All Forum Posts by: Jim Watson

Gina - check out Landlord Studio for software. Can test drive. Good if you just have a couple rentals. Lots of units? I'd spend the money for the higher end software. 

I self managed because there wasn't enough cash flow to support the 8% PM. Went thru several PM's that were terrible. My current PM found great tenants that willing to pay a higher rent and expected annual increases. More than covered his cost, also reduced my vacancy and repair costs. 

That's great you've been able to make that many deals. SFR's? Agree on ton of offers. However the challenge these days is finding the 1.2-2.4 multi unit deals. There are a lot of garbage deals (and sellers). I've cold called brokers, made phone friends w/ property managers (worked well) and talked to other BP'ers. However, In competitive markets (Cinci and Cleveland for instance), the good/great deals on multi units go to the locals and repeat buyers. As an out of state buyer, flying to your market makes a big difference. Flew to San Antonio last year to look at a property. The broker's kept in touch since.

I self managed 4 single family rentals locally for 10+ years. Did the rehab, repairs, found the tenants etc, etc. After a marginal tenant left one house w major problems, decided it just wasn't worth it. Interviewed several PM companies. I agree with the comments about marginal overpriced (maybe incompetent) PM companies. Also 10-15% is ridiculous. My out of state company was dishonest and got terrible tenants. However there are good (or great) PM's. I spent a month looking and hired a PM.  He held multiple open houses and sorted thru at least 75 applications. He was smart to look for the "right tenants". He got A renters that want to stay forever. He got more rent which covers his cost (8%), lawn care and City costs. We both have subcontractors for specific jobs. I get mailbox money electronically deposited. Sold one house and he manages the other three. More income and no headaches. Rent income continues to go up every year. It also gave me time to find a 33# multi out of state. For me, it was fix toilets and chase rent or make more money and find new investments. Easy decision. Just take the time to find a competent PM that's genuinely committed to finding good tenants and has cost effective solutions to typical rental problems .

College Hill looks interesting. I'd appreciate feedback. Thanks

Becky King King Properties has been around for 30 years. Knew her as a tenant

(no mercy). No experience as a landlord. I live in Davis but my properties are in Sac (and maybe OH soon).

If you find someone, I can call and ask questions. 

I like Bay Area Underpinning in Vacaville. The owner has been very helpful and is clearly committed to doing good work. Feel free to use my name if you talk to them. 

AVOID Foundation Repair of CA! Unethical, incompetent and dishonest. I paid 50k and they ruined my house. I'm joining the list of people suing them. I don't have direct experience but NorCAL Foundation Support is owned by the same family. I'd be wary. 

Good luck w/ your triplex. Feel free to PM if needed.

Thanks

My offer for a 34# multi unit has been accepted. I am looking for a Cincinnati attorney to handle contract and closing

Michael VU - curious what overpriced means. I'm looking a 34# north of downtown which is 42/unit. Def value add. Sub market rent. 

Hi Gaby. I live in Sacramento and have been shopping for 1+yr in the Cinci Market. Still lots of opportunity. Just made an offer on a 38# just north of downtown. Feel free to PM if you have any questions. Yes, it's been difficult as an out of state investors (lose to local buyers) but worth the time.