All Forum Posts by: Marty G.

@Billy Smith hey Billy!

Yeah .. the funny thing is that the existing PM doesn’t have a big list of people with different trades, so they don’t have negotiated rates. I have had several tradespeople that I have given them to call for me (and they rarely do), so I think I should be good in that area as I do trust the handyman.

Thx!

@Matt M. Thx Matt, I had a talk with my girlfriend last night and she’s been urging me to self manage as well. She shakes her head at my, too often, stories of how things are being mishandled.

Guess the next step is trying to figure out how to transfer things back over to me and get all the tenant contact info, etc.

Thx!

@Nicholas Lohr Thanks Nicholas... is Issue Fixer something with BP? Admittedly haven’t heard of it, but sounds neat!

My schedule has freed up my time significantly and since they aren’t running it the way I’d want (or deserve), I feel like the money is going out the window.

Originally posted by @Mary M.:

@Marty G.Self managing is totally acceptable. The important thing is to be sure you can handle it (sounds like you did it before)..  I think around here lots of (PMs) say that self management is a bad idea, but really who will take better care of YOUR customers and YOUR assets than you?   Get up to date on any tenant/landlord law changes, find yourself a good app that you like using and go for it!  Your tenants will be happy and stay longer.   You can always get another PM if needed but really, the amount of time it takes to manage say 10 units is minimal. You will have PLENTY of time for other activities. 

Thanks Mary!!  I agree.  When I did it before, the biggest pain was just my travel.  Now that the job has different responsibilities, I don't have that same schedule as before, so even if I did get a late night call, I'll be in the same time zone at least.  And, I've definitely seen that they haven't taken care of the properties like I'd want them to.  I realize it's a company, but there also needs to be a balance, even if I don't have 100 units.  One of the PM's that works there (they have a high turnover ... another issue) told me when I started up that I shouldn't expect my properties to receive the same attention as their larger accounts, but that they will be attended to.  

In retrospect, that should've been a huge indication of the direction the company was being run .. and should've run myself.  Unfortunately, the regular 9 to 5 dictated that I needed some help and I didn't have other options.

I think self-management, especially for my current portfolio, is the way to go.  It'll allow me to focus more on how things are handled, be more aware of the needs of the properties, and keep the tenants as happy as possible.

Thanks!!

Just wanted to thank everyone for their replies.  I'll check out some of the other software packages out there before deciding on one.. I'm familiar with Cozy and it was recommended by a few out of state friends that use it.  I realize that each piece of software may not do everything all at once, but I'm really excited that these platforms exist as when I had been self-managing, there were only some watered down app's on my phone that were available.

Finding out that software has evolved to a much more robust platform with features that are easily used and can be managed is a real blessing.  I don't mind doing the work myself (I did it before, just couldn't juggle the travel of the job and the management/showing of apartments etc), so while I'd love to have someone reputable and responsible handle it, until that perfect fit comes, I'll tackle it myself.  I'll save in the short term in that I can see what is happening and be more aware of what repairs are needed and handle things the way I'd like them to be handled, and in the long term have happier tenants that stay.

Thanks again for all the help & suggestions!!

Originally posted by @Kevin Sobilo:

@Marty G. I agree with folks like @Dennis M.

In theory you can hire out work and focus on "more productive" things. Let's me honest for most small time operators that will remain theory. If you do decide to expand your holdings rapidly, do rehabs, etc then maybe there is a point, otherwise self managing is fine.

It also sounds like you don't mind doing that work. It isn't 100% about money. You get to choose your role. If you don't mind self managing and you will save a good buck at it, then that is a good trade off for your time. Choosing work you want to do for a good return is never a bad thing. 

Also being more actively involved can be contagious! So, it might lead to you searching for more deals. 

 Hey Kevin - exactly.  I don't mind some hands on, even fixing minor things or touching things up when needed.  Recently I received a text message from a neighbor that said a tenant had left a large piece of furniture on the curb (in a well sought after area) and the PM never even knew about it or had been by to check on things and it was left there for weeks.  I forwarded the text message to the PM and said I was displeased and shouldn't have to have neighbors complain to me (they've been there for decades and knew me from when I resided there) so it pains me to see things being done.  I don't expect them to do daily visits, not at all, but I don't expect them to never visit the property, either.

It pains me to write a monthly check to them knowing that they really aren't doing much (if anything) and when they are doing it, they don't seem to have my (or even the tenant's) best interest at heart.  A tenant shouldn't wait weeks to have something fixed and I shouldn't get a huge repair bill for something that could've been a simpler fix had it been handled in a more timely matter.

Originally posted by @Ryan Deasy:

@Marty G. thanks for sharing. i self manage from 1500 miles away for the same reasons you explained. i vetted a few managers and it just did not feel right. i would say self manage and explore some VA options. i know of a great VA if you need a referral. i also am developing a a company designed to take those late nights calls (and more). either way, i am big on self managing but do agree that you need to have a balance so that you can continue to grow your portfolio.

Thanks Ryan! I would definitely like to hear more about the VA, feel free to inbox me if referrals aren't allowed to be posted here. I'm glad to hear that you self manage as well. I just feel like I'm throwing money out of the window (at this point, with a new work balance) and it pains me to pay someone monthly who's providing me a service that's being handled extremely poorly.

Originally posted by @Account Closed:

I’d manage it yourself.  I like cozy for the payment and I’ve used it a few times for the maintenance requests. But I still use mysmartmove for credit and background check. 

I refuse to pay the amount of money that a PM wants to do worse of a job than I do from the comfort of my house.  I see my property 2-3 times a year.  I have a system to get it rented and if there’s a maintenance call my handyman has specific instructions and the tenants always are home when someone comes over.  

 Hi Eric - I share the same thought process as you.  When I had done this previously (and one of the houses was one that I was raised in), I knew where every noise came from, what to expect, etc.  Granted, I don't have the luxury of that with each property, but I try to keep things looking good - as if I lived there.  Paying a company that doesn't do inspections, doesn't visit, and doesn't verify maintenance requests for validity (or whether the job was fixed properly, if it was valid) -- and paying them to answer the phone seems trivial.

I had tenants that stayed year after year (very sought after area) that are now leaving in a year ... I'm then paying a months rent as a finder's fee for a new tenant, which just seems like they aren't managing properly on keeping tenants happy, either.

I don't like not having access to a management portal to see when requests come in and when they are responded to, either.  When they do call me for a larger expense, and I use my own contractors, I feel like I'm really paying them to be a poorly trained middleman and if I'm already being involved in getting the contractor, what am I paying them to do?
Thanks for the reply -- it's given me another reason to do this myself, again, and save a bit of $ (not to mention headache).

Originally posted by @Mitch Messer:

Hi @Marty G. I get that the lure of do-it-yourself management is strong. It also appears undeniable that your existing PM is incompetent at best.

But if your goal is to do more investing, remember that every single minute you spend building a DIY property management system is time you are not spending becoming a better investor.

If the good PM's in your area won't work with you because your holdings are too few, then why not instead focus on increasing your portfolio to the point that they will work with you?

Hey Mitch,

Thank you for the reply.  I'd love to have more properties, but I also feel like rewarding bad behavior/service with additional properties isn't the way to go - and there's no guarantee that the companies that want me to have a bigger portfolio would give me better service.  If anything, I'd probably hire someone to do the leasing and take on a maintenance person myself, and let them handle the day-to-day as more of an employee situation as opposed to contracted help.  Definitely something to consider -- and appreciate the reply! :)

Hi BP community!

I have a few properties that I have had managed by a PM company.  I used to self manage and when I changed jobs, that required a lot of overseas travel and I didn't feel comfortable having family deal with the occasional 3am call (not to mention, being overseas myself, I sometimes would get woken up at 3am my time - 3pm back home for maintenance calls).

Since I only have a few multi-families, most PM companies in my area won't touch it - they want commercial sized or at least more than what I have to take me on.  My current company has been very unsatisfactory for a number of reasons - high turnover (compared to what I noticed when I self managed) which I attribute to their poor communication (not to mention, I have to pay a month rent as a finders fee when they lease it again, so there's no incentive to keep people happy, either).  I recently went to inspect a property and noticed a lot of neglect - things that they should've noticed (i.e. an open door (not just unlocked - open) for an entire weekend which could've been disastrous, easy fixes that they suggest big repairs for because they never inspected it themselves, poor communication with me and the tenants, and a lot of other things.  Basically, they aren't doing their job, and I'm paying them for it.

They don't have a huge Rolodex of people to call, so they usually call their handyman to fix things and he does marginal work.  When it needs something bigger, they'll call a random company.  

My job no longer requires me to travel, so I feel like I could go back to self-managing.  In addition, I see a slew of software (particularly Cozy) that I really like from what I've seen which will help me manage.  I currently live in the same area the houses are in, so I can handle minor things myself, but do have handymen I could call to tackle the maintenance aspect of it, if needed.

As I assess their service, I guess I really don't know what I'm paying for.  I don't have access to a portal to see maintenance issues, so I will only get a bill at the end of the month telling me what went wrong.  They have a huge turnover for account people, so I find myself having to retrain the new person every few months in what is supposed to happen.  Basically, they're mis-managed and I feel like I'm paying for a admin assistant, except more expensive.

Now that software exists which helps do many of the things that pained me, I'm wondering if it makes more sense to save the $, go back to doing it myself as things just don't seem to be handled properly, and perhaps get a virtual assistant if someone needs an after hours emergency contact?

I've spoken to the company a few times and let them know about their short-comings but that has fallen upon deaf ears and I haven't been able to find someone who would want to "do it on the side" so to speak.  

With software such as Cozy that handles payments, maintenance, and much of the tenant communication ... do you think there's any reason to keep paying for a PM company at all for my situation?  There's only one other company in my area that I've found that would consider me, but again, now that my job has changed terms, I'm not faced with the same restrictions and do have handymen that are willing to take care of things with me.

Thanks community!!
-M