All Forum Posts by: Nicholas Hill

I've done the self managing long enough, and I'm looking to pass on my properties to a property manager. Interviewed a few and no one really stood out quality wise, but price wise Knox is definitely below others and I like the flat rate pricing structure. 

The companies that charge per new tenant worry me a little as they get paid more for turnover, and landlords know, multi-year long term tenants are what really helps out a lot, and I don't like the idea of myself and the property manager potentially having different goals over this. Is this a needless worry?

I've seen PropertyCare pop up in my searches, any other suggestions, and what is everyone paying for property management? Seems like the 8-10% suggested in some of the BP media might be a little bit of a dream world here in Houston. 

Thanks,

-Nick

@Tony Castronovo, that's what I'm seeing as well, won't say that there are no deals out there, but it's a competitive market going for that low hanging fruit. Do you have any recommendations for wholesalers that you'd like to share (either here or in PM)? I've got a fairly specific criteria that I'm looking for currently, so the more hooks I can have in the water the better.

@Jason Bible, looks like your sweet spot are in those small-mid sized apartments for the most part, I'm not sure what Ben's criteria is, but that could cause a difference in results being found. However I'm curious, why don't you use a more dedicated funnel? With the team you have built I would think it would be beneficial to work with a wholesaler or creating your own off market deals with the kind of volume you're doing. 

Funny, seems like this thread just keeps breeding house-hacking interested ME's, as I am one as well, I've been listening to the past BP podcasts after my brother turned me onto them, and now trying to get involved in other ways to continue moving forward. 

@Tyler Dreher, and @Brian Nel, thanks for y'all's input, that's good information to know as I'm starting out. 

@Brooke Noth, could you please send me that agent's info as well, that would be a really beneficial connection if it all works out well. 

I'm going to make it, first RE event, I'm looking forward to it.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $20,000

A foreclosure house my family purchased to house hack while I attended Texas A&M for my undergrad in Mechanical Engineering, I was a present landlord throughout college, now I'm a out of town landlord as my job took me to Houston.

What made you interested in investing in this type of deal?

It basically came out to nearly free rent throughout college, and with some extra money around, seemed like a great investment.

How did you find this deal and how did you negotiate it?

It was a bank foreclosure that my realtor knew about.

How did you finance this deal?

Conventional loan, 20% down.

How did you add value to the deal?

Didn't really add value, minor rehab to make it more attractive.

What was the outcome?

At the time I didn't know about BP or any serious real estate investing, just simple rental numbers made sense, really only looked at the mortgage vs rent. Made for more or less free living through school, didn't track all the numbers but came out decent for a rental unit. Got very lucky with house values raising around it, should result in a nice profit when selling in near future.

Lessons learned? Challenges?

More research into full costs and running all the numbers. The property really wasn't compared to any others, nor was a true analysis done. It still could have been one of the better options when it came down to speed and numbers, but more due diligence should have been done.

Asking everyone here a kind of follow up question. What about the case where it's not that they failed to meet certain requirements, but that a different tenant is the better choice or responded first or something. I hear about people meeting their prospective tenants and not having a good fit personality wise, but that's not a failure to meet a criteria, that's more circumstantial choice for whatever reason.

Speaking from very real experience with Many job rejection letters recently, they all give incredibly little feedback, just that the company decided on another candidate for this application and they appreciate your time. I would think that would be a good direction to go as their are similar anti-discrimination laws for jobs as there are for housing.