Denver, CO · Member since 2014 · 22 posts · 23 votes
I'm under contract to buy a small apartment building in Pawtucket. This purchase is a lot of firsts for me - first multi-family and first out of state purchase.
I'm looking for a property management company and curious if anyone has any recommendations?
I always caution people about out-of-state investing, giving the same advice you did, but I wonder if I'm being too conservative because - as you pointed out - the books and podcasts make it sound so easy. You know the terms, "turn key" and "cash cow", etc. 😄
I appreciate your real-world feedback Erin, and thanks @Fan Bi for asking her for that!
Coming from Denver, I feel like it's a steal of a deal. I couldn't buy a house here for what I can buy 4 doors for in Pawtucket... I hope I'm right that it is a good deal. Time will tell!
Thank you @Bruno C.@Erin Onsager, I own operate and manage a number of buildings in Pawtucket as well as other cities and towns in addition to that of my own portfolio. I also manage Bruno's RI properties, and he can tell you his experience from the viewpoint of a customer which may be beneficial.
If you have any questions at all or I can be of any assistance, please feel free to contact me and I will be happy to help.
I second Lyon. I personally know both of the owners, they own multi family units, and Are truly dedicated to their business. They operate with incredibly high integrity. PM me and I can give you the owners cell phone number. Good luck
Not sure if you've decided or not but if you're still looking contact Jim Murray from Lyon. He's awesome and really knows his stuff. I highly recommend him.
Does anyone here know if you're legally allowed to in RI put in a lease agreement that you, as the landlord, will pass on water and sewer to the tenants in MFs, e.g. by bedroom count or square footage?
I use Scarlet Realty out of East Providence. They are new to the scene but extremely talented in property management.
Most of the time the owner is responsible for water and sewer. It is also rare for a 3 unit multi to have seperate water meters unless zoned for something besides residential.
@Steve Bracero they are not, but I've read some investors with a central line still divide it up and just state that in the lease agreement. I just don't know if that's legal in RI.
Hi @Erin Onsager , Which property management company in the Providence area did you decide to go with? I’m in a similar situation that you were in so it would be good to hear about you experiences over the past few years.
Hi @Erin Onsager , Which property management company in the Providence area did you decide to go with? I’m in a similar situation that you were in so it would be good to hear about you experiences over the past few years.
Lyon Property Management is top notch. They manage a number of my buildings.
@Justin Allison, I went with Nexus Property Management. They were cheaper than Lyons up front, which is what swayed me (8% vs 10% fee). However, all the maintenance trips are costly. Luckily for me, my neighbor ended up being amazing and taking over most of the maintenance for me, which has been a HUGE savings. I was going to switch to Lyons almost a year ago, but they are an all or nothing shop. They won't let me cherry-pick which maintenance items they do vs. what I do. Given that I'm a bit more hands-on, I like that Nexus doesn't care if I use them for the repairs/maintenance/etc or if I hire it out on my own.
@Erin Onsager Have you been happy with your out-of-state investment in Pawtucket, have you doubled down on the area? In my limited experience investing in Providence/ Pawtucket, I've found the economic occupancy to be very challenging.