All Forum Posts by: Nick Rudolph
Nick Rudolph has started 4 posts and replied 11 times.
Post: Hire a property manager or not?
- Long Beach, CA
- Posts 11
- Votes 5
Quote from @Bob S.:
Quote from @Alex Goodwin:
Quote from @Bob S.:
Quote from @Alex Goodwin:
Hello,
My partners and I are having a disagreement about if we should hire a property management firm for our portfolio. We have a goal in mind of a hundred units or so. My thought process that while hiring a manager will have a cost of 10% or so, the time saved not dealing with tenant's (replacing tenants, setting up payments, phone calls, etc...) will allow us to scale to the desired number at a faster rate.
My partners can only see the cost of 10% and what that equates to from dollars we "give up" by not managing ourselves. I would rather have a professional do it than people with little to no experience - especially once we have dozens of properties.
Can anybody give some advice on why to or not to hire a manager? Success stories? Am I thinking logically?
Best,
How many properties do you have ?
13
What should I look for in a great property manager? Do you recommend any property managers in the Cincinnati, Ohio or northern Kentucky area?
Post: Property Manager Recommendation Help!
- Long Beach, CA
- Posts 11
- Votes 5
Can any of you seasoned investors recommend a good, solid, property manager company or companies?
Post: Investor Friendly Title Company in Southern California
- Long Beach, CA
- Posts 11
- Votes 5
Post: Controversial Real Estate HACKS: Queens, Long Island & Brooklyn
- Long Beach, CA
- Posts 11
- Votes 5
Post: Hello from Orange County, CA! I'm new - Let's be friends!
- Long Beach, CA
- Posts 11
- Votes 5
Thanks for the advice. How is the market in Illinois? Where in the cycle do you think it is in your town/city/county?
I'm Ok with living in a C neighborhood. What cities are you looking at? Are the deals you are referring to on the MLS or pocket deals?
My original intention was a duplex. It won't cash flow obviously for a bit, but there is a loan right now if you live in it for 2 years, you put 1% down, the gov kicks in 2%, and there is no PMI. I'm still waiting to hear more details. Is there anything on the loan I should watch out for?
Post: Beginner in Illinois Gaining Knowledge
- Long Beach, CA
- Posts 11
- Votes 5
Originally posted by @Mark Vejnar:
James Urycki
Welcome James!
A good appraiser is your friend - look for MAI or SRA designations or education from the appraisal institute. Appraisers are prohibited from advocating so their opinions are as objective as you can get in this highly subjective field. Read the reports and the many pages of explanations.
There are at minimum three approaches to determining value for any given piece of real estate: sales comparison, income, and cost. Sales comparison looks at competing retail sales, income evaluates the subject as an income producing property, and cost (simply put) focuses on the current cost to build/replace a property.
Marketplace inefficiencies exist for all three approaches. This is why it's important to look at many, many opportunities. Buffet advises newcomers in finance to "start with the A's". Similarly start looking at as many deals as you can. Also look at what has sold and closed in your target market in the past few years. Don't limit yourself to only residential or commercial.
Get to it and Good Luck!
What do you mean by "start with the A's?