All Forum Posts by: Nathan Fisher

From experience, find Property Managers that focus on what's most important to you.
Does communication matter most? Get one who communicates well.
Is cheap maintenance a priority? Find one with a great crew.

It's a difficult job balancing all the different priorities as a PM, so finding one who focuses on your priorities is a must.

Sent you a separate DM, but some thoughts. 
1. Take reviews for PMs with a grain of salt. The tenants only do reviews when they're being evicted, and owners generally don't do them. PM work is tough. You get pulled in every direction by competing interests.
2. For Euclid you must have a local PM : Per E.C.O. 1761.02(b)(2), if Owner/Corporation resides outside of Ohio, Owner/Corporation must provide alocal manager who resides in or has a place of business in Ohio. If your residence is cleveland heights, you should be fine.
3. If you have concerns  about being available for showings, you can hire a realtor to place  a qualified tenant. Or use a screening software like showmojo, and allow tenants to do self serve showings.

I've said it before, there's no such thing as a perfect property manager. Each one has things they do better than others, and areas they struggle in.

As you talk to PMs, focus on managers who focus on what's most important to you.
Do you need more insight or often need quick answers? Then get someone who focuses on communication.

If you're planning on doing BRRRR, make sure to get someone who does a lot of flips.

Make sure they are experts in your market segment too. if you want to do low income housing, then a great manager who focuses on B class properties isn't going to work.

Best of Luck

https://www.splawohio.com/

I have had good experiences with them.

1. Zillow Network is worth the fees, facebook will get you lots of low quality leads, but you only need one good person to fill the unit. Take good photos and work with those two.
2. Compare other properties, and then use Rentrange, a report costs $14 but it does a reasonable job with getting a good baseline for rents.

DON"T DO INDIVIDUAL SHOWINGS. They won't show up. Open houses only.

I have had a good experience with Paul etzler at Bob Bear Accounting. They are Real estate focused

I have to vent. Section 8 is not GUARANTEED MONEY. IT is not a cure all Panacea. It does not always pay more than market rent.

1. Tenants pay  30% of their adjusted income. They still have a monthly payment. They often don't pay it, and since Section 8 pays a portion, you have to wait til next month to place a 3 day. That percentage often changes

2. Tenants can lose their voucher. I am evicting a tenant who lost their voucher

3. The inspection letters often are sent to the tenant, the inspectors don't arrive or cancel appointments, and they fail properties

4. I have 3 properties I can't get paperwork for, and 2 other's that I'm still waiting on a decision 30 days +

Section 8 sounds so great. The organizations that run them, completely ruin it. 

https://imgur.com/gallery/xlMn0Ad

As a pm, here's what i think you should know. 
1. there's no such thing as a perfect property manager. Even the best struggle in one area and thrive at others. Pick a pm who focuses on what's most important to you. If you value ease of communication, get that kind of PM, if you value strong maintenance, get that pm, ETC
2. Pricing structures are all fairly similar but some companies have add on fees,
3. Be prepared for maintenance, and don't go low income You'll get eaten alive by turnover and maintenance by the PM.
4. Don't do long term contracts with PMs.

Welcome to my hometown. You'll do great.

Yeah, treat the property well, make it nice, and you won't have any issues there. You'll get the best tenants in the neighborhoods price point.

Be a cheap slumlord, and you'll be selling in 6 months.

yeah, where is this property? I can't imagine anything bought in 2021 that was only 60k is now worth less than 60K. Unless the place has been completely destroyed. You can always sell. Definitely don't abandon it.