All Forum Posts by: Adam Bartomeo

I think that the number work out to be less money if you hire a PM than if you hire an assistant. Thats with under renting them for $100 a month per unit. We have taken over larger portfolios than yours with little to no information and have made them juggernauts - no leases, no keys, no contact info for the existing tenants. Now, EVERYTHING is documented and accounted for. If the owner was spending 100% of their time managing before than they are now spending less than 5% of their time. 

The best thing to do is to partner with another successful PMC. It could be in the state or outside but they have to align with your goals and vision. They will be able to save you lots of time, money, and effort with the knowledge that they possess by helping you to avoid all of the mistakes that they have already made and by guiding you down the right path faster. Running a PMC is much different than self-managing, I speak from experience.

If someone robbed your house and you went to your lender and said "Hey, I am not following through with my commitment to pay you", they would put you into foreclosure. We would do the same thing if a tenant said that. Whether the break in happened or didn't is inconsequential. We would hold their feet to the fire.

If the unit is empty, they aren't paying rent, and have notified you that they have moved out then we would move forward with getting ready for the next tenant due to abandonment. 

@Zach Lemaster In my opinion, your comments are wrong. Maybe not all of them as you wrote a lengthy response. I understand your need to save face, and you should fight for what you believe. I am only regurgitating the story's that they have told me (other than the over inflated sales pitch your team made to me years ago).

I will gladly share the fees we charge - $0. Why would we ever charge anyone to work with a contractor? That is between them and the contractor. Why would we ever make a bad situation worse? But, I see how you think...  Your thinking is how you got "them" in trouble.

Maybe, instead of wasting your time responding to me you could call each and every individual owner that has been affected and explain this to them and see how they respond to you. Maybe you could apologize to them and accept responsibility. I am only regurgitating the story's that they have told me (other than the over inflated sales pitch your team made to me years ago). Maybe, you should ask yourself if the product that you sold them is the product that was delivered. 

Good luck to you sir!

@Jay Hinrichs There have been some things that I consider to be questionable, or at least from what the owners are telling me. Like advising owners to use another R2R "approved" builder but that builder consistently comes in about $40k higher than any other builder. Why so much higher? Or owners reaching out to R2R for help years ago and them telling the owners that there is nothing they can do. These stories have been repeated to me many times by many owners. I called R2R about 4 years ago to hear their sales pitch and to understand what they were selling, they were selling a flat out lie - appreciation, cash flow, rents... I am not here to bash anyone or convince anyone but the situation that these first-time investors have been left with is deplorable. I am just sharing my experiences.

You don't have a goal, you have a DREAM. Its great to have a dream BUT a dream is just a dream unless you have very specific goals and actionable items to make that dream a REALITY. You need to understand the dollar amount you need to be free, how many properties you will need, how you will purchase them, how you will find them, and come up with a game plan. That is the biggest tip you will get.

Neptune is fine, we have never had issues with them, but we have several companies that we use. Flood insurance is regulated so there isn't much difference.

We manage in Lee County and we now manage in PG also. The rental market is ROUGH right now and it is going to get worse. We are having to take multiple price drops on most properties. We picked up a couple of houses in PG and we got them rented pretty quickly. Check out my last market update to get a better idea of what is going on.

Inventory Storm In SWFL

This is an unfortunate situation but one that we have been dealing with for years in Cape Coral. I am working with about 15 investors (There are HUNDREDS of them) who got taken advantage of by R2R because their builder that has taken 3 years to get to mid completion. R2R has been zero help to them. 

@Drew Sygit These folks aren't savvy investors. Half of them are people that have never owned a home but were sold a dream of wealth. R2R is supposed to be a one stop shop, financing, builder, and PM. But, what these folks don't realize is that R2R is just a middleman putting a deal together. Oce the deal is put together they are ghosted. These folks don't know to research PM's because they trusted R2R's sales pitch. 

@Carlos Julio Thanks for the well thought out post! 

When you are marketing for a new tenant it is very difficult to stand out. Price and location are the top 2 search factors, so, no matter how good you market, if you don't meet the tenants' criteria here you will never be seen. Unless, you have a website. If you are able to drive tenants to your website, then they will probably scroll through your inventory. Our website is our #3 lead generator. There are other factors that may or may not be heavily searched, like bedrooms, baths, etc.

If you do meet their criteria then it is about standing out from the competition. Drone photography, quality photos, and video will help with this. Tenants and buys want to see #1 Quality photos, #2 Video, and #3 Accurate description. Depending on the site that you market on, they normally go in that order - they look at the photos, then watch the video, then read the description. Everything else falls behind that.