All Forum Posts by: Ray Harrell

I hired a PM for a 3 unit building. I work full time and operate a non-profit, so I really don't have the time to manage the building. I also don't own a vehicle, so having to drive to the other side of Chicago to plunge a toilet didn't appeal to me. Also, Chicago has very stringent rental rules. For me it was a no brainer to hire a PM company. If you don't have a job and live close to the property, I'd say go for it. 

Don't ever let the tenants know you are the owner. Always introduce yourself as the property manager. Of course if they research they can find out who the owner is, but I wouldn't offer it.

So are those the only options?

I know for commercial real estate lenders want to see 20% down. Are there any lenders who are willing to deal for 5% to 10% down with established credit and real estate investing history? I just closed on my first building with a high cash flow, and my realtor has found another one with similiar cash flow ($2,000 after all expenses and mortgage). Is there any way I, as a new investor, could jump on this deal given the fact that I just closed earlier this week? Obviously my savings are mostly depleted and I now have a ton of inquiries on my personal credit.