All Forum Posts by: Nathan Fisher

Yeah, don't do that.

@Colleen F. that's a slippery slope. when a property manager has 500 or 5000 units, there's no way to be in instant contact with a tenant. A tenant is used to instant gratification for any small thing, they'll claim a response in 12-24 hours actually means" It's impossible to reach them" Then they're calling you to complain when the property manager has already fixed their issue.

Make sure your property manager sets very clear processes and expectations for communicating between PM and residents. 

Might be a cop out, but it's winter... It's cold.

Rental season doesn't heat up until May. People who move between October and April, HAVE to move. Which could mean low credit or running from eviction.

It really is best to wait it out, and get the right person. And not a crazy tenant who will trash the place.

Quote from @Gerardo Waisbaum:

I'm sorry to say that your client is not a very smart guy, to say the least, if he puts 7 properties in contract with no inspection period and no inspection. I don't think this is a valid argument for not purchasing properties without seeing them in person. Having a team that is not related to each other (realtor, inspector, PM, GC) is critical.

Oh I agree. But it shows two common problems in the industry:
1. The new investor who buys into the biggerpockets/ RDPD hype and makes rash decisions.
2. the need to find reliable people before investing.

If the op hasn't developed the skills or the base, he should come inperson

That's why you get an investor focused realtor. Biggerpockets has a bunch. They want repeat business,  so they will be able to help.

I have a client who bought 7 properties unseen in a land contract.  He had a different PM to walk them and didn't get an inspection.

He eventually has to pay 950,000 for the 7, in reality 3/7 were uninhabitable, and the others were in terrible shape. They were worth less than 450,000 on a good day. He doesn't have the resources for the repairs, so he's going to lose his land contract down payment 130,000.

If losing 100K isn't a big deal, don't visit in person. If you physically cannot make it in person, Pay the money for an inspector.

I'm not a lawyer, but I can't imagine any Board of real estate chasing after the owner's brother for managing 1 property.

Just remember, even if you are house hacking, you legally still need to do lead clearances in cleveland/ cleveland heights.

Also, get a LOCAL realtor, for your budget, local knowledge is even more important.

At his level and experience with the city. He needs a realtor. Or He may get tricked, like so many other good investors.

@Leonard Rybak - Definitely get a local. even if you buy a wholesale property, a realtor is critical.

@Michael Magno is probably the best in Cleveland. He focuses on investment properties. He's the right one to reach out to.

The harsh reality is that I get a lot of preexisting tenants, who always come with baggage.

Or people may have a short month, this means they have no reason not to get rent paid.