Cleveland Property Manager for Small Rehab

6 Replies

We are out of state investors looking to acquire our first rental in Cleveland area we are having a hard time finding a property manager willing to manage value add properties that need minor renovations. Any investors or agents with recommendations would be appreciated.

Originally posted by @Jasmine Walker :

We are out of state investors looking to acquire our first rental in Cleveland area we are having a hard time finding a property manager willing to manage value add properties that need minor renovations. Any investors or agents with recommendations would be appreciated.

 I have some property management referrals in Cleveland, Ohio that I can refer to you.

Originally posted by @Jasmine Walker :

We are out of state investors looking to acquire our first rental in Cleveland area we are having a hard time finding a property manager willing to manage value add properties that need minor renovations. Any investors or agents with recommendations would be appreciated.

Have you thought about hiring a GC as well as a PM? Usually when the PM's start doing construction it can get expensive with their 5-10% fee. 

Here's what you need to do.

A. Get a home inspection report and see if you still want to buy the property. If you do,....close on the property,....then reach out to PMs and GCs.

or

B. Be willing to pay a GC to look at a property and pay them for their time before you c,lose on the property.


If you're contacting PM's about a property you don't even own yet they won't show a lot of interest because you don't own the property yet. Best bet is to actually acquire the property.....then you will be taken a lot more serious. 

Almost the same concept if you are trying to hire a contractor when you don't own the property yet......They are not inclined to take time out of their schedule to go to a property, do a walk through and prepare a SOW (Scope of Work) on a property you "might" purchase. Now you have wasted the GC's time. 

Originally posted by @Brian Garlington :

Here's what you need to do.

A. Get a home inspection report and see if you still want to buy the property. If you do,....close on the property,....then reach out to PMs and GCs.

or

B. Be willing to pay a GC to look at a property and pay them for their time before you c,lose on the property.

If you're contacting PM's about a property you don't even own yet they won't show a lot of interest because you don't own the property yet. Best bet is to actually acquire the property.....then you will be taken a lot more serious. 

Almost the same concept if you are trying to hire a contractor when you don't own the property yet......They are not inclined to take time out of their schedule to go to a property, do a walk through and prepare a SOW (Scope of Work) on a property you "might" purchase. Now you have wasted the GC's time. 

 Those are some good points Brian. Trying to convince a Property Manager to spend time on you when it's not clear you've got the money is a big no no folks. Clients who don't have their finances in order are a complete nightmare for Property Managers. Their radar will be up when talking with you. Heck, I remember one time a few years back we had some schmuck client who couldn't even afford to maintain his rental property at the city's standards. The guy told me he didn't even have $8,000 in his account.

This situation of course led to his tenant suing not only him but us as the Property Manager. Took forever to get us pulled off of the lawsuit. Now that I think about it even after we got released from the junk lawsuit and sent that schmuck client his remaining escrow funds I think his tenant came back to us a few times over the years and filed some more junk lawsuits against us for that brief period we managed his slum.

I don't recall if my accounting department ever sent him the bill for those additional lawsuits. That's something I see a lot of these newbie investors forgetting. They don't understand that most any PM they hire is going to have it in their contract that they are responsible for all of the Property Manager's legal fees if they get sued while working on your property. This is why it NEVER pays to hire the cheapest contractors folks. The smart PM's are aware of how the system works and know that the investors running around without proper capital backing are nothing but a liability. Hence the reason nobody is going to go to a property on your behalf if you don't pony up the money up front.

Thank you all for the advice and recommendations. I appreciate the honest feedback and words of caution. I thought I needed to assemble the team first before purchasing, but it makes sense that once we have purchased potential team members will be easier to find.