All Forum Posts by: Mordechai Reshef

You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!

@Mordechai Reshef I know Boyne City very well. Are you doing short term rentals mostly because of resort? You can work with a local realtor or search for a manager out of Petoskey. Finding labor in winter should be very easy given most people in that area have a job related to tourism in summer and then odd jobs like snowplowing in winter. I consider Boyne City a tertiary market at best so would be careful about having too much exposure during a correction. Boyne Falls is another thing but I would never invest in a city whose population is so small year round.

Nice work @Mordechai Reshef!  These are the types of reno's we get stuck with all the time in my area.

Was the amount of work worth it to you, or would you stick to the less labor intensive rehabs?

Mordechai Reshef That looks great. Where in Traverse City is the house?

wow thats alot of work.  Was that your first flip?   Good work.  I have alot of family in the area.  Glen lake area. 

Awesome! @Mordechai Reshef

What city did you do this in? Do you have any more pics to share?

Don't pay, can't stay. If He/she is just trying to scam you, then you have to play dirty as well. Have someone exterminate then change the locks. Or buy one of those doorknob covers the fit over the knob preventing it from being operatable. Or even worst fog the place and tell them that that can't be in the dwelling for xxx# hours. Tell them they can get a key when she pays the rent. Make sure you are within the legal parameters for your area.

Good Luck