All Forum Posts by: Ariel Tobi

Sathya,

I'm in the same path of you. making research of NC area. I found this web amzing for reading neighborhoods.

https://bestneighborhood.org/best-neighborhoods-charlotte-nc...

I'll be in charlotte and other cities around next week. If you are there we can have a coffie and exchange some info.

I invest in Florida but I'm trying to find a better market.

ariel tobi 

thanks to all for the comments and suggestions!!

Thanks!! I will check those sites.

We have to create a kind of zillow but only with Distress home.;)

at

Hi Chris. I know that. That's why I'm asking if someone is specialized on that. I made a few with a third party company but I'm looking for more properties to purchase at a mid point between forclosure value and market value...

Looking for property at foreclosure to purchase.

HI all,

Looking for an architecture firm to build a new building next to and expand an existing 6 unit Multifamily.

Thanks

at

Quote from @Calvin Thomas:

We manage hundreds of our own doors, no third party.  So, we are a PM for our own properties. I think some of the posters here are a bit out of whack on what they think a PM does and what they should charge.  @Bud Gaffney, what would you do for 2% - 5%?  If the rent was $1000.00 a month, what would you do if you were earning $20.00 - $50.00 per month on the rental?

I always speak to other owners and some select the cheapest PM or realtor they can find. Yes, you will always find someone to fill and "manage" your property on the low level. When something breaks at 2 am, do you expect them to be on call for $20-50 bucks a month? If there is a fire, heating issue, tenant argument, police issue, inspection, etc... Would you be on call for $20 - 50 bucks a month for a property you don't own?

If you drive a vehicle, how much of that $20-50 bucks a month covers gas, insurance, tolls, etc.?  How about covering errors and omissions, general liability, staff, phones, etc.?

You can say it's part of the business expenses, and you would be right. However, the owners must be realistic and know you get what you pay for. You pay 2%-5%, expect to get 2%-5%.  Yes, there would be a world of difference between 2%-5% vs 8%-10%.

There’s no question that who ever is in charge of repairs must be very well paid.
my PM calls me 3 times per week with problem to repair. When I have some time to check them, I realized that we can avoid some of them or there are cheaper ways than suggested by the PM… So, if they will not care of my budget and they are focus to make the 13% as much as money they can create, I would need to separate the jobs. PM to attend the property letting me know when they believe we have to repair something and on the other hand hire a service company NOT RELATED TO THE PM, to solve the problems. In this way I believe I cut the economic interest of the PM to continue create/find creative problems in order to rise their repair %.

if a PM has a % on repairs or rehabs, higher or lower or even doesn’t have (but its vendor recognize a 10% under the table) their interest will go thru bringing and finding repairs to do.

If PM will be in charge of the finance and keep the budget aligned, it wouldn’t be the one who handles/hire/have interets in any expenditures. Their repair recommendations should be objective with any economic interest.

Is the goal of the PM to reach the best NOI or it is just attend the tenants and problems of the property? These are opposite jobs/interests. Can't go together.

What do you think? Am I wrong?

Thanks to everybody for the recommendations. They will very useful for a renegotiation or look for a new one.

If somebody is PM and work around miami, please let me know.

Thanks

Thanks for your answer.

They charge me 7% from gross income plus 13% of any repair or rehab wether I bring the vendor or they do it.

how do you think?