What property management companies have other Bigger Pocket members worked with and did you have positive or negative experiences? Do any of the more experienced investors have any recommendations or advice when selecting a management company? I am evaluating MultiFamily Property Management Companies for my planned small to midsize multifamily property purchase in Houston.
My goal is to work with a experienced management company to leverage their knowledge, resources, and economies of scale. Below are my ideal selection criteria that I have compiled.
MultiFamily Management Selection Criteria/ areas of expertise / services to provide
- Long term partnership including property identification, evaluation, selection, purchase, management for cashflow and NOI growth, and value addition capital improvements. I plan to leverage my Chemical Engineering income and real estate income to grow my multifamily real estate business significantly.
- I plan to buy and hold income multifamily properties. I am selling my single family home investment and pursuing my first small to medium sized apartment complex of a value of $0.75-$1.5 million in a houston submarket with strong job growth, population growth, good school districts, and low crime.
Hi, I have heard good reviews on the following PM. Good luck
He helped buy and manage both of my properties. He supervised the evaluation, deal, and rehabs; of a 336unit and 106 unit. He is very well known in the Apartment association (he was the president and state rep). He built them both from 18%occupancy to 100%.
Full disclosure: Celtic is still my MF management company(5years). John(owner) was/is also my mentor in all MF deals. He is also a long time family friend( my little brother and his sons have been friend since 1996).
Sound like a great service. Can you detail out what it cost you?
The costs are not my place. There are different factors for every property. But if you are having trouble making a profit, he is the man who knows how to fix the problem. He worked for a large management firm with like 10k units under his management at one time in the south(tx, la, ms, ect). That was before he left to start his own management business.
He only manges larger 100+ unit complexes as far as I know but I am not sure. Most apartment owners know that it is not worth hiring a PM company for smaller apartments.(at least not in the Houston area.)
John Ridgeway also mentors at lifestyles unlimited.
He is a mentor and a great one. I don't like to mention LU due to the misconceptions some people have about it. Also Celtic is a property management company, not just for LU members which could be misunderstood so I did not include it.
@Joshua Olson did you end up purchasing any multifamily apartments in Houston? If so, what did you purchase and how has your management company experience been? I am considering readjusting my management team and am looking for real life experience from fellow BP members.
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