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All Forum Posts by: Michael Smythe

Michael Smythe has started 2 posts and replied 4525 times.

Post: Looking for Property Management Companies will to manage (3) Section-8 Properties

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

Sounds like no PMC wants to deal with Class C/D properties/tenants.

Hopefully, @Jim K.will know someone.

Post: Am I Analyzing Properties Correctly?

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

Have you looked at the Biggerpockets Calculators?

Also, you are looking at your equations the wrong way.

Figure out the ROI you want, then work backwards to come up with the price to offer.

You may need to make 100+ offers to get one accepted, but then it will work - and it beats waiting for interest rates to drop.

Post: Pros and Cons of Different Financing Options

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

nice post

Post: Property Management Resources

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

@Jacob Kurian so, you want someone to find you a tenant that they will have zero liability if they place a bad one?

If you pursue this option, you should do the screening.

Post: Buy&Hold (Section 8 Rentals): 21 Single Family, Detroit, MI

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

Be interesting to see how many responses your hype-post with zero data gets.

Post: Best PM Company software?

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

There really isn't a "best" software.

Of the many options, each has it cheerleaders and critiques.

Having consulted with several PMCs on their software, I can say the biggest problems are picking the wrong software for your needs/expectations and not putting the time into actually learning how to fully use whatever software you pick.

Some reviews:

Buildium: easy to use, but zero customization. Best for managing your own properties.

Rent Manager: based on old Windows software. Can do a lot, but very difficult to learn.

Appfolio: relatively easy to learn and has some customization. Best for the average PMC.

Propertyware: very customizable, but not the easiest to learn. Best for PMCs that are really techy and like data.

Rentvine is a new player, but haven't played with it yet.

Post: Maintnence repairs, and appliance replacement questions

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

Get a GREAT inspection done so you can reduce your chances of a major expense as long as possible.

Even with that, there's no way to cover every possibility.

You could try purchasing a Home Warranty, but read the fine print as many really aren't worth it.

How much are you credit card limits - which you could use?

Post: Future/status of STR property management contract when unit is sold?

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

This is always an interesting discussion.

Leases for tenants traditionally remain in effect through change of ownership.

PM contracts typically end with change of ownership.

Why the difference?

Seems like Vacasa is trying to go against the grain. 

Post: Handling Tenants and Toilets with ICON Property Management - OPHP!

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

wishing you luck!

Post: Need Rehab and Management Team in S. Philadelphia

Michael Smythe
#1 Classifieds Contributor
Posted
  • Real Estate Agent
  • Metro Detroit
  • Posts 4,626
  • Votes 2,972

@Garrett White

Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.

We also can’t believe how many owners hire the first PMC they speak with!

Then they complain their expectations aren’t being met!

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 – and they often select the first PMC they call!

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😊