All Forum Posts by: Sophanara Khoeun
Sophanara Khoeun has started 1 posts and replied 3 times.
Post: New to Investing: Repairman? & Hire or Not to Hire a Property Management Company
- Posts 3
- Votes 0
Quote from @Nicholas L.:
Hi. I would probably start with something different for your first property. Foundations are a big deal. If the house is listed on the MLS and everyone else has passed on it, then you didn't "find" it. Pass.
1. No, there's no single person that handles everything. That's you! You handle everything.
2. Yes, hire a PM for every property. It frees up your time. Find a local one. This may take some work. Go to meetups and reach out to other investors. You may not be able to simply Google them.
Here's my overall reaction to your post.
It's important to keep in mind that everyone you hire is providing you a service - no one is guaranteeing you any outcome. An agent is not guaranteeing you a purchase or a sale. A PM is not guaranteeing you that your property will rent. A home inspector is not guaranteeing you that they will find everything. A lease will not guarantee that your tenant will pay rent.
The more active and proactive you are, the better everything will go. Investing in individual properties is very hands-on. If you are too busy to go see a whole bunch of properties in person, meet PMs, and help with getting your first property stabilized... you may want to wait until you have more time.
Not trying to be negative, just realistic. Happy to help further
Honest and an eye opener! Thank you!
Quote from @Krystyna Schexnayder:
For me personally, as a property manager and business owner, I truly believe this is not only about real estate, its a business of building relationships, and I think just being aligned with the basic principle that what we put out is what we get back, so I would be remissed not to oblige a new investors inquires.
With boundaries of course as @Adam Bartomeo expressed. Every PM operates differently, and at the end of the day, there is tons of information you can navigate on your own in the beginning stages online, but surely there will be PM's that would be more than happy to assist you on journey. And, I think its fair to say that we all may forget what people say or the information they provide, but we all never forget how someone treated us and made us feel!
So I said all of that to say... lol, Yes, I think you can absolutely find a PM that would help answer some questions, and I hope you find some kind individuals. :-)
All the best!
Great response and very informative! Love it! I would love to work with you if I was in your area!
Can I pick your brain every now and again? For starter, I am married to my 9-5 job and looking for a way out. Would you recommend hiring a PM for one property? If no, how many property should you have in ones portfolio before reaching out to a PM?
And second question, do you have any PM platform that you would recommend? I am leaning towards Avail unless there is something better out there.
Thank you in advance!
Post: New to Investing: Repairman? & Hire or Not to Hire a Property Management Company
- Posts 3
- Votes 0
As titled, I am new to the property rental scene. I am ready and will be starting with property number one sometime, hopefully, quarter one of 2025 with a possibly 2 bedroom and 1 bathroom single family home; as this is within my current budget. The goal is to build a portfolio along the way.
1. I found a house that I like to purchase in a great neighborhood and the exterior looks great for a 1922 stick built house. The problem is the foundation is sinking, the outdated polybutylene pipe is leaking in the crawl space and the electrical is outdated. The interior is decent and also requires updating . I have two questions that I would like to ask the community:
1. Is there a point of contact person/business that handles all home investor concerns (general contractor, engineer, etc.) OR do you call each individual specialist (plumber, electrician, mold expert, etc.)?
And
2. With a 9-5 job too busy to catch a breather, being that it will be my first rental property would you recommend finding a property management company to oversee the investment property OR create a profile on a property management platform, I am thinking about Avail unless there is a better platform, to collect rent and hire specialist as issues arise from tenants?
I have many questions that need answers so I will likely be a regular here in this chat. Thank you all in advance!