All Forum Posts by: Alec Reinke
Alec Reinke has started 0 posts and replied 3 times.
Hey Benjamin,
I have a recommendation!
Jack Lech at Event Flooring did a great job refinishing our hardwoods and was inexpensive. He also installed some hardwood floors in a families house and was great.
Heres his number 1 773 280 0226.
Love to hear your strategy with STR's. I've been wondering about how much it might be to furnish a rental like this, and I love the recommendation!
I found this extremely helpful. I am curious if you found a particular management company that you recommend working with.
Post: Chicago suburb: My first investment
- Posts 4
- Votes 3
Hey @Sam Tomar,
All of these replies have been great, one thing I have been considering and made sure not to overlook is having the following included when calculating my NOE.
Management Cost: In the context of an out of state ownership I would assume between 10-12% (of your yearly gross income) as a fee from a company that would manage the property (Procure tenants, manage any maintenance projects). It would be good to have a solid list of interview questions ready for these sorts of orgs.
Utilities: Knowing which utilities you provide and which you expect the tenants to pay for can be an easy expense to overlook
CAPex/Maintenace: I have been using 10% of annual gross income for this number, conservative for sure, but will help you really find a good deal. 5% for because you never know when things might go wrong. Maintenance can overlap with management cost, so it'll be important you get a sense of what service you can count on the management company to provide.
Just some thoughts from a new poster.
Alec