All Forum Posts by: Eli Epstein

Hi Bigger Pockets community.  I am a new real estate investor.  I am reviewing the contract the property manager sent over and I would like some feedback from you all if these terms seem fair.  Being that this is my first rental property I have no past experience to go off of. See terms below

Compensation. Owner agrees to compensate Agent for managing the premises. Owner agrees to pay Agent:

• 100% of the first full month of rent for acquiring each tenant;
• 10% of all collected rents and fees per month as a management fee
• $60/hr for any repairs or maintenance that are in excess of the four hours per month covered by the management fee. Including, but not limited to, snow removal, property inspections, seasonal maintenance and repairs.
• $80/hr for any emergency calls outside of the normal business hours of 9am-7pm, with a 2.5 hour minimum charge per visit.

Agent Liability. Owner agrees to hold the Agent harmless from any claims, charges, debts, demands and lawsuits. Owner agrees to pay the Agent's attorney's fees related to the management of the property and any liability for injury on the property. Agent is not liable for the nonpayment of or theft of any service, including utilities, by Tenant. Owner agrees to maintain sufficient property insurance and will name Agent as an insured.

Thank you for your help,

Eli

Does anyone have a good rule of thumb for estimating what insurance would be for a 40+ unit property?  

Thanks,
Eli

@Matthew Keller They were actually one of the ones on my list to call. Thanks!

I am looking for a reputable property manager in Berkshire County, MA (Pittsfield, North Adams, etc.). Any recommendations would be greatly appreciated. T

@Al Boettger I am in southern NJ near Cherry Hill.  My team rehabs and builds new.  I am very much interested in getting involved in assisted living. I know you said you are focusing in TX, but would you be willing to connect regarding the NJ market?  Thanks

Does anyone know any reputable assisted living management companies that serve NJ or Philadephia?  I took the RAL Academy home study course in the past.  I am involved in new construction and rehabbing.  My hope is to scale this by having multiple RAL homes on the same campus and getting a good operator to run them all.  Any advice or contacts are greatly appreciated. Thanks!

Hi Stacey, does your client have any interest in NJ?

@Vern Harris I am interested in this.  I invest in NJ and PA and looking to get into assisted living real estate.  I would love to connect.  Please PM if you want to discuss. Thanks.

Thank you @Mike Dymski! I’ll give it a listen.      

@Marian Smith that is essentially the same model I am thinking.  Small scale compared to traditional big box facilities.  Think beautiful luxury home with caregivers on site 24/7.  My hope is by building them into new construction 55 and older communities the model will be more accepted by the community.  Thanks for the insight into your personal experience.