Spring Hill, FL · Member since 2017 · 33 posts · 6 votes
I am looking to purchase a few small residential rentals in cleveland in the next few months, ideally 2-3 4 plex properties for around 200k each.
I am wondering who is recommended as a property manager who can cater to lower priced rentals (600-700 rents) for a good price, and can also help me in finding, reviewing, and purchasing the units.
I currently dont have a realtor in cleveland, and would prefer to work with the property manager as a realtor, especially if it might improve the management fees. Im also open to other portfolio financing sources, as the ones I have have some constraints. If anyone could recommend a good portfolio lender for the area, that would also be fantastic.
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
5y
Your numbers are already way off. 200K for a 4plex and the gross rents are $600 to $700 per month? ........If you're looking for that in Cleveland you are really selling yourself short. I know lots of folks who have spent that amount on a fourplex out there in C and B neighborhoods that get $1,000 per month per unit easily.
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y
@George Leeman every investor wants to save money but often their pennywise and dollar foolish.
If you want the best property Management you have to pay for it. If you're going to Penny pinch your property manager expect similar service. You get what you pay for!
It’s becoming a trend where investors are wanting to pay subpar prices and expect above average service. So what @Drew Sygit is getting ting at is – you get what you pay for. Always remember, you can always find cheaper. However, you do not want to see why you paid cheaper when something goes wrong. It’s all about the experience.
1. Consultation - The most important part of a great relationship is getting to know one another beforehand.
2. Time - It’s worth spending the extra. Remember, business operating cost can be a factor. John Doe can offer you 5% management fee and never picks up the phone because he or she is the project manager, the leasing agent, the accountant, the maintenance department, the rehab admin, the executive, the owner, the assistant, etc (often wearing too many hats). Or perhaps Susie down the road offers you 10% management fee and has overhead expenses that benefits you by having a customer service department, maintenance department, renewal department, screening department, rehab department, move out department, etc. The less hats you wear the more attention to detail there is and can be. Inspect what you expect!
3. Quality - This goes without explanation. Price doesn’t determine a great property manager so never think this. But you should want quality over cheapest.
4. Service - Just like quality of a property management team, service is open to interpretation too. Normally as you go up in price the service should get more luxury. There is no right or wrong. Some of us expect more than others. It’s just the vibe of the property manger that you personally want.
5. Location - Location, Location, Location. Just because a property is located in a “average” neighborhood doesn’t mean it deserves less attention than the properties in the “above average” neighborhood. Location is important but so is the customer service, the team knowledge of the markets they serve, and so should the owner’s passion to do whatever it takes to keep the resident happy (within reason). Our team has a saying... “We provide the same cheeseburger no matter what market, neighborhood, etc.”
Best of Luck in your search!
“Good property managers are not cheap, cheap property managers are not good.”
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
5y
Your numbers are already way off. 200K for a 4plex and the gross rents are $600 to $700 per month? ........If you're looking for that in Cleveland you are really selling yourself short. I know lots of folks who have spent that amount on a fourplex out there in C and B neighborhoods that get $1,000 per month per unit easily.
Spring Hill, FL · Member since 2017 · 33 posts · 6 votes
5y
I would like to get a $1000 rent for 50k units Brian haha, but Im not sure thats easy to find at the moment.
However I will figure that out shortly.
For everyone else, the worst management I used was a large company with different departments, I had dozens of properties with them so they charged me very little. However they usually charged everyone else close to twice as much after placement and renewal, and were just as terrible to them. By the time it was over, id rather have paid more, but it would not have made them better at their job.
Im more interested in first hand experiences by people in the area owning these types of units.
Ive actually had the best luck having 1 manager who is responsible for most of the management process, Ive used a hand full of managers in close to a dozen cities, I understand the lowest price is not the best deal. But fees are something that can be verified, and first hand experience from people owning these types of properties goes along way into finding who to use or avoid and why.
Logical Property Management4.9458 Reviews