Realtor · San Diego · Member since 2018 · 4 posts · 4 votes
Good day people!
I am in escrow on my own home here in San Diego CA and will be using the money to buy property in Brownsville. After looking around online I decided it would be easier to ask the people here for some advice. I would like to talk to a few title reps, a few realtors, and some property managers that cover the Brownsville TX area. But more importantly, Does anyone live there? Or have you at least visited? What do I need to know about investing in Brownsville (or texas in general) that I don't know?
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y
In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services.
This also leads them to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it.
We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Rental Property Investor · San Antonio, TX · Member since 2020 · 15 posts · 2 votes
5y
@William Nelson I am in the middle of my first BRRRR in Brownsville. Not sure I have much advice at this point since I'm still learning, but let me know if I can answer any questions.
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