All Forum Posts by: Amanda Eyler

 We are still going to grow our personal investments but hoping to grow with property management as well so I now longer need to work as a full time ED nurse and my husband can stop his current career as a merchant mariner. 

My husband and I are looking into making a big switch. We have minimal property management options in the area and the options we have are not ideal. 

We would like to begin our own property management company. We have several units of our own with 9+ years of personal experience. I  am going to obtain my real estate license and begin a partnership with a personal realtor for compliance work and act as a "referral" agent essentially. I plan on obtaining designations within the next year as well.

We already use Buildium as a software platform but I am curious about logistics. Does the property management company collect rent and then pay the owner rent minus management fees? How do management companies make a profit? It seems like 10% management fees would take a while to grow a profitable company. Thoughts? I would love to connect!

Is it common that all commerical loans are adjustable rate after 5 years. We have almost 2 million in investments with our current bank and love the relationship however, I wasnt sure if there is an option for fixed rate loans that others have found. 

We have a  multi unit apartment complex in rural Maine. We have a lack of rentals and I am currently working with out local hospital to secure them two units. If I am leasing to the hospital that will essentially have other professionals occupy the space, what kind of a lease should be obtained? Is this technically subleasing or would I just need a separate occupancy form. Thanks for any and all input. 

We are closing on a 16 unit complex on July 2nd. The current seller is asking for prorated rent outside of closing. Im wondering how this has worked for others. Should the seller be paying " expected" rental income to us at closing and continue to collect the July rent as normal so we have the time to notify tenants of turnover and how to pay rent moving forward? I feel like it is too close to closing at this point to notify tenants that they need to change their payment method and where to deliver it. Thoughts?

We are looking to potentially buy a 4 unit in an up and coming area in our state. All unit are fully occupied by section 8.

Section 8 is new for us. What are some questions I should be asking? The building has been well kept however the units not so much which appears to be due to those occupying the space not to any fault of the building owner.

Jeff, 

I would love to connect and chat more! I think vacation homes in this area would be the major market but we honestly just have no clue where to start and what to offer. If we solely manage long term rentals I don’t really see it become a profitable cash flow in this area. I’m sure there is more opportunities that I am overlooking though. 

Thanks for your feedback!

I would love to connect! We are Midcoast Maine. When I look there are several companies around but according to local realtors customers are very unsatisfied with the quality of service they receive. 

My husband and I currently have 4 properties and are working on obtaining a 5 unit property. We are looking into beginning a small property management company here locally. Has anyone successfully began a small property management company within a rural area? I have had multiple realtors tell me that we do not have options in this area and this area certainly needs a great property management company. 

If we go this route- is there a benefit to becoming a CPM? Our state laws do not have requirements for being a property management and Id like to just do what is most practical. My mother is a CPM in a different state and would be my primary mentor if we decide to go this route.

My husband and I both has full time income from our employers. We currently have two student rentals where he attended school, a single family home and currently purchasing a a duplex in Augusta Maine. We still have equity within another home to pull for another investment.

I am currently looking into two options. A 5 unit in Augusta that has been well kept, low turnover and vacancy rate and comes in between the "1% and 2% rule. No current tenants receiving section 8.

Another property is in a small up and coming hot area in Midcoast Maine. This property is a 4 unit that is just at 1% income of the asking price. Currently occupied with tenants on section 8. The property has so much potential if we would eventually renovate and fill the unit with responsible tenants. We certainly had a less than welcoming feel during our walk through but saw a ton of potential for the future and a positive cash flow for now. This property also has a low vacancy and turnover rate. There is a housing shortage in this area so when space becomes available there is typically a lot of applicants. 

Section 8 makes me nervous because I simply know nothing about maintaining a property occupied by tenants receiving section 8. I would love to hear personal opinions and resources for me to obtain more information. Any and all feedback is greatly appreciated!