All Forum Posts by: Paul Schu

welcome @Michael Burlison this is a great place to network and build your team.

@Jordan Moorhead way to go! Be sure to keep us updated on the reno, I think many people would love to see how it turns out. Best of luck to you as you continue on your way.

@Kyle Marek The only two things that I could see being different are the repair cost and maybe the APR on the loan. Just by looking at the property I would factor in a bit more for the repair/make rent ready. Of course I do not know if you will do the work yourself or not, and I am only saying adjust the loan rate a little "just in case" but you know your credit and ability to secure the loan better than anyone.

The reason I would adjust the repair expense would be due to the unknown condition of that potential 4th door. That could be a game changer if you could get that one ready and rented. Additionally I think a good cleanup of the property would be in order and I am not sure what it would cost to get rid of all the "materials" laying around the property in your area. At a minimum your probably looking at over 1k in paint and supplies but none the less I think the numbers work out on this one.

Either way you will have to treat both sides of the structure since roaches do not respect boundaries. I would probably talk with the messy people and explain that they need to work harder at cleaning and preventing bugs. You could also eventually raise the rent of the messy people to cover the monthly/quarterly pest control service. If speaking with the messy people fails, you always have the option to not renew the lease at which time you can have a pest control company come in before you get new tenants. 

When speaking with the messy people be respectful but firm and let them know that this property in your investment/nest egg and you intent to maintain it as a clean, safe, and hygienic place for people to live.

@Isaiah Cromartie got the pm.

I think @Nathan Gesner says it best. Look at the numbers, and you might have to adjust them for reality (property mgt, higher vacancy/turn over etc) do the numbers still work? @Nick K. this might be the extreme but talking to city council members, or the police dept. to maybe conduct more patrols could be an option. Have you spoken with any other owners around your house? Enough people sending an email to elected officials may get some traction to boost security in the neighborhood. I would also shop around for a property manager. Just because the fees you mentioned are "the norm" does not mean they set in stone. A new/upcoming PM company may waive the fee to place a new tenant. I had to shop a little on one of my homes cause the company I had was taking %12 plus half month to find a person. I found another who charges no placement/marketing fee and %10, and another who only charges %8. I think if you look around a little bit you might be able to find a more reasonable PM. Also, network all over BP, attend some meetups, get local advice! I bet there are people in your area who would be willing to pass on a point of contact for PM, Contractor, lawn company, etc. The worst anyone can say is no, in which case you move on the the next option/company. 

Best of luck! 

@Isaiah Cromartie I am not having any luck finding anyone who does fire stuff. I think decent contractors are in demand so maybe they just prefer to pass on those?

@Tierra Hawley I have been waiting for a multi in Fayetteville to open up for a while but most of the ones I see are in neighborhoods I do not want to invest in. Not to say decent ones don't exist, I just have not been able to grab one of them yet.

Did you conduct a title search?

@Brandon Graves I have not heard of them. I checked the website and was not overly impressed though. Fayetteville can be a tough place to find a good management company because there are so many properties and real estate moves so quickly there.