All Forum Posts by: Account Closed

Hello. I own 1 duplex in the Grand Rapids area. I have been working with a property management company for the past 2 years. I recently moved abroad. This shouldn't be an issue to my lender, since the mortgage is already in place, right? My mortgage is through a local credit union

@Peter M. and @Kevin thanks a lot. I figured it didn’t make too much sense. Especially when I’ve seen a property listed for a day with 60+ “contacts”

Ok so off the bat I obviously didn’t because I haven’t refinanced or repeated… but hear me out:

June 2020

$120k purchase price, 2 unit (2 bed & 3 bed)

Rent $1200

June 2021

-Made some minor improvements ($6k spend, knew these were necessary when buying)

-Rent $1,575 but with an upcoming vacancy expect it will rent for $2,000

So by end of the summer we expect to have rents up from $1,200 to $2,000. Homes in the area sell for right around the 1% rule.

All this to say… damn, should I be looking hard for a cash out refinance once we place the new tenants and they show a few months of consistent payments?

I’m a noob so please tell me if I’m an idiot here and missing something!

Hi there,

My property has an upcoming vacancy and was just listed for rent by my property managers. It’s only been on the market for 2 days and I already see 17 contacts according to Zillow.

Should I be taking anything from this number? To me, 17 contacts in 2 days seems like pretty high demand for a unit but not sure if this number can be relied upon

@Steve Maginnis I understand the need to charge for work and am certainly fine with that. I do freelance work myself and know all the time that can add up. My biggest frustration is the inefficiency & carelessness of it all, which you’ve alluded to.

I don’t have any way to ask the tenants to take photos of the water heater so email PM for help. Sure, I could be more clear with my PM but I think this is basic.

Current Situation:

Tenant raises flag about lack of heat -> PM immediately sends someone out to fix the issue for $90

Ideal Situation:

Tenant raises flag about lack of heat -> PM has them change batteries first, then sends out technician.

@Julie Hartman I am managing the projects. I needed photos of the water heater to share with the contractor. They had to send a “technician” out because they can’t get away from their desk to do all those types of tasks. The bill was $45 and I wasn’t told it would cost $45 ahead of time.

I found the contractor and scheduled the installation/replacement myself. All I need is to make sure they can get into the basement and have asked PM to help. They’re saying they’ll do it for free this time but normally have to send a technician which is minimum $45.

Alternatively, I could have the contractor go to their office to get the key and then subsequently return it.

At the beginning of winter, I was charged $90 for a technician to replace the batteries in a thermostat. Not sure how that qualified for 2 billable hours

Hello,

I live out of state and need some work done on one of my properties. The property management company is telling me that it would cost $45 to have someone go out and meet the contractor there to give them access each time. It would be at least 3-5 times over the next few months.

Am I wrong to think this is a really cheap move by my property manager? All I need is them to either:

1. Leave a lockbox there for a couple days

2. Go and let the contractor in if the tenants aren’t home

Don’t see how this should cost anything let alone $45. I was recently charged $45 for them to take photos of the water heater I’m having replaced.

The property is in a large neighborhood with plenty of other rental homes... not a far trip by any means

Hello,

I am looking for advice about using a lockbox for a property. I live out of state and need some work done on one of my properties. The property management company is telling me that it would cost about $45 to have someone go out and meet the contractor there to give them access each time. It would be a 3-5 times over the next few months.

Am I wrong to think this is a really cheap move by my property manager? All I need is them to either:

1. Leave a lockbox there for a couple days

2. Go and let the contractor in if the tenants aren’t home

I’m feeling a bit nickel and dimed of late and imagine my tenants do too. Recently, I was charged $45 for asking them to take photos of the water heater I’m having replaced.

Should I fire them and hire someone else? Should I just install my own digital lockbox? Those cost about $150 online. Not sure how safe that would be

 Sean! Your numbers seem a little low (or hopefully my insurance is a little high). I'm paying about $930/year right now for a 2 unit. Curious if you could share a contact or two so I can price shop a bit.

Thanks!

My mortgage is with Consumers CU. I only own one property, but asked around at a bunch of different banks/credit unions. They had the lowest rate and lowest fees when I was looking. I will check out Finance of America as well

@Joe Splitrock

I’m not moving out of the residence. I will continue to rent and this is an investment home.