Managing 72 units- how to find the right house hack?!

7 Replies

Good morning BP family! I am new to BP and figured what better way to get my feet wet then make a post and document the beginning of my journey. 

A little background about my real estate journey. Dating back to my great grandfather, my family has always had a foot in the door when it comes to owning/managing real estate. I have always been around the properties but as of November 2019, I came full time to work with my father in his real estate business. He made me a partner when I came back and offered me half the business (for now until he retires and hands the reigns over). He is 65 and ready to start backing out of the business a bit. We own 72 townhomes and apartments around the myrtle Beach area. I manage and maintain all of the units. We have a full time maintenance staff that is onsite Monday-Friday handling any and all maintenance issues. I manage that team, I manage all maintenance issues, I handle rent, I take care of applications, evictions, bill pay and everything in between. I have worked along side the maintenance team and have a better understanding of what to look for and how to handle many maintenance related problems. Any of my tenants know they can call me or my office and their issues will be taken care of. I pride myself on great customer service and always putting my tenants first. I tell you all of this because I am now at the point where I have gained the confidence and where with all to begin purchasing my own real estate. My biggest issue I have encountered is finding the right property. By the time something pops up on Zillow, Trulia or any other sites, the house has already gone under contract.I want to house hack. I have been looking around trying to find a duplex or triplex that I can live in for a year to work on the unit and get it updated. Upon me living there for one year I plan to move out and have 2 tenants rent out both sides. I have already been preapproved and have a preapproval letter in hand. I am hungry to get that first property under my belt. I have a team onsite to handle any rehab that needs to be done and any occurring maintenance issues in the future. I am not sure why, but every agent I have reached out has been somewhat lazy in sending me lead and have done a poor job in listening to my needs. How do you recommend finding the right agent that is just as hungry to find and close deals as I am

I guess you don't need a RE license to manage your own properties. If you don't know an agent find an investor freindly onw that can put you on an automated daily search for duplexes. Every morning screen them, if you find one you like, do a driveby first thing and call the agent to make an offer, you will have an inspection period to back out if you dont like the interior. Here are a couple of things to remember.

1. the insides usually look like the exterior..

2.  No interior pictures in the listing is usually a red flag

3.  Ask for rent rolls and P&Ls from the listing agent.

4.  Get your handyman to walk through with you.. it's always good to have a second pair of eyes.

5  be patient.. no deal is better than a bad deal.


Good luck..

Gavin

@Chace Corbett , tell me exactly what you are looking for and if it's available I will find out for you. I am an agent and my wife and I own rentals here in the Myrtle Beach area. Like yourself, I do all of the management and a good portion of the maintenance so I can give you a good feel for what is our there now and stay on the new listing reports for you. Shoot me a response and we'll get started!

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