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All Forum Posts by: Drew Sygit

Drew Sygit has started 42 posts and replied 9740 times.

Post: Would you rather be a private lender or own rentals/rehab?

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

We've all seen threads here on BP about how many rentals you need to generate $100k annually, so one can quit their day job.

As a private lender, how much capital does it take to be able to make $100k annually and quit a day job?

Post: Looking to Invest in Springfield MO based in Orange County, CA

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Gabe Hernandez curious as to why you picked this city to invest in out of state?

Post: First Rental Purchase- Is 23 Doors too big?

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Nate Truxel

Do NOT assume - ask who is managing them right now. Why? Because maybe you can hire them to help you manage them if you buy all of them.

Otherwise, email us and we'll partner with you if these are actually a good deal:) 

Post: Single Family Home - Property Manager or Self Manage?

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Anthony Hidalgo we're a bit biased as we're a PMC, but all of the below is still valid:

Owners always complain about how much a PMC costs them.

How much are you paying for car insurance? Isn't that also a BIG waste of money?

What about health & home insurance? STOP paying those too because aren't they a waste of money?

Landlords are so short-sighted when it comes to hiring property management companies and always mention some variation of, "but 8% seems a lot..." nearsightedness.

How much do you really know about the following:
1) Fair Housing laws
2) Fair Credit Reporting Act
3) Consumer Privacy Protection laws
4) Local rental ordinances
5) State eviction laws and procedures
6) Etc...

Everyone thinks property management is easy until something goes wrong...

Post: Transfer property to LLC to obtain hard money loan?

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Harold Rutila why have you been sitting on it for almost a year?

Recommend you hurry on this as a recession will make it harder to get a loan.

Post: Tenants with legal drama, liability and how to handle.

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Lauren Zehara given the amount of drama these tenants are causing, best to terminate their lease ASAP. Hire an attorney to do so, to avoid any potenital legal pitfalls.

Would NOT recommend letting the tenant stay if he moves his girlfriend out - unless you plan on moving into the building, there's no way you can be sure he doesn't move her back in or play other games.

Post: Buying in Canada or U.S.

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Milo Williams as a foriegn national you'll need at least 20% down in the states.

Post: Matterport Services in Detroit Metro Area

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Brandon Smith see that's the problem, nothing comes to mind without knowing price parameters.

Not trying to be a jerk, but you're the one advertising, so you should be able to share price parameters.

Post: I need opinions please, fairly new investor

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Dan Porter have you lived in it as your primary per IRS guidelines? If so, may make sense to sell it as you can take up to $250k tax-free!

Otherwise, agree with @John Underwood to keep it as student rental for max cashflow and you already know that market.

STR - are they allowed where the proprety is? What is the market potential?

Why does everyone always reference HELOC's? Do you understand they have a variable rate like a credit card? Look into a cashout refinance for a 30-fix stable rate.

Post: Starting out with 1st Rental Property in Charlotte!

Drew Sygit
#2 All Forums Contributor
Posted
  • Property Manager
  • Royal Oak, MI
  • Posts 10,037
  • Votes 6,879

@Nicholas Acosta biggest tip - do NOT over-rehab! Maintain to the neighborhood:)

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊