All Forum Posts by: Jaime Morales

@Pat Marco Actually, I have continued without a PM. This tenant has been in there for years, and basically manages the property herself. If anything breaks, she finds a technician, lets me know their quote, I approve it, she pays for it, sends me the receipt, and takes it out of the rent she owes. This property is actually doing better than a lot of the properties I have actual PMs for.

The tenant now is now looking to buy, and we are discussing selling the place to her, since I know if she left, finding a good tenant as well as a good property manager will be an uphill battle, especially since I do not live close to PR. I am also more interested these days in short term rental properties close to where I live (finding profitable long term rentals is a lot harder in this area), since I can have much more direct impact on it than I can with remote properties.

Good luck in your search, and if you do find someone you'd recommend, please let me know!

@Johnson H. ,

Sorry, I've been busy and forgot to respond. I am currently looking at a property in the Birmingham MSA. The provider is Birmingham Income Property. So far I have had a great experience with them, and their communications have been great.

@J. Martin I was unable to get to the meetup this time, but I am still interested in other ones you might have in SF. How did it go?

@J. Martin Thanks! I will check out that website. I am leaning towards the turnkey route, as I have talked to some BP members who have steered me towards some great out of state opportunities. Let me know about the meetup. Hopefully I'll see you there!

Hi All,

I have a condo in the Condado area in San Juan that I have been self-managing (not very well) since I inherited it.  I think I am ready to leave the property management business and let the professionals do it.  Does anyone here have any recommendations for a good PM company that does condos (long-term rental) in the San Juan area?

@Laura Williams Thanks for the advice! I am definitely looking forward to connecting with folks on BP to gain a better knowledge of those out of state markets.

Thanks, everyone! From what I'm hearing, it sounds like most of the team is going to be local to the properties, except for the CPA.  In terms of legal, part of what I would need would be someone that can help structure the entities (LLCs/trusts/etc). Would it be wise to have this person located close to me, and have another attorney located in the state the property is in, or does it not matter much?

I'm also assuming that you would want your insurance broker to be local to the property. Is this correct?

@Andrew Fingado What are your thoughts on the turnkey vs boots on the ground approach? 

I am currently in San Francisco but planning to invest out of state (MFR buy/hold). My question is about which members of my team should be in-state vs out-of-state. Obviously, Property Management and Maintenance should be located where the property is, but what about some of the other team members? Attorney, lender, CPA, etc... What are the pros and cons of having some of these team members local to the property vs local to the investor?

Any help is greatly appreciated.

Thanks!

@Troy Fisher Thanks for the advice!

@Paul Timmins I will definitely check out that book!

Hi all,

My name is Jaime Morales and I'm a newbie RE investor living in San Francisco.  I've been reading a lot of forum posts and blog posts on bigger pockets and have already learned a lot!

A little about me:

I do not have much experience with real estate investing. I have a condo that I inherited from my grandmother in Puerto Rico which I rent out, but I am interested in doing more investing. Since I work a 9 to 5, I am looking for buy and hold properties, and specifically to start with small apartments, ideally working up to larger MFRs. 

Living in San Francisco, I feel my options are pretty limited for the kind of money I want to spend, so I will mostly be looking out of state. I'm sure I'll have tons more questions for the community and will probably be making a lot of posts in the near future!

Looking forward to meeting all of you and learning as much as I can here!