Who’s your favorite PM?

3 Replies

Been investing now for a year and have to say that of everything out there, PM is the most important piece. So much so that I want to go backwards! Find the best PM’s out there and then pick my markets! There’s a lot of deals out there if you’re willing to dig. I have found my financing sources. But PM is always the giant gaping hole. So, who’s your favorite PM? I’ll start by saying I’m turned off by Cleveland because I haven’t found a good one yet. Smartland is really freaking good but they only manage their own turnkeys. Who else in Cleveland but really...NATIONWIDE?

I have seen this question pretty much daily since I set up a keyword alert for Cleveland and I haven’t yet seen a single response from someone who was content with their 3rd party PM situation in Cleveland. All I’ve seen are people who self manage due to the lack of a capable management. I sure hop someone decides to take advantage of the need for solid management in the area soon and starts a firm.

Let me jump in here to say that my experience with my PM (Midwest Realty) in Cleveland has been positive but have to stipulate that they are not for everyone as they only will take on mid and larger size (lets say 10 units or more) portfolio (SFR or MFR) which eliminates the majority of OOS investors.

What OOS investors with only a few doors put up with (service levels & costs!) is beyond ridiculous from the postings. Having said that, I also feel that some non-turnkey investors expectations are not appropriate.

Midwest is not perfect but I have found them to be professional, responsive and helpful. They give honest advise and can deal with voucher tenants / HUD process / problem tenants but they can NOT do magic; a bad property / tenant require resources (read $) and take time to turn around. Also, they are not a Turnkey company and generally do not sell real estate (but they are a brokerage so there are exceptions).

If you have 10 doors (or near that and still buying), I have no hesitation to recommend them - PM me for contact info or to get more details.