All Forum Posts by: B H.
B H. has started 1 posts and replied 5 times.
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Post: Whos's renting in the rust belt? Why doesnt everyone buy at those prices?
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I dont mean to hijack your thread OP.
But Arbitrage8 I would be interested to know where in Atlanta you are getting those type of rates and what property price range?
Post: Property Managemen agreement question
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Originally posted by Curt Davis:
Those are good points. How am I supposed to find out what their hidden fee's are going to be?
Key word is hidden.
I will ask about their markup percentage for repairs.
Thank you for the suggestions.
Post: Property Managemen agreement question
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Originally posted by Dan W:
You might want to add language about how long the tenant must stay in order for the PM to get the 1/2 month rent. You don't want a situation where the PM has an incentive to put a lousy tenant in there who doesn't stay more than 3 months and you have to pay the 1/2 month rent again for the next tenant.
How often will the PM inspect the inside of the property? Will they charge you for that?
I assume the PM is collecting the rent from the tenant. Is there any wording about when the PM will pay you?
Thank you for the response. I will talk with them today about getting the renewal fee removed. And good advice about the length of tenant stay before the management company gets paid.
They have a program where they will inspect the inside of the property three times per year. But they charge $225 for it or $75 per inspection. I was leaning towards not doing this as I dont want to disturb the tenants more than necessary. And maybe just doing one inspection per year at the end or renewal of the lease period.
Yes, there is wording conveying payment to me the owner. Once a month either by check or ACH after the management fee has been deducted and funds have cleared their bank.
Post: Property Managemen agreement question
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A quick question on my management agreement from Property Management company.
I spoke with the owner of the company and feel pretty comfortable working with them. I just wanted to run by some of the specifics of the contract with someone who has more experience. This will be my first time working with a management company.
8% of total rents per month
1/2 first months rent to find tenants
Will contact me if repairs needed are over 200 dollars.
The one question I have is: that they included a clause that when the lease is renewed there is a 250 dollar fee, even if the same tenant remains.
Is that normal?
And anything additional I should look out for in the management agreement?