All Forum Posts by: Matt Stoker

This actually happened to me. It cost me like $1500!!!!!!! For some reason, they started sending the hoa letters to the home...not to us. The renters would just toss them. The hoa had raised their fees like $10/ mo. Instead of contacting us for what was obviously a mistake, they put a lien on. All of their fees + my legal fees to try to reason with these people totaled like $1500. Moral of story is to become friends with them....even if they are less than nice and/or competent.

Angie's List is a great place to start. I have found that most contractors that are listed there and have many "feedbacks" that are positive, are reputable. Make sure that you mention Angies when you first speak with them.

Do any of you know of a good property manager in ATL? I have someone that called our company looking for someone to manage 500 doors. We have yet to sell a franchise there. Thanks in advance.

Scott, how old are you? My wife and I started by buying a place that we knew would turn into a rental. Then, we bought another, and another, etc....You need to sacrifice in the beginning. Making small sales and putting the profit into another larger deal. That is my philosophy. I believe that home equity is a great source of capital. My parents invested with some others into some storage unit properties years ago. I went with them to visit one of the partners in the deal. We pulled up to his 25,000 sq. ft. house!!!!! He bought the property in distress from the bank. It was framed and had a roof. He purchased it and finished the home for about 2mm, and then got a loan for 5mm on it once finished and started his storage unit empire!! Great story, huh?!

Sad. This could be a turning point for them, however. Always need to think positively. Sometimes the greatest thing to happen to us seems like the worst at the given time.

Don't rush to fire the pm! That is nuts. Maybe the person that told you this is the "office person" that mainly answers phones,etc. that bid is high. If I were handling that job, it would be half that, max. Ask a few questions. Jumping to conclusions is no bueno.

I personally prefer striped Egyptian cotton. Don't go with the French cuffs...makes you look stuffy

Marissa,

You are a good sister. I don't know anyone in CT. Everything is negotiable. However, you don't want to go with the cheapest pm company. Make sure that you do a criminal and credit background check. I can't stress this enough. If you find the right company, they will work with you. You can submit your own ads, etc..do the initial tenant screening. A good pm company will have a property owner "portal" on their website which will allow you to login and see your owner statements....will allow you to approve work orders, etc. They will pay you each month via electronic fund transfer. Have you considered transferring the "responsibility" to your brother? Maybe he will buy it from you. These are just some of my thoughts. If you have any specific questions, don't hesitate to contact me direct. Cheers!

Marissa, congratulations on your opportunity! Do you mind telling me what state/city you are in? Don't fear this. Especially if your brother is living next door. What is your brother willing to do? If you can't count on him doing anything for you, a good suggestion would be to hire a property management company. If interested, I can tell you some of the things to look for in a property management company.

Ben, welcome! Hey, you may want to get into contact with a buddy of mine. He is a new Property Management Inc. franchisee in Cincinnati. He has been in the fix-and-flip property business for awhile. His specialty is in multi-family, but is knowledgeable in most aspects of the biz. Private message me if you would like to get into contact with Garrett. Cheers!