We use Prestige Property. PM me if you want our agents number, she is both a Property Manager and an agent and has helped us buy several properties that she now manages. All of them needed a minor amount of rehab to be rent ready and they managed that for us as well.
Hey I live in Milwaukee, WI and is willing to do the leg work of helping you find properties in exchange for your guidance and help in learning about real estate. I am a new investor and would love to learn from you and your past experiences. Pm and we can discuss more in detail about the idea if you’re up for it.
I second REIS.
@Nick Portillo I wouldn't say living in California is unfortunate! lol I was in Newport Beach for the CAL Act show and its gorgeous there!
I third REIS
Thanks everyone, I have the same question, looking for a new PM in Milwaukee that can also help me expand my portfolio.
Ideally, I am looking for a PM that does not charge lease up fees. I am willing to pay a higher monthly in exchange. I feel lease up fees create the wrong incentives for property managers as they benefit from turnover. I would prefer for them to find long term high quality renters. It also makes the decision harder to evict when I had a delinquent payer that is on the edge, but really needs to go.
Any additional recommendations?
@Rob Withers I think you are focusing on the wrong metric my friend. Instead of focusing on a lease up fee i would suggest looking for a manager who will find ways to save you money. One of the biggest cost savings would be repairs. You should give a potential manager a few scenarios regarding repairs and potential tenant issues to see how they will handle them. For example, a tenant calls and says “the lights are not turning on in the house.” Will the manager send an electrician who charges &125-$150 just to diagnose or will the manager send in a handyman who will charge $20 per hour and can help complete basic troubleshooting? This issue can be as simple as a tripped breaker. Examples like this cost investors hundreds or thousands per year. I would imagine poor repair and maintenance trouble shooting cost investors far more than a one time lease up fee. All the best to you. Check out david greene’s book on long distance investing. There is quite a bit of information on property management. I think it's chapter 3 or 4
I totally get what you are saying about the lease up fee. How involved are you in the screening? For all of my tenants I give the final approval after running their name through the court records amd reviewing their financials. These are not full proof methods for determining good tenants but I find that They are pretty food indicators. It also keeps the PM honest knowing ai will be reviewing what they call a wualified tenant.
@Shawn Ackerman Thanks for your email. I completely agree with your point on repairs. Also, thanks for pointing me to that book, I will check it out. Unfortunately, I think this asset class is just not for me. I have a handful of low cost SFHs / duplexes in marginal neighborhoods and my goal is to spend very little time. The carrot on these is ROI% under a sunny day scenario. However, these are small investments and we're only talking about $300-$400 per door in profit if things are smooth. If I'm babysitting a management company and dealing with skips, unclear financial statements, repairs that don't make sense, etc... I not only loose time, but also the profits I was hoping to make. I can blow a full year's profit with one poorly managed skip. Additionally, in my limited experience management companies that serve this market are not hiring seasoned professionals to deal with my properties. They are hiring low cost help and assigning them way to many door. Lastly, leasing, accounting and maintenance are different departments and frankly nobody know the whole picture. I frequently receive either conflicting stories or delayed out of context answers.
Ok, I'm done with my soapbox. Your advice is sound, I appreciate it. Having said this, I have decided to sell my properties. If anyone on this thread is interested in Milwaukee or Quad Cities properties, please let me know. Mine are off market now, but will be going on the market soon if I don't fine a buyer before too long. thx.
I'm an investor in the Quad Cities. Please let me know if you have any going on market.