All Forum Posts by: Mike W.

@Bob Stevens Good question. 

I'd prefer not to be involved. 

However, my experience with 30+ doors is that we end up paying 14.88% of gross rent to property managers. The 8-10% base fee + lease up fees, renewal fees, project management fees, oversight fees on repairs/maint., tenant placement fees, etc. When professionally managed, our repairs/maint. expense line item tends to be 8-15% of gross rents whereas self-managed properties we're closer to 1-6% of gross rents. This isn't because I'm cheap or am a slumlord. I review the estimates and get comparable quotes when the estimates are high rather than blindly signing off as a property manager. I put in quality fixtures/systems and once a tenant is settled, there are rarely repairs. My vacancy is far lower when I self-manage (2 weeks on average) compared to managed properties are over 30 days in the same markets. 

Unfortunately, it's just worked out to be a better business model to self-manage and hire a book keeper and assistant to help with the admin overhead. For showings, I work with Realtors looking to make extra money as it's pretty easy to show and lease our properties. We just need a trusted partner to do the showings. I'm not a big fan of the Rently / self-showing options and rather pay someone to give prospective tenants a tour / answer questions / etc. 

Hello, 

I self-manage my MF units in STL. I'm looking for a Realtor that would be interested in taking on the showings for a commission. I have the application process, background check, and lease setup on our property management platform, so the ask is to respond to inquiries and schedule showings or open houses. 

I'm looking for DSCR lenders that will allow us to hold the title of a 2-4 unit property in the name of our living trust. I've talked to several lenders and they either want the title to be held in my individual name or an LLC (not related to the living trust).

In the event we get hit by a bus, I want to avoid probate and ensure that the property is managed and distributed according to the terms of our trust. I've had colleagues who's family named real estate in their trust, but because the deed didn't have the trust's name on it, there was time and costs associated with having a judge review the trust and verify that the intent was to have the property in the trust. I don't want my kids to have to deal with that time XX properties. 

If you have any recommendations for DSCR lenders licensed in MO who will let us vest with a living trust, please pass them along.

@Michelle Fly did you end up finding an agreement? I'm also looking for a JV Agreement for a STR opportunity. Would love to see a template as a starting point.

DMing you @Jenna Sutherlin.

I liked most after interviewing them. It wasn’t until I read their management agreements and they wouldn’t budge on language around me not being able to visit my property or sell it without their permission or their ability to change fees at anytime without an an option for me to terminate or 12 month term except the agreement survives if any tenant leases in place, which would require me to make my 4-plex 100% vacant to stop working with the PM.

Hey All,

I have a four plex that I just closed on and need a decent property manager. I’ve interviewed some and their terms and rates are horrible.

Any guidance and advice would be appreciated.

Thanks!

@John Kennedy who'd you end up going with if you don't mind me asking? Are you happy with the service?

Hello All, any updated recommendations on property managers in Nashville?

I liked Property Management Connection, but when I read their contract, I couldn't sign it. I tried working with them on a solution to meet both of our objectives, but they wouldn't budge on prohibiting property owners from visiting their own property without prior approval from the property manager. 

I had a mom & pop PM lined up, but unfortunately, I think they are overloaded saying it may take a few weeks before they can onboard my property and have yet to counter-sign the contract.