All Forum Posts by: Noah Bacon
Noah Bacon has started 127 posts and replied 686 times.
Post: Hello, I am new to Bigger Pockets!
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Quote from @Sherrie Hope:
I am under contract for my 1st STR in Austin, Texas. Looking for any recommendations to learn and to build a network.
Hi Sherrie! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Go to the Search bar, and look for some local members in your area! Reach out to a few of the folks, perhaps those with hundreds or thousands of posts in this forum, and connect. You can do that here.
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review this comprehensive 64 page deck on the state of the 2023 housing market (in your resource page as a member of BiggerPockets!) for real estate investors put together by Dave Meyer and available for all BiggerPockets members.
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
Post: When do I need a Property Manager?
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Quote from @Nathan Gesner:
There are too many variables to give you an answer, but I will tell you this: if you are nervous about self-management, then I recommend you go with your gut and start looking for a property manager. Do it now while you can take your time instead of waiting until you are in a bind and have to rush the search.
Remember: cheaper doesn't mean you'll make more money.
Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
Thank you, Nathan. I will certainly check out NARPM and use your advice when vetting PMs!
Post: When do I need a Property Manager?
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Quote from @Mohammed Rahman:
Hey @Noah Bacon - it's subjective question.
You could own a 15 unit portfolio and if you're within a 10 min drive of all of them then it wouldn't make much sense to have a property manager - unless you had other obligations or just didn't want the hassle of driving around.
At some point it becomes a full time job, hence the need for property managers in the first place.
Some of the largest investors I know don't have PM, but rather specific team members in the right places (handymen, contractors, vendors, agents, etc.) to manage the portfolio together.
Rental revenue is collected via payment software. There are a bunch of self-management software tools out there for free - a simple Google search can yield some results.
When you say that the right team members manage the portfolio together, do you mean that these professionals are paid when their services are requested or they are taking a percentage of rental income monthly to be on call?
Post: When do I need a Property Manager?
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
This is a topic I have been thinking about before I even started investing in real estate. I currently self manage 2 single family homes and am not sure when I should consider finding a property manager!
I have not had too many headaches managing the properties, but do not want to press my luck and always prepare for the future. Since I am near the properties, I have not considered using a property manager until I would move away or invest long distance. I haven't fully considered using a PM this early in my investing career as I don't believe the 10% (or more) of management fees would substantially free up any time to impact other areas of focus on my portfolio. But maybe I'm wrong!
I have a lot of questions around this topic, but are there any investors who have scaled and have any advice on when to use a property manager?
How many properties was "too much" for you to self manage?
Do you wish you used a PM sooner OR later in your career?
What made you decide to stop self managing?
Post: New member saying hello
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Quote from @Rachel Carroll:
Hi everyone! I am new here and wanted to say hello. I live in San Diego,CA with my family and am a full-time Realtor with a passion for investing. I currently have one SFH in La Mesa, CA and own my residence with potential for house hacking. My goals are to purchase a new investment property each year for the next 10-15 years. I am open to out of state, shared opportunities or just advice as I really dive into my own investment journey. Happy to be here and feel free to reach out!
Hi Rachel! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Go to the Search bar, and look for some local members in your area! Reach out to a few of the folks, perhaps those with hundreds or thousands of posts in this forum, and connect. You can do that here.
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review this comprehensive 64 page deck on the state of the 2023 housing market (in your resource page as a member of BiggerPockets!) for real estate investors put together by Dave Meyer and available for all BiggerPockets members.
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
Post: New in real estate investing (200k cash)
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Quote from @Nick Sab:
I am new in real estate investing. I have 200 to 300k cash. Heavily invested in stocks etc
Any suggestions on where to buy and start learning without making expensive mistakes?
Hi Nick! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Go to the Search bar, and look for some local members in your area! Reach out to a few of the folks, perhaps those with hundreds or thousands of posts in this forum, and connect. You can do that here.
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review this comprehensive 64 page deck on the state of the 2023 housing market (in your resource page as a member of BiggerPockets!) for real estate investors put together by Dave Meyer and available for all BiggerPockets members.
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
Post: What Real Estate Marketplace Platform do you use?
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
When you are not using BiggerPockets tools to analyze your deals, what Real Estate Marketplace Platform do you use?
Personally, I use Zillow when casually looking at properties values/rental rates BUT have not explored any other competitors. Are there any different features that you find more useful on other Marketplace platforms?
Post: New to Real Estate Investing
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Quote from @Vani Anand:
Hi Everyone - My name is Vani and this is my first post. We moved to Atlanta 2 years ago from Arizona. I am new to real estate investing but very interested in learning and growing. I started researching recently and there is tons of information and I am not sure where to start. I do not have any particular strategy in mind but I am thinking mid term rentals. My goal is to build passive income and eventually quit my day job to do real estate full time.
For all the experienced folks, could you please advise where I should start? If there is anyone who is willing to share knowledge for an hour long webex session, I will be willing to pay for your time to gain knowledge. Please let me know.
Hey Vani! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Go to the Search bar, and look for some local members in your area! Reach out to a few of the folks, perhaps those with hundreds or thousands of posts in this forum, and connect. You can do that here.
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review this comprehensive 64 page deck on the state of the 2023 housing market (in your resource page as a member of BiggerPockets!) for real estate investors put together by Dave Meyer and available for all BiggerPockets members.
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
Post: What types of BP Swag do you want?
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
What type of BiggerPockets swag do you want to see at BPCON this year?
👉Still need to register for BPCON in Orlando? Check it out here!
⭐️You're not going to want to miss being surrounded by 2,500 awesome real estate investors and dozens of speakers who are at the top of their game AND a night at Universal Islands of Adventure just for our attendees!!⭐️
Post: Podcast Survey! Chance to win $500 gift card!
- Property Manager
- Lansdale, PA
- Posts 826
- Votes 1,054
Hey BiggerPockets Podcast Listeners!!!
Love listening to BiggerPockets podcasts? We need your feedback in order to keep making the BiggerPockets shows you know and love.
👉Take our quick podcast survey and be entered to win a $500 Amazon gift card on us! www.biggerpockets.com/feedback