It looks like my next purchase will be out of state. I know people in the industry in my home town, so it's not difficult to find a good property manager and stay on top of them. But finding a good property manager across the country will be more difficult. Does anyone have good suggestions for identifying a few good property managers in another city to interview? And then do you have suggestions for how to interview them?
Referrals and good references are your best source. Talk to actual landlords using the company.
I am sure you can find good property manager references on BP. That said, we in San Antonio are big owner finance advocates. Our investors (mostly in California, SF and LA) rarely landlord - they owner finance houses they buy from us to end buyers we qualify for them. The advantage - no maintenance required by you the investor. It is the only way to invest in buy and hold residential for me, that's all I do. Good luck :)
Good advice, @Dawn Anastasi . I'll make sure to get some references.
Thanks for the alternate strategy, @Account Closed I'm leaning toward Atlanta, GA right now. It looks like a good place for small multi-family buy-and-hold. I'm chatting with one guy on Friday morning who may have some connections to a Property Manger there. I feel like that's where I need to start. Does anyone have a good PM connection in Atlanta?
There was a post on this with interview questions not too long ago.
Thanks, @Kyle Penland I just found a few threads that each had some questions to ask.
@JR Hinds - My real estate agent also has a property management company, and I'd be happy to give you her info (this is in Atlanta). Question -- in what areas you seeing small multi-family properties? I feel like they're few and far between right now, but I may not be interested in the same neighborhoods as you are.
@Anna Watkins I looked all over Atlanta. Maybe there are some neighborhoods I should be avoiding. I'll PM you to set up a time to chat, if that's okay.
Hi @JR Hinds
I read the book MF Millions by Dave Lindahl and in his book he recommends the following:
1. Go to www.irem.org (institute of real estate management)
2. Look for the designations by CPM (certified property manager) for 50 units and above or ARM (accredited residential manager) for anything lower than 50 units
3. Pick up 2-3 in the Atlanta area and ask for investor referrals
4. Talk to the investors and assess the PM's
Hope that helps.
Azeez K., Real Estate Agent in GA (#360027)
We work with investors in other states as well as internationally. We help locate and purchase investment properties as well as manage over 300 properties. I would be happy to send some information to anyone interested in learning more about our services!
To continue what Azeez said...
Go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask for market occupancy and rents. Ask if they know anything coming up for sale.
You can also search narpm.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.
@Brie Schmidt website is a great place to find property managers
Jerry Padilla, Lender in NY (#NMLS 1084877)
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