
14 September 2024 | 32 replies
Negotiation Skills: Whether it’s negotiating leases, handling vendor contracts, or resolving disputes, strong negotiation skills can make a significant difference in operational efficiency and cost savings.In my experience, a property manager who excels in these areas not only helps protect your investment but also maximizes its profitability.
27 November 2017 | 7 replies
Here is to a speedy resolution!

10 June 2016 | 33 replies
I would like to believe that despite some of the ominous forecasts above, I may be in a slightly better position as it has been the same tenant continuously over the entire period and they are still in the home- so no dispute as to who actually consumed the water and at whose expense it should be.This might not be the place for a rant - but on a more basic level I havent been able to understand why in the US water utilities always go with property and as such with the property owner when push comes to shove.

3 May 2017 | 2 replies
The living son wants to sell and he lives in the same area as the house but he doesnt talk to the 2 grand kids so he doesnt know if they will agree to sell, some kinda family dispute.

15 October 2013 | 3 replies
Sometimes title companies want a copy of your operating agreement to make sure who can sign for a deal.If your operating agreement says all members have to agree to a deal you can still have a resolution signed by the members to allow only one to sign documents for a specific deal.

15 May 2023 | 72 replies
It is a tried and true model in the business world, and I doubt anyone would dispute that it can work.The takeaway most of us have is that it's not something that is necessary for being successful in the real estate business, which I would argue is different than the typical retail/food franchise model.

21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.

30 March 2023 | 685 replies
If that is what you are disputing then I am confused.

22 March 2021 | 24 replies
Keep in mind managing an Industrial/retail tenants is a lot easier then a residential 4 flat...in commercial management personalities are more professional and you will never get a domestic dispute call on the weekend when managing a retail building.