Amy Hedgecock - Crazy Sh*t In Real Estate with Leigh Brown - Episode #153

We’re going to play a game on today’s episode! Amy Hedgecock, a
third generation property manager in High Point, North Carolina,
has a crazy story of when she managed a property for some
California investors who never even saw it. When the owner of the
property finally flew over to see the property, he was shocked,
scared, and given a knife by a tenant for protection before
entering a “vacant” unit. Listen in and try to find out where,
exactly, things went wrong – and learn how to make sure this
never happens to you or your clients!


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Time Stamped Show Notes:


00:35 – Introducing Amy, a 3rd generation property manager in
High Point North Carolina, who has been president of the North
Carolina realtors

02:30 – Amy’s CSIRE story

03:00 – She has 500 single-family units and some apartment
buildings; she enjoys bettering the properties so her investors
have a better return on investment

03:30 – Many California investors were buying investment
properties; one bought an apartment building sight unseen and
neither the buyer nor seller had a REALTOR

04:00 – Amy went out to the property and there was a lot of
deferred maintenance; she got in touch with the new owners and
they knew some money would have to go into it

04:50 – There were apartments missing on the rent roll; it
looked 100% rented but only because 7 units were unaccounted for

05:20 – The heat was missing in the vacant units and tenants
of other of the missing units had serious issues; the owners sent
some money to fix the issues

06:00 – She had hired off-duty police officers to guard
vacant units because there were squatters; the rent money didn’t
cover all the issues the place had

06:30 – She had to evict half the building because they
weren’t paying rent; an owner finally said they’d fly into town
to see the place

07:20 – She only went to the property with an officer because
it was an unsafe place; when the owner arrived he said, “This
place isn’t so bad!”

07:50 – The police officer showed the guy a YouTube channel
called “High Point Ghetto Fights” and a fight video was shot in
front of his apartment

08:40 – A prostitute from the building followed them while
they showed the property to the owner; she yelled “I’m not
working today!” to a group of men yelling at her

09:45 – They enter a vacant unit that had been taken over by
feral cats; one was dead and melted into the floor

10:30 – The owner opened an old, disconnected refrigerator
and it was disgusting; Amy laughed

11:30 – When they reach the last row of apartments, the woman
handed the property owner a knife to protect himself from someone
in a vacant unit there

11:55 – He skipped that unit and asked an officer to check it
out; the property was resold shortly after that visit

12:20 – Amy didn’t take on managing the property with the new
owners

12:45 – The lessons

12:50 – The owners bought the property sight unseen, which
was a mistake; they didn’t have rent rolls, reports, or P&Ls

13:20 – If you aren’t going to have realtor representation,
be smart about the questions you ask and the information you
require before purchasing

14:50 – It’s important to use professional property managers
for your investment properties

15:30 – REALTORS, get connected with property managers to
help your clients better

17:30 – How to contact Amy: by email at
amyhedgecock@gmail.com, by phone (336)883-1333, or at
fowler-fowler.com



3 Key Points


Ask the right questions before purchasing!

Don’t short-cut your property management needs.

REALTORS and property managers should be connected and help
each other!



Credits


Audio Production by Chris Mottram

Show Notes provided by Melissa Valder