All Forum Posts by: Nam Trang

Check with your PM to see if they have a Dec. page of the renters Insurance Policy. That said... this is more of a check to see if your PM is doing what they've agreed to do - rather than something that might help you in this situation.

Not sure I agree with the big vs small argument. The way I see it, both have access to the same technology and with more advanced technology being released it can help optimize any business. Regardless of size.

I've had the luxury of talking to a lot of different management firms. It's interesting to hear their takes.

Why are you small?

Capped Limit: They don't want to manage that many properties as the broker, so they place a cap limit of X units.

Sales: They still do regular sales but don't want to detract from this service

Quality: They feel under their limit allows them to maintain quality. Perhaps even charge more.

Capped Area: Especially in a large metro like Cleveland, they don't want to travel all across town all day address issues. I know PM's who only manage in Medina, others who'll manage within a 30 min drive of their office in Akron.

Growing the biz: They recently started their business but are still growing their assets under management.

Why are you big?

Franchise: They have the operational support of a franchise behind them. Although they need volume due to the sunk royalty cost.

PM Only: Their business is only management oriented, therefore they can apply all of their efforts into the same tasks and systems. Which allows them to take on more clients.

The question shouldn't be if a small or big firm is the right choice. Here's what I would focus on:

What technology / systems do you utilize?

What is your units to property manager ratio?

What is your average tenant / unit turnover duration?

What limitations are placed on the landlord: can I use my own lease, tenant screening, maintenance, etc. **If this is important to you

Is maintenance an internal or external team?

Who is my main point of contact? What is their preferred contact method?

At the end of the day every landlord has their own preferences. Big or small doesn't matter, value does. However you perceive value will indicate which direction you will want to proceed.

If you qualify, AARP (and whoever they go through... Liberty?) is unbeatable on rates. I don't qualify personally, but my brother used them. Not sure how they are on claims.

Some property owners do not bother reporting to credit bureaus. It's extra paperwork and judgments are almost impossible to enforce without having social security numbers and/or drivers' license numbers on hand. It's just sad that scammers are now everywhere. 

I've had the Ring alarm and cams for about 3 weeks. Love it so far. The wench was a little apprehensive about an alarm and cams in our new home, but the app makes it really easy and she actually loves it. The 8 piece alarm kit is only 188 on Amazon right now. Don't think the price will get better than that

Screening and selection of tenants is part of the risks we take when investing in real estate. There is not one solution as it is on a case by case basis. Of course you should not discriminate by age, race, religious or gender, even age. But if you have several applicants meeting your criterias just pick the one you met and felt he/she would be a good fit for your property.

@Mikel Kaubfa Mold is treated with bleach. Remediation companies will use a dehumidifier. But they also send samples to the lab afterwards before they clear it. Cheaper to treat it yourself.

We found a knife set and a lock picking kit hidden in a closet, shoved under the AC intake system. Never would have found it if the AC didnt need a repair..

It depends on what your local court system is like and what this tenant does on the way out if you just evict. It also depends on how much you are considering paying her. Keep in mind: you don't owe her anything. Anything you give her at this point should be gratefully received on her end. All you are doing is controlling how much you are losing.

Saying this is how ALL new homes is built is a stretch. You can find good new construction if you're willing to do your research. Just like any product, the bottom of the barrel spec homes that are churned out assembly line style are going to be lower quality than older non spec homes. Unfortunately, when the market tanked a lot of builder response was to build the cheapest homes possible to keep their prices reasonably low while keeping their actual margin high.