All Forum Posts by: Steve Osowicz

@Michael Kennedy if you are talking about homes that have been converted to multi-family spaces, I would say either the Highlands or Old Louisville...those spaces have larger older homes that in many cases were converted to have multiple living spaces inside. Close to U of L is a good place to check out. 

@John Napier Welcome, you can find many threads on the advantages of being an agent, if you want to make that a career (along with investing which goes hand in hand) I would suggest giving it a full year as an agent. Year 1 is the toughest as an agent in my opinion and why so many agents leave at or before a year is complete. 

Flipping is it's own animal and their are experts on here to help you with that. 

I like Todd Thornton's Real Estate Academy - it allows you to take the course online, but if you would rather A Pass Weikel is a good brick and mortar location to get your license. 

Hey @James Wright you can go to: http://www.jcsoky.org/process_search.htm - go to search and enter the person's name. 

Welcome @Sasha Litvinov there are a lot of valuable resources on this site. Louisville is a good area to invest.

@Coleman Nelson I can give you my perspective owning a PM company. 

1. Correct, collect pay expenses and send payment - we did this by the 15th as long as the tenant paid on time (by the 5th to allow for any checks to bounce). We also did an ACH of the money out to the owners. Which was more cost effective and easier than checks. 

2. Yes, it can be difficult to get lenders and utilities to work with you as the "agent" of the owner. We never put utilities in our company name, it had to be in the owner or tenants name and we never dealt with the lenders for that reason. 

3. No, I don't think it would be common for the PM to pay the mortgage, taxes etc., what if a tenant wrote a check, you wrote a check for the mortgage, the tenant's check bounced and the tenant left or was evicted. You now have paid for a mortgage payment you must now collect from the owner. I feel like that is too much liability to take on. 

4. See #3 - don't pay property taxes. 

5. We had 3 accounts - an 1. Operating Account (the general fund of the business to pay expenses, payroll etc.)  2. Security Deposit (only security deposit funds were put in or taken out of this account) 3. Rent Account (only rent/owner contributions for repairs were put into this account). No, the owner did not have access to this account. 

Just an FYI if you are doing business in Kentucky - you will need to provide a monthly statement to the owner, provide the tenant with the account number, address and name of the bank where that deposit is held on the lease. You will need to have a real estate license, unless you are working as an regular employee of the owner of the PM, this is just a couple of items, there are many many more. 

Send me a message if you have more specific questions. 

Good Luck. 

If you will run requests above our posted amounts, just let us know for custom pricing, ideal for apartment complexes. 

Check out our commercial click the link below.

Pro-Trackers

Link to our website is here. 

Our software, www.pro-trackers.com allows you to accept online service requests for maintenance items online, then transfers that to a system to track and coordinate the request. Try it free for a month before having to give any credit card information. 

If you fall under our limits the software could be free for you to use. 

The largest company we have using it has about 250 units, but it can handle much more. 

Please let me know if you have any questions.