I want them to benefit from the success of our ventures and reap the rewards of their trust in me.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

There is a lot of inventory in Jersey City, so compared to the rest of the state, there are opportunities there for good STR operators.

Keep in mind, I’m based in the Binghamton, NY area, which is more of a cash flow market with slower appreciation compared to other areas.

Managing the operation myself could save money and provide better control compared to working with out-of-state properties.

I would go off of comparable cap rates when dictating the sales price.

@Luke H.If the buyer is living in the property now it’s a consumer loan compared to a loan to an investor and will kick in a lot more regulationsYou can’t do a balloon less than 5 years, need to have it serviced by a licensed servicer, will have to go by interest rate usury laws, collect escrow…..I would not loan on this property to an owner occupant

A fourplex means four times the appliances, plumbing, HVAC, water heater, and other repairs, driving up maintenance expenses compared to a single family.In Las Vegas, multi-family properties attract transient tenants, like singles or couples without children, who typically stay 1 to 2 years.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

We then use this to compare actuals to throughout the year and normally do a reforecast at the end of Q1 as thing evolve and change.