Red Flags from a Phone Call
I took a phone call last week from a potential investor. From word 1, he was complaining about how much everything costs involving a rental unit. Cost of labor. Materials mark up. He had tasked a new PM with posting a 3 day. It had been almost a week & it wasn't yet posted. My immediate question / comment is "Are you paying her to post the 3 day?" If not, she's busy with work that IS paying her for her time and that 3 day gets posted only when more pressing work (paying her time) is done. In terms of vacants, I asked this investor if he takes the time to make sure they are rent ready with no lingering issues. Or is he rushing his crew to do next to nothing on the unit. Does his vacants look shabby to the possible renter? I explained to him that when my husband & I prep a vacant in the portfolio of rentals we own (that we've oved for over 10 yrs now), we make sure we are putting out a product we can be proud of. In...