All Forum Posts by: Marc Ramsay

I have a client with a portfolio of SFH's in the Atlanta area and he is not happy with the PM's he currently has. They're either unreliable, dishonest, or a bit of both. I told him I'd put it out on BP and see if any of you wonderful people had any solid referrals on a great PM in that market.

Thanks in advance,

Marc

@Wade Sikkink I didn't realize he was month to month. In that case you are free to impose a new lease or he's free to leave, however, if you know he's leaving in 6 months, why run the risk of an empty unit this time of the year, and as long as he's paying the rent and the current lease is somewhat acceptable, then I say run with it.

I looked up where you live as I've never heard of Firth, NE before. Wow! that is one small town! What's the population there? About 500 people? :)

@Wade Sikkink I always leave the existing leases in place until they expire as long as the terms of the lease are acceptable to me. I haven't hit one yet that I had any real issues with. Tell the lawyer that he can keep his existing lease until it expires, but he'll be expected to sign your new lease at that time and you won't be modifying it for him, unless there's an actual legal issue with it.

@Giovanni Isaksen Sorry for the slow reply but I didn't get notified of your question. I sort of fell into the Cleveland market via an investor buddy of mine. Bought a MF complex in Cleveland and spent so much time there I started to explore the market, did a lot of networking, and started finding lots of great deals. There weren't many people buying there 2 years ago, but it's gotten a lot more competitive since them.

@Dan Holden 'Movember' is alive and well here. My wife wouldn't let me go full facial, but considering I never have facial hair what I have is a lot.

What's with the hairs that grow up towards the nose? Are they getting sucked up when I inhale or something?

I'm starting to like it, and so is she. I may keep it for the winter... :)

This has been an incredibly interesting and educational topic for me, as being from North of the border we have many similar issues, but there are even more differences.

I have always believed that in a civilized society we need to support a hand up to those in need, not a hand out. In some cases, such as those with physical and mental disabilities, it is much more difficult to beak the cycle of poverty and become independent without some sort of ongoing support, and I support them getting that assistance.

But what I can't support is those who rip off the system, and by doing so, rip off you and me. Every able-bodied individual has to have some incentive to get out there and become self-sufficient at some point. Whether it's limits on the term of assistance, or requirements to seek out training and education, then actively seek work.

There must be incentives to get off welfare for the able-bodied such as declining levels of support over time. What use is providing support at the equivalent of an hourly wage when someone who doesn't want to work is just going to wonder what the point of working is when they can get the same amount by not working? Unfortunately, there are many out there who don't have the same work ethic as you and I and need to have some incentive before they will lift a finger.

S8 is just one of the many forms of assistance out there, and if it were to go away, other agencies, non-profits, etc, would eventually pick up the slack and life would go on. However, I'm sure it would be chaos for awhile if programs like S8 were discontinued in an abrupt fashion.

@Giovanni Isaksen I don't know as I don't invest here because of the outrageous prices and the low cap rates. All my investemnts are currentlyl in Cleveland and Akron, Ohio.

Hey! Come on up to Vancouver where you can get a solid 2 to 4% cap rate. :)

Still trying to figure out why people invest up here. Then again, I've run into a lot of people trying to sell at an 8 cap in Cleveland, OH, lately. Do they think they're in Houston or something?

Sorry, I digress....

Sounds like the wholesaler was running out of time on the deal and needed to get it closed quickly or lose it himself. He probably wanted the extra money to entice the seller to wait a little longer. I agree with your spidey sense. It was probably a good idea to walk away and look for the next deal.

The loss of S8 would not directly affect my properties too much as the percentage of S8 to cash is low, however, as mentioned previously, the trickle-down effect on the local economy would definitely negatively impact my investments in the C & D class neighborhoods.

I do get frustrated when I see the sense of entitlement many of the S8 and welfare recipients have. I cannot relate to that mindset as I have always believed that I have to earn my way in society, and programs like S8 and welfare are there as temporary bandaids if I get myself into trouble, not as a lifestyle. I just had one S8 tenant refuse to take a unit because the new carpet in the bedrooms didn't match the nearly new carpet in the living room. Really? My taxes are paying for a good chunk of your rent, and you are complaining because the clean, nearly new carpet doesn't match in a unit that is freshly painted, secure, clean and comfortable? What really irks me is when I see S8 and welfare tenants with more toys than me. Big screen TVs, nice cars, leather furniture, new X-Box. How exactly did these people qualify for assistance?

Nope. S8 is not going anywhere anytime soon...