All Forum Posts by: Benny Gelbendorf

Thanks @Natalie Schanne , From the few comments it seems like I'm looking for a unicorn.

To reiterate what you said, I have to find out professionals of my own (plumber, electrician, etc.) and have a property mgt. company, only to place tenants and collect money only.

Assuming, placing a new tenant they charge separately and as for monthly fee they charge 10% of the rent, the cost seems kind of steep, don't you think ? Or am I missing something here.

Thanks for the explanation @Curt Davis but If I'm not mistaken the property mgt. company role does not end on assigning a resident and collecting rent.

What about ongoing fixes around the house (broken appliances, electricity issues, etc.) ? Who is defending my best interest when it comes to those issues ? Shouldn't that be the property manager ? getting best professional for the job with lowest bid ?

@Mary Jay , Can you explain how to so 10-20 SFH with 50K (I imagine 50K is for down payment, but dividing it to 10 will leave you with 5K each).

Maybe you meant to do them sequentially and not in parallel (that would make more sense)

Hi BP,

I've heard too many horror stories on property management companies that are not doing their job properly (i.e. do not provide best advice on hazards, termites, do not try to save money when it comes to minor and major fixes around the house and in general do not act as the owner proxy and serve his best interest).

From one hand, for 10% (especially on low income neighborhoods) I realize (but not understand) that I can not expect property manager to take care of my house as its own. On the other hand, this is what I'm paying for, no ?

Please let me know, am I expecting too much ?

Have a super day,

Benny

Hi @Sunny D.

Are your home in Parma is SFH or multi-family ? Does it produces same CF and IRR as the others ?

Thanks,

Benny

@David Terbeek From the areas you've mentioned, I'm interested in Parma.

Do you know what are the economic anchor for this suburb ?

I am considering investing in Bartlett. Which strategy and property types would best fit that city ?

Flips ? Buy and hold (Rentals) ? BRRRR ? Is it a single family or multi-family target area (from investment ROI)?

@Jason Malabute are you filtering markets only by economic anchors ? I think there are other factors that should be taken into account (unemployement, population growth rate, crime rate , median house price).

What about futuristic economic anchors ? (e.g. HQ2). How do you get info on those ?

@Jason Cory Can you please specify the 4 tests for rentals and the 4 tests for flips you've mentioned ?

I think @Aaron K. is right.

The numbers can not tell the full story. Is it A/B/C/D class type area ? Is it in city center or suburbs ? What is the crime rate ? Unemployment rate ? Is this market expected to appreciate ? What are the needed repairs for this Duplex ? How old is the roof / water system / elctricity ? (did someone on your behalf inspect the property?)

All those parameters will impact your numbers eventually.

BTW: I think 6% property mgt. is a bit low (might not get you the value you need from it)