Lower interest rates would certainly make projects more attractive.It'll be interesting to see how lenders balance the need for risk mitigation with the opportunity to capture a larger market share by offering competitive rates

Maybe I was too ambitious by expecting to get a solid property in a solid area for $100k below assessment with no competition... but man, I am going to have to up my game! 

We were originally going to Ann Arbor but the real estate market was so competitive there it started feeling like the Bay Area.

Lot of rentals were lacking in unit laundry or a backyard that I need.

I'm sure more questions will develop as we move through this process.It's pretty competitive, so you'd be best off having some inside information and someone who has flipped a few in the area.

The difference in this portion of the execution can be $30k-$60k/yr more money in your pocket vs. that of our competition all other factors equal (such as the property size/location).Next, to drive costs down, I co-host (only for clients) at 15% which is 5-15% less than the large PM firms.

G'Day everyone,The team (@Dominique Osborn, @Sean Mahoney) and myself have an opportunity to on-board 189 units.This would be a very nice "chunk" of new business but to be honest, I'm inclined to pass.I have always believed in doing business on your terms and for terms not to be dictated by someone else.Especially when you are looking to hire us/me to do the work for you.Also, business done right needs to be a win/win for all involved and this doesn't seem like a win for us.I do however understand the caution and reluctancy to "let go of the reigns" per se as many landlords get screwed by property managers.But at the end of the day, you have to "let go" and let someone else do it or just do it all yourself.I'd love your advice on the suggested terms given to us below:1) In AppFolio they want admin level access to their account.2) They want a standardized list for maintenance items so they know in advance what repairs would cost.3) They want a copy of all invoices from contractors to us so they can verify we are not marking up more than promised.4) They want to be able to talk to our contractors before work is done (each time) so they can talk contractors down in price themselves.5) They mentioned that they pay around $300 for full paint in a 2-bedroom unit.... we do not have a contractor that will touch a full paint on a 2 bedroom for $3006) They want tiered PM Fees based on occupancy.... for example (their example): at 90% they would pay 8% PM fees, at 70% occupancy they would pay 2% PM Fees, and at 50% occupancy we would part ways.The deal breaker in my opinion is points 4, 5 and 6.With the lack of oversight/control on maintenance we have little control over the occupancy and it kills our process and efficiency.So in a way, we are destined to fail from day 1.Also, if someone does want so much control why not just self manage.The unit count justifies hiring 1-2 full time people to run it.Otherwise, let us do our job.

I think another element, especially in major cities, will be an attempt to lure tenants through better amenities, competitive rents, and employee-incentives. 

There is some institutional interest there as well, just something to keep in mind from a competitive standpoint.

Or if it was offered in the competition because that might be a deal breaker for some people if it's not there.