Property Management for 34 unit MF property

6 Replies | Greensboro, North Carolina

Hello All,

I am based out of Charlotte and working on a 34 unit property in Greensboro, NC. I will be driving up this weekend to tour the property and looking to connect with some property managers and begin interview process in order to move forward with the deal. Does anyone have a PM contact that does commercial MF property in the Greensboro area they could connect me with? 

Thank you,

Tim

Hard to recommend a PM without more details of the property

many PMs are better in one tenant class and building size than another

Assuming C class sub 1k rents i use SJL Properties and have been pleased, but they are better in that rent by necessity space sub 60 units

Originally posted by @John Blanton :

Hard to recommend a PM without more details of the property

many PMs are better in one tenant class and building size than another

Assuming C class sub 1k rents i use SJL Properties and have been pleased, but they are better in that rent by necessity space sub 60 units

Thank you for the quick reply, you're right I should've been more specific. 

C class, 850sqft 2/1 townhomes. 1972 vintage off near O'Heary and Wendover. Current housing voucher for the area and asset type is $859 which I may end up having to go with as the surrounding properties appear to be lower income as well unless I can find a PM that can execute a non voucher housing pro-forma. 

I would be careful with that property, I was attempting to purchase last year and there are a lot of challenges.

Multiple shootings, including 1 murder (former owner of the property...), parking lot is a disaster and financials are a mess (poor record keeping and many tenants pay in cash)

Last I was there one of the units was condemned so not sure if that is still the case

Just make sure to do your due diligence and best of luck!

Tim, I took a break from BP for a while but in case this thread it still active here's my two cents. I am a MF investor in the Triad. I did recently look at a 88 unit on O'Henry with expiring affordable housing requirements which seemed to cash flow on paper but half the property was in a flood zone which caused concern. Investors 'flooded' into that property though, undeterred; the seller had offers within days and I read it went for something like $200k over list price. So much for my concerns about risk. It is a fairly rough part of town but I wondered if the new beltline with its nearby interchange might bring renewal or at least easier connectivity to jobs and services. I also know a bit about the property manager you mention as they managed the property I bought in Winston-Salem two years ago. Sadly after the previous investor renovated all the units, they leased it up as fast as possible without doing much vetting, to prep it for a quick sale, and we - new property manager and I - have spend time and money addressing that. That was a learning experience. Presumably that property manager did that at the request of the owner and they are capable of other approaches. If you are still interested in property managers, let me know.