New to Real Estate · Brightwood, OR · Member since 2018 · 17 posts · 5 votes
So per Brandon's encouragement from one of his video replay's, I went out to Realtor.com and found a rental property that give me a 9.5% rate of return...that is almost a Double / Triple hitter. The property is located in another state not making it possible for me to manage it - nor do I want to. The issue is that when I looked up Property Management companies in the area...they all had marginal to bad reviews. So with that it brings up a question...based on the Property Management companies reviews....would that be enough to KILL the deal?
If you have listened to enough of the BiggerPockets podcast, you will know that a good property manager can make your deal, and a bad one can make a good deal bad. It is so easy for a property manager to be a poor performer when they know their client is out of state and not over their shoulder.
If you don't have true boots-on-the-ground out of state, or a property manager that you can trust, I would pass on the deal unless you are expecting to make a significant amount of trips out to the property. The reality is that it is pretty unfeasibly for you to do so.
If you have listened to enough of the BiggerPockets podcast, you will know that a good property manager can make your deal, and a bad one can make a good deal bad. It is so easy for a property manager to be a poor performer when they know their client is out of state and not over their shoulder.
If you don't have true boots-on-the-ground out of state, or a property manager that you can trust, I would pass on the deal unless you are expecting to make a significant amount of trips out to the property. The reality is that it is pretty unfeasibly for you to do so.
Honolulu, HI · Member since 2020 · 196 posts · 190 votes
5y
@Lynnette E. Great point! Yelp is a mixed bag. My Property Manager (good) gets a few high reviews from owners and many bad reviews from sketchy/obviously dim-witted disgruntled applicants/former tenants.
Suggest you don't give up on deal too early. Really suggest that you directly interview 3-4 PMs and ask for owner references vs. being swayed by online reviews that are questionably useful.