All Forum Posts by: Lisa Verna Staggers

@Aigo Pyles- thanks!

Thank you to @Account Closed You have given me some huge tips now to review with my PM. So helpful! 
Lisa

@Maria S.- thank you great suggestions!

Hi All-

I hired a new PM to manage my quad in an “up and coming” neighborhood. They took over in February and part of the punch list was to replace the front door to the building as the lock has been broken and it’s unsecured. Initially, they had all these great ideas such as installing an electric key pad, getting a commercial door, etc., and since then gave me the impression things were on track. I found out today the door has never been replaced and they ( she and her head contractor) are struggling with the following:

1- they fear the electric key pad will just get destroyed by the neighborhood locals ( non residents) and sooner or later they will break it to gain entry again 

2- When I asked them why they can’t use an old fashioned lock and just give each resident a key they said “But if we do that how can the mailman get access to deliver the mail?” I’m pretty sure mailmen across the country somehow deliver mail everyday to buildings that lock the front door and there has to be a simple way get over this hurdle. Yet they act like this is insurmountable and somehow justifies the their lack of progress in getting the door replaced. 

Is this an issue for those of you who have small buildings? How have you locked the front door while providing access to deliver mail? Is this just an excuse they are giving me to justify their lack of action?

I am at a loss and welcome any insight.

Thanks!

Thanks!

The market is hot here. Some say now is the time to sell given the low inventory and “calm before the forbearance/ moratorium storm” and if I wait the market may be flooded with sellers who can’t weather the storm anymore. I’m in a “gentrification” zone with a lot of appreciation over the last 7-9 years. I wanted to hold out for another year or so to get top dollar but now am not sure. Interested in perspectives of those who know the DC market.

Thanks!

Lisa

@John Nachtigall- I enjoyed your post. It inspired me to think about graduating to the next class (C/B). I think it’s time!

@Tim Jacob - Your post is spot on. I wish I read this before jumping head first into my small multi family in a D neighborhood. As a newbie back then, I couldn’t understand why it was so difficult as a hands off investor and why every single PM either bailed on me or stole from me. Every. Single. One. Conversely, my investment in a B class area was super easy with non of those issues. It look me several years to finally connect the dots. Location matters. The property quality matters. They determine the quality of the tenants. I learned that illegal dumping is like a hidden tax Based on the extra costs, etc., so much I didn’t know when I bought. I could write a book, LOL.

lisa

@Tim Jacob

Hi all,

I need some help/ guidance on how to grow my assets and cash to hit my financial goals for early retirement/ Financial freedom. For example:

1. I have an asset that has appreciated but have suffered greatly from inept property managers and tenant friendly laws- when I cash in, what do I do with the proceeds? Take another risk by buying another building? Go back to less risky SFH, DST, or just take the cash?

2. I am sitting on enough cash that I feel like I am at a crossroads. If I chose well I can invest and set myself up for success. If I choose poorly, my cash will just depreciate and I will miss the opportunity to build more wealth.

3. I need to get organized as I have multiple accounts and multiple properties

4. I don’t know what I don’t know. There could be other investments, other than real estate that could also help achieve my financial goals ( note: I am adverse to the stock market.

So I welcome any leads for good financial planners with vision that extends beyond selling me the latest mutual funds- had my fair share of those.

Thanks for reading!
Lisa 

Thanks Kevin you are right about the regulations. I haven’t sold yet though!