For the investors that are investing and buying apartment complexes in several different states with multiple properties how often do u go and visit your properties ,tAlk to your property management companies and things of this nature ? I came across a guy recently that owns over 800 units in 5 different states
@Stephen Moore I invest locally in the Berwyn area, and I love that I can drive by my properties often. I also invest in South Bend, Indiana, and I have been visiting my 20 unit in South Bend 2-3 times per year. I would love to visit more, but to be honest there is not often much to do when I visit. I do bi-annual "safety inspections" of the units so I can inspect everything and get a sense of how things have been going.
I have properties in Michigan Georgia and Tennessee. I visit the ones near me somewhat regularly but I rarely visit any of the ones further out, if you have good management in place there really isnt a reason to visit other than to spot check once in a while to see if anything is degrading, I think you could visit less than 1x per year easily, I trust my MI property management so much that there are some properties I have never visited, granted those are cheaper single family properties. I like to at least see my multis once in a while. More for pride of ownership than anything else.
We manage several hundred rentals in the Indianapolis area and have well over a hundred clients all over the world. I would guess that half of our clients have portfolio's in different markets. I have clients that come in 2-3 times annually and clients that we have managed their properties for 5+ years and they have never visited. I think that it is dependent on your level of trust in your team. If you feel that you are actively managing your PM, then I would certainly recommend getting physical eyes on the properties as often as possible. If things seem to be running pretty smoothly and normal, I would still follow-up to ensure that things aren't getting glossed over and swept under the rug, but I imagine a trip every year or two would be adequate.
It may also depend on how your PM works. We do quarterly inspections on most of our properties. These are interior/exterior inspections scheduled with the tenants. Our owner's get an inspection report published to their portal with pictures and/or comments of any concerns. If you are working with a more proactive PM, you probably don't need to be as concerned, but tenants should know that they are being watched and will be held accountable for damages and/or other lease compliance issues. If you are using a more "budget PM" who just does drive-by's on occasions, then I would certainly recommend visiting yourself more often.
Lastly, I usually recommend that our client's do not let the tenants know that they own the home, and definitely do not give out their contact information. It typically leads to problems. I prefer for the owner's to pose as an insurance agent or something like that. Tenant's will also be very open to those types of individuals and likely willing to expose any concerns regarding the house and/or PM.
Millennium Realty (Clarkston location) in Metro Detroit is good - she doesn't manage in Detroit but mostly the suburbs - they manage mine and are very honest and good
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