All Forum Posts by: Matthew Cates

It's a pretty detailed analyzer.  If you take the time to wrap your head around it...you will be killer at it.

Here's a link:  https://docs.google.com/spreadsheets/d/1WCkoi_uPXsktRtrCQPCh...

@John Matthew Johnston Of course good Sir!

I haven't checked BP forms...but I have a few spreadsheets for analyzing multi-family properties that could be of help.

@Aaron Rushton,

Something to ask a potential PM, "what is your current longest vacancy?"  You'll probably get the reason why but if they can't tell you pretty quickly, you can assume they don't have good systems in place to track what will be most important to you and you need to call elsewhere.

I know when we take on a new client, we actually have requirements of the property before we will let a tenant move in.  This is in your best interest as well as ours.  We do best when you do best...so the less amount of time we have to visit a property for repairs, the better it is for everyone.  I can say, there are some PMs whose business plan is to make money off of the repairs, please watch out for them.

We also provide some other features to our clients like 11 months of rent advancement and tenant turnover coverage.

Adrian...I'd love to talk with you about implementing the property analysis you've created into my list of available properties to my clients.

My brother actually was a catcher at Memphis for 2 seasons.  What position do you play?

Do you know what type of real estate investing you are wanting to do?

@John Matthew Johnston Multi-Family isn't as complicated as you'd think.  Treat it like you're investing in a business rather than real estate.  Ask for a Profit & Loss sheet from the last 12 months.  That will show you just about everything you need to know.  If you are funding the purchase through a lender, ask the lender if they have any qualifications for underwriting & final approval.  If you have that info...you won't be wasting your time trying to figure out what went wrong at the 11th hour that made the deal fall through.

@Tibor T. Have you considered going to a hybrid turn-key provider?  Someone who walks you through buying a house at discount, rehabbing it as needed (within or under budget), getting it rented to perform at your desired performance?  Obviously, you'd need to, "start with the end in mind," but then you can get a feel for the process.  There are a handful of good companies, including myself (obviously), who would be able to do this for you.  Some companies will only be the property manager for properties they do the rehab on...that way they know what has been done and the quality it's been done at.  It's a great idea, until when you want to keep all of your properties at on PM but want to try and source and rehab your own properties.  All that to return to, "start with the end in mind."

"I beseech you brethren," do your due diligence because I have a client who is trying to get out of a deal (not anything I'm involved with other than given them insight on how to move forward) where they bought a house but the, "turn-key provider," has sat on the rehab for about 6 months.  It should have been completed within 2 months and performing within 4 months.  Everyone's best guess is the provider created a pyramid scheme and spent the rehab money.

Sheesh, that's why MIG, Memphis Investors Group, is successfully fighting rental registrations in Memphis year after year.  It's not like an investor needs any additional expenses when homes already have enough of them.  LOL

Hi Chris,

Tracking utility charges for multiple properties can be challenging, especially when using a single company credit card...if they are not reconciling with monthly invoices/statements. There's not really any way to get around that. If reconciling isn't being done or they can't show proof it's being done...you need to find a new PM who is transparent.