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14 February 2025 | 15 replies
@Khaled SeirafiRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
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25 January 2025 | 10 replies
Highly suggest coming out to some of the local chicago IN-PERSON meetups!
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22 February 2025 | 7 replies
Bank Recommendations:Chase and Bank of America are popular because of their extensive business banking features and integrations with bookkeeping tools.Smaller community banks or credit unions can offer more personalized service and lower fees, but make sure they support series LLCs.Online banks like Novo or Mercury are great for tech-savvy users who want low fees and easy online management.What to Watch Out For:Hidden fees for transactions or deposits.Limitations on the number of accounts or ACH payments.Difficulty in maintaining clear separation between the series, which could risk the limited liability protection of your LLC.Since you’re using a Series LLC structure, it’s crucial to keep each property’s finances completely separate to maintain liability protection.
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20 February 2025 | 1 reply
Nice to meet you all and looking forward to learning and growing with each other.
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17 February 2025 | 7 replies
Other companies have come in person to do it.Every year, I get new 4-point inspections on ALL of my properties and send to my agent to re-shop my insurance rates.
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14 January 2025 | 3 replies
I appreciate your energy and readiness to learn.
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7 February 2025 | 6 replies
This is a great place to learn and to connect with people so take advantage of all the great resources.
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15 February 2025 | 10 replies
that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.
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6 February 2025 | 7 replies
I'm a rookie investor motivated to learn more about the industry.
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24 February 2025 | 1 reply
Is there any site, company person I can pay to analyze a game property from a property management company?