All Forum Posts by: Shoshana Shulman

Wow! I was assuming they wouldn't, though I should ask, if Memphis Invest would manage a property that is not their own. Thank you for the idea.

So, Steve, if I were to want you to manage my rental, can you point me to a zip code/street/neighborhood where you manage? I'll check out the homes and see if they are in my price range.

If not, thank you anyway. Your answer will help me, and I'm sure others as well.

Shoshana Shulman

I have spent hundreds of enjoyable hours listening to Bigger Pockets podcasts,  and the new Money podcasts, and the new Business podcasts, as well as using the B.P. site to learn and delve deeper. BUT....I have not found a way to get a wonderful property manager.

I have used HomePath.com and seen things that look like good deals. I have researched areas in the U.S. that are still affordable, and have decent school systems, employment, low crime, etc. 

BUT....I have not bought these long distance properties due to lack of a property manager.

I do have a few local investments, but in order to grow, which I'd like to do, I need help from someone on how to find a property manager.

I have researched Turnkey companies, and found two with good reviews, but the prices on the properties, which tend to be older properties, seem to insulate the Turnkey companies from any risk (eg: they're making $40,000 on the sale to the 'investor') and what's left for the investor is pretty thin.

Are there any managers out there in the following areas who can point me to good zip codes and streets in areas they would be/are already managing????

Jacksonville, Florida

Memphis, Tennessee

Austin/Houston, Texas

I am looking for single family homes in B areas, with decent schools. 

I reached out to David Greene asking for his property manager in one of his investment areas, as on a Webinar with Brandon and David it seemed to me that he offered to share this information, but I got no response from him.

Is there anyone out there who could assist me with finding honest, reliable, resourceful, creative property managers in the above areas?

Thank you to anyone who reaches out.

Shoshana

Hi, Ernest,

I would appreciate help finding out the contact information of some property managers you would recommend.

Perhaps you know an investor friendly real estate dealer.

I am looking for a single family/townhouse that is perhaps REO, so I could get it a bit under the market rate.

I am looking for something in a B type of neighborhood, with a high demand for rentals.

I am hoping to pay somewhere between 35,000-70,000 for something I can rent out for approximately 700-900 per month.

I would of course like long term tenants.

I want something NOT in a flood zone.

I don't know what else to tell you.

I don't like the very old homes, like I saw in Ohio and Indiana, as down a very short road I fear the profits will get eaten up by repairs and necessary updates.

I really need an EXCELLENT property manager who can handle tenants kindly, take care of repairs, and make sure the rent is paid automatically, on time, every month. 

I have been considering going with Memphis Invest, a turnkey company, as I am beginning to despair of finding good property managers on my own.

I would like to buy foreclosures in the Virginia Beach area. Is there anyone out there with an experienced realtor in the area who could help me do this, and be my 'boots on the ground'?

OR

Jacksonville, Florida

OR

Cleveland

I have researched many places online, and while it really does seem possible to buy cash flowing rental property, the thing I lack is BOOTS on the ground and a RELIABLE management company.  

Is there a way to find trustworthy people long distance to manage the inspection, purchase, rental and tenants?

Jason,

Would you be interested in going partners with me in something in your area? I would be a 'silent' partner, meaning I'd put up half the money for a half interest in the rental, and I would 'pay' you a standard manager's fee. I'd like to hear more about the three rentals you have, what you bought them for, where they are, what the ROI and cap rates are, etc.

If I am not allowed to ask this on this forum, I apologize.

shoshana

Please send me the address, and the details.

I have a Baltimore County property and have been looking for another one.

What class area is it in?

What school district?

etc.

Thank you.

Shoshana

This is very exciting, as I remember you posted three years ago that you were looking for just such a property.

Obviously you've put a lot of thought into this and were very patient. I can't wait to hear more about this deal.

Thank you so much for your replies. Just to clarify, the partner does not want out, but I asked if he would be willing to sell me his half, as I am looking for a way to increase my 'passive' income for eventual retirement. This, apparently, is not the way to do it, as I would have no cash reserves. 

Thank you so much for responding. To answer, no, I can't refinance the whole property at 75%. I can only afford to borrow 25% of the value of the house. My day job is very low paying. 

I'm glad you had the experience you had a memorable experience, and I hope you have many more in your life.

To answer this question, I think my age (62) should be taken into account, as the benefits might not be as great for someone my age.

I own half a house with another investor. I have the opportunity to buy him out. We've had this house for about 7 years, and have consistently earned, after all expenses, 500 dollars each every month. The cost of the other half of the house is now about 68,000 dollars.

For that investment of 68,000 dollars, I have half of it in cash, and the other half would have to be a loan. I would earn 500 dollars for that half as well, so now I would be earning 1000, after all expenses, instead of 500. 

I like the house. It's a semi in a C+ neighborhood. We completely renovated it seven years ago, so it's in great condition. I have a great manager for it, as I am not local. 

It will probably not significantly increase in value, but the rent should hold pretty steady.

My goal is to increase my 'passive' income so that I can cut myself some slack, and reduce the pressure on me, to be earning X amount at my day job. 

I want the freedom of the possibility to NOT do my day job, if I so choose, within the next year or two. 

On the other hand, buying that half of the house means that ALL my cash is tied up, at least temporarily.

It would take me a few years (two to three) to regain cash reserves. 

Any thoughts?

Any thoughts as to whether or not I should go for this, or keep my cash liquid. I would consider hard money lending, but I need to be 100% sure that my money is guaranteed, and I'm not sure how the taxes, being that that would be considered active income, would be affected.

Thanks in advance for all your responses and help.