All Forum Posts by: Patrick Shawn Faherty

Paige at http://www.cashflowchick.com/ or FB as cashflowchick is a straight shooter. Good info in here classes too.

@Levi Polter did you find a lender? I am in need of one for a cash out refi in Philly. 

Irfan Raza , thanks for the advice, but the agreement is with all of their (hundreds) of customers... I am certainly on the path towards adding more properties but am having second thoughts about using this company...

Monthly fee is 10% (which I'm fine with). It seems the PM keeping the late fee may be becoming the norm...:-(

I just posted a similar question/thread as my new PMA stipulates they keep it (and lots of other fees...).

I left off the placement fee as it didn't seem out of line. It is 1 month's rent and PM fee of 10%/mo after that. Reup fee is 1/2 months rent.

Thanks. I should have mentioned that the property is in Philly, PA

I just received and "updated Property Management Agreement and was curious if these fees, etc. seem normal.  I'm new to this as I currently only have one rental property. Thanks it advance.

• Manager agrees to maintain, and to repair Owner’s property/properties and to hire and to supervise all employees and other needed labor. Manager does not need prior approval from Owner, unless the cost to repair shall exceed $500, for any single repair to any single property in which Manager shall get verbal or written or electronic notice from Owner to do so. 
• The PM will remit any net funds collected by manager to Owner by the 25TH of the month.
• Owner agrees that if manager is responsible for collecting water on behalf of the tenants. The manager will collect an annual fee of $125 per unit for providing this service. 
• Upon the return of security deposit to tenant. The manager will keep a $250 security deposit disposition fee. If your tenant is returned the security this will be paid by the tenant. If you tenant has forfeited the security or any amounts of it this will be held from the owner as compensation to the manager.
• Manager shall keep any late fees collected as compensation for additional services rendered
• Owner shall pay a one-time $200 transfer fee per property if the property is occupied when Manager assumes management duties.
• The owner is required to keep a $500 capital maintenance reserve at all times. The owner may wire the manager this $500. In the event this is not sent to the manager, the manager may withhold from owners’ rents.

Originally posted by @Teresa Szafranowicz:

Hi, @Patrick Shawn Faherty.  Did you use Maverick Investment Group when you purchased the property or did you go threw ABC Capital directly? I was told I would be provided a list of references just curious if you were provided this list before you invested with them? Just looking for some insight being I'm on the other end of the country. Also, is your property in Baltimore or Philly? Thanks for your time.

 Hi Teresa, my property is in Philly and is thru Maverick.  ABC is working thru the punch list now.  New roof installed a few days ago (it was not done before I had the property inspected which was disappointing). I hope to have it done and tenanted very soon. I just watched the Baltimore webinar and may be interested in that market as well. I have shied away from Section 8 in the past, but am warming to the idea.  I need to get thru this 1st Philly property first.  

Thanks, @Sarah Lam . I have a property under renovations from them (actually should be complete as it's been 4 months and I just took a trip up there a few weeks back to put eyes on it.  I'd be interested to compare notes. Looking forward to your review.