All Forum Posts by: Chinmay J.
Chinmay J. has started 51 posts and replied 1181 times.
Post: What makes a good PM...
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Both of you make great points.. I operate a model where my PM manages the property and tenants, and I manage the PM. I give very high points for being proactive, good communicator and professionalism.
I have learned to be wary of PMs who are one man army. Couple of PMs that I ran into for my properties in Richmond, VA (one guy contacted me from reading my posts on BP) just could not do it all. They were one man army. It's not easy to manage 20-30 properties they said they were managing, In vetting one of the guys, I found out that he was actually working a regular job and doing this on the side. So God knows how he did it all.
After getting frustrated with both, and letting them go, I hired a big corporate PM, and they have been doing pretty good job. They have separate departments for Legal Issues, Lease Signing, Maintenance, Accounting. Things move a little slow compared to if I were to do everything myself, but I sleep much peacefully at night knowing that if one guy were to go on vacation or fall sick, or something bad were to happen to him/her, I won't get screwed.
Post: It's now a buyer's market.
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
@Chris Mason - Funny you post that. I just call this morning from my lender that I should consider jumping into Indy market. He is based out of Chicago and lends in Indiana and Virginia. I have been doing lot of homework on investing in Indy market, and plan to make a move in late fall or early winter.
Post: Move out time for tenants
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Cat R.:
Just reading this made me stress.
First, those tenants have every right to have every minute of their last day to be out. So if they are gone by 11:59:59, well they paid up to that point. So give them the space and go back the next day.
I never overlap tenancies this way. I don’t know what condition the rental will be once I get keys and I can’t just be in a rush to fix things just in case that minor fix turns into a bigger problem or my rush job turns into a slop.
Seems like a combination of rookie landlords and short term gains over long term thinking... Very bad combination.
Post: Move out time for tenants
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Mike Moe:
If there is no specific move out time specified in the lease, do they really have until midnight on the last day?
Thanks in advanced for the info! This will be the last time I have to deal with it, since the other tenants are on my lease calling out they must be moved by noon the last day of the lease :)
You should always have 2-3 days between move-outs and move-ins. What happens if the cleaning crew has to reschedule? I don't even advertise the property until the original tenants have moved out. If I am fortunate enough to get it rented before the old party moves, I always allow a week for inspection and any minor touch ups.
I would try to work out something with the old tenants and help them move out sooner, perhaps even pay them a little bit out of pocket to get out sooner. Its a very bad idea to start relationship with new tenants on a sour note, and letting them move into the place that is not clean is just that.
Post: What makes a good PM...
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
As we know a PM can make or break your real estate investment.. What makes a good PM in your opinion.. Just putting it out there.. Not a new member here, and currently have a PM and self manage local properties too... Have fired and hired several PMs.. Looking for opinions, thoughts, analysis, experience...
Post: Real Estate Markets Flying Under the Radar
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Chaz Mathias:
Hi BiggerPockets,
We also hear about the hot cash flow markets such as Memphis and cities in Ohio. Are there any cities out there that are not getting the attention they deserve? I would be interested to hear your thoughts and the supporting data/ analysis.
Free Market principles suggest that if there is vacuum like that isolated in a particular geographical area, investors are already taking advantage of that to fill in the void. Real Estate is a competitive game, and Internet and BP have leveled the playing field for anyone who wants to take advantage. So to find such hidden gem, that no one else has so far, would be a fool's errand.
However, what I have seen people take advantage of is rural areas. Small isolated pockets that may not get much attention...
Post: Real estate salesperson exam tips?
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Shiva Bhaskar:
Hello everyone,
I've decided to take the California agent exam, so that I can get access to MLS for deals etc. Have a friend who is a fellow investor as well as a licensed broker (again, mainly to look for deals for himself), who can hook me up with access for a small fee, once I have the license. As it happens, I'm an attorney in California, so I don't have to take the class. I do, however, have to pass the exam.
Picked up a few well-rated books on Amazon, but I wanted to see if anyone had any tips re studying, and also, how long it might take to study, if I could put in around 30 minutes per day (probably a few hours per day on the weekends)? I'd like to knock out the exam before end of year if possible. Any advice is appreciated.
You might just be wasting a lot of time...
OK First all.. If you are already an attorney, and went through rigorous law school, you shouldn't have any problem passing the real estate exam. I passed it on my first try, and I can barely add.. LOL.. OK I can add, but have problems with fractions.. OK that aside..
Why do you really want to become a real estate agent? Unless, you live in the area where you can invest in your backyard, I am not sure real estate agent license has much value. I would have highly encouraged getting your license, if you were living in Indy, or Kansas City, but being a CA resident.. I don't think so. Unless you are into some multi million dollar deals locally, most CA folks are investing OOS.
Post: Calculating Turn Costs Question in Indiana
- Investor
- Northern, VA
- Posts 1,220
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Originally posted by @Jason A.:
True, I'm not sure If I would be spending that kind of money every year. Looking at the items that need attention, it seems pretty standard for a turn. Clean this, paint that, fix that etc. Thinking positively, I'd be spending maybe $2000 a year on a turn. I was just curious what people are spending on a turn for this kind of unit.
Also, remember.. They break it.. They pay to fix it. A good PM will make sure that the tenants sign a walk through sheet when the tenant moves in, and if they have caused damage (other than wear and tear) they are going to fix it. As long as they have income other than Social Security Benefits, you can garnish their wages.
PM will make you or break your OOS venture.
Post: Calculating Turn Costs Question in Indiana
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Jason A.:
By “turn” I mean “the turn”. A phrase that people use when going from one tenant to another, and getting the property rent ready from the previous tenant. This isn’t a rehab/remodel. The property is more or less in good condition. I believe it’s material cost as well. Nothing is being replaced however, just getting it ready for the next tenant. It seems expensive to me and here’s why. If there was a new tenant every year and the associated turn cost, then $4000 would eat up about 6 months of rent every year.
Thanks guys for your input.
Do your tenants plan to have WWE style fights at the duplex? What makes you think you'd be spending that kind of money every yr.
Post: Need some eviction help for the tenant from hell
- Investor
- Northern, VA
- Posts 1,220
- Votes 904
Originally posted by @Ryan Keenan:
Originally posted by @Chinmay J.:
Originally posted by @Ryan Keenan:
Originally posted by @Chinmay J.:
Originally posted by @Ryan Keenan:
My friend... You haven't learned yet how to deal with these kind of people. You send the notices, you file the paperwork with the court, and you just keep it moving. Don't answer any phone calls, any texts... nothing. Someone sends you texts and harasses you, just read it and laugh. Don't even respond. You can never win an argument with these kind of people.. They are uncivilized critters, and any valid point you make, they will shout you down, or change the subject. They will use threats, coercion, fear..every kind of tactic to stay rent free. Best dialogue you can have when them is none at all.
If you can't handle this by yourself and its mentally overbearing on you, remove yourself from the equation and hire a PM.
Thank you for your response ! I do have some learning to do . I did get a lawyer and the court said which she agreed to be out by the 30th of September. Now she wants to go month to month.. I thought I was in the clear but I guess not. If it goes back to court do I have the upper hand here? Will the judge finally side with me?
Not following you here.. What do you mean by "and the court said..which she agreed to". Did the judge give judgement in your favor? When the judge gives a judgement, the paperwork goes to the sheriff's department, and the sheriff will come and evict her. You will end up changing locks at this point. Who cares what she wants.. Are you trying to handle this eviction without sheriff's department being involved?
We went to court and the judgement was she could stay 3 more months and had to pay each month and the days she picked. It's now third month, the month she is supposed to leave. Now she wants to stay and has a social worker fighting for her because she has kids.
I guess what I'm missing here is, if she is still there on the 30th what will happen?
Perhaps what you already have from the courts is enough for the sheriff's dept to proceed if she is still there after 3 months, perhaps not.. You really need a good PM or lawyer in your state to assist you in get the possession of the property.