I currently own a triplex in a bedroom community outside of Des Moines, Iowa. I live in Colorado, I've had a professional property manager managing the property flawlessly for the past 7 years. They just notified me that they will be leaving the business on January 1. They do not have any property managers locally to recommend, nor does the real estate agent that I bought it from. In your opinion do I take the next 2 months trying to find a property manager as it's cash flowing very well, or sell and re-invest in a different community with more property managers since I'm an out of state investor.
I need your help and need your advice, if I sell I'd like to reinvest into two duplexes so that I move up to 4 doors from my current 3. Thoughts everyone??
How difficult would it be to ask for their list of vendors that serviced the property and manage from afar?
I have a stellar property manager in Des Moines. I live in D.C. and they manage my rental in Urbandale. RPM is the name of the company. Ben or Rachel can help you out
@Andrew Jacobsen thank you for the recommendation, my property is in Winterset, I'm not sure if they'd service that far out, but it's worth a shot! I bought the property when I lived in West Des Moines, prior to moving to Colorado.
Keep the ideas coming community!
Selling a good cash flowing property rarely makes sense. I'd look at google and the NARPM directory and check into PMs in the area. There is not much incentive for your current PM or your realtor to make a recommendation.
@Eric Brenneman our PM covers like 6 towns. A local meet up could provide nearby PMs that are “headquartered” in other towns, but may cover your area. Worth checking before a sell.
I'd be interested in learning more about your triplex if you pursue selling it. I live in Des Moines and have a small MFH portfolio I manage myself that I'm looking to grow. DM me if interested, Eric.
@Andrew Jacobsen RPM is that a national brand? I had an awful experience with them but it was the DC/MD branch.
@Tariq B. , No this is definitely a local company out of Ankeny, Iowa. They are first class for sure. They have great automated systems. With that said the team is always great about communicating anything that may pop up.
@Eric Brenneman - Spend a little time and try to find an unadvertised PM. However, I'd start making plans to sell and reinvest elsewhere. Without good management you only own a headache, not an investment
Thanks for the thoughts everyone! @Andrew Jacobsen I've reached out to RPM to see if they'll cover Winterset.
@Michael Ablan this is exactly where my train of thought went as well, it has been a fantastic property, but without local management, way too many headaches.
@Drew Schade Thank you for the interest, if I can't find something promising in the next few days, this is a very real possibility. I'll PM you the address so you can start to do some due diligence.
@Eric Brenneman , send me a DM I might be able to connect you to a PM in the area. Winterset is small, but I think that you may have options for some that would drive down to Winterset. I'm thinking some PMs that are in Waukee/Adel might go that way.
Thanks everyone, I've been talking with a REA here in Colorado and have decided to sell the Winterset Property and reinvest in Colorado. Here's a link to the property let me know if you have any questions or want further information and I'll get it to you straight away!
@Eric Brenneman I know someone who has worked for me for approximately 5 years total at two different companies who lives in Winterset. She does side work/consultation for private investor owners and may be worth talking to. Not a licensed agent, but I'd employed directly by thr owner there are loopholes there. I have 15yrs experience in the industry but my company does not do 3rd party management at this time. She has investments of her own and is a "bulldog" when it comes to keeping things organized and in line. If interested I can connect you, just message me. Good luck either way!