All Forum Posts by: Mike Loughry

Hello- We have a multifamily on beachside Daytona Beach, and are trying to figure out how much to invest in renovations as units become vacant. It seems like the asking rents on renovated new rentals have gone up a lot, so we are wondering if it is worth doing renovations to try to attract a good tenant pool? In other words, is there a pool of tenants on beachside that can actually afford the much higher priced units that are newly renovated?

Your opinion is greatly appreciated!

Thanks,

Mike

We recently switched to a new property manager in Fort Myers FL, which we believe is a good rental market. We had a low-ncome unit become vacant and we originally listed it at $875, which we think is market. The property manager said there was lots of interest at that price when they listed. Six weeks later, the unit has not been rented, and they say they lowered the price to $799, without our knowledge and permission, and want to go down to $750, since there has been no interest and in fact no showings to date. This does not feel right. In our experience, property managers always check with us before they drop the price, so we were very surprised and taken aback. Also the story now does not jibe with the story six weeks ago.

We are thinking that maybe they are not really interested in renting out but rather in getting a lot of applications, since they charge $50 per person nonrefundable with each application. Has anyone run across this type of scheme? 

Any feedback/comments would be appreciated.

I am preparing to enter the home of a hostile tenant to show a contractor a bathroom where the roof needs to be repaired. I am concerned that she will later accuse me of stealing property while I am there. Any suggestions on how to avoid this possibility?

Hello-

We own rental properties in Daytona Beach and Ft. Myers and are looking at switching property managers. 

We would like to dialogue with fellow Bigger Pocket members about their experiences and any recommendations.

Best regards,

Mike

Hello-

My business partner and I are looking to invest in multi-family properties in the Cleveland area. We have a portfolio in California and Florida and are interested in feedback from members about their experience with investing in Cleveland. Happy to hear from fellow investors, realtors and contractors.

Best regards,

Mike