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Diarying.. property manager switch and LOTS of stuff

September 8th, 2015 at 07:36 am

HI all

Diarying. been feeling a little 'unfocused lately'.

In a relationship and wondering if we are compatible or going anywhere.He does not express himself as wel as I would like w words.

ANYWAY..

1. 6 homes bought! took more money than I had thought and had to rehab that one house. already paid back my emergency fund.. got to put $3500 back in the personal emergency fund
2. now that I OWN these I feel a little more serious and long term. Anyway. I gave notice to my old property manager .. he still has that 1 house sitting and 1 house I had to manage the rehab (which was not so bad as i learned and got it done how I wanted and for 2k less )but he did not assist with meeting people, reviewing the work etc. . Anyway I gave him 30 days notice. He says the contract calls for 60 days. I called him this morning and his VM was full (not an unusual occurrence).I am going to ask he release the homes in 30 days and that 1 vacant home immediately. I will update.
3. Put my first $1750 into the 3 units payoff fund. Looking to pay those off 6/2018 and need $69k

Basically switching property managers as the one I have (though better than the one I switched from who ran the 3 units)
1. he is overwhelmed and is a 1 man show, he has 2-3 times voiced concerns he may 'quit this' if things do not improve. VM Full often and several times got complaints from tenants he did not call them back. Not organized. reports late or not submitted at all. Still waiting for July, August reports and laundry $ from 2 months ago. Does not renew leases on time.. Having to remind him of things all the time
2. Does not have a good relationship w section 8
3. Slow to rent . Slow to rehab. It should be noted this was NOT how it was when I started w this guy. Maybe he is more overwhelmed??
4. I do not trust his repair people and he will specifically not let me speak w them.

In contrast the new guy has an online software system that allows me access to see rents as they come in, run reports, has leases etfc uploaded and has all communications w tenants noted, has an office with staff and have 9-10 people on staff. They personally take emergency calls 24-7. All calls are logged. I met the repair people and I am free to talk to themm on repairs if I want AND they talk to me upfront about all repairs with a PRICE for my approval. Plus I can use my own contractors which they will manage. Monies go out automaticaly on certain dates, late notices go out on certain dates, they have a very good relationship w section 8,. they enforce the leases and have a guarantee . if they have to evict they will refund my 'placement fee' and they are 2% less per month..

Also with the current property manager, repairs costs were high and it appeared he was 'fixiing something' every month. I recall it being 'curious' that when I did hte switch the last time the need for repairs stopped and how mmuch can need fixing in a house. these are small 1000 square feet homes? It made me feel repairs were 'made up' and added to the bill .

Again this was not how it started w that guy.

So concerns w the first guy were
1. ability to rent
2. communication
3. repairs
4. reports

It appears I wil have improvement in all of those. I need these homes STABLE.

Started an eating and working out plan . want to lose 20# in these next 8-10 weeks. gained weight getting my primary residence back from the bank and then again recently.

and looking to find ways to be more relaxed, less stressed and have more thing I enjoy

Really if I can hang on this job (or a similar job) an get these properties under control I just need to follow my monthly goals and I will reach my June 2018 main goals.

Primary home refinance still in progress. LOTS more docs this year.

And got reassigned at work to the largest account they have.. with a project that will go past 1/16/16 so feeling like if I lead this project is pretty much guarantees my renewal for another year or at least 6 months. I will ask for that in November

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