Looking to connect with seasoned out of state multifamily investors

Out of State Investing
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Looking to connect with seasoned out of state multifamily investors

Nicholas AndreatosPro Member
Centreville, Fairfax County · Member since 2022 · 5 posts · 1 vote

Hi Guys,

I have a property out in Ohio and am looking to expand my portfolio. Im curious to hear from successful seasoned multifamily real estate investors what processes have made the successful.

Some areas I want to gain more knowledge in is:

-Network used to finding good tenants and fill units quickly

-Do you self manage or use a property management company

-Do you interact with tenants and have visibility into communications or let boots on the ground person deal with all of that

-How do you find good agents and contractors in your investment market

-Who do you have walk through property for inspections and let contractors in the units for bids?

I want to grow a big portfolio and am trying to nail down my processes and gain more insight and knowledge.

Thanks!

1Reply
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Jimmy LieuBusiness Member
Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
1d

Welcome, Nicholas. Good to see another investor with an Ohio property looking to systemize before adding doors.

Matthew and James covered the PM-first approach well, so here is how to vet one. Interview three and ask each for average days vacant, tenant turnover rate, maintenance markup and spending approval limit, and a sample owner statement. Then compare their reviews with what current owners tell you. For tenants, hand your PM written screening criteria (income multiple, rental history, background) so they apply your standard instead of just filling units. For inspections, ask for dated photo reports at turns and annually, which gives you visibility without being the day-to-day contact.

On Ohio specifically, in my experience an uncontested eviction can wrap in about 30 days, which is one more reason consistent screening and quick action pay off. Which part of Ohio is your property in?

If it's useful, connect with me and we can trade notes as you build out your process.

[email protected]614-300-7535
Jimmy Lieu, Red 1 Realty4.9120 Reviews
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  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 491 posts · 175 votes
    1d

    @Nicholas Andreatos For out-of-state multifamily, a strong local PM handles the day-to-day with tenants, but you still want visibility, like regular reporting and the ability to step in when something's off. You can do some wonderful things with AI and software for tracking all of it now, but it's not perfect, and you're never 100% out of the mix. The best agents and contractors usually come from other investors already in that market, not cold searches. How many doors are you at in Ohio now?

    [email protected]484-791-6200
    CORE Team | Realty ONE Group Supreme547 Reviews
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    • Nicholas AndreatosPro Member
      OP
      Centreville, Fairfax County · Member since 2022 · 5 posts · 1 vote
      51m

      Hi Matthew,

      Thank you for your response! I totally hear you on that, and agree that retaining control and having visibility is key to being a successful investor. That is what I am trying to nail down. I currently have 2 doors and ready to deploy to get 4-5 more doors, so I want to make sure I do it correctly as I scale and look to deploy BRR and LTR strategies.

      0Reply
  • James JonesPro Member
    Investor · Collierville, TN 38017 · Member since 2017 · 707 posts · 517 votes
    1d

    I'm a Memphis investor with 236 doors, and your process list is the right thing to nail down early. I use a property manager — at scale nothing else works. The PM is the one who walks properties, lets contractors in for bids, and handles all tenant communication. I don't self-manage and I don't interact with tenants directly; the PM owns that relationship. Finding agents and contractors: the PM's referrals are worth more than anything online, because they know who actually shows up and bills fairly. Yes, you pay for the oversight — good management costs money, but a bad manager costs more. If you want to grow a big portfolio, build the team first and the doors follow.

    0Reply
    • Nicholas AndreatosPro Member
      OP
      Centreville, Fairfax County · Member since 2022 · 5 posts · 1 vote
      54m

      Hi James,

      Thank you for your response! Do you get to own the processes and systems of day to day operations or do you log into PM's portal and have visibility into everything? Also, what has made you successful when looking for good PM companies to invest with? I have heard horror stories of slow responses from PM to tenants, bad management, and slow tenant turnover/filling vacant units so I am slightly hesistant.

      0Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    1d

    Welcome, Nicholas. Good to see another investor with an Ohio property looking to systemize before adding doors.

    Matthew and James covered the PM-first approach well, so here is how to vet one. Interview three and ask each for average days vacant, tenant turnover rate, maintenance markup and spending approval limit, and a sample owner statement. Then compare their reviews with what current owners tell you. For tenants, hand your PM written screening criteria (income multiple, rental history, background) so they apply your standard instead of just filling units. For inspections, ask for dated photo reports at turns and annually, which gives you visibility without being the day-to-day contact.

    On Ohio specifically, in my experience an uncontested eviction can wrap in about 30 days, which is one more reason consistent screening and quick action pay off. Which part of Ohio is your property in?

    If it's useful, connect with me and we can trade notes as you build out your process.

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
    WebsiteView Page
    1Reply
    • Nicholas AndreatosPro Member
      OP
      Centreville, Fairfax County · Member since 2022 · 5 posts · 1 vote
      57m

      Hi Jimmy,

      Thank you for your response! I appreciate your insight into what to look for in a Property Management company when screening them. The problem imo with having a PM is you don't get to own the process and have to use the PMs process. I want a relationship where I call the shots on operations and systems and retain the visibility into maintenance request and pictures etc, but don't have to take emergency calls or texts from tenants. I have heard from other investors that self managed is the way to go to retain control. I currently have a self managed approach, without having to deal with day to day tenant calls/inquires. I am just trying to refine my process to learn more angles and what works best for other investor scaling from two doors to 15 to 30+.

      0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5h
    Quote from @Nicholas Andreatos:

    Hi Guys,

    I have a property out in Ohio and am looking to expand my portfolio. Im curious to hear from successful seasoned multifamily real estate investors what processes have made the successful.

    Some areas I want to gain more knowledge in is:

    -Network used to finding good tenants and fill units quickly

    -Do you self manage or use a property management company

    -Do you interact with tenants and have visibility into communications or let boots on the ground person deal with all of that

    -How do you find good agents and contractors in your investment market

    -Who do you have walk through property for inspections and let contractors in the units for bids?

    I want to grow a big portfolio and am trying to nail down my processes and gain more insight and knowledge.

    Thanks!

    I have a portfolio of ~100 units. I manage all of my long-term rentals and have a property manager manage my STR/LTR

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
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    0Reply
    • Nicholas AndreatosPro Member
      OP
      Centreville, Fairfax County · Member since 2022 · 5 posts · 1 vote
      1h

      Hi Remington,

      Thank you for your response! Do you rely on Reafco to manage your short terms rentals? Also, for your long term rentals, what has made you succesful for managing those yourself?

      0Reply
  • Saif Ibrahim
    Investor · Member since 2020 · 14 posts · 2 votes
    4h

    Hi Nicholas! Lets connect!

    0Reply
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