The number one topic on here
Collecting Rent
Hi BP,
Thank you for being such a powerful resource and group of unique individuals.
I wanted to tap the masses on a quick question; I understand a majority of landlords self-manage their IP's however; what about owners who reside out of state?
If you're currently not satisfied with your PM what do you do? I received a phone call from an out of state investor regarding looking to collect rent from immigrant tenants. The reason I assume this, is because s/he made sure I spoke a certain language that most of the tenants speak. S/he didn't have a solid proposal in place but made it clear they are looking to get rid of their existing PM.
I have a couple offers in mind on what I can do for her/him in terms of collecting rent. Please tell me if this is unreasonable;
Option 1 Property Management; no on-site housing needed nor provided
-7% Gross Rent Collected+70% first-month rent on new tenants acquired;
-4% increase on gross rent collected on months that occupancy is above 96%
-15% Gross rents on full occupancy with $1k bonus flat fee
Option 2: pure collection
-$11 flat fee per payment submitted
-16% per cash on hand delivered/check received
Never done this before but willing to give it a shot!