All Forum Posts by: Nick Davey

I have my very first 4-Unit property under contract in the Benton Park area in St Louis. As this is my first property, I do not have experience with any property management companies to-date, and I am looking for property management companies that are reputable. Does anyone have recommendations with companies I can look to review/interview? Many Thanks! -Nick

Hi Andrew,

Based on success, the best off-market deals I have been notified of come mainly from brokers. Ultimately the more properties you can have funneled your way without your searching the better; brokers are the best option here. However technically every deal not listed for sale is off-market. Here are a few methods that I know of to find these potential deals:

- Go to a site and find apartments that have vacant units. Search for these properties in tax/assessor records to find the owner. Contact the owner for possible sale.

- Mailers.

- Ask local property management companies for their worst properties.

- Harder to do remotely- but take a trip and do drive by's to find properties you may want to pursue.

Hope these options help. I definitely try and rotate between these different items as I can.

-Nick

Hi Cody,

These are very specific questions and I would recommend you connect with a CPA and review your personal situation and goals to determine what should or should not be 'written off'. From personal experience, I have read several books on tax advantages and strategies and thought I should go one direction but when talking to my CPA I discovered that my reality was slightly different. I know there are several CPA's who have been guests on BP podcasts that have been very knowledgeable and know there are many other reputable firms available as well. Remember that the BP books are meant to raise awareness of what is possible, but consulting professionals helps you fit it to your model in detail.

I suggest you find a CPA firm that you are comfortable with who can give you professional advice based on your personal scenario. Google is one of your best friends here. :)

-Nick

Hello Chirag,

As with any question ever answered with REI, "It depends..." :) The different items to consider when considering a Real Estate Agent vs a property management (PM) company is who is going to give you and your property the attention it deserves?

Based on several interviews from the PB Podcast a common theme is that a Realtor may not have the time to focus on your property compared to a company that makes PM its business. Of the real estate agents I know, they are super busy working the business that provides for themselves and their families.  On the other side, not all PM companies are created equal regarding quality and attention to detail either. In addition, the specific PM company may not normally manage the type of property you are asking them to.

These are items to consider as you make your decision; go with who you feel will work better with your property and your business model.

Hope this helps!

-Nick

Howdy!

I usually use method 1 below but have posted several articles that may help you find them. Note that Method 2 is a prior post from BiggerPockets and has several different ideas/methods. Ultimately it's different by State and what that specific state uses but where there is a will there is a way. :)

Method's I've used:
1) https://info.legalzoom.com/owner-llc-20024.html

2) https://www.biggerpockets.com/forums/32/topics/815...

3) https://smallbusiness.chron.com/out-owns-llc-3156....

Hope this helps!

-Nick