All Forum Posts by: Dale K Poyser

A good PM is worth their weight in gold, but with a good team it is easier than you think to Self manage. I would definitely recommend looking into systems and self managing if you are doing anything other than LTR (long term rentals) so STR and MTR.

I currently use a PM for my out of state properties and they are great. But I want to try my hand at MTRs and I think self manage is the way to go.

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Anyone having luck with MTRs in Maricopa, Az? That city is growing, wonder what kind of tenants MTR would bring.

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Phoenix, Arizona

Quote from @Brian G.:

@Mary Ainsworth go yourself is my advice. Call and interview a couple cleaners as well as talk to a few local handymen. Meet a cleaner or two in person while in town. Try to line up a handyman that will commit to being there to work for at least 2 full 8 hour days helping you. Schedule the handyman to arrive 2 days after you land. Spend the first day and a half planning, going room by room and writing a list of to-do's, buying supplies, sorting & making an inventory of the items you ordered, etc. If this is your first time setting up an STR I recommend going for a minimum of 5 days (you need this if everything goes perfectly) but ideally a full week. Additionally, bring someone you know with you (spouse, friend, family member, etc). You will need moral support, trust me. Pay for their airfare, food, etc. so there is no cost to them. Choose someone you enjoy spending time with and who thinks the idea of setting up an STR would be "fun"! The important thing is to plan well and then execute. It won't go perfectly but that's part of the deal. Go get em!

Solid advice!! Especially bringing someone with you.

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Agree with the previous comments. If you are catching mistakes then whoever you are using now is not being thorough enough.

A good tax preparer (CPA) will save you more than you pay them, make them selves available throughout the year, and also guide you on making the best financial decisions. For example

Option A - you pay $800 and your tax bill is $2,000 so a total out of pocket of $2,800.

Option B - a good CPA that charges you $3,500 but your tax "return" is $7,000 so you actually get $3,500 in your pocket.

Which option sounds better to you?

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Quote from @Travis Biziorek:

Quote from @Jamar Jackson:

Quote from @Travis Biziorek:

Hey Miguel, I'm also in California but my rental portfolio is in Detroit (12-doors).

I'm a big advocate of that market and still believe it offers the best risk-adjusted returns today.

Lots of folks are still writing off Detroit but more and more are waking up to the opportunity there. The city is undergoing massive revitalization and investment.

Hi Travis!

What is the makeup of your 12 doors?

As you are based in Cali I presume you utilize a full-time property manager?

Thanks!

8 SFH's and 2 duplexes.

I'm self-managing.

How do you self manage that many doors out of state? I'm in CA as well, let's connect :)

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Why are you communicating to the tenant and not the prop management company? That is what you hired them for? Most leases have occupancy rules so the truck driver is who you signed the lease with, the other occupants don't have legal rights to live in the property, you should be able to get them out based on that alone.

I would go through the lease with a fine tooth comb to look for violations, and also hire an attorney as was previously mentioned. Brush up on the eviction laws.

You could also do cash for keys - but I think considering his girlfriend is not on the lease that is a window to get them out.

Also, add this to a list of things you discuss with a future PM. PMs are supposed to take care of this so if you are reaching out to the tenant directly, get rid of them.

Good luck,

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Quote from @Shannon Strickland:

@Stacey T. In preparation for tour requests, our real estate photographer created a walk-through video the same day she took photos and created a floor plan. I explain to the tour requester that I cannot disturb the privacy of current occupants, but I can share the video after the initial tenant screening.

Do they generate the 3D model? How did you find that photographer? That's brilliant!

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Denver, Colorado

Wow this is amazing! I am thinking about getting into this MTR space and this helps alot. Would love to connect with you.

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Manchester, New Hampshire

All good advice. I'm an OOS investor but not for Detroit. I agree you should find local experts for whatever city you're interested in. Of course before that you should pick a city.

Also pick some metrics that you can use to quickly evaluate neighborhoods and listings. If you can narrow it down to zip codes and neighborhoods you can quickly determine what the demand will be for a property and what kind of tenants you can pull.

Here are some sites I use and would recommend

https://www.city-data.com/

https://www.bestplaces.net/

https://censusreporter.org/

Census Data Map Viewer

https://www.neighborhoodscout.com/

1 Vote

Detroit, Michigan

Sorry this happened to you. Agreed with previous comments get on the forums, network network network, find a new PM company but also vet that company to ensure they are reliable and won't put you in this position again.

There should be some posts on the detroit market on biggerpockets, also chack out the facebook groups, Yelp, Google reviews, thumbtack.

Good luck!

1 Vote

Detroit, Michigan

All Forum Posts by: Dale K Poyser

Dale K Poyser has started 5 posts and replied 146 times.

Post: How do you manage your rentals remotely?

Post: MTR - Maricopa, Arizona

Post: Furnishing a property out of state/long distance?

Post: Professional Tax Preparation or Not

Post: I'm Planning To Buy A House Out Of State early 2024 (any suggested states to invest?)

Post: New landlord. Has been a complete nightmare.

Post: How to handle mid-term renters who want to tour an occupied house

Post: Furnished Rental Checklist

Post: Seeking advice on out of state investing

Post: Manager of the properties vanished - properties are vacant and i'm remote.