All Forum Posts by: Steve Perkins

Folks, I've had to endure about a year of Anchor Realty now after having my properties transferred there by ABC.  At first, they were light years better than ABC.  However, I now cannot get them on the phone. They either don't answer emails, don't answer the questions I need answered or answer selective questions and ignore everything else.

Current issue: I filed an eviction on one property that was resolved with a judgment by agreement in December. The tenant paid 4 months and now has defaulted.  After filing the writs of possession, she filed an appeal to the court of common pleas. The problem? no communication from Anchor until I asked on Wed. what the status was.  Come to find out I have until Monday to file a complaint in the common pleas court. It's now Friday.  I've been trying since yesterday (Thursday) to get them to let me talk to the lawyer. I was told he'd call me today "between 12 and 1 pm."  It's now after 3:00.  No calls.  I've been asking since 1:15 for the lawyer's contact information. No response.

I'm done with Anchor. If it's possible, I think they might be worse than ABC (okay... not really, but not much better).

QUESTION: Which management company do former ABC clients recommend? I need to move these properties before I go postal on these guys or have a stroke.  Thanks.

So, that's $333 BEFORE property management, vacancy, maintenance and capex, correct?  What are the property management costs? 10%?

If this is accurate, I agree with others. Show this PM the door. Some of these things should be in your contract. Are they? If not tell the PM to explain to you where you agreed to that? Get your accounting the way you want it. If they won't provided it, fire them. This is your house.

@Rick Santasiere

This is purely a question of how comfortable you are with risk.  If you don't care at all, then why not own them all in your own name and minimally insure them?  If you want to insure against any risk, then put them all in LLCs and use land trusts to hide names, and buy significant insurance against any possible risk.  This will cost a fortune and you'll use up all your rental income and then some.

The point is that there is a happy medium somewhere in there, and nobody can tell you what's right for you.  You have to consider what level of risk you are comfortable with and implement a strategy accordingly.

Check out National Real Estate Insurance Group out of Kansas City

Matt Sherman You're probably not going to be able to overtly transfer your personal mortgage to a LLC without triggering the due on sale clause. This means that Bank of America COULD call the note due upon the transfer to the LLC. Perhaps if you explained why you want to transfer the property to an LLC, you might get some suggestions.

@George Chang

Yes, Denver is a commuting city.  The traffic is terrible (although, some of you in LA or NYC would probably laugh at me for saying that).  I commute the opposite way from Denver to Boulder, and it still sucks at peak rush hour.  With an end to the construction on 36 in sight, maybe it'll get better on the north end (stop laughing, fellow Denverites), but the south has been a mess for the 10 years I've been here... was probably a mess well before that, and will continue to be a mess well into the future.

It's never "necessary". When you're starting out, it's probably best just to do what you're comfortable with.

@Kevin Nichols:

I'm not as far along as you yet... though making progress.  Also, I'm a hands-off investor, so I find property managers and strictly stick to managing the managers.

My goal is to hand off my properties to my kids at some point, preferably through seller financing so that they can get a good deal, I can quit running "the business" to have truly passive income streams, and they can have "passive" income to free up their own lifestyle options.

That makes it a win-win in my book. If I find a better option along the way, I may take it.  But I'm not too worried about the retirement exit strategy.

Alexander Morgovsky : I'm not at a year yet, but Jon Holdman 's points are well taken. All, some or none of these things can happen. Do your diligence and you'll minimize the possibility of these things happening. You might message Ali Boone . She has several turnkeys, as does @Larry Fried.