All Forum Posts by: David Vander Pol

@Marshall Leipprandt

Hey Marshall,

I'd be curious to hear about your personal experience with your EC properties as well if you are cool with it–I'll send you a connection request.

-Dave

Hi Holly,

I am curious as to how your bookings projections have gone and your experience thus far.

Thanks!

-Dave
 

Thank you all for the feedback. As I was expecting, and planning on doing, I'll be paying the full amount. I appreciate everyone's candidness.

Happy Investing!

-Dave

I received an email from my PM in Phoenix that said, "On a recent routine audit we found an account code mistake within our software for your property"  and  "As a result, you have not been charged a management fee since March 2020. The management fees that were not charged during that period total $1080."

Obviously, they want their money.

I've been with them for about three years now and aside from this single mistake I am really happy with this PM co. I am happy to pay for services that I have received, and it is ultimately my responsibility to look over my monthly reports. But at the same time, it was their mistake.

Just wondering if I should pay up entirely (which is what I think should be done because I DID receive their services the entire time) or offer that we both share the responsibility of missing this and split the cost 50/50? Or am I being out-of-line here in my thinking?

-Dave

@John White thanks for sharing this question. It's also good to hear that other's experiences are similar–puts things in perspective.

@Greg Rulfs purchase was 77k, rehab was 33k.

Actually, the rehab would have been 27k, but the HVAC went out about a month after the tenants moved in and we had to replace it.

@Whitney Hutten Thanks, Whitney!

@Caleb Bryant Thanks! The property is in the 35801 zip, just under a mile from 5 points.

@Neal Coleman we were able to successfully BRRRR our first property at the end of last summer. It took us almost three months of running the numbers on properties, but we found one. @Caleb Bryant is correct. We did, indeed, have to pay a bit more than asking. For what it's worth, here's our numbers:

Purchase + rehab = 110k

Appraised = 131k

Rents = 1000/month

PCF = 310/month

We're starting to search for our next one and I know it'll be harder to find as the market gets busier with new investors flooding in. A lot of people have heard about the growth potential in the area.

-Dave

@John White I just saw this article earlier today our local group. Super cool.