All Forum Posts by: Frances Buerkens

My partner and I are moving to Kentucky to begin syndicating apartments in Lexington and Covington (or Cincinnati). Because we won't move until November/December, networking with the local REIA isn't feasible. Do you have any suggestions on how to find and connect with syndicators in that area?

Our goal is to find a C class deal (10-40 units) and bring money for the purchase and rehab to another syndicator's table. We would prefer to have someone experienced on board for our first deal - and potentially many more if we like the relationship. 

We have hands on experience in property management, rehabs, and deal finding - but are looking to scale. I am a businesswoman and salesperson, and my partner is an engineer. We have a strong network of high net worth individuals.  

@Luke Miller ***Ooohhhhhh**** I love internet tricks. Thank you for the idea!

@Ricardo R. Thanks for your thorough response! 

Do you have any examples of performance based metrics you've used with other property managers? Even if it's not something they already do, it's something I could negotiate based how badly they want my business and peer-based industry standards. 

Is there a representative rate for inspections? That's something I think about a lot since providing a quality and safe place to live is really important to us. 

@Luke Miller That's partly the struggle! As I search for property management that operates medium/large MF assets, I have to filter through the myriad of smaller operators. Management companies don't tend to articulate their core competency on their websites. I do plan to work with a broker, but hoped to start my initial conversations with a property manager since a good broker may not be interested in someone new to the market. (Fair enough... I work on commission too.)

@Rob Bergeron Good addition to the list of questions! Thanks

@Cody Rubio I am a bookworm! Thanks for the recommendation. I bought it immediately. :)

Hi @James Wilcox! Thanks for the seconded recommendation. It's validating to see the same company be named. 

I like the metric (qualitative though it may be) of response time and willingness to discuss mutual goals. 

Hello Joe! I appreciate the recommendation. I will definitely call them - but I'm also curious about your opinion. How well do you think they would manage working with a group of investors to execute rehabs and tenant placement on 20+ unit properties?

I look forward to returning to life in the Bluegrass! Winters in Maine are getting a bit chilly. :)

I am evaluating the multifamily market in Lexington, KY for value-add potential. I would like to set up in-person meetings on August 9 and August 12 with folks who are interested in working with large-scale investors. I am flying from out of state with the intention of moving to KY this winter.

My first call was to MLP Management Co and all I received was a nasty earful when I asked the name of the person that picked up the phone. (The man did not introduce himself except to say that he was "the guy" I needed to talk to.) I have no problem ditching that prospect in search of a courteous and professional agency, but it has me second guessing my approach since that went super well.... 

I have experience interviewing SF property managers, but MF is different.

How would you begin the conversation? 

What metrics would you suggest I use to 'grade' each property management company?

What did you overlook when you hired a property manager?

@Devin James

There is a long history of people wishing they started investing earlier in life. There is also a long history of people wishing they had delayed marriage - or with no regrets in delaying marriage. It’s fine to marry early and invest late, but it’s worth looking at those peoples lives and asking yourself if they’re actually glad to have done it that way (many are not), and if that’s what is important to you. What are your priorities?

My partner and I have our cake and eat it too. We get to spend our lives together simply because we have decided to be together, but we also get to invest every penny in real estate. It’s not doubts in our relationship, but experience that has lead us to choose this path. We will get married eventually, but for now, we are content exploring what life is like living (and investing) together. It gives us a chance to savor each stage of our relationship.

@Blake Dowe

Oh! I kept reading the thread. @Tyler Bushey is on point. It was Wes Stephens.

I asked about a HELOC through cPort credit union (a nice woman named Jacqueline). Their customer service is a joke. They kept forgetting to contact me about my approval despite telling me when they would be in touch. Then they wanted to charge almost $1,000 in fees to open the line of credit. The fees are one thing but the poor communication is embarrassing. Not very investor friendly. Wes at Bangor gave me the information and closed within a couple of weeks of me deciding to move forward. Easy peasy.