All Forum Posts by: Angu Krishna
Angu Krishna has started 1 posts and replied 4 times.
Quote from @Michael Smythe:
@Angu Krishna guessing that this PMC is trying to sell you all their "bells & whistles".
They only do that to make more money under the guise of protecting you - pretty much like a store offering additional warranty protection on electronics. Have never seen a consumer expert endorsing these.
What is their fee without these protections?
@Michael Smythe: The basic plan has an 8% fee.
Quote from @Theresa Harris:
How much is the rent and what is the $2.5K maintenance credit? If the house attracts the type of tenant who is likely to skip out on rent or cause damages, it could be worth it. I've not heard of anything similar. My PM does do pet insurance and covers damages from pets, but that is part of the regular monthly fee.
@Theresa Harris around 1.8 K per month. Any repair or maintenance needed for the home up to 2.5K is free in a year. Beyond that, I need to cover the cost.
Quote from @Bryan F.:
What are vacancy rates in your market and does the current tenant plan to re-up for another year? I read that rate as paying an extra month and half worth of your annual rent collection to buy income insurance for the year. Seems like expensive insurance to me, and if the tenant is already planning to re-up, then it's definitely not worth the premium.
Based on my research, the vacancy rate at Fort Worth, TX was 9 %. I have asked my PM whether current tenants plan to re-up. Tenants have a 60-day notice period before the lease ends, but the PM has not notified me of that yet.
Hi Everyone,
I recently ventured into real estate investing and purchased my first property a few months ago. As my current property management contract is up for renewal and also my tenants leases is ending by end of this month, I reached out to them for new offers. To my surprise, they provided a quote for a 23% management fee per month rent, which includes a one-year rent guarantee (regardless of whether tenants pay or not) and a maintenance credit of 2.5k per year.
I must admit, I was taken aback by the figure. It seems quite high to me, especially considering I'm still relatively new to this field. I wanted to seek some advice and opinions from this community before making a decision.
Do you think the management fee and the additional services provided justify the cost? Have any of you encountered similar situations in your real estate investing journey? Any insights or experiences you could share would be greatly appreciated.
Thank you in advance for your help.