All Forum Posts by: Ryan Kurth

HI all, it has been a while since I've posted here. (I look a lot older now than my picture on here haha)

I'll get to it, though. We are in the in-between with our property management company. We currently manage 275 units and are just not at the point where we can profitably manage the portfolio and provide the level of service we would like. 

There is I am sure a lot of writing/blogs/podcasts out there, and I would love to hear if something really did inspire you. What I was wondering is where YOU would get started, and WHO you would get started with assuming you had the relationship(s) to grow to 1,000+ units? (1,500 is our current metric)

Who would you hire now? How might you incentivize the hire creatively if the company isn't throwing off the revenue today? How do you invest in people today that you need tomorrow?   

Here are is a snippet of our goals:

By January 31st of 2023, the Property Management division has the recurring revenue and expense structure in-place to achieve $300K of profit annually. The Division will be managed by driven individuals that share the vision of the ownership and have the expertise, experience and interest in the particular line of work. Client and Resident experience is vastly improved and the properties we manage reap value benefits.

The right people are in place to have reached our goals and sustain the business. Employees, third party contractors, VA's, etc.

Employees are measurably satisfied and excited to work at Starboard. The company has a great reputation within the industry and is providing competitive compensation and benefits.

So, maybe a stupid question, hopefully, an easy enough one to answer. 

We are going to be gradually taking on a lot of in-house property management, and according to WA state law, need to promptly deposit tenant security deposits into a trust or escrow account. 

I went round and round at my (not to be named) bank, and they have different answers depending on the day. 

1) can't be done. 

2) you need to form a new trust (i.e. call a lawyer), get a new entity set-up at the bank, then open it under that new Trust.

3) you need to open up a separate account for each tenant, provide the tenant's name and SSN and deposit it under that. I asked them how on earth do their customers that manage thousands of units possibly do that. Do they have thousands of savings accounts with the bank? Where does the money go while I'm waiting for the bank to set-up a new account every time there is a new tenant? I was met with a lot of blank stares. 

So, a lot of wasted time at this point, but hopefully I'm getting warmer. 

Any experience or advice on how to actually do this, follow the law, and be efficient? 

Thanks!! 

I really just did a trial run, haven't follow-up or put any budget into it, so with that, no success.

 Hi Awet! In short we are a well-capitalized and patient partnership looking to move money out of a very tight/low return market and into a better return, yet still strong market. Tacoma is where I am from and we thought that market would be a good opportunity. 

We are essentially looking for light value-add in MF properties with good bones, in a stable neighborhood with a good tenant base, and will wait to find the ideal seller that values our ability to close quickly, flexibly and cleanly. 

Running myself

@Matt Cramer curious what audience filters you're using now. As I understand it FB has changed a lot of the filters available after all the negative headlines over the last year, and it seems we need to be a little more creative. Appreciate the feedback!

cozy.co

I am upfront with tenants that this is what I use, and what I will use. It provides benefits for the tenants and landlord that I lay out to them. My thought is if you can't handle that, we probably just aren't a good fit for a tenant/landlord relationship. 

Looking to connect and network - 

We are on the hunt for multifamily to buy in Tacoma, WA and other nearby markets selectively.

8 - 20 units, up to $2 million purchase price, at or path to 6%+ cap rate.  

Prefer 1980s+ vintage, sloped roof, w/d hookups in units, decent parking and low-maintenance qualities.  Light rehab OK. 

We can close cash, which cuts closing time down from 4 - 5 months to 1 - 2 months.

Let me know if you'd like to chat! 

Yes, please email for more info

Lots of potential in this Tacoma rambler on a quiet dead-end street. Property has great bones, new roof, and needs a cosmetic rehab. House sits on a large 12,000 SF lot, with potential for development, or build a nice garage or shed to add value!

EMAIL - [email protected] for more info and pictures

Details:

Year Built: 1979

SF: 1,552

Bedrooms: 3 + bonus/utility (could be 4th bedroom)

Bathrooms: 2

Other Rooms: Utility/Laundry Room, Enclosed Porch

Parking: Carport

Proposed Rehab: $50K

ARV: $280K

Comp 1 – 1005 E. 57th St. | $280K | 3/2 | 1,108 SF – 1950 smaller home w rehab similar to proposed

Comp 2 – 1209 E. 59th St. | $280K | 4/2 | 1,576 SF – two-level home w/SF in basement. 6,000 SF lot. 2 days on market.

Comp 3 – 912 E. 54th St. | $290K | 3/2 | 1,244 SF – 1940 two-level home with small garage, sold for $25K above list. 6,000 SF lot. 5 days on market