All Forum Posts by: Rhyse J.

Thank you, @Bob E.!  Will be in touch.

Hi everyone,

I'm analyzing a few different potential small and mid-sized multifamily properties im the Fort Wayne, Indiana area.

I'm not invested in that market yet, so I'm wondering if anyone has prior experience with a good, reputable property management company servicing that area that you would recommend?

Thanks!

Originally posted by @Jonathan Klemm:

@Rhyse J. - Definitely check out the bigger pockets event tab above under "Network".  Also, I would go visit meetup.com and search real estate and tons of stuff should pop up.

Here is a link to the meetup we hold monthly: https://www.meetup.com/chicago... There are many other great ones as well.

Thanks @Jonathan Klemm!  Silly blunder - my browser wasn't displaying any results under "Events" until I restarted it...  I've looped into yours and hope to join when I'm local again.

Hi everyone, 

Currently I am remote to the suburban Chicagoland market, but I'm looking to get connected with others who are active in the multifamily space in the NW Suburbs.

Are there any good, active communities that are meeting regularly that you'd recommend?  If those groups are meeting online, that's more convenient at this moment, but I'm very interest to learn what groups are out there and to meet the players.

Thank you!

Thank you, @Paul De Luca, @John Warren, and @Jonathan Klemm for the recommendations!  I had a great conversation with Mark a week or so back, and also had a great chat with Dana at Hemlane, as well.  I'll reach out to Joe at Tanis, too!

@Drew Sygit thank you for the great background and wise words on PMCs.  That is exactly what I'm aiming to do by speaking with a few property managers.

Thank you @Davartay Miller for the great point about the fact that company size is secondary to quality and service.  There are pros and cons to each a small operator and a large, established company, for sure!  I've not yet concluded which one is the right partner yet, but you are right that it is a marriage, so caution is well warranted!

Thanks again, everyone.

Hi everyone,

I'm in the process of talking to property management companies who service the Chicagoland area, preferably who can service SFHs and small/mid-multifamilies in Cook, Lake, McHenry, and Kane counties.

Does anyone know of good management service providers?  I am interested in both small mom-and-pop outfits, as well as established companies in the area.

Thanks so much for any recommendations you can provide!

@Stephanie P. - Great point, and certainly underscored by the other replies.  Thank you for the sharp insight!

@John Warren - That perspective is such a great framing of the problem.  In this particular case, I could get 10 years of cash flow with a cash-out refi, but it is an older building with older-building problems.  I self-manage the properties now, with the help of family members, but am already thinking about how to outsource it, so will need to factor that into the equation.  Thanks so much!

@Jon Kelly - Spot on, and well received.  Hard to see the forest from the trees sometimes, but that's super clear.  Thank you!

@Jonathan Klemm - I'm familiar with first midwest, so thank you very much for the reference!  Will reach out to Michael to find out more.  You're certainly right - it is a little uncomfortable, and I just realized that's part of why I asked this question.  Thanks so much for the multifaceted reply!

Hi everyone,

I'm assessing my options to scale my portfolio from my current two doors.  Right now, my properties are conforming pretty well to the 2% rule, but I'm weighing the option of refinancing the properties to leverage the decent amount of equity I have in them.  However, refinancing these would bring my rent-to-debt ratio to just under 1% if I were to take out the full 80% of the property value in a refi loan.

How have others in this situation weighed this choice?  What other factors need to be considered?  Does the answer to this depend at all on the markets in which I'm investing (I'm looking in the Chicago area)?  What would others recommend?

Thank you for sharing your perspectives!