All Forum Posts by: Barry Cohen

A home inspector will look at all of the individual systems of the house and give a evaluation of each. If something out of the ordinary is noticed, yes they may recommend to bring in a qualified contractor for that particular system for a more exentive inspection/recommendation for repair. It will be very difficult to find, let alone coordinbating all the individual contractors to the home at the same time. My advice, get a home inspector first.

Steve Pheterson is a good RE attorney and well known in the investing community in Rochester. 

Can confirm as well. Picked up a 4plex  for under 100 and rent roll is over 2k per month

Hi Michael, welcome. I'm also in LI and invest out of area (upstate currently). I have done a lot of research and a number of mid west cities seem to winners, Indy, St Louis, Memphis, Colimbus. There are many turn key operators out there, just do your homework on them first.

Good Luck

Hi Brian, welcome. If you are new to the REI game doing wholesaling, one member to add to your team is a home inspector. I work with other investors here in Long Island. Wholesaling home a home could be tricky if you get stuck with a lemon. Feel free to reach out if you need som help.

Barry

Being from the NYC area, Anything north of Westchester county would be upstate. For us downstaters, Upstate is a large area. I would classify Syracuse, Rochester, Buffalo as western NY.

Thanks for all the feedback. For starters my management company charges 10% of stated rent, not collected which was unclear when I started with them. After discussing this with them, they feel that this structure keeps them working to collect back rent and not just move to the eviction process which could be more costly. I particularly do not agree with this. They are getting paid regardless. They charge $25 per hour for related business with property. Such as going to property to me tradesman, or last month charged that to deliver paint to a unit so the tenant can paint. They charged a $70 after hour fee to go to property and open a lock for a tenant whose key didnt work (new tenant, lock was recently changed by management company). Every month its little fees like these are eating away the profit.

It is likely time to interview other managers.

Thanks

Another option would be to develop a relationship with a home inspector and have them come to inspect the house, but instead of having a full inspection, rather just focus on the main components and structure and forego the written report and just take your own notes while walking around with the inspector. This way, the inspector wont be spending as long at the property and doesnt need to spend time preparing a report and can perhaps give you a big break on the price.

Hi all,

I hope I can get some input here. What are the reasonable services I should expect from my property management company for the 10% fee they charge a month. My company seems to find a lot of extra service fees each month which is starting to get a bit unreasonable. Also, whats the thought on the fee being collected off of stated rented vs. collected rent.

Thanks so much for the input.

You can try this site to find local home inspectors

https://www.nachi.org/find-an-inspector