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Real Estate Deal Analysis & Advice

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Reema Hassan
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J Zev J.
  • CPA
  • Colorado Springs, CO
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413
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J Zev J.
  • CPA
  • Colorado Springs, CO
Replied Jan 18 2022, 07:45

@Reema Hassan - I don't know if it's overpriced but your management fees look really high. They're normally around 10%. 

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Reema Hassan
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Reema Hassan
Replied Jan 18 2022, 10:07

Thank you! I pay 30% for my the management company that runs our short term rental in the mountains, but I guess for long term rentals it'd be less. Wondering how much to offer to buy this condo to make it a good deal. I will edit the management fees to 10%. 

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Replied Jan 18 2022, 10:48

I may not be the best source, but I would pass unless I could get it at 150K or cheaper. I did not do a rental review for that area, but assuming the 1500 rent on this one.  I want it close to 1%. I am not comfortable doing STRs yet, so if you were thinking that also, I would not have input for that.