All Forum Posts by: Sam Abazari

@Matthew Stevens, I recently moved to Chicago, and therefore have expanded our property management services to this area as well. Would be more than happy to connect and help out in any way possible! 

Hi @Michael Sepe! I'd say a 8-10% is the most common, with the specific number based on the area. What I'd say is most important is to establish what's actually covered by the fee though - in the end if both parties are aligned from the onset and you feel the value is there for the services performed, then it could be worth it.

Hi @Stefan Huber! Am happy for you that you'll soon be venturing into the world of real estate investing! It's one of the best decisions I've made. That said, making that first step is also quite challenging, especially if you're based in LI and prices tend to be elevated near a metro area like NYC. Have you considered looking into properties in Massachusetts? Many definitely fit your criteria of "experiencing growth while maintaining a relatively low cost of entry." 

Of course, that'd mean you'd have the extra upfront work of finding a trustworthy property manager, but in the long term it'll definitely be worth it. As you've probably figured by now, the forum itself is a super useful and supportive platform to look for recommendations / build your network! I'd also be happy to connect and chat more about the market here in MA if you're interested. 
 

Hi @Stanislav Perevozchikov! Since you're looking into OOS properties, would you consider Massachusetts, since it's still of acceptable travel distance from NYC? Am asking since we've seen people with success with properties in the 130k-150k price range in certain cities in MA, and have also generated decent monthly income along with capital appreciation with properties in this market. Let me know if you'd consider MA, and maybe we can connect if you'd be interested in learning more about it! 

Hi @HX Yuan! Happy to hear that you're looking into real estate investing - it's definitely been one of the most fruitful choices I've made in the past thinking back to when I first got involved. If you're interested in looking into Massachusetts, I'd be happy to connect and discuss some of the investment opportunities and outlook there! 

@Anthony Morvillo I always feel that way too - either nothing happens at all, and life is all well, or everything that can go wrong goes wrong at the same time. It's why property management exists - to make sure that during those periods of nothing going right, the effect on your OWN personal daily life is extremely minimal. Of course, property management isn't for everyone, so ultimately it boils down to what you prioritise, and whether you think the stress involved is worth the saved costs.  

Hi @Max K., I've personally never done it but it’s very feasible and not too challenging - biggest issue for people tends to be the parking to unit ratio. Would be happy to connect and discuss further (especially regarding the MA market in general) if you're interested! 

I'd say there isn't a hard rule on lease renewals - some PM's don't charge, some charge a flat rate, and some even on a % of monthly rent basis based on the renewal documents / resources involved. If you're happy with the rest of their services, I reckon it shouldn't be much of an issue. 

Likewise, PM fees and how they're charged tend to differ based on local competition etc. Ultimately as long as they're open and transparent upfront about what the fee includes - i.e. all the expectations are set and met well throughout the life of the relationship, a healthy PM-landlord relationship should involve no ugly surprises. Hope this helps! 

Hi @Sanjida Ayub! Always happy to hear such ambition especially for a first-time investor! While I personally don't have any experience with turnkey companies, I've personally had quite some success investing in Massachusetts over the recent years, so if this is a state you'd look into, happy to share some of my insights and experience with you! 

Hi David! Most people would agree that it's always better to be close to your investment, but if OOS investing is what you're looking for, it's certainly possible to find success in doing so as well. In this case, it's pretty important that you learn about the market you'd be interested in looking into - I'm personally more informed about the market here in Massachusetts if this is potentially one of your interests - and then within there, find a trustworthy property manager. I'd say it'd be useful to personally meet the PM / team if possible, but otherwise ask around, or even here on BP I'm sure people would be willing to offer their help!