3 Years This Month

8 Replies

I think this a good time to reflect as 3 years ago this month (August 2011), I purchased my first rental.  It was an out of state duplex, in a not so nice section of Rochester NY.

At the time, the rental was 1 of 4 properties another out of state investor owned and was looking to unload them all.  I originally visited this property in February, made the offer within 30 days, but it was contingent on certain repairs and a new Certificate of Occupancy (hence the 6 months between offer and closing).  The repairs weren't too bad, and the property was overall in good shape (roof, HVAC good) but a bunch of little maintenance things and exterior paint.

Each unit was 3 bedrooms, 1 bath, about 1200-1300 square feet each and were very clean.  When I took ownership in the property grossed monthly $450/unit or $900.00 and was 'professionally' managed by a company up there.  Issues started within the first 90 days, but mostly with the management company.  I was begging for my money, not getting communications, repairs were being made without consent or communication, each statement (if I received it) was a surprise.  I wanted out...didn't want to hassle or the risk.  As a few more months went on, I felt like I was never going to get a head. I almost quit!

Then, I was fortunate.  Through some networking (and prior to knowing about this site) I transferred management to another company.  I was looking for someone who would over-communicate until I could get that trust built and know that my interests are being protected.

Fast forward to now (and the reason I put this in the Success Stories section) is I hardly need to talk to my PM anymore.  More importantly, this month not only marks 3 years for me, but also a month where a tenant turnover situation allowed me the opportunity to increase the rent an additional $75 a month.  Working with a good PM (as well as a good market) has allowed me to effectively increase the rents of each unit, that my gross is now $1175 combined, or $275.00 / month increase from 3 years ago.

I hadn't actually sat down and thought about the big picture growth until this new tenant moved in on the 1st of August.  I thought it could be motivational for some ;)


@Christopher Schmidt  Congratulations on making it work.  Being an investor often requires you to find solutions--to sellers' problems, to your investment strategy, to management, etc.  Good work.

I get asked about management companies here on occasion.  Do you mind sharing who you use?

Congrats @Christopher Schmidt Thanks for sharing! That is good to hear and encouragement for myself as a newbie about to purchase my first duplex in Rochester.

This post has been removed.

Originally posted by @Larry Turowski:

@Christopher Schmidt  

I get asked about management companies here on occasion.  Do you mind sharing who you use?

I second this, I would love to know who you use!

Thanks, it's a journey lol...but I'm hoping to realize the dream.

@Larry T.  and @Dustin Kester   I'm fortunate with my current PM, he's actually scaled down but used to operate under a company named Safe Harbor Management.  He's a friend of my in-laws (I wish they told me that before I signed up with the bad PM) but I keep trying to convince him to partner up and scale up again =)

@Shannon Sadik  best of luck, once I got a rhythm, I've been fortunate.  Now if I can just scale it up some =)


As a property manager in Rochester NY I am so happy to hear you are satisfied with your management company!  Often you hear so many horror stories of bad management companies, but us good guys are out there, also  :)  It's nice to have someone share success stories-thanks!

Congratulations and best wishes for continued success  :)

@Christopher Schmidt  thats a great story to share, I'm glad that things turned around for you. Sounds like I may have your old PM, as I will be getting away from them soon I hope. Best of luck.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here