All Forum Posts by: Joe Norman

Nice one!

https://www.propstream.com is probably your best bet for nation wide foreclosure data.

How are property managers/investors who have mulitple units (50+) handling key management? I’d love to have something with a master key and also something thats easy to re-key.

• - landlordlocks.com seems like a great option, although their website is terrible which makes me question their professionalism - anyone have experience with them?
  
  
• - Kwikset Smartkey looks like its easy to re-key at turnover, but I don’t think it has the option to create a master key - am I missing something?
  
  
• - Kiwkset 816 Key Control Deadbolt - this one has two cylinders so I think one can be a master key, and one can be rekeyed for tenants at each turnover - anyone using these that can confirm?
  
  
• - Anyone using electronic keypads? Are there good options that don’t require them to be connected to the tenants wi-fi?
  
  

Any other options or things I need to consider when putting together a forward looking plan for large scale key management?

Thanks in advance for your insight and advise!

@Tucker Cummings nailed it - a rock star property manager should pay for themselves by getting your unit rented quickly and for top dollar. Self managing is definitely doable, especially if you're living in the building, but why bother when you can be more focused on money making activities like sourcing your next deal?

You're comparing apples to oranges. A local property manager should give you full service property management so that your investment is as passive as possible. "Online Rental Programs" like Rent Redi are software tools that assist owners in managing their own properties.

Jason Setty at Universal Title White Marsh has been great to work with on a couple of deals that I've done with non US residents. 

Hey man, I am really happy with my current accountant. I don't think I'm allowed to post contact info on the forums so shoot me a PM and I'll give you his info.

Then be happy you got a good deal, offer an extra $1k to the seller to make the lender required repairs, and close on it.

Also send your Realtor a very nice thank you card and gift card so he can take his family out to dinner. The commission on these type of deals isn't worth the time agents invest in them, especially when the client is going to an internet forum to question the agent's integrity.

Inspectors are like Realtors: they are a dime-a-dozen but the separation between the top 5% and the bottom 80% is huge. I suggest calling several agents in your market and see who they recommend, I'm sure you'll hear the same couple of names.

Regarding recourse for bad inspections, that depends on the state. Here in Maryland I had the honor to be appointed to serve on the state board that regulates inspectors and appraisers, and sat on the sub committee that reviewed inspector complaints. If your state licenses home inspectors (most, but not all, do) then they will also have a board that oversees them and handles complaints.

Starting a real estate sales career is a slow process and one that most people fail at (see @Russell Brazil's post above). In my opinion you have to start with your sphere of influence - the people who already know you and like you. Ask them for their businesses and for their referrals, and then stay in touch with regularly touch campaign of calls/emails/physical mail.

Beyond that, I suggest being purposeful (not spammy) on Social Media. Facebook has been good to me in terms of staying front of mind with people in my SOI. I try to make a personal (not real estate)  post daily, and a businesses post 2-3 times per week.

It can be a drag getting started in this business, but once you get momentum it can be a lot of fun and very profitable. Good luck!