@realEstateTrent So true. We’re in contract for a property now and my partner calls me and says pretty sure this deal is dead. 1 day later it’s back on It’s off it’s on it’s off and now back on again. 😂😂
@realEstateTrent 100% we bought one of our best deals from a massive real estate company. They were exiting the market. Came to a number that worked for both sides and bam done.
@realEstateTrent How do you go about hiring a property manager for out of town properties? Trial and error? Do you keep all accounting and money in your office or does pm do?
8:30am this morning.
In one of our tenant’s restaurants Mediterranean spot, gyros, ovens on, full prep mode.
Owner calls me over and says:
“Can I extend my lease for 10 years?”
I say, “Business must be booming.”
He says, “Actually, it’s been slow the last few months.”
🤷🤷🤷
Middle of winter.
Sub-zero temps for weeks.
Tenant calls, water leaking into their space.
Roofers go out and say the roof drain is backed up.
“We need a plumber to snake it.”
Before spending the money, I call the former property manager.
He says, “The outlet where that drain discharges is probably frozen solid.”
He heads out, knocks off the ice at the discharge point…
Boom. Massive flow of water. Problem solved.
No plumber. No snaking. No hours billed chasing the wrong issue.
Lesson:
Good management is knowing how your building actually works, especially in extreme conditions.
And sometimes it’s not what you know… it’s who you call.
Could’ve easily been thousands wasted.
IMO anytime a major issue is found. Your example is a good one or if there’s entire roof needs to be replaced and it wasn’t disclosed than asking for a price reduction would be ok. If the property was represented in one way and that’s not accurate, I don’t understand what the issue with asking for a price reduction to reflect how the property actually is. It still seems to bother people 🤷