All Forum Posts by: Oliver Posewitz

I'm in need in some perspective, I have three duplex units that I chose to have managed by a company that has been around for a long time.  They seems to be very bogged down though, and I feel as though not enough attention has been given.  I am on my third week of waiting for estimates to replace all the plumbing in all the units as they are old and causing constant leaks.  Is this a normal time to wait for the estimates?  Where is a good resource to find property managers?  Please help! 

So when I first acquired my property, I had a guy that I met that helped me get it rent ready.  He offered to manage it, said he's been doing it for years, so I agreed.  Soon after, he got a tenant who put 6k down and moved him in, that's when the issues arose.  Apparently this so-called landlord was nothing more than a helper of the previous owner.  He didn't have anything like a lease, office, or printer.  Then he wanted me to supply all those things, so I told him I was going with another manager.  He said okay, but I'm keeping the 10% of the rent I collected.  So I was forced to have him manage for those five months the renter paid for, and towards the end of his term I found out he had collected about 2k more from the tenant!  He is now dodging my calls and saying I never refuted the agreement on the lease, which I did but over a phone call when I fired him.  I really don't want to get a lawyer as the money I would spend would truly make it less worth it.  Anyone have experience taking someone to court for something like this?  I have no experience with the legal process of small claims.  Thanks!

I have not even put in a good faith deposit, and the real estate advisors I worked with is Marshall Reddick, and they have a good track record. The new property I found was actually in my area, I was looking at it online and my über rider saw it and said we could take a look (he's just happened to be a REA) so I did and I've personally met with the owner and tenant. Though neither were pleasant experiences, I see a fortune to be made with this house, and more of a lower room for reward in the former.

I had recently got in contact with a real estate advisor and they got me to find a property on their site and it seemed like a good deal. It was 70k fully rehabbed in Memphis. It would've rented for about 850 a month, so not bad with conventional financing. I then found a duplex selling for half of what it's worth, and would rent for $1700 a month! There's some small things wrong with it, including a crazy "nut" of an owner as my agent describes, but she's practically giving it away! I don't want to let this opportunity go, but I feel like like I'm screwing over my advisor. I didn't sign anything but there was a lot of talking. What do you guys think? Am I in the wrong on this?

I have not had any experience with general contractors in that area, but I know Air Specialty heating & cooling did a very good job on my single family home for HVAC. Andy Sutter is a very good manager.

Thank you!

I am currently still in the research phase of my plan in becoming a Real Estate Investor.  I am very meticulous in my decisions, and very thorough about my sources.  I have some interest in starting off by investing some money first, and observing the process.  But eventually I would like to find and make deals of my own.  I had a very good one on my own house and feel confident I can reproduce the same results in the future.