All Forum Posts by: Stephen Akindona

Hey @Priscilla C. I specialize in the brrrrr strategy, let me know if you need a bit more clarity. I have free tutorial videos and a calculator I created that will help you understand it better and analyze deals to see what the cash out of pocket expense would be on every deal. Shoot me a DM. 

Welcome @Collin Williams to Biggerpockets! There is a ton of knowledge and experience on the site! Don't be shy jump in and ask your questions, most will get answered in great detail in minutes! Let me know if I can be of any help to you, especially if you settle on Memphis!

Happy investing!

@Chani Walker everything is normal expect for those fees to terminate. I have never heard of a property management company charging a fee to transfer the property to another management company. I know several local companies that really actually want to do a good job so they don't charge anything to cancel the contract. They require only a 60 day notice. They believe if they service you well, then you would never leave! 

Hey @LaShon Evans please, please, please do NOT try to self manage from a distance. I have seen so many investors straight fail at this attempt. Think through why you even want to invest in real estate in the first place. I am sure you want the financial freedom and flexibility real estate provides. I don't think you want o build yourself a full time job? 

Real estate works with scale! You maybe be able to manage a house or two from a distance but a house or two will not get you what I think you're looking for! The greatest advice I got from my mentor when I was starting out was to think like I owned a 100 unit portfolio. That really helped me think about scale and build a portfolio that just pays me money every month with little to no effort. 

Happy Investing!

Hey @Antoine C. shoot me a dm and I will send you our free guide to Memphis zip codes, it will help you begin your search!

Welcome to the community @Shai Shushan!!! I am an active real estate broker and general contractor here in Memphis and this is a great market for RE investing! This is a great community to ask questions, vet players and meet great folks! Let me know if I can ever be of any assistance to you!

Happy Investing!

Hey @Nida Kazmi! I am local to the Memphis market here and like others have mentioned communication is key. If early on in the relationship you get any red flags with communication I would run. They aren't going to communicate better once you've done a deal. Meeting the team personally has some value but I have worked with dozens of investors who have never been to Memphis and never meet me face to face. 

Make sure to get referrals of clients that they work with! Some have noted here some of the issues they have had but there maybe anomalies and those experiences may not be the consensus for a majority of their clients so its good to get referrals and hear their point of view as well. Let me know if I can help you in anyway!

Happy Investing!

Hey CJ, I definitely don’t think you should be lowering the standard of good service. Under no circumstance should a rent ready be quoted at 3-4k then invoiced at 6k with no explanation or approval. That is absurd. As it relates to longer vacancy times, I would say that I am seeing this across the board. Things are taking longer to rent. I’m not sure if this is due to the recent surge we experienced in rents and now things are leveling off but time on rental market has increased. As far as your pm is concerned, if you have been happy for 14 years then they are doing something right! It’s maybe not the time to find a new company but you definitely need to get them in line as it relates to communication. You should be approving repairs of that expense every time. Also to be clear a 4 month vacancy is unacceptable. If the property is marketed too high, you should be getting this feedback from the PM. 

Hey @Pradeep R. I own a fully licensed and insured construction company. We could absolutely do this for you and much, much, much more. Shoot me a DM. 

@Matt C. Welcome to the BP community and welcome to investing in my favorite city! We have a very experienced team and we really are a one stop shop for the entire process in Memphis. I would love to chat about that with you but in the mean time you can shoot me a dm and you can have our free zip code guide to get you looking in the right areas!