All Forum Posts by: D Higgs

@Yogesh Bhadane

G Morning! If you don't mind me asking.. how much of a separate cost is this? Trying to get a ballpark for when I start reaching out

@Jay Hinrichs

Sheesh. That's crazy. I can only imagine the experience and stories I'll come across in the coming future! Hence the reason I'm loving hearing and reading the forum section here on BP. Have to take the good with the bad, right?! I can respect both the pros/ cons of REI without a doubt.. I'm still in the research stages, learning terminology, getting my RE license, attending seminars, attending REIAs meetups, etc. Thank you for sharing your expertise (and some horror stories)

@Jay Hinrichs

I'm sold!

@Michael Noto

Lol @ "well, while you're here..." comment. That's the kinda info you only gain from experience. Thanks for the lesson!

@Jay Hinrichs

Geez @ the $40k damage. You definitely bring up good points and I have to respect your experience. How much time in advance did you notify tenants? Or was it more of a recurring pattern... such as first week of the following months etc. etc.

@Jay Hinrichs

Duly noted. Good points. Maybe enough to even change my mind and agree to quarterly! Lol.. thanks again

Good stuff. Thanks everyone for the feedback. Looks like the consensus is approx twice/ year minimum. Most importantly what is in lease, and what conversations im having with my PM. I will certainly take advice and check tenant/ landlord laws @Mike Bonadies. Makes perfect sense to have in agreements beforehand @Patricia Steiner.

@Ronald Starusnak.. such a good point; in fact one of my bigger fears is to scare away a good tenant while at the same time protecting my investment.

@Anthony Wick.. fair point! Never considered the tenant may have valuable feedback for me about area, property, and/or the property manager themselves. I might even use these as sort of a skip level, town hall like session.

@Jay Hinrichs.. quarterly? That seems excessive?! Maybe monthly or quarterly property drivebys to check exterior but I don't know how I feel about interior walk through every quarter. Appreciate your feedback however!

Let's say you have your property, and everything is going according to plan with your REI. How often do you want your PA doing a walkthrough of your tenant occupied units? Is this allowed? If so, is there a difference between PA's in regards to visiting tenants proactively?

I would imagine, and respect the fact that tenants have a right to their privacy.. HOWEVER, as the property owner I would want to ensure my investment is being taken care of. Not to mention notice any potential problems before they happen. I would just like to know what proactive steps can my PM do and what is the typical expectation?

Thanks BP!

Hello BP!

So I hear (and see) a lot of references to set aside $$ for CapEx. Makes total sense and I will do so.. however my question may be an obvious one but this budget that I'm setting aside for CapEx would be a separate banking account.. solely for CapEx?

Thanks in advance

Thank you Geordy. Appreciate the promptness!