One of them called my property manager and ask if we would manage a property that was purchased from another company.
?In our weekly meeting it was mentioned and I said we we would not manage that property.
There are two major problems with this. Not only Beginning investors do it, but even some seasoned investors. They come into a market and find the the cheapest real estate and the cheapest company to invest their hard earned money with.
The first problem is the management of the investors property. When you go with the cheapest company they probably will not be there when you need them. If they are it usually cost an arm or a leg to get it repaired. Investment companies should not charge unreasonable amounts either. I've seen investment properties we sell and some expensive companies investment properties they sale. The prices can double what we charge.
Example I was showing a new client around in Cleveland Heights area. During the tour he told of a home that was purchased from an expensive company. I thought we could drive by and see this home just to compare with our properties. When we drove by the home and looked at it, he was shocked to find out that his friend had paid double for the same investment property we sell for half the price.
So either side of the story the investor did not get a good deal on the cheapest or most expensive companies. So please be careful and do your homework before you purchase with a property investment company.
The second major problem would be from my prospective . Most of these homes that we do not do the total rehab package with are going to be problem properties. They will cost us a lot of time, that will effect all our other clients investment portfolio's because of the time we have to spend with them.
Poorly rehabbed properties tend to have many maintenance problems and tenant turn over. This requires a lot of work, with little in rewards. The owner of this property is not happy with their cheap rehab and usually is resistant to putting anymore money in their low cash flow project.
The other problem that creates a lot of work is turn over in tenants. They want things to work and when they don't then the problem calls start coming in.
?So you can see the difference. We do get a few calls from time to time but they are corrected quickly and reasonably. We have weekly meetings to make sure all our properties are running smoothly.
?At the end of the day an investment company should be making sure that they are putting money in the investors pocket. It's ok for the investment company to make money to, so they will be there to service your needs tomorrow. Brett Young Rooftopinvestment
Source: http://rooftopinvestment.blogspot.com/2012/10/biggest-mistakes-beginnning-real-estate.html
yom hashoah yolo liquidmetal gsa scandal kelis dick clark dies ibogaine
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন