All Forum Posts by: Christopher Young

Hey Chris,

In my honest opinion, if you have one single-family home - I suggest you not hire a property manager.

What you should do, is just place a really good tenant.. Super qualified, in no rush, etc.. If you acquired a property with a tenant in place, just be upfront with them about you living out of town, and explain you're gonna need some help from them collectively and perhaps involve them.

I've only had pretty poor experiences with many property managers over there.. I'm going to say 95% are not what you may be looking for, especially with a single home.

I did this myself, from Los Angeles, with the first 4 properties i purchased out there in Akron, and i still manage them by myself to this day a few years later. Now I have 30 units over there most of them single family now.. but I have basically my own management team in place. Be wary of anyone telling you, you can't do it. My 2 cents.

 I don't have any recommendations, but maybe this guide will help in your search.

Remember: cheaper doesn't mean you'll make more money.

Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!

Hey @Christopher Young! My fiance and I did a house hack last April - although our approach was pretty unique (we started a group home for men in recovery). I've worked with a lot of clients who are house hacking - a good mix of rent by the room and separate units (STR, MTR, LTR).

With rates as high as they are right now, it's a great time to be buyer in terms of price and negotiating power. I would look for a property that doesn't necessarily cash flow while you're living there but has the potential to once you move out and on to the next property. Making your monthly housing payment smaller is still GREAT and can get you on your way to the next property in no time.

Hope that helps!

Hey Tyler, We are in the FL Panhandle area and the short term rental market is very strong and steady here. Over the last year we've been named one of the top destinations in multiple popular publications. I think in the next few months we will see a lot of opportunity come available here. In addition, we are surrounded by military bases which helps keep things stable in the event of a down turn. 

I am also considering Gulf Shores. Let me know how it goes if you decide to take the leap over there! 

Hey @Jossalyn Wallace, Would you say theres also a strong market for MTRs in the Panhandle area?

Beyond is a great dynamic pricing software, however their user pricing is booking % based. Whereas PriceLabs is a fixed rate per property at $19.99 for the first and as you accumulate properties the price per listing decreases. If you have a single property and gross over $2,000 per month, its cost advantageous to use PL for dynamic pricing. 
Tip - Map your VRBO listing for same properties thru your AirBnb listing in PL for only an additional $1.00. 

@Andrew Steffens

@Andrew Steffens If you have 50+ properties, what does Revmax provide for you that made you switch? Do you prefer a specific PMS as well, over another?

@Christopher Young I created a sheet showing the current STR rules per town in charleston and surrounding areas. Its pretty helpful to tell you where you can and cant STR. I have several in the area so I am familiar with navigating these rules. Happy to send the sheet to you and talk further about where STR's may be a good buy.@Jacob D

@Christopher Young I think you're referring to the STR overlay. That's in the Canonborough-Elliotborough area, but it's just a sliver in those neighborhoods. In order to operate an STR full time with no owner-occupancy restrictions, the property must be in the overlay and also zoned commercial. It's pretty difficult to find a property that checks both boxes. There are quite a few listed, but they're expensive. They're trading as more of a hotel than a residential rental.

City of Charleston has 3 "zones" and the STR overlay. You can technically STR in any of the zones, but they all have degrees of owner-occupancy restrictions, permitting restrictions, etc. Downtown is obviously where the cashflow would be the highest, but there are quite a permitting/zoning restrictions to overcome there. The City's website has some really helpful maps and information. We can certainly help you, but just wanted you to know that it is pretty difficult unless you've got the resources to basically buy a boutique hotel.