All Forum Posts by: Ben McMahon

@Kimberly Daughtrey I have a property management company that I set up because I had tight margins on my rentals and a management fee seemed like it would take the remaining profits.  How do you balance the number of rentals with your number of personal?  It seems like the systems are the best thing to keep everything running smoothly.

Obviously relationships are key, but you can only nurture so many investor relationships.  However, if you have systems in place to communicate with owners and get their properties taken care of, everything is going to be good.  Nothing is perfect, its property management, and there is a reason why that exists.  Its a headache. 

So my answer would be good systems.

@Steve Gress  I bought a house with foundation issues.  I did most of the rehab except the foundation. I got an engineer to take a look at it.  70k was the price.  Definitely didnt have that in the budget.  Now I am shopping around for more pricing, and getting a second opinion, but basically am not making money on this one.  BTW this house is in White Post, so not far from Winchester.   My dad does a lot of foundation work and is giving me a second opinion this morning.  Ill let you know how it goes.  

Is the zoning the same as the hotel? Most of the time they will rezone the whole block. Which should increase your value, and you can probably even use it commercially at this point.

I am looking to grow my property management company.   I am located about an hour west of DC.  I am looking to have someone do whatever it takes to drive owners to the business.  Each client that is acquired from your efforts will result in monthly management fees.  10% of the management fee will be yours as long as they remain our client.  More details upon request, but there is a massive amount of rentals in my market, and I need someone to go get them.  

Hey steve send me a private message so we can talk.

I can probably help. Send me a pm

@Arthur Kraamwinkel 

Might be too late to throw my opinion in here, but I will throw it in.  If your buyer is really strong, I would take the offer.  Its your first deal and you got a huge learning experience.  Well worth a break even.  Those carrying costs are going to kick your butt.  

The other problem is that deals often fall through because of financing.  More than you think.  A pre approval letter is nothing.  Almost any bank will shoot that out the door in 90 seconds of talking to them.  So be careful there.  Especially because if you go under contract and it drags out for 2 or even 3 months and than falls through than you miss the spring season.  

They can test for mold.  You should be able to smell it, although not always.  

Hi Ibn,

I am not in your neighborhood, but anytime you are out towards DC you are welcome to come and check out my operation.  I usually have a couple of flips going at a time.  If you want some extra knowledge, the office is pretty busy with the PM company.  Sorry we aren't neighbors.

Ben

McCarthy and Akers PLC in Winchester. They are attorneys and have a title company. Good guys, tell them I sent you. Real estate is their specialty. I have also used clear title and escrow on plenty of transactions