All Forum Posts by: Mya Austin

I have been in real estate for years. I started part-time, more clerical. Later worked the office gig into full-time and then was licensed. & Over the years have worked a salary niche of commercial and retail property management.  & Property management IS mainly what I do.  

I have decided that I will acquire residential properties in the small towns and rural areas around where I live, as I live in a rural area but have easy and quick access to several different places of opportunity.

My original intent was to go cash only.  Though I would be acquiring property at a much slower rate, I saw the huge advantage to not having to factor in a loan payback, thereby freeing up money for repairs, taxes, insurance and hopefully some cash to re-invest and/or pay ourselves. (hubby & I)

Now he sees if differently.  He said "Why not allow the bank's money to work for you-?"

Why not get the best deals on the properties, let the bank initially pay for it and keep the initial seed dollars for the repairs, taxes, insurance, etc.  

?

I do agree buying power would be greater through an institution.  I still wonder, however, if cash in hand is the best way to go to acquire the properties initially, even if it is slow and one property at a time.  ?

Any thoughts.  

& Oh, forgive me. I see folks have written on this subject. So, definitely will go read what they wrote!  :) 

Hey! Hello.  I am in Ohio also. We are currently Marion, Columbus and Gahanna. I am a Realtor and have listed and sold but salary position is as a commercial/retail property manager. (lots & lots of years!)

Currently I am personally looking to get some residential properties to accumulate a small-medium portfolio to both fix & rent (producing cashflow) and fix and sell.  

Welcome!

You want to be financially fair. 

1st, know your property.  Especially when you are "small". 

Do a walk thru exit interview/checklist with prior tenant.  It will help you see any issues you were not aware of, get repairs done before you walk new potential clients through, etc.

Then to a walk-thru entry interview/checklist with an oncoming tenant. 

Have a guarantor on leases. (commercial/retail) & Run that person's credit- with their permission and signature, of course.   

Prior to----- establish a criteria and/or score that someone needs to rent from you or the people you manage for.  *Not carved in stone, after awhile you get a good feel for a yes or no.  However, you save yourself and/or people you manage for time and money by not rushing to lease but finding the best possible candidate for any given vacancy.

Know your limits.  Remember, even Property Managers need assistance. If you start getting bigger than what you yourself can manage/oversee, then hire help in the form of another person(s) or look into a new and more elaborate property management system.

I appreciate setting up auto-drafts for payments. I get notifications when a payment is made, or in the case something goes NSF.  

Make sure you have the emergency after hours contact for the business.  Make sure they have your emergency afterhours contact.

I have basically a welcome packet/booklet that can be given or emailed that includes

all day time and emergency afterhours contact information, all ways they can pay their rent,

& forms that will be filled out prior to signing a lease.  Includes:  contact sheet for us for day/emergency afterhours, security code for maintenance for any alarm they have/get, etc. etc. etc. 

We also have the business tenant carry a routine hvac maintenance contract with t a company of their choice (licensed) to deter some of the BIG ticket repairs for the owners we manage for.  If a tenant holds a contract, has had routine maintenance and the unit still has issues, then, it is at owner's expense. 

Be accessible.  Return calls, return emails. Be concerned when a tenant or owner has a concern.  (Seems a given, but many well oiled machines are not so well oiled in the area of customer service, which, brings more business)

& Lastly, as you work with both Owners and Tenants, see each as a valuable part of the equation.  Represent them the same way you would want someone to represent you.

Beyond being ethical and good business, it also produces some nice side effects, like return business and loyalty.  :)