All Forum Posts by: Bryan Blankenship

@Ujwal Velagapudi I appreciate your reply, and we all need to vent a little now and then LOL. I wholeheartedly agree about the communication being key. We always respond to emails within 24 hours (usually more like 2 hours) and calls/texts pretty quickly, too. Even if we have to go do some digging, research, or make some other calls to get answers, we respond. I mean, if you don't reply, it's basically like saying, "you're not a priority, I can't even take 30 seconds to answer you." No one wants that. My Client Specialist has received accolades for always being so responsive and on top of things, which I LOVE. Don't get me wrong, I am not the best about reading and responding to emails, but that's why I have such an amazing team around me that DOES. :)

We usually give our clients at least a couple options if we're doing anything major in their properties unless there's only one way to get it done and we already know we have a quality specialist at a great price. Since we also do renovations as a primary focus, I think we may be better-equipped than a lot of property management companies to achieve this.

As for our tenants, we've had dozens who stay long-term because we DO respond to them and treat them like they matter. Even if they submit a maintenance request that we know we can't get to immediately, we take the time to say "Hey, I know your dishwasher needs serviced, but we have had a couple emergencies pop up and our guys are tied up for the next couple days. I'll get back in touch with you as soon as we have a better idea of their schedules so we can get this fixed for you." Again, communication is so very vital, just like you said!

Thanks again for the input, sir, I always appreciate other perspectives and tips! :)

@Michael D'Alessandro Yup! That's part of buying in areas with higher property taxes, unfortunately. Being a great negotiator is one of the keys to maximizing your returns, of course. Are you planning on doing all of the rehab and property management yourself? You might find that your money will go farther by investing in a more affordable location.

Turnkey companies are a great option if you decide to explore that route. There are several markets across the Midwest that offer quality rental properties in that same price range and those same rents, but with taxes a THIRD of what you're seeing (and COCR well into the teens). It all depends on what you're really trying to accomplish here - is it cashflow, equity, or something fun to do? LOL :)

Hey everyone!

Our property management company is growing every day and our turnkey clients LOVE us. We're always trying to improve, though, so I'm wondering:

1. What are some stresses and issues you've had with your property management company?

2. What do you LOVE about them? As we continue to grow over 400+ doors, we're always looking for the best way to serve our current and future clients. We use RentManager and find it superior to Buildium and Appfolio, but... 

3. What software do you find to be the best, and why?

4. We do very well at keeping long-term tenants, we keep properties maximized at market rents, we offer small incentives and rewards for our tenants paying on time long-term, and a host of other things that make our clients and tenants love us. What additional suggestions do you have that we may be missing to ensure we're the local area leader long-term?

I originally had about 48 questions, but I figured I'd start with the basics and just ask these 4 LOL.

@Al-Qumar Atkins Welcome aboard! You have the right idea here - learn, listen, absorb! I know a few people in the military who do this anywhere they get stationed: they either buy a house or a duplex to live in while they're stationed there, then when they leave, they rent it out. They've built out a nice portfolio spread across the country that way. The only things you really have to remember if you do something like this:

1. Remember this isn't the house you'll live in forever, so don't get too picky or too caught up in little details. Appeal to the masses with the property (paint colors, layouts, etc).

2. You'll need good property management for each place. Vet prospects thoroughly and make sure they maintain good communication with you.

Best of luck to you! :)

@Austin Hazen Welcome aboard, sir! You're definitely in the right place, so read, listen to podcasts, read some more, ask questions, and learn all you can! You'll make mistakes, we all do, it's just important that you learn from those and don't let them get you down :)

Best of luck to you!

@Evan Koehler Welcome aboard, sir! There are a TON of great resources and people around here to learn from. I look forward to reading your success stories! :)

@Stuart Hurst Great work! If you learned some things from the experience, and you're not in the red, I'd say that's a job well done! :) 

@Romain Benjamin I think you already know the answer. The longer it sits, the worse it gets. What are really solid comps for this property that have sold recently? Is that how you came up with the $180K initially? 

You can generally figure out if you need to drop the price based on what you've already told us. One showing every four days and zero offers - why isn't it getting showings? Are the photos on the listing great or do they look crappy and dull? Are the listing remarks driving people away unnecessarily? Is there anything you DID NOT do during the rehab that might increase foot traffic, like some nicer landscaping or new shutters? If the answer to all of these questions is "Everything is great," then it's probably the price. :)

@Alisa Hilton Welcome aboard! If you're going to go the out-of-state investing route, I'd suggest somewhere in the MidWest. Your money goes a lot farther there, and there are great deals to be found in B class areas. Beyond that, you have to decide whether you want to use a turnkey company (minimal involvement from you, much easier to complete, gets you familiar with the whole process), or to try and do something on your own. You'd have to build out an entire team on the ground that you know you can trust, and you'd have to absorb all of the upfront risk of a property (taking on the rehab, finding a tenant and placing them, etc).

It all depends on how risk averse you are or aren't, how much you have in funds to start out, and what your ultimate goal is. :) Of course I'm going to echo the sentiment here that Ohio is great, but I suggest you do your own due diligence on any city you're seriously considering, then connect with either a reputable turnkey company that operates in that area, or find some people you can recruit to be on your team and really get to know them!

@Account Closed LOL