All Forum Posts by: Atwan Kwan

I'm starting up my small property management company. So my capital is small....

So, rather than paying HUGE interest and downpayment.....

risking it all in the first couple months.....

I'm looking to owner-finance properties I buy....

Trouble is I don't know how to do the contract!!!!

I'm a realtor, so I have access to the paperwork.... but I've never contracted out financing....

Anybody ever do this? All the settlement atty is going to do for me is have the papers signed..... What else do I watch out for?

Thanks,

AK

I'm starting up my small property management company. So my capital is small....

So, rather than paying HUGE interest and downpayment.....

risking it all in the first couple months.....

I'm looking to owner-finance properties I buy....

Trouble is I don't know how to do the contract!!!!

I'm a realtor, so I have access to the paperwork.... but I've never contracted out financing....

Anybody ever do this? All the settlement atty is going to do for me is have the papers signed..... What else do I watch out for?

Thanks,

AK

I HATE ITTTTTTTT!!!!!

It makes me want to quit... because I don't have a good system and stuff is EVERYWHERE....

Every month I take pictures of the rental checks on my phone or any check related to the property management and put it in albums for each according property....

So where normal people have funny dog pics, I have a million checks on my phone.... and every month its a disaster scrolling through pics of checks, Let alone the NIGHTMARE of tech issues in sync'ing my devices and images getting passed around/deleted etc etc.....

I'm sure no normal property manager does this.... what is the best system?

I know there are apps out there.... but not sure if they keep the images in separate folders....

@Leah Clayton Sutton

@Mike Sattem

That sounds really organized and I'm the worst accountant on the planet.... what's the class tracking system? if its too long to explain you have a resource to read up on this? I'm assuming when you "zero" out the acct it's a good way to review the month of expenses and see your profit at the end....

@Mike Sattem @Tim Lindstrom

So your ops/checking acct is always the biggest acct? the savings is just a minimal reserves acct that's roughly 15% of the checking?

Right now, I keep all the profits from properties in the LLC, but when do you guys pay yourselves? and how do you do it?

I use two acct's (sec dep and operations), but 3 acct's looks more efficient...

@Tim Lindstrom What's your reasoning for a low checking ops acct and a large savings?

@Tyler Hodgson

@Mike Sattem

@Curtis Bidwell

@Account Closed

what is the rule to amount of money stays in operations (checking), 

how often/when do you tranfer

never really answered my question about the terms! =)

@Nancy Curran that is an awesome tip and probably doubles the passive income on that alone!!!!! have any other tips to save money for me?? =)

@Account Closed

@Account Closed hoa stories are legendary. i manage a property with a nazi hoa about the trees and landscaping. they literally waited around the parking lot and then chased me down when they saw me arrive to tell me to cut some branches....

and proceeded to stalk me another time when i was selling a house in their community to get the owner to move a bag of mulch...

but since i've managed the discussed property above, i haven't heard a peep from this one...., but i'll make calls tomorrow

@sue kelly I don't understand your concern. .....

Yes the HOA fees are high, but the risk takers take the chance to make money....

With all it built in I calculated about $300/mo profit.....

Your right, I should ask HOA any special assessments coming up.... but as long as I've managed it, I do'nt know that have occured....

so pretty much, by contract it's already "non-refundable" assuming there's no issues with delivery of property etc etc?

They should know their security is on the line once it's been deposited?