All Forum Posts by: Kyle Soderman

I more so used the 2 AM knock as an example, that is true, it is probably pretty rare. The convenience/ time saving factor is what draws me to using property management. I am definitely considering self managing as well though. If I were to use PM then I would be sure the residents do not know. If they did know, it would pretty much defeat the purpose of using PM.

http://www.biggerpockets.com/forums/52/topics/215119-no-you-dont-need-a-property-manager-if-you-house-hack Also found this great post by @Scott Trench on his opinion regarding the matter.

I am interested in your guys' opinion of still using a property management company while house hacking in a 2-4 unit MF. The biggest reason behind this is getting the 2AM knock on the door because your residents' toilet is clogged or something of that sort... I believe that using a property manager is duable as long as the numbers work, or at least saves me money by not throwing it away on rent. I would prefer not having to deal directly with a tenant(s). 

The reason I ask is because I hope to buy a duplex and live in it the minimum amount a FHA loan requires (typically 1 year???). After that time is up I would move out and rent out both units and begin to cashflow if the property wasn't doing so already. Obviously before buying I would make sure the property would Cashflow after I moved out.

Let me hear your thoughts!

I am hoping this will be a fun thread people will share their stories in.

Well, the reason I am posting is because I have not bought my first property yet...but I do work at a property management company as a leasing associate. This past week has been quite eventful for us... and not in a good way. 

Problem #1: The beginning of last week we get the dreaded call from one of our residents regarding BED BUGS! So we had to get an exterminator out and test and treat the apartment/ apartments surrounding for the bed bugs. 

*On a side note, this has been a good experience for me to learn more about the issue of bed bugs. I have learned that anyone can get bed bugs whether they have a messy or clean apartment. I have always associated bed bugs with dirty, unsanitary apartments.*

Problem #2: About mid week last week we finally figured out an ongoing problem with one of our residents. It was a pretty decent size mold issue in their apartment. We believe this was due to a crack in the foundation wall but we will not know for sure until we open up the drywall. So we got a quote from a local company to get rid of the mold (this does not include putting up new drywall and painting, our maintenance will do that.) and it came back to be $4,000 for just the removal of the mold!

So, all in all, our company will be taking a $4,500+ hit from these issues. This money could have been used for multiple new kitchen remodels but instead we are spending it on this.

Now, I want to hear your horror stories. What is the biggest/ scariest issue that you have had to deal with?

Hey sweet name @Kyle Giering ;) Anyway, welcome to BP! I will be looking to move back to and start investing in the cities after college.

@Kriss Pavik Nice to meet you as well! As I posted above, I am interested in the St. Cloud area as well as the Twins cities area. I am looking into SFR as well as multifamily, I will probably be starting out with SFR. specifically looking for 3/2 SFR's that are slightly distressed. I am interested in working with you. Please private message me with your response.

@Nancy Cummings I have not yet made a deal. I have solely been educating myself as of right now. I'm currently going to St. Cloud State so time and money are tight currently. I am interested in buy and holds in St. Cloud as well as the surrounding areas, so yes Sartell and Sauke Rapids too. I also am interested in investing in the twin cities/ suburbs of TC. Are you looking to do flips in St. Cloud?

I appreciate the suggestions @Chris Winterhalter ! That is also a good point about finding a mentor, the manager at the company seems like she would be a great mentor and I'd be working mostly 1-on-1 with her.

Well yesterday I had an interview for a leasing consultant position at a local apartment building here in the St. Cloud area. I just wanted to share this with everyone along with getting your suggestions.

The interview went great! I felt the property manager and I really connected and I have a good chance of getting the job (crossing my fingers). I feel as though this would be a great way to get in to the real estate industry and start learning hands on while I finish college. After college I plan on working in commercial property management while investing on the side.

I do realize this is a site for investing but I am sure there are users on here that work in property management. So here is my question, The pay for the job is $8.00/Hr. plus commission on unit rentals. Do you feel that is reasonable pay for the part-time position? I find it hard to leave my job at $10.75/Hr. to only 8+ commission, but I know it would be tremendous experience for myself and my resume. Any suggestion or good lucks will be very much appreciated!

Additional info-

Units in building: 112

Commission: $35/ unit rented by me.

Company: Owns 37 building throughout MN, so opportunity to move up through the company.