tag:blogger.com,1999:blog-7800674.post4011616761394211964..comments2023-06-22T05:23:55.920-07:00Comments on Shaun's Real Estate Adventures: Property Management Blues Part 2Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-7800674.post-38091310790906341532007-06-06T08:37:00.000-07:002007-06-06T08:37:00.000-07:00Hey, it's like you said above that you are just po...Hey, it's like you said above that you are just posting what you are doing, and people can choose to copy you or not...<BR/>I wish I had the ability to read something like this 5 years ago when I started investing in real estate... It's always great to see where someone else made a mistake, no matter how minor, so that you can look out for that as you travel down the same road...<BR/>There are some things that almost everyone will do, regardless, but that's all part of the learning curve...<BR/>A lot of people think owning real estate is easy - you just buy something that looks good on paper and sit back and collect the checks... That is rarely the case!! There is almost always some degree of involvement...<BR/>Don't let bashers get you down or tell you that you were stupid to do this or that, I'm sure that those of us who invest have all made most of the same mistakes already and learned from them... You're just helping people who haven't yet made them (hopefully) learn about it before it happens..<BR/>Some people continue to perservere and invest for a lifetime, others beat a hasty retreat for the exit and look for another way to get rich quick...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7800674.post-13842618920431852052007-06-06T07:15:00.000-07:002007-06-06T07:15:00.000-07:00Doug - Thanks for the tip (once again)! I think I ...Doug - Thanks for the tip (once again)! I think I need to take you to lunch sometime!Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-16300365681753966522007-06-06T07:13:00.000-07:002007-06-06T07:13:00.000-07:00Shaun, sorry to hear the problems... Although, as ...Shaun, sorry to hear the problems... Although, as those who have invested in real estate know, finding a good property manager for out of state investments is probably 75% of the battle... Sometimes you get lucky, sometimes you need to go through 2 or 3 before you find one that works.. It's true that using a manager is far easier than managing units yourself - you don't have to deal with the 3am phone calls, or the hassles of when things break... It really is a nice peace of mind when you have a property that will cashflow with a manager...<BR/>That aside, this manager definitely does not seem to be up to par here... I wouldn't wait around for them to straighten themselves out - start looking for a new PM NOW!! The sooner you find someone, the better...<BR/>Also, it would serve you well to mention that you are an investor and are actively looking to increase your portfolio in the locale - sometimes this will serve as that little extra motivation to get a new PM to go the extra mile to make you happy (if they think they'll be able to manage your future purchases)...<BR/>It's no secret that it is sometimes difficult to get good service from a PM when you only have 1 unit, but that's all part of the game...<BR/>Anyone who criticizes you or points fingers obviously has never invested in real estate before.. Otherwise they would know that it is not an easy road in the early stages!! But once you can overcome the nuisances and get into larger properties, it definitely becomes easier, as the larger PM companies are eager to service you and your properties at that point... (not EASY, just easier).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7800674.post-6309615859986801082007-06-06T07:09:00.000-07:002007-06-06T07:09:00.000-07:00I have always posted my actual numbers here. If yo...I have always posted my actual numbers here. If you call asking a management company to do their job in a timely manner "jumping through hoops," so be it. You have a lower expectation of service than I do. As for only having one property, you have to start somewhere. If you recall, I was in the process of buying a second property and that deal fell through. I still plan on buying more properties in the Tulsa area. It is only a matter of time and of finding the right ones.<BR/><BR/>You clearly do not believe anything I say. I've told you in the past, I publish 99.9% of the comments left here. Moderation is turned on only to stop spam and non-relevant discussions. You seem to think I am selectively publishing only the positive comments. This is not true. Even if I turned off moderation however, as the blog owner, I still have the ability to delete comments. Therefore, since you do not believe anything I say, you will not believe me when I tell you I have not deleted comments. This is a no-win situation for me because there is no way I can prove I do not delete comments. Given that, I will not attempt to.<BR/><BR/>Since you don't believe anything I write, I see no reason for you to continue reading this blog and suggest you stop. Your comments are no longer welcome.<BR/><BR/>And for the other readers, I think Starsky perfectly illustrates how what one person might consider "risky" is not considered risky by another. There is no "one size fits all" in real estate investing. There are many ways to make money. There are many different risk tolerance levels. There are many different ways to invest. No one can say "Do it my way or you will fail" or "Mine is the only correct way to invest." With this blog, I am showing you how I do things and the results. Copy me or don't. See what I've done and modify it to suit your needs. Or see what I've done and do exactly the opposite. All I am trying to do is show my actions and their results. What you do with that information is up to you.Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-12566998101675949272007-06-06T04:46:00.000-07:002007-06-06T04:46:00.000-07:00Hey Sean/Shaun,Hopefully this gets posted & you w...Hey Sean/Shaun,<BR/>Hopefully this gets posted & you wont scrub this last comment on this issue..<BR/><BR/> If you decide to post the TRUE profit/loss numbers thus far for this deal It should be real eye opener to new investors.. Especially those thinking that they will be making nice cashflow by using a Property Manager for only 1 property & then expecting said company to jump through hoops over your 1 unit portfolio you blessed them with to manage.<BR/>Good luck<BR/>StarskyStarskyhttps://www.blogger.com/profile/03762937251841446872noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-43148773292417364772007-06-05T14:40:00.000-07:002007-06-05T14:40:00.000-07:00Starsky - yes, it is worth it. I have one point of...Starsky - yes, it is worth it. I have one point of contact at the management company. I only have to worry about picking up the checks. I do not have to deal with tenants and their excuses, I do not have to send eviction notices or show up in court to evict someone. I do not have to worry about advertising for new tenants. I do not have to worry about background checks or applications. If you think what I am going through with this management company is too much work, don't bother investing in real estate at all. Compared to managing a tenant on your own (which I have also done), this is nothing.<BR/><BR/>And by the way, it's S-h-a-u-n.Shaunhttps://www.blogger.com/profile/05654897560778650994noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-71672260437832241902007-06-05T13:43:00.000-07:002007-06-05T13:43:00.000-07:00Fire them. I would be so frustrated with them rig...Fire them. I would be so frustrated with them right now.<BR/><BR/>I would suspect that the tenants sense this underlying lack of organization and use it to their advantage.savvyhttps://www.blogger.com/profile/02544254698136250262noreply@blogger.comtag:blogger.com,1999:blog-7800674.post-20879958066931282462007-06-05T13:34:00.000-07:002007-06-05T13:34:00.000-07:00Hey Sean,Was wondering if you still think this ven...Hey Sean,<BR/><BR/>Was wondering if you still think this venture was worth the hassle? It doesnt help that your out of state either. If it was close, you would be able to handle it yourself.. Also this is only 1 unit, If it was 5+ more units I could see the risk, but for 1?Starskyhttps://www.blogger.com/profile/03762937251841446872noreply@blogger.com