All Forum Posts by: Alberto Nikodimov

Hi @Alysa Fleisher,

I would love to have a chat with you and tell you more about what we do. We are a local Property Management Company, we have been in business for 15 years and we are all about honesty and long term relationships.

When it comes to finding a good property management company in Orlando, make sure you check google reviews rather than Thumbtack. Look for reviews from owner and when you get in touch with the PM company, always ask for references. Make sure they are licensed and insured and meet the team. In my opinion, you shouldn't go with one of the biggest PM companies or with a small one like the one you briefly tried. If they are too small they don't have all the systems in place. If they are too big you are just a number. The sweet spot is somewhere in the middle.

Hi @Nicholas Barbera, I definitely agree with all of the previous comments. You should do your research and work with someone you trust. Here is a quick summary of the pros and cons.

Pros:

- Always talking to the same person
- Experience and Expertise
- You are saving a huge amount of time by not looking for vendors, inspectors, title companies etc. Everything is given to you.
- You don't have to go through a try and error process until you select your team. A turnkey company have already gone through most vendors and have selected the best.
- Smooth Process
- Opportunity to concentrate on the next deal and scale while knowing someone has your back
- A realtor will sell you a property just to sell and get paid. A property management company will carefully select the property and only advice you to purchase good investments because they will be managing them and giving you the good and bad news for the next 5-10 years.
- General knowledge in Landlord Tenant Laws

Cons:
- Risk of fraud or hiring a bad company. Like in every business there are good and bad companies. Make sure you do a detailed check on the company. Make sure they are licensed and insured. Always ask for legit references. When they are given to you call them and make sure you are talking to an actual investor who has done with them something similar to what you are looking for.
- Contracts which are hard to get out of. Many PM companies have long term contracts which lock you in for at least a year. If you want to leave early you will be told that you need to pay couple thousand dollars in fees as a penalty for abandoning the contract. Try to partner with a company like ours where the contract is flexible and each party can leave at any point with no penalties.
- Hidden fees!!!!!!!! All PM salespeople will sell you with their low fees which you will calculate when doing the numbers on your future company. Once you purchase the home and hire the company, you will quickly discover that the numbers you are paying are higher. Many companies charge 6-7% rather than the standard 10% but then have all kinds of additional fees which add up and at the end you always end up paying more than 10%. Read the small print and never go with the cheapest! You get what you pay for! Examples of fees: Inspection fee, posting a late notice fee, after hours fees, work order placement fee etc.

If you pick the right company you will have a great experience and discover a great new way of investing. On the other hand, if you don't do your research and hire the wrong company, you will hate this type of service and spend a lot of time and money to fix your mistake!

I would be happy to tell you more about what we do! Let's connect!

Check out this video we made which is relevant to the topic:

Hi @David Ernesto Ramon Rivera
Let's connect! We are a Property Management Company in Orlando.

@Nicholas Barbera
The key is to find a location you feel comfortable with and where you can build a great team! Do you have any previous experience in any of the two cities? If you already have some connections in any of the two cities that may help. When you are out of state investor the most important part is having a team you can count on! There are some great deals in both markets and both cities are growing with decent potential for appreciation.

My advice will be try to find a reputable company similar to ours where you can plug in and join an amazing team that has already been build. We have gone through many vendors and narrowed it down to the best. This saves you so much time as an investor. You don't need to look for the best and most reliable contractors, inspectors, title companies etc. You will have the opportunity to take advantage of the network we have already created. Our business was created and developed to specifically serve out of state investors in the best way possible and maximize their investments in Orlando (Central Florida).

To sum it up: 
- Do your research
- Decide where you feel more comfortable
- Build your team and find the best property management company in the area which is serving out of state investors
- Utilize your team when analyzing your next investment
- Go for it and as long as you have the right people on your side you will do great!

Good luck!

Thank you @Kai Van Leuven! There are definitely many things to consider. I will send you a message once I have everything in place and present you the full picture. I would love to get your honest opinion and see what you think!

Thank you for the contribution @Kai Van Leuven! Great advice from both! I'm sure there will be things needing adjustment as we go but my goal is to minimize those by thinking about everything upfront.Robert, I'm currently at a similar number to what you suggested and I'm willing to go little lower for the first few transactions until everything starts working well and we build track record. 

Thank you for your help @Connor Stark! Great example as well.I will definitely keep that in mind. 

Hi @Joe Black, I have done it before and it's always charged to the company's card but make sure you are reasonable, keep track of everything and break down all expenses at the end of each trip. In few words, don't book 5 star hotels and party with the company's money! :D

I couldn't agree more @Ian Walsh ! I truly value my personal relationship with this person and I want to do everything in my power to avoid issues down the road. Of course, there will be some but I believe putting a plan in place and setting up rules from the beginning will help us control the problems along the way and avoid messy situations.

I agree with you @David Shakhunov. We will both be honest about it and have a conversation. I'm just doing my homework and making sure I'm doing the right thing. I wasn't sure what is a fair split, this is why I asked for help.

Thank you for sharing @Max T.! For the right market this is a good way to partner up. I've seen it done with bigger multifamily units where it makes sense. However, I don't think it will work for us. The amount of work involved in this project is huge and it won't make sense on my side. My partner also mentioned he wants me to have a bigger stake in order to be 100% involved. The other problem I have seen in this kind of partnership is trust issues and small conflicts when it comes to management fees. I want to avoid that.