All Forum Posts by: Jerry Agbon
Jerry Agbon has started 2 posts and replied 39 times.
Post: Investors, what do you do when a lender changes the terms on you prior to closing?
- Raleigh, NC
- Posts 39
- Votes 18
Walk away from that lender, never to use them again. Then inform the seller immediately, and negotiate an extension of the closing date while I look for another lender. I've had something similar happened to me, had to walk away from that deal, only to return in six months, and was able to close the deal using a better lender this time around.
Post: What do you think makes a good property manager?
- Raleigh, NC
- Posts 39
- Votes 18
Quote from @Stephanie Michael:
Great question! As both a property management professional and an investor, I can attest that the qualities you’ve mentioned are spot on. I'd like to add a few more traits that I've found crucial for a property manager to truly stand out:
- 1. Integrity and Transparency: Trust is the foundation of any good relationship, especially between a property manager and a property owner. A property manager who is honest and transparent about both the good and the bad situations that arise can help build long-term trust and avoid unpleasant surprises.
- 2. Tenant Relations: A property manager with excellent tenant management skills can reduce turnover and increase tenant satisfaction. This includes handling tenant issues with empathy, maintaining open communication, and ensuring that tenants feel valued and respected.
- 3. Adaptability and Tech Savviness: The property management industry is rapidly evolving with new technologies and tools. A property manager who stays current with industry trends, leverages property management software, and adapts quickly to changes can offer a competitive edge.
- 4. Legal Knowledge: Understanding local, state, and federal laws is essential. A great property manager ensures compliance with all relevant regulations, which helps to mitigate risk for the property owner.
- 5. Negotiation Skills: Whether it’s negotiating leases, handling vendor contracts, or resolving disputes, strong negotiation skills can make a significant difference in operational efficiency and cost savings.
In my experience, a property manager who excels in these areas not only helps protect your investment but also maximizes its profitability. I’ve encountered managers who were fantastic in most areas but lacked in one or two key traits, and that was enough to impact the performance of the property. Conversely, I’ve seen property managers who excel in all these areas, and the difference they make is night and day.
As a multifamily investor who rely heavily on PM, and who has been burnt by dubious PM, @Stephanie Michael response above reflect perfect my view of what makes a good PM. Inherent within these five qualities is the good communication skill. To this, I'll also add knowledge of the local rental market.
Post: Important paragraphs to look for in a laundry lease
- Raleigh, NC
- Posts 39
- Votes 18
This was very helpful to me. Thanks!
Post: Recent issues with mortgage broker
- Raleigh, NC
- Posts 39
- Votes 18
Quote from @Leonard Rybak:
@Michael Dumler, the first deal, the shakiness involved illness, but eventually with the help of my realestate agent my "deal" was transferred to another loan officer in the same company.
This time, I feel like I am being left out to dry. I have not received a response for 48 hours, and before that was 5 days.
Post: Considering out of state investing
- Raleigh, NC
- Posts 39
- Votes 18
North Carolina and South Carolina seems to fit what you're looking for.
Post: Where in the U.S.A. are the Majority of Duplex, Triplex and Fourplex
- Raleigh, NC
- Posts 39
- Votes 18
Northeast states like Massachusetts, Rhode Island, New York, New Jersey, are states that have high concentration of triplex, duplex and quads. In MA, Boston, Dorchester, and Brockton are among the towns with very high concentration these.
Post: 8-Unit Cash Out Refinance in North Carolina
- Raleigh, NC
- Posts 39
- Votes 18
In what town is this property located in NC? Look for the local banks in that town, then reach out to 2 or more to start the process.
Post: Mouse in a Townhouse
- Raleigh, NC
- Posts 39
- Votes 18
@Justin Knighten As a landlord, I've always had pest control service done on all my properties every 6 months. I've never heard of the tenants being responsible for this. Holding off taking care of the problem now, would most probably lead to more damage to your rental property. Why take that chance?
Post: Raleigh/Durham and Surrounding Areas Meetup - December 2020
- Raleigh, NC
- Posts 39
- Votes 18
Will be there.
Post: Houston Multifamily Investing Woes
- Raleigh, NC
- Posts 39
- Votes 18
@Deo Sanders look for somewhere else with a more favorable condition. Never jump in with the croud, no matter how anxious you are to get you first MF. Heed the warning signs and look for somewhere more appropriate with conditions for better cashflow and higher probability of success. Strategy revaluation might be needed.
I wish you the best in this endeavor.