Don’t Shoot Your Property Manager

Posted on: September 15, 2009

Categories: Profit, Things To Consider

Author: buyfixandprofit

After a break in at one our properties, our construction manager/partner decided to start doing nightly surveillance for an hour or so every night to make sure our latest rehab was secure until the new tenant moved in.  Mark would drive his plain blue van with no rear windows past some of our on going projects and then park a couple houses down from the property he was staking out.

Scary foreclosure

Scary foreclosure

One night while Mark and I were talking on the phone, Mark was driving past one of our houses and saw the front door wide open with the lights on.  Someone was inside our house that was just broken into the other day.  Mark’s adrenaline spiked through the roof as he informed me that he was going inside to get this guy.   You have to understand, Mark is not afraid of anything and he’s always well armed.  He got off the phone with me and all I could do is pace back and forth wondering what was going on.  Five minutes later, Mark called and said this guy was claiming to be a property manager hired by one of the owner’s of the property the other day. Mark didn’t believe him, so he had this guy cornered with one hand on his holster.  It helps that Mark is a part time police officer in the neighboring town.

Things were very busy at this time of the year.   Several rehabs were in progress and I had forgotten all about the new property manager I had just hired the other day.  I quickly informed Mark that I contracted a new property manager the other day but I had no idea he was stopping by the house tonight.  Neither one us had met this guy before so we had no idea who he was.   It turns out that he actually was from the property management company and was just getting familiar with the house prior to showing it the next day. The lock box combos were listed on the contract with the property management company and that’s how he made his way in.

So after about a tense minute long discussion on the phone, Mark cooled down as I informed him this guy was actually from the property management company.  Fortunately, Mark never mentioned or displayed his gun during this tense one minute confrontation.  Now we laugh at the story whenever we tell it, but at the time, the property manager had no idea how serious the situation was.

It is absolutely amazing the things people will do when in pursuit of a dream.  There was nothing that was going to stand in our way of becoming successful real estate investors.  Even if that meant working in rough neighborhoods.

monopoly housesWhen the market was hot, we were buying multiple foreclosures at a time with hard money loans and private lender’s cash.  The rehabs took no more than 3 weeks to complete and cash out refi’s were a dime a dozen.  We worked in neighborhoods that were appreciating 20% – 30% a year and flipped all of our freshly rehabbed properties to other investors looking for investments they could purchase with 100% financing.  Ahh, the good old days.  Now we hold everything as a rental and live the glorious life of a landlord.

Now is the time to solidify your retirement.  Today’s foreclosure deals present awesome cash flow opportunities that can be achieved through the smart purchase and rehab of the glut of REO’s on the market.  These properties can cash flow with NO MONEY DOWN if you know what your doing.

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