All Forum Posts by: Adam Mraz

Hi Kristi,

We have had multiple investors (we do property management) go the Offer Pad/Open Door route to avoid the need to do the repairs. Mostly they have ended up doing fairly similar to selling on MLS. This is Atlanta, which I think they have been overpaying a little but yours doesn't look that far off the market. Taking a middle of the market number of $360k on your sale price after renovation and a 6% real estate fee (pretty normal here, not sure about your market.), you are looking somewhere in the 340k range-60k in rehab is putting you around the 280k. Offer Pad hasn't been beating up the offer price as much as I think they could with their repair costs, so it is very possible that they could keep them in the 275k range. The extra holding and loan costs seem to make it not make sense. Not to mention the extra unknown with the time thrown in.

Even listing at 300k as-is with a realtor fee is going to be very similar unless the buyer covers that.  I would definitely have Offer Pad and Open Door both come out to get the final number.  You can still say no and it could save a lot of time and headache.  One of the investors could make the offer in the $275k-$285k range and you are still good.

Just my 2 cents.

Hi Josh,

We take over a lot of properties with long term tenants.  Rents range anywhere from $600-$1100 a lot of the time.  Usually, we are able to raise the rent by $50/mo without any issues.  Going up more than that forces vacancy.  We can normally get $100 increase if we do something for the tenant i.e. new paint, carpet, etc.  

We train the tenants by following a date-driven process.  This helps us scale (having to keep track of separate ways to treat tenants isn't going to happen).  Rent is due on the first, late notice and $50 late fee on the 6th, $10/day after the 6th, 3 day notice to pay on the 7th, file on the 10th.  If they need to pay after that, we do a consent agreement through the court to lower the amount of time (and court cost) to remove the tenant.  As a property manager, the other thing that it helps us avoid is Fair Housing complaints.  It is documented that everyone is treated the same. Even the best intentions to help someone can be used against you in complaints.

In summation, having a process improves scalability, lowers liability, and allows for customer service b/c the tenants know exactly what to expect.

Looking for professional property management in the Atlanta Area?  Send us an email at [email protected].  

We specialize in managing single family and small multi-family homes in the Atlanta area.  Currently, we are managing over 500 properties.  The company is run by investors that know the importance of transparent communication and pricing.  We use technology to decrease your vacancy while keeping rents at market rates and partner with a maintenance company to keep your rehab and maintenance cost down.  The Section8 process for the various municipalities in the area can be challenging to manage yourself, so let us do that for you as well.

We work with both local and out of state investors.  We can provide much-needed market intelligence if needed to help you choose the right areas to get your next property.  

Once again, send us an email if it sounds like we can make a good partner for you at [email protected].

Citiside Properties, LLC

Looking for professional property management in the Atlanta Area?  Send us an email at [email protected].  

We specialize in managing single family and small multi-family homes in the Atlanta area.  Currently, we are managing over 500 properties.  The company is run by investors that know the importance of transparent communication and pricing.  We use technology to decrease your vacancy while keeping rents at market rates and partner with a maintenance company to keep your rehab and maintenance cost down.  The Section8 process for the various municipalities in the area can be challenging to manage yourself, so let us do that for you as well.

We work with both local and out of state investors.  We can provide much-needed market intelligence if needed to help you choose the right areas to get your next property.  

Once again, send us an email if it sounds like we can make a good partner for you at [email protected].

Citiside Properties, LLC

Questions for anyone with rental properties out there. What information do you see as most important when looking for a property manager? I am trying to find the best information to include in marketing material targeted to people that don't want to manage their rentals anymore or are tired of their current property management company.  It is partially for marketing and partially so that I can set up proper systems to track the information that investors want to know.

Thanks!

Hi all,

I am new to investing and about to get my 2nd rental property.  I understand how the fees can pile up for property managers, but what are good questions I can ask that will help me weed out ones that don't perform.  If anyone has ideas on things that I can look at for differentiating them that would be great.  Everyone can say that they do things well, but I like statistics that can back it up.  However, I don't know which statistics are going to be most useful or what would be considered good.

Thanks,

Adam

@Charlie MacPhersonThanks, Charlie.  That definitely sounded odd to me.  Pretty much everything that I have read and heard on the podcasts is don't worry about offers b/c you can still do due diligence.  That basically threw that out the door.

Thanks for the relplies.  The meeting went well. I am a little concerned how they do business.  Every deal requires a non refundable $5k down payment(not a problem) but they don't have an inspection done and you don't have time to have one done prior to putting down the nonrefundable deposit. Is this normal? They are also pushing for that to be signed as soon as you see the property. Once again, not a problem but with 0 due diligence period it seems reckless. Thoughts and advice would be greatly appreciated. 

Hey Everybody.  This is my first post to the forums.  I am pretty new to Real Estate Investing (only have 1 rental property) but am looking to ramp it up over the next year and want to get another by the end of this year.  I have a meeting with a whole saler tomorrow.  What questions should I be asking to see if I want to work with them?

Also, what questions should I be prepared to ask to come across as a reputable person that they should want to work with?

Thanks in advance!