Using PMI as a Property Manager for STR

[Steve Puglisi]

Hello Bigger Pockets!  

I just purchased a vacation property that I will be offsetting the cost with some short term/weekly rentals. I have started working with PMI as a property manager but starting to find out there are a lot more "fees" than were initially described. Initially I was told 20%, plus 10% of repair calls but finding out there are a lot of additional tack ons, including $150 monthly management fee, $895 startup fee, and $150 monthly reserve. Of course no one works for free but has anyone had experience with them as a property manager? What else should I expect?

[Nathan Gesner]

Quote from @Steve Puglisi:

Hello Bigger Pockets!  

I just purchased a vacation property that I will be offsetting the cost with some short term/weekly rentals. I have started working with PMI as a property manager but starting to find out there are a lot more "fees" than were initially described. Initially I was told 20%, plus 10% of repair calls but finding out there are a lot of additional tack ons, including $150 monthly management fee, $895 startup fee, and $150 monthly reserve. Of course no one works for free but has anyone had experience with them as a property manager? What else should I expect?

 It's important to read the agreement before signing. If fees are not disclosed, contest them.

ine thing to remember: cheaper PM doesn't mean you'll make more money.