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Platinum Properties - Equity Builder Question

bjcjapan

New Forum Member
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Dec 19, 2020
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Last year, we purchased a condo in a new build with the intention of renting it out. As it approaches completion, we started looking into property management companies. Turns out the developer we purchased from - Platinum Properties - is doing a pooled property management approach for their investors. We are in discussions with them about being part of their 'Equity Builder' program. Since we've already 'purchased' the property and secured our own financing, we would not be doing any financing through Platinum.

I saw some posts from 7-10 years ago expressing negative views about Platinum, citing significant losses and poor management practices. Does anyone have any more recent experience with them? Does the pooled property management approach make sense? Our other options are 1) finding a property manager ourselves (which definitely costs more) or 2) managing the property ourselves (which is more problemic due to COVID and the location of the property).

Any feedback - especially about Platinum specifically - would be most appreciated. Thanks!
 

Matt Crowley

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Dec 14, 2013
Messages
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No need for a property manager for a condo. There is almost no cash flow so don't give it to the PM for doing no work. The condo corp has to keep care of all common area maintenance. The only thing you have to do is rent out the unit.

If location is too far away, find someone nearby who can show it (ideally a neighbor) and give them a few hundred bucks. Then do all the screening yourself. This gives the neighbour more control over who lives next door too and keeps eyes on the unit.

PM companies are terrible for single units. Avoid whenever possible, they do basically nothing.
 
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