All Forum Posts by: Priya Thomas

As investors, we struggled to find good a PM / property manager to manage our properties, when things didn't work out as we expected we started managing our own. My business partner & I own about 40 units and he is an agent as well. Recently we started managing properties to few of our friends.

As investors, we didn't like several things in PM business starting with tenant placement fee - we felt that this is a conflict of interest. Certainly placing tenant is very difficult and time consuming things to do. If there is no incentive to place new tenants, as a PM, one will do everything they can to get quality tenants and ensure that they don't leave. Also there are other bad (dishonest?) practices like padding the repairs, hidden fees, poor communication etc.

Currently we charge a flat 10% to manage the properties - PERIOD. No other charges, no hidden fees, most importantly no tenant placement fee. Our promise is that we will treat every single property as our own, we care for your investment and bottom line. A PM can make or break your investments. We use Buildium, we are part of a small brokerage and we comply with all state and federal laws reg Property Management. We are based out of Cincinnati, Ohio

If you would like, we can set up a call to discuss.

Thank you,

Priya.

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Brokerage: InternetAgentsUS

Welcome to BP. We are based out of Cincinnati, if you come this side please let us know ! Good luck with investing in Ohio.

If you would PM me the address I can provide you with better insights. I expect property taxes to be much higher, anywhere in Hamilton County

How did you come up with 60K repair cost? is it proforma or quote from a GC? Seems like a larger rehab and if it is your first time, a lot of things can go wrong.

Property Tax seems low

is it a C or D class property? I am guessing D?

Insurance could be anywhere from 1200 to 1400 for this property, again guessing based on my knowledge on owing several properties in and around Cinci. You should get a quote. These small things can eat significant cashflow.

Expect a lot of things can go wrong and account for those unexpected things.

Find another realtor

 Hi @jeb Brilliant,

When I say a 100K can bring in 5k in cashflow, i mean 100K equity can buy as much as $500k worth of properties. There are banks in Cincinnati who provide portfolio loan for 20% down, 25-30 yr amortization. 

Is it easy? NO. Is it possible? Yes, absolutely. Certainly you don't get such deals every day in MLS, sometimes you may see mis-quoted / mis-caluclated deals on MLS. Buy 70 cents on a dollar, hold it for a year, refinance, go and buy next set of properties. Again, it isn't easy, if it is easy everyone will be doing it right? You have to be patient, get a good agent, keep searching through mls, keep looking for deals.

Again, key is buy on 70 cents or less a dollar, look for value add opportunities, don't over pay. Don't get ripped off by unethical turnkey providers, wholesalers. 

yes, I can provide my GC info,. he did a couple of jobs for me, and i think he is good. what work do you have?

You should sell it and invest in less expensive markets like Cincinnati, Indianapolis, Kansas etc., a 100K equity can bring you as much as 5-8k gross/month in some of this markets.

As investors, we struggled to find good a PM / property manager to manage our properties, when things didn't work out as we expected we started managing our own. My business partner & I own about 40 units and he is an agent as well. Recently we started managing properties to few of our friends.

As investors, we didn't like several things in PM business starting with tenant placement fee - we felt that this is a conflict of interest. Certainly placing tenant is very difficult and time consuming things to do. If there is no incentive to place new tenants, as a PM, one will do everything they can to get quality tenants and ensure that they don't leave. Also there are other bad (dishonest?) practices like padding the repairs, hidden fees, poor communication etc.

Currently we charge a flat 10% to manage the properties - PERIOD. No other charges, no hidden fees, most importantly no tenant placement fee. Our promise is that we will treat every single property as our own, we care for your investment and bottom line. A PM can make or break your investments. We use Buildium, we are part of a small brokerage and we comply with all state and federal laws reg Property Management. We are based out of Cincinnati, Ohio

If you would like, we can set up a call to discuss.

Thank you,

Priya.

--------------------------------------

Brokerage: InternetAgentsUS

I did mine for $999