Flip Tip Summary
Do you know what to look for when considering which turn-key rental property provider? Lori Greymont, CEO of Summit Assets Group tells us in this FlipNerd.com VIP Flip Tip.
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com, and we have a quick VIP Flip Tip to share with you from Lori Greymont from Summit Assets Group. And she’s going to share with us how to evaluate a turn-key rental provider.
Lori: So there’s a lot of things to look at when you’re looking at a provider. Some people will say, “Well is the provider in the local market.” I don’t think that’s the key piece. What you want to look in a provider is, do they have experience in doing this. Do they have a long history in providing the properties? And what do their clients say about them? The biggest thing is, what is the experience of people who’ve owned their properties for more than a year or two?
Talk to them, find out what’s happening in that marketplace. The other thing is to look at the size of the team that you’re dealing with. Do they have people on the ground that can fix it? And do they have a property management team that’s there to support you after the sale?
Unfortunately, many turn-key providers are in it just for the sale. And they hand you over to the property manager and then you’re left there trying to figure out how to manage the property.
And most of your success is done from that point forward. So you want to be with a turn-key provider that’s stays with you for the life of your investment. So that’s what we look for.
Mike: Thank you for joining us for another FlipNerd VIP tip.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
To access the most robust social platform in existence for real estate investors, where you can find off-market wholesale deals, find great vendors to help you in your business, and learn and socialize with other real estate investors, please visit the all-new FlipNerd.com. If you’re not yet a member, you can set up a free account in less than a minute.
Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Lori: So there’s a lot of things to look at when you’re looking at a provider. Some people will say, “Well is the provider in the local market.” I don’t think that’s the key piece. What you want to look in a provider is, do they have experience in doing this. Do they have a long history in providing the properties? And what do their clients say about them? The biggest thing is, what is the experience of people who’ve owned their properties for more than a year or two?
Talk to them, find out what’s happening in that marketplace. The other thing is to look at the size of the team that you’re dealing with. Do they have people on the ground that can fix it? And do they have a property management team that’s there to support you after the sale?
Unfortunately, many turn-key providers are in it just for the sale. And they hand you over to the property manager and then you’re left there trying to figure out how to manage the property.
And most of your success is done from that point forward. So you want to be with a turn-key provider that’s stays with you for the life of your investment. So that’s what we look for.
Mike: Thank you for joining us for another FlipNerd VIP tip.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
To access the most robust social platform in existence for real estate investors, where you can find off-market wholesale deals, find great vendors to help you in your business, and learn and socialize with other real estate investors, please visit the all-new FlipNerd.com. If you’re not yet a member, you can set up a free account in less than a minute.
Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
