One of the Keys to Success in Multifamily Partnerships: Communication In the world of multifamily real estate, teamwork is everything.

The gripe I hear with PMs is they don't communicate, don't vet/put in good tenants, and don't care about the owners.

lol it was a lot of communication and laying out upfront what we wanted/needed from the deal and then making sure it was all written out in the paperwork.

About 3 months have gone by and we just received an email from a communications company billing us $4,000 for breaking a communication line buried in the yard.

Your PM is not communicating, and this is a legitimate concern.

The communication was prompt.

They don't communicate well, don't take responsibility for their actions, do not clean or maintain homes well, and will shaft you when it's time to leave.Other than that, it's a pretty good system.

There is a flaw in the business model and thier internal processes need a lot of work.First the good,Yes, I got paid every month.Nomad found me good renters.Next the badDue to needing to make the guaranteed rent they rented my unit below market valueIn communicating with Nomad they were disorganized, often sending conflicting messages and not alignedNomad offered to find me a repair company, that compnany charged $400 for a $25 dollar part and I was stuck with Nomad saying "not their problem" and the vendor saying Nomad was the client not me.Nomad was horrible to my renters as their property management term ended.

Quote from @Neeta Agrawal: For context, we gave the tenant a 60-day notice for non upkeep and no repair communication in 2023 and then extended it for 30 days upon his realtor's request, setting the move-out for May 31, 2023.

Transparency, regular communication, and clear milestones have been critical to making this successful.For those of you who are considering working with private lenders or want to improve your deal structure, I hope this gives you some food for thought.