All Forum Posts by: Michael Healy

Thanks, Atwan Kwan ! I did find some firms (elsewhere, alas) that offer three tiers of service at 8/9/10% The difference between 9/10% with one firm is taking calls and handling maintenance requests, though I don't suppose that infers it's worth 1% of gross revenue. 😂 Still it would be good to hear of what other partial or negotiated arrangements others have made. Or do you just find a good handyman? In that case do you offer a retainer?

Hi landlords, I'm fixing to be a long distance (2.5 hours away) landlord for 14 units. I'm starting to consider using a property management firm at least for the first year or two. (How) do you negotiate the rate? Most firms are quoting 10% What if you actually do want to learn the ropes? Can one negotiate a "low lift " rate that would have me doing most of the leasing (for properties that have near 100% occupancy)? I'm thinking I might just need a firm to handle maintenance requests and advise on capital improvements. I actually don't want to delegate all the business functions to a firm. Would love any suggestions for how to get the essential services I'm looking for at a lower rate. I suppose I could just ask? MH

Thereabouts. The south end of Pittsfield has some really nice areas. Pittsfield is about the midpoint, though almost a full hour from Great Barrington!

There's a lot of good data about trends:

from http://berkshireplanning.org/images/uploads/documents/Berkshire_County_Population_Trends_140909.pdf

By 2030:

• Population – reduced by 12,420 
• School age children – reduced by 28% – (school enrollment declined 13% over last 10 years) 
• Educational Attainment – reduction in amount with college degrees (especially advanced degrees) 
• Workers – reduction by 25% 
• Seniors – increase of 69%
• Housing – continued demand in South County due to seasonal residence. High vacancies in North County.

Really appreciate all the good advice!  (Jk). 

Just an update that the sellers' agent is going to investigate increasing current rents prior to closing and is aware of the exact number we need to hit. I have other reasons for purchasing these properties than just short-term cash flow, but it's a good place to be that the properties will meet my investment objective without any further development. 

Hi @Kathy Bayer, I'm starting to invest up there--in contract on three multifamily properties in Great Barrington--and my sense of things (not having yet closed, mind you) is that rentals are strong and inventory rather low as it's primarily a second home market (GB anyways). I don't see a lot of industry moving in to create jobs, but when I walk around Pittsfield I get the sense that it's a hipster haven just waiting to pop. Reminds me of Buffalo in that way, and also in its beautiful housing stock in many areas.  I plan to move my sphere of life up there as soon as possible...I'm just in love with the area.  Feel free to PM me and lets connect. 

Wondering if I can act on anything to rent or lease on a property I don't yet own.

Hi all, Looking for some ideas. In contract on a cluster of commercial properties--sellers are also tenants who will continue as tenants after closing. They agreed to do 15% owner financing, which I requested so I can meet reserve requirement after closing. They also negotiated lower rents per sqft as part of contract and are leaving behind two office vacancies. I got word from my commercial lender that transaction doesn't meet minimum debt coverage ratio, so I went back and asked the sellers to adjust the per sqft rate back to what they're currently paying and to fill the vacancies at the current rate prior to closing. They declined. I feel I have some leverage as I don't think there's a huge line of people willing to buy this entire portfolio, but all the new remedies they proposed aren't things I can do before closing..eg flip part of the property, increase rents on other tenants, etc. Any ideas? One of the complicating matters is one of the sellers is my attorney on some other transactions. LOL. MH

Thanks Nancy Curran ! Yes I've seen this company and will be giving them a call to look at options for my property when I get nearer to closing.

Nancy Curran any thoughts from your heat guy?