All Forum Posts by: Mark Vandzura

Hey @Justin Eaton

so how do I get in on the meetups? just show up? 

To @Peter VanWesep, @Irina Belkofer,@Paul Ronto,@Jim Celmer,@Robert Gilstrap,@Simon W.,@Geoffrey Schaeffer, @Ray Lai, @Craig Bellot, @Jarrod Kohl, @Peter Tverdov,@Matt K., @Mike Dymski, @Amy H., @John Petersen, @Patrick M.

Hi all,

I'd just like to say thank you for all of your great input and advice. It has been a pleasure gaining information and interacting with all of you. I'm always willing to listen to more advice but I thought I would update the forum on my progress. 

I have talked to several PM companies. It seems that 10% is the going rate. The bigger real estate companies also have many other fees such as a one time $95 per unit set up fee, a $200 lease renewal fee   and others. They all want the first months rent to find a tenant to fill a vacancy.  A couple PM companies did offer to lower their fees and the percentage to 8% (without me even asking for a discount) due to the amount of properties I would be giving them. One Company (which I really like) offered to handle my properties for 6% with no additional fees and they only charge 1/2 of the first months rent for locating a tenant for a vacancy. I've contacted three references and they gave rave reviews. This is one option I'm seriously considering. But..... I just found another option. I've been in contact with a realtor that I knew 10 years ago(her son played baseball wtih my son). Over the last 10 years she left real estate and became a PM for and apartment complex and in the last few years she got back into real estate. She is very knowledgable in both fields and very interested in being my PM/assistant. She knows that I want to get out of the property manerger role and that I'm ardently looking for larger multifamily apartments. We havent worked out any details as of yet but I am looking forward to further discussions with her. This could be a win/win for both of us. Wish me luck BP friends, and thanks again for all your help. 

Wishing everyone loads of success,

Mark

Thanks again for your replies @Simon W.@Simon W.

So are you saying that it's not a good combo because an outside PM company will most likely not work well with my accountant ?

Thanks for your reply @Patrick M.,

I am leaning towards being more of an active investor rather than an active landlord but I'm trying to get as many opinions as i can so that I can make the best choice between a PM company or a W2 PM on my payroll.

Hi @Donovon Rogers, 

I've been investing in buy and holds in south Jersey (gloucester county) for about 8 years just because I live here. I know of several other flippers and buy and hold guys in the area although none of them are on bigger pockets. 

Hi @John Petersen, 

You make a good point about quantity pricing. I did talk to a PM company a while ago that offered me a price break because of the amount of properties that I'd be bringing in and I've aquired a few more properties since then. 

But at the same time, I wonder that if I try to cut their price, will they in turn be less attentive to my properties. 

I'd really like to hear from someone out there who has or at least tried to hire their own PM, and their experiences (good or bad).

Wishing everyone loads of success,

Mark

Thanks @Jarrod Kohl for better explaining your point.  I have to agree that finding a great PM company ( or even a great  W2 employee for that matter) would become invaluable. My assumptions would be that an employee might cost more at first but after they were trained there would be a substantial savings and more control. (But of course these are only assumptions from someone who has never had a W2 employee ) 

Thanks again for your responses Jarrod.

Hey BP members, I'm still looking for more opinions/advice. Don't be shy...reply

Wishing everyone loads of success,

Mark

Hey @Simon W.,

Thanks for your input. So in your professional opinion, If I take into consideration that if I hired an employee, their salary reduces my net income thus reducing my taxable income, how much does a 15 dollar an hour employee really cost me?