All Forum Posts by: Craig Garrow

I'm closing on my first duplex on Thursday and I'd like to set up a DBA and business checking/savings account. I just need some help coming up with a name - I'm not feeling super creative tonight!

Starting a Property Management company was the single best thing I've done for my business.  I started out in sales strictly, and quickly got tired of sitting in the office fielding calls for apartments when I had no real good way to help anybody.  I ended up doing some research and taking a course from the Charfen group about working with Investors to sell them cash flow properties.  This solidified my decision.  I've gotten several spin offs from doing PM now, and just sold a couple of listings that I had been managing to a new owner who will have me continue managing these properties.  It is absolutely a pain sometimes, but the predictable income every month and "extra" business it generates for me has been worth it all the way!  My advice:  Go for it, and give it everything you've got!

I've got about $10K sitting in an IRA account that my employer and I both contribute to. Is there any way to pull some money out without too much penalty to use as a down payment on a triplex I'm looking at?

Set up an LLC for your Management company and subcontract the work out to your construction firm. Also, maybe consider charging a flat fee rather than a percentage of rental income.

I charge $100 for a lease renewal. I see it as a little bit of a bonus because a lot of times, it's customer service that keeps the tenants wanting to stay. I'm not sure I could charge much more than that and still feel good about it, though. Just my opinion!

Thanks, Patrick. Does that cover theft? Or would you release yourself from that liability in the lease?

Dawn Anastasi I haven't been charging, but I've had about 5 potential applicants in the last year apply, have me screen them and get right up to lease signing, then bail. At least if I charge a nominal fee, I can cover my time somewhat.

I've heard of cozy. Is that a site where I can input all of the data myself? I'm in a super rural area and most of my tenants either aren't savvy enough or don't have the capability to do it themselves.

I'm considering purchasing a single 19 unit self storage facility. What kind of liability insurance should I get, and how much should I expect to pay?

Just looking to find out who's charging fees for rental apps, and what you're charging? Have you had any push back from a tenant who was denied?