All Forum Posts by: Dan Krupa

@Matt Morgan, did you check Angie's list yet?  If you have PM me. I might have a couple of names. 

@Joshua Engemann, do your research. There is a ton of information already on BP. Simply use the "Search BiggerPockets" at the top of the screen. Why rely on other people to tell you what they think is important or correct - when you could figure it out yourself? No one is a better advocate for you than you.  Plus, if you don't understand the basics how can you evaluate a TK deal or know if your PM is acting accordingly? 

@Sean Thompson, welcome! Sounds like you have a great plan. You house hacked and now onto an SFR. Will you be managing yourself? Any clue where you want to buy your SFR at?

@Lee Ripma, I recently got my MO RE license. PM me if you want and I can look up a few addresses you are interested in and we can discuss the area and the pro forma numbers. Best of luck to you.  

@Joshua Engemann, it's 8-12% of your gross rent. So if the tenant pays $1000 a month the PM company takes $100 if their fee is 10%. Make sense? Normally that monthly fee will not include placement costs.  Do a google search for local PMs and call some of them. Ask them what their rates are and placement costs. 

More importantly, I figure out what type of property you want to own and where. Being hands on, especially the first time is the best way to learn.  PM me if you have questions. 

@Joshua Parker , welcome! You mentioned a few things. Do you want to be a PM? Own? If own - what type of property? Best of luck to you. 

@Jo Lynn Tan, have fun on your trip. If you change your mind on Kansas City, MO PM me. I have a bunch of heat maps that show where you should and shouldn't buy.  Best of luck to you!

@Cliff Harrison, congrats.  

@Joshua Engemann, welcome to BP. Have you decided where in KC you want to invest? What type of property? How much cash flow you are looking for? Those answers will drive where you go and who you work with.  

@Joshua Engemann, any residential PM company will take you on with one property. Do your homework and ask around. A great PM can be a blessing, but most aren't. Only you have your best interest at heart.

Don't forget - you are the boss! You hire and fire them. Never sign a contract that forces you to stay with them for 12 months. Allows them to make decisions when and when not to make repairs. Gives you no input into the tenant placement process, etc...

Also, structure varies PM to PM. 8 to 12% is standard and that will vary depending on how placement cost is passed on to you. 

Best of luck to you and listen to the BP podcasts. Tons and tons of great free info. Many of them deal with PMs and land lording. Best of luck to you.