottom below the grass line, so we didn't know there was a hole until we specifically looked.  It has since been repaired.  Only one tenant ever complained, so I feel like there wasn't an "infestation."  I'm definitely going to get other opinions.  

Not sure where else to post this, but here goes: 

I recently had a small sewer leak under my apartment building that the pest inspector discovered.  The leak itself has been repaired by the PM's handyman to my satisfaction but the Pest control vendor brought up the following issues:  

1.  He feels the need to do quarterly rodent treatments to the tune of $500 up front, then $125/quarter.  - this sounds like overkill b/c we've only had reports of 1 rodent in 1 unit in the dead of the coldest weather, which was addressed as a one-off issue.  No other tenant complaints.  

2.  Replace two crawlspace doors for $500.  - this in particular sound exorbitant - even if he recut the brick and installed a new door from scratch, this sounds like alot.  

3.  Fungus Treatment and moisture barrier install for the property $2200, plus another $500 quarterly.    My PM has said that he feels there is alot of overselling of fungus protection in the area, so he's not inclined to go through with the work.  I also feel like this is pretty steep for the work to be done, but I don't have a basis for that opinion.  

also on a side note - the sewage leak was repaired, but probably a gallon or two of sewage left in place.  Best way to address this would be Lime?  Cat litter and scoop out?  

The property is located in Norfolk VA if that helps; any and all input is appreciated. Thank you ahead of time.

@Rachel Brewster Good luck on making progress, I hope you find a property that will work for you.  Just my two cents but I'd encourage taking this point of view - you're never going to be perfectly educated, no matter how much you read or try to prepare, there's bound to be a curveball or something else unexpected real estate will throw at you.  When I began my approach just factored in some unknown-what-ifs.  If you can carry the property on your own paycheck, and you have 6mos-1yr of access to cash then go for it.  It may not be financially the best deal in the world, but  you'll learn more from doing it.  

@Cameron Small thanks for reaching out, I'll send you a PM.  

@Melanie McDaniel I'd like to attend one of these events, probably sometime in the first half of the year.  Can you include me on the next invite?  

We have a local guy here in Jacksonville that has a carpet cleaning business.  He's a member of our fishing club which is how I  know him and I have to say I'm in total awe of the guy.  My understanding is that he came from a pretty rough background too, and pretty much built his business from the ground up.  

Here's my point to this - the main thing he's known for is not carpet cleaning.  I'd say when I look at his Facebook feed that 99% of what's there is about helping other people or saving animals.  He will help you with anything if you ask, and he's quite the man about town too - if he can't help you, he knows who can.  He just gave me a great referral to help with a sick grapefruit tree.  

All of this is stuff you can do with no credit and no money.  Talk with locals, build your brand with the city around you.  When you become known as a certain quantity, people will start to look to you for help (and make sure to be selfless in your acts, last thing you need is a quid pro quo brand).  Then leads will follow, and all the while you can be improving your credit too by any means necessary.  

@Michael B.  thank you for the fast reply!  I'll reach out to the contacts you mentioned over the next week or so.  I'd like to talk with you a bit too since you are local.  Message to come.  

I have been researching different markets to continue my wealth building in this year after building some funds to work with.  I'd like to connect with some active investors in Huntsville Alabama to get a feel for the area and an understanding on who to work with.  I'm looking for a lender to work with and a property manager or two to handle properties.  I'd be interested in single family homes and and small commercial multifamily units.