All Forum Posts by: Ursula B.

@Pyrrha Rivers I've been looking in this market and things seem to go under contract within a couple of days in that price range. My experience has been that listing agents won't return calls or emails, I'm assuming because they're already sold or they have received so many offers that one more won't matter. I'm considering also picking up my license in GA so that I can submit offers directly to the listing agent without having to wait on a listing or buyers agent to return my call.

Let me know if I can be of assistance.

@Dominic Turner My goal for 2014 is to add 3 buy/holds. Made two offers in January, one pending title search. The other I back out of because I didn't trust the listing agent. I don't think she submitted my initial offer, then she told me that the seller countered my closing date (moved it by 2 weeks), and she was about to submit my acceptance of the counter without telling me first. (Who does that?!)

Also read four books. My goal for the year was 15, so I guess I'm on track there.

How was your January?

I like Craigslist, it works in the market where my properties are located. Use a clear photo and market the convenience of the property to popular points in the area. I state in my ads that I require a credit & criminal check, as well as a full security deposit. That usually helps subpar tenants weed themselves out. I also make a decision on pets before I advertise, although I know some landlords consider pets on a case-by-case basis. Since I'm licensed, I also state that I'm an owner/broker and provide equal housing opportunity.

As @Pam R. mentioned, it will be extremely important to decide your criteria in advance in the event you receive multiple applications. You'll need to be able to clearly explain why you selected one tenant over another and have that criteria and selection process documented for your files.

Welcome to BP Alisha! Best wishes in your investing endeavors.

Ursula

No rent, no keys. If you can't afford to pay the rent from day one, I can't afford to rent to you.

@Steve Babiak He listed it as a vacancy with the Housing Authority. I can't remember if it was listed in MLS or not. My experience was that listing it with the Housing Authority was enough to get the phone ringing. This isn't an area that would rent well to a retail tenant.

@Justin Horhn A few months, mostly lurking and learning. Such a wealth of knowledge and experience on this site. Soak it up!

@Steve Babiak You may be on to something there...

@Pyrrha Rivers Thanks for the feedback. He's done it all with the Section 8 property, and his services have more than paid for his fee. No complaints there.

I would agree that communication is the issue. He said he didn't tell me immediately that he received the notice because he was hoping the tenant changed his mind. I've tried to give the guy a chance, even called him in early January when I saw a property that I wanted to write an offer on. He didn't have to do anything but write the offer - no call back, so I wrote the offer myself. If the title clears, I'll close on that property next week.

Since 2008/2009 I've used craigslist exclusively to find 5 great tenants for two properties, including this one. For this area, craigslist works.

I did get great advice on this thread, so I've decided to do the following:

1) Tell him I expect him to do his job. The fact that I have to tell him that lets me know my gut instinct is correct. When I asked him what he thought the problem was, he replied that he thought we were 'fine' and would have something lined up any day now.

2) Contact the firm I found with the link that @Paul Timmins gave me to get insight into their marketing program.

3) Pull the condo if he doesn't have it rented by the time I'm in town in two weeks. He's known this condo was turning over since November. That's three months. Not thrilled about doing this, but I need peace of mind.

4) If he hands over the section 8 property too, I'll at least have already talked to one PM company and will just switch management companies.

Good luck in your investing endeavors! Let me know if I can assist you in any way. I've learned a lot about what to do, and what not to do, since I ventured into this business in 2005.

Ursula

@Steve Babiak Over 6 years the inspector probably cost me $10K for things that were not warranted or because he insisted they were owner responsibility when it was caused by tenant damages. For example, he dinged me every year for the deck. He'd go under the deck to find deficiencies. I made the mistake of commenting that the tenants don't live on the deck, so the deck showed up every year on the deficiencies list. One year he basically wanted me to strip the paint and stain the deck instead. After calculating how much I had spent on deck repairs already, and how much stripping and staining would cost, I tore down the deck. Problem solved, but I basically demolished a perfectly good deck. Even the contractor was surprised.

To answer your actual question, I pay the PM $768 a year. I don't have to deal with the tenant, the Housing Authority or the inspector. I don't have to drive 5 hours to check on my properties to find out that the lawn service, who was billing me weekly, hadn't mowed the lawn in 4 weeks. Hiring a PM for this property was the best business decision I've made. And I have ZERO intentions of ever buying in a mostly Section 8 area or renting on Section 8 ever again. I'll take the lower rent over the headaches any day.

Thanks for that link, @Paul Timmins ! I found one firm listed in the local area and browsed their website. I'll touch base with them and let you know how this situation turns out.