All Forum Posts by: Bob Beach

We have a handful of houses in Memphis and have gone through multiple property managers.  From good to bad to very bad. Lubin Property, in my opinion is the most dishonest, by no small margin, and I have had good luck with Midsouth.  But Midsouth is very particular on what properties they manage. For rehabs, I've been using a newer company and have had very good experience.  Contact @Jackson Long  .  He doesn't do price gauging for out of state investors.  He's on Bigger Pockets so should be easy to find. Best of Luck

Yes, reply to Jackson Long.  He has been doing work for me for some time now. Reliable, has people for everything and doesn't do the famous "cash grab" for out of state investors. 

I would imagine, Facebook market place would list many rentals.  Or, old school Craigslist? 

Based on what I know, I would look for nothing over the top. like a business suite and tie at a walnut oversized desk. That would tell me, "We charge a lot and make a hefty profit".  I would go for "Business casual"  in a non-professional photo maybe waist up.  I want to see, "welcoming" "friendly", "professional", "smiles", not stepping out of a Mercedes Benz or G-Wagon. Maybe a work truck or 10 year old SUV. Maybe, my individual personality is dictating  what I Iook for.  But, there ya go....

Unfavorable experience with Reedy.  Midsouth, so far has been best for me. 

Jack, I look at what's going on once a month, when I get the statement.

  I just take a quick look at income vs. expenses and the different management companies have a little different reporting method, so, get a little confusing sometimes. And, I raise an issue if something doesn't make sense, which, you know, I have found errors.

We have an issue with one tenant falling behind. This is a statement sent to us from our PM, about a week ago, that me help or support other comments.   ...."The CDC has clarified the guidance regarding the moratorium. We can go ahead and file on her, that way we’re ahead once the moratorium expires. We can go to court and everything, we just can’t set her out until January."
Hope this helps. 

I've also been in that situation.  Sell a Porsche and invest in rentals.  I restored a 70 911E and made huge profit.  The values of the early air cooled 911's sky rocketed during the few years it took to complete. I sold it and made enough to buy my second CA house.  I'd also had a 72 911T for 20 years and 2 years ago, restored it completely.  Got it in a magazine and then sold it for more investment properties. Who knows when the air cooled 911 market will top out.  Since the recent administration, it seems, more money is going to the stock market than collector cars.  What do I know.  Curious to what year the 911 S was? 

But yea, it's a tough decision to choose between a dream car or more investment properties. I also, think you made a good choice but there are more cars in the future.  On the other hand, a friend of mine always said:  "You can live in your car but you can't drive your house."

@josh 

@Josh Wood

Wow, very detailed questioning to vet a PM.  Much better than my 10 minute chat on the phone with each one. And I still thought, I covered all my bases. I believe, we are in the middle of contracts on all but one house and currently having little to no issues (at least for a 4 to 5 month period).  I think the stimulus checks are keeping the rents coming in.  But biting my nails when they end.  If we decide to change PM's, I will reach out.  Thanks much.

@James Wachob, I believe most of our properties are class C, maybe one or two are B's.  Still learning the difference. I did think I had a good set up for a while.  I had a handy man that was (at the time) reliable and did quick work.  So, I continued to use him for the next house and the problems started.  I would do half the work and I would push him to finish.  He claimed he finished and I asked for photos.  I sent oddly framed photos to get me to pay and I found out by a later inspection, the work wasn't done.  I will be posting later, once we have funds, to acquire a reliable contractor, to complete the last unfinished house.  Fortunately, non of our houses have 70's wallpaper, but the one has a bad roof.  Thanks James, for the input.  Much appreciated. 

@Cj Powderhorn Thanks for reaching out.  Yea, we also currently have three PM's. One we like and two, kinda not so much.  Currently, we are on our longest "trouble free" streak since investing in Memphis, about 4 months, (out of 4 years). Don't want to rock the boat right now but possible in the future would like to get down to one or two PM's. Thanks!!