All Forum Posts by: Abdul Malik

@Elizabeth M Gunther

I would recommend going with PMI ATX Properties. I know Greg and he will take care of your property

https://www.austinpropertymanagementinc.com/about

Hi Gladys

You can ask your realtor for apartments that were listed and filled within the past couple of months.  Try to find a comparable that is close to your apartments in terms of # rooms, finishes, flooring, appliances etc.  If you find a couple that closely aligns with your apartments, you can adjust the rent rate accordingly.

You mentioned you posted the listing online.  How many websites have you posted your listings?  If it is only a couple, you may need to syndicate to more websites.  Also, market the property on social media with in various real estate groups, if you haven't done so already.

You may want to consider promotions such as waving the application fee, or half off first month's rent, etc.

I hope you get them rented out soon!  Good luck!  

100% agree! Its important for landlords to understand the market analysis rather than trying to squeeze another couple hundred dollars.

Personally, I had a similar situation when I bought my first home.  It was right off of a busy street.  We talked to several contractors to fix the noise issue.  We could've spent the money but no guarantee that the problem would be fixed.  Luckily, we were living in the house when properties were appreciating like crazy and interest rates were low.  After a couple of years, we got out and made ~$40k.  The next house we bought, we definitely made sure not live off of a busy street lol.

My suggestion, talk with a property management company.  Most can provide a rental report to see how much properties are renting for in your area and how long properties are staying on the market.  If you can cover your mortgage with rental income, it may be worth keeping it as it may appreciate over time. 

@Devakumar Sai Chinthala

This would a difficult investment to swallow especially with a negative cash flow.   Your potential return on investment (Cap Rate) is roughly 4-5% which doesn't take into account your mortgage on the property.  If you have a larger portfolio of properties this may be worth it if you think this property will appreciate.  But if this is your first investment property you may want to talk with a property manager to see  if you are maximizing the amount of rent you can get and what repairs/maintenance work is needed before renting the place out.  There is a significant amount of time and money to spend to get the property ready and market it.  On top of that, like you said, talk with a financial advisor/tax strategist. Best of luck!

@Josh Otero

Having a key box and key labels.  I believe you can also track the key numbers with the properties in your property management software.

Overall, NC listings increased by 9.1% from Jan 24 to Jan 25; however, sales remain flat.  The state's average in which houses stay listed is around 4 months which was an increase of 9.7% from last year. The median sales price is around $354,000. It will be interesting to see if sales will pick up in the spring/summer months. 

Source: National Association of Realtors, NC Realtor

@Corey Pinch

Hopefully the change is smooth! I too made the transition from the corporate world to property management.  I was fortunate to have my own franchisee business.  First, in my state of North Carolina, having a real estate broker license is required.  You may to look into the legal requirements for Nova Scotia.  Secondly, I would find a firm that has good systems and processes set up.  If you are going to manage multiple properties, having automated systems to handle tenant applications, tenant maintenance, marketing, billing, etc. will be crucial.  Good luck!

Generally speaking if I was in your shoes, I would hold the property. One way to maximize your rental revenue is talking with Property Managers in your market to get a rental analysis to see if you are maximizing the amount of rent you are getting from each unit. Also, can you calculate your cap rate to get an idea of your rate of return. Other analysis you can do is analyzing your cash flow, passive appreciation and principal recapture to see the total picture on your ROI.

Once you do the analysis, you may find putting money into maintenance may or may not be worth holding the property. Hope that helps! 

@Amy Jones

Its nice to meet you via BP! Im happy to answer further questions that you may have about property management. Feel free to contact me directly. Generally, a good property manager will make sure to do the following:

- rollout a strong marketing plan

- thorough application process

- know the fair housing laws

- have the vendor relationships to take care of any emergencies that could happen

- dealing with late fees & evictions!

I can send general toolkit if that helps.