All Forum Posts by: Bryan Graf
Bryan Graf has started 2 posts and replied 6 times.
Post: Using a property mgmt company
- Posts 7
- Votes 3
Thanks everyone. John, that's a good point, that's something I will have to bring up with the PM.
Post: Using a property mgmt company
- Posts 7
- Votes 3
Hello all,
I am in the process of buying a few rental properties and am interested in hiring a property management company. My day job requires extensive travel and unfortunately managing the properties myself is not an option. There is one firm in particular I would like to use since they already manage two of the properties i'm buying and both sellers spoke highly of them. They charge 10% of collected rent and provide all services form placing tenants to making repairs to collections.If they place a tenant for you they charge 50% of first months rent. I was wondering if any of you use this type of service and what is your experience? Are these fees reasonable? From what I've read here it seems like most of you manage your own properties.
And tenants pay utilities - separately measured
Originally posted by Brian Levredge:
-Verify rents are actual and not potential. Have the tenants sign estoppel certificates stating those are in fact the rents they are paying. What are the current lease terms?
-Who pays the utilities? Are all the utilities separately metered? If landlord pays utilities, that can make a great deal turn into a bad one very quickly.
-As was mentioned, check the permits with the city. You want to make sure you are buying an actual triplex rather than a duplex with a bootlegged unit.
-Is your financing already lined up. 20% down seems a little light for a NOO loan.
- I'd also check with the city over any projects that may affect your ability to rent (ie. street improvements, drainage projects, etc.)
- Inspectors like to shy away from making judgement calls on structural issues but make sure they observe the foundation if possible as well as the roof framing. You don't want to get caught by surprise with a capital expense you didn't plan for.
This is a short sale. Contract is contingent on seller producing leases, rent rolls and expenses. I haven't seen the leases but one unit is leased until 7/01/11, the other two are up in November. Financing is already set. I haven't checked with the city for any projects but I'm familiar with the area and highly doubt there would be anything keeping me from renting. Property is listed on the county property appraiser website as a three unit structure, is there another place (tax collector maybe) where I need to verify this info, or am I good if the appraiser's info matches my info?
Thanks for the replies.
Wow Max, I didn't expect such a quick reply! thanks!
To answer your questions:
1) renters pay utilities
2) It is listed with the county as a 3 unit structure, but good call
3) Yes I will definitely be getting an inspection
4) I will be using the same property mgr that is currently being used, we meet next week to hammer out our agreement
5) Taxes are in line with other similar properties - tax assessed value is at 110k
6) . - property not in flood zone
Hello everybody,
I am a new investor about to make the leap into investing in rental properties. I have been searching the interweb for a forum just like this for a month and I am very glad to have found it.
I have a contract on my very first rental property, and a couple other offers out to sellers. I am looking for an advisor to help me figure out what is the best use of my capital and what are the best deals. There is only so much I can learn from books and websites. I'd like to talk to someone in the business in Florida (Hillsborough county preferably), but really I'd take help from anyone interested in looking at numbers and telling me whether i'm crazy or not. If someone offers professional advisory services send me a message.
Info about my current offer:
location: St. Petersburg
offer: 60k (seller pays 6% closing costs) 20% down
three unit MFR full occupancy
Rents 795 595, and 625
No major repairs needed. Property is in decent condition and in a good blue collar neighborhood. The price is better than similar MFRs in the area. This deal seems too good to be true, which has me in agony thinking I'm missing something, otherwise why is this property still available?
If anyone has any input it would be greatly appreciated.
Thanks,
Grizzly