All Forum Posts by: Peter Mackercher

10 psqft that seems high. Also what are the taxis and insurance costs.

Saint Louis MO on the south side. Plenty of deals if your willing to rehab.

I would suggest looking at other low income housing in the area and see what they have to offer and just make sure that you are one step above that. In my experience, with low income housing, tenants don't know how to us a dishwasher or even expect one. I agree with Jon that the garbage disposal is just another item that will brake. Therefore since THEY DON'T EXPECT IT, SO WHY GIVE IT TO THEM. Save your self the hassle and the money and don't put either one of them in unless the market around you demands it. If that is the case, one month loss of rent cost more then a dishwasher and a garbage disposal, therefore you can add them to your properties if you have to.

Thanks Jon for your quick reply.

I'm confused on how people go about buying +100 and more unit buildings.

questions

1 Are they bringing 20% down (that's a tun of money i don't think i will ever not have it invested in something else)

2 Does the building qualify or does the borrower qualify

3 Is there and extra escrow account for repairs that you have to fund at closing.

Find some one on PB in Huston and buy them lunch. You will probably learn more from that lunch then you will in 10 books. If you want we can chat look me up in your ever in St Louis area.

Jon

If it was me. I would try and undercut the market and try to create a multiple offer situation, and then you can get the most for your property.

im going to try and ancer everons questions and comets as well as some things we have come up with in the last few days.

Charles Perkins
Thank you for your words of encouragement. For our current building owners we have a great way of communication through email. In fact, once a month we give the property owner a overall summary of their property in its current state. We go over current repairs that were made and then we discuss issues that the tenants have. We then always let our building owners know what type of repairs are going to be needed down the line. So this better prepares them for bigger ticket items and then is not a "surprise" when we let them know they need a new roof, or something like that. If you don't mind, feel free to forward my info on to any BP investors in st Louis.

Curt Davis

Yes I'm a licensed real estate broker in MO. In the state of Missouri you have to have your brokers licence to have a management company.

Jushua Dorkin
Thanks so much for the great advice. I have actually thought of doing something like that before - great idea!
Tod Radford
I couldn't agree with you more! Strong accounting and a attention to detail are a huge part of this business. We currently have an accounting person on staff along with our property manager (along with maintenance of course)

Marcus Crosby and Marc Freislinger
What you are seeing on the website is Latin, its what they use for "space fillers". The website is brand new and our web developer is still dropping in content.

Kyle Spiewak
Kyle, that's an excellent idea, to get phone numbers as well! Thank you so much for the great advice!

John Holdman

Hi John - Yes, I do have a brokerage and I also own investment property. I can understand why you would not want our attention to be focused on a real estate transaction, that can be a very long process. With that being said, we have people who handle sales and the property manager handles the rentals. Its two completely different sides to the business. With that being said, that part of our business model. To be able to sell your building for you or even help you buy more buildings. Basically to keep everything in house. With that being said, you have to have a brokerage to have a property management company anyway. As far as my own investment properties go, I would have disagree with you on this. Why would someone want a property management company that doesn't down their own buildings? Wouldn't you rather a property management company have personal experiences in this time of area? Competing with my properties is not an issue. The property manager doesn't own the properties. They show properties based on what the prospect wants - if that's mine or yours or even someone else's. Its always going to be competing with with someone else's apartments and since we have multiple building owners your always going to have competition no matter what.

When talking about property management you had some excellent ideas. Are they feasible in the real world? I would say most likely not, but I definitely think you are on to something. BUT, I do not think it would ever be possible to do what you proposed; the company renting all of your apartments below market and then the company being sole responsible for the units. I personally think if companies did that they would be 1.) Swamped with business 2.) Going broke quickly. Taking on something like that would depend on so many things. Could you imagine taking a building on with that scenario that is in a horrible part of town? Or a low income neighborhood that tenants always struggle to pay rent? It would be financial suicide for a company. But like I said before, I do think you have something there. I would love to chat with you about it sometime, it sounds like you have a lot of great ideas!

Mark F.

I would love to hear what you think about Johns statement as well. If you two are planning on chatting, think I could get in on that as well? I would really love to hear someones else's ideas as well!

Thanks to everyone who replied! I will continue to let everyone know how its going!

Thanks,
Peter

Hi Everyone!

I need your help I own a small property management company in St Louis mo. I'm wanting to grow and I'm having trouble finding new clients. I curious to know if any one had some creative marking ideas. Maybe even a management company that could maybe tell me how they continue to grow. My company Mogul realty is very unique. The company was built from the ground up by an investor with the investor at heart. The main difference with Mogul Reality that sets it apart from the rest of that I also it that i also own a construction company. Therefore we can help you buy your property and rehab it if needed and then manage your property and sell you property at your convenience. Its very nice that the left hand belongs to the right hand. Any thoughts or ideas would be greatly appreciated.

And for those of you who currently use a management company...

What do you look for in a management company?

Are there any common problems you see with management companies?

Is there a feature that you wish your current property management company had, but doesn't?

Thank you all in advance. I would love to hear anyones feedback!!

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