Dallas-Fort Worth Real Estate Investor Club

Out of State Investor - property management

  • 05 Jan 2014 4:26 PM
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    Message # 1468282
    Deleted user

    Hello,

    I am from Illinois.  Interested in buying some investment rental (residential) properties in Dallas/Ft. Worth area.   However, I am wondering how to manager the properties remotely.    Appreciate, if you can share as much information on remote management of properties.   Primarily interested in what kind of services the ppt management companies will offer and what would be their monthly or annual charges for their service.  

    Thank you so much for your help in advance.  

  • 09 Jan 2014 7:52 AM
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    Reply # 1471378 on 1468282
    Deleted user
    Managing remotely may be difficult without some local help. How do you plan to show vacancies? You will need a dependable local handyman to fix any issues that may arise. But most importantly they need to be people you can trust. There are several good property managers in this group. If you go the p.m. route be sure they have an active real estate licensed and have plenty of experience. Too many people claim to be property manages but they lack the experience to do what is best. Expect to pay 7-10% of rent collected monthly and 50-100% of the first month's rent to find a good tenant. Hope this helps.

    Kyle McCaw
  • 10 Jan 2014 8:13 AM
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    Reply # 1472115 on 1468282
    Deleted user
    Madu,

    I strongly recommend you re-think your management strategy. Owning rental properties in the Metroplex is a great idea. Managing them remotely, not so much.

    Look for PMCs that have been in the PM business and have a large enough client-base that you feel comfortable using them, who can provide all the services you need, and who are paid based on performance.

    As Kyle mentioned, you should expect to pay 7-10% of what they collect, as well as 50-100% of the first month's rent when placing new tennants.

    I suggest you visit with Suzette Teague (817) 996-1772 (our club's Property Management sponsor). If she cannot meet your needs I would also recommend Kyle (previous poster). I have known both for several years and believe they can both handle your PM needs very well.

    Let me know what else I can do to help you grow your business.

    -Greg

    Greg Wilson
    The REI Mentor
  • 11 Jan 2014 6:05 AM
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    Reply # 1472678 on 1468282
    Deleted user
    I don't know if he is taking new clients, if so I recommend Rocky Vasquez. He also has a crew that do most repairs if you need them so he is not adding a % to a repair charge to manage that for you. He is an active real estate investor and landlord. 817 *** 939 *** 6195. 
  • 11 Jan 2014 12:54 PM
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    Reply # 1472831 on 1468282
    Deleted user
    Madu,
    I would like to introduce you to the Westrom Group.  We are a full service property management company that manages 150 properties throughout the area, most of them are single family homes.  We are actively licensed and deal mainly with investors, both local and out of state.  Our standard rate for a property is 8% and $350 New Lease Fee.  We offer full service turn key maintenance services. 

    Thank you,
    Chris Menegay
    Last modified: 12 Jan 2014 4:17 AM | Deleted user
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