I am a newbie, about to make first offers, so bare with me I will have a lot of posts with questions on here, they may seem silly, redundant, etc. but I am one who needs to dot all my I's and cross all my T's!
First off, I would simply like feed back on whether or not it's a good idea to put your own property management in place upon purchasing a new property, whether it be a SF or MF? Or is it a good idea to keep the existing management as they have knowledge of the property, tenants etc? Would love everyones feedback!!
You want the one you are comfortable with. Maybe the existing are not performing well.
To find Property Managers
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 if they know anything coming up for sale.
I'm not sure you should have a set rule about property management when buying a new place; whether keep or replace current PM. There are a lot of small factors that can have a big impact.
If you're buying SF there may be less of an issue with knowing the history and tenants; you can just ask owner or tenant for background. For MF, depending on size could be a big issue; the larger the building the larger the issue. And if the property is easily maintained and good one to manage, you will have a disgruntled exiting PM who can make the transition worse.
I've worked with owners who wanted to keep their portfolios split so that they can learn how each PM works and what may work best for them. I've also worked with ones that like to consolidate for lower fees. Either way, make sure it's beneficial to your overall plan. Don't forget, any PM works for you.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.