All Forum Posts by: Philip Cutting

@Steve Baldwin 

Excellent, I'm excited to meet both of you!

Phil

Hi @Peter Lohmann 

Thanks for taking the time to answer my question!

I'm a little confused with the Licenced agents under the supervision of a broker part.  One broker can only hang their hat at one business from what I understand.  I guess that means that agents can't hire a broker from another agency/company to supervise them? I ask, because soon my wife and probably myself are going to get our sales agents license.  We both have the other educational requirements to be a broker, but need the time and closing requirements.  

As a property manager how have you coped with this? Were you working from 2008 to 2013 to get your broker's license?  

What was the hardest part of growing your business in columbus?

What are the roles that an agent or broker has to perform? Can an assistant sign leases with the tenants, do showings, set up marketing?

Thanks

Phil

Hi @Steve Baldwin 

I'm still working on my plans but I plan to be there around the 18th of Aug.  I'll call you when I know the actual days I'll be there and I hope to have a couple drinks :) I'm looking forward to putting our heads together.

I use trello with my teams.  It's a pretty cool program for exactly what you mention.  My weakness is that I use quickbooks.  It's nice because it's a solid double entry accounting system with automatic billion options, but it is week with customer access and collaboration.  I'm considering using swizznet.com with quickbooks for each customer, but that doesn't allow for good agregate reports and is only good for up to like 100 units before it gets too hard to manage (hopefully someone will disagree).  I'm considering Buildium and appfolio, but appfolio is pretty expensive if you don't have 200 units under management.  I don't know how long it would take me to scale up to 200 units under management.  

Phil

Hi guys,

I run a management company for my own properties.  But as my portfolio is getting larger I'm looking to take that part of my business more seriously.  My long term goal is to have 1000's of unit's anyways, so I need to eventually get that set up.  

My understanding is that to have a property management company in Ohio that services properties that you do not have ownership interest in, you have to be a Real Estate Broker.  

Question 1) If you are subletting properties, ie, you have a lease that lets you re rent out properties, do you have to be a broker?

Question 2) Can you run a property management company as a RE Sales agent?

Question 3) Can a company hire a broker to satisfy the requirement?  If so, how involved does the broker have to be? I understand a broker can probably only work for one company and not work for his own brokerage and a property management company as the broker of record?  What would reasonable compensation for a broker be?

Question 4[this probably requires a separate question]) How to really set yourself ahead of others in the area?  What systems/software would be good to use and how to build market share?

Thanks

Phil

Hi @Andrew Cordle 

This is cool, you should make this a blog! How long did the rehab take? What was the cost of it? How did you find it! Share the dirt :)

Congrats on a great project!

Phil

@Stacey Olson ,

Congtraz!  The first steps are the hardest!  Picking up that phone can be like wrestling a 500 pound gorilla :).  

You have a lot of lessons to go, I hope you enjoy each and every one of them.  They will make the stories that keep you young and energized.  

Phil

PS: 95% of the time, I will not visit a property until I have it under contract, which I do over the phone based off of what the seller tells me (I work with a lot of out of state sellers).  This way everyone knows what eachothers expectations are.  The seller knows I'll renegotiate if what we believe to be true is some how not the entire picture.  

What a great bunch of posts.

Retire!  Take a few years (or months) off, do a sabbatical with the family.  Working for so long in a career that you don't like is a sure way to get burnt out before you know it.  

I think you might find that after 6 months or a year, you will get nuts (aka Board) and want to do something interesting and fun.  

Why did you pick RE?  Others have mentioned it, money isn't really why anyone works.  It's the needs that are met through money that we work for.  When you know what your needs are you can then work with your family to make real satisfaction for the lot of you!

Good luck @Adam Haman !

Phil

I'm excited to see what comes out of this post.  What have you tried @Account Closed ?  

I think to get a list of out of state owners (people/trusts, not corporations, but consider them) that have purchased in the last 6 to 9 months.  

PS: Sorry for short answer, but work on that profile Ajay!   :)

Hi @Eric Turner 

My investors have been happiest with https://www.sunwesttrust.com/.  I think as the manager of many companies working with cash partners, I've been happiest with these guys also. I think their fees are reasonable also. 

My investors have been unhappy with pensco.  But to be honest, pensco is ok, just slow, a little restrictive (which might be in your best interest) and a little difficult to deal with sometimes.  No serious problems with them from my view.

I use the following:

MLS (need an agent, many areas are not well updated)

Craigslist (probably the best easy option)

Rent o meter.com (often not very accurate, but a good tool)

Call rent signs (not very useful for markets outside of your footprint)

Hope that helps