All Forum Posts by: Himanshu Jain

Congratulations ! you can explore using realty mogul platform.

Congratulations ! Can you share more on how did you go about sending letters. How did you get the information and How and where did you got the letters? Look forward to hearing more on this.

Thanks

Himanshu

This is great, thanks for posting this. I also across another suggestion on BP which is worth exploring  paynearme.com

@Giovanni Isaksen

Thanks for sharing this. I really like the idea of using paynearme, will be exploring this right away. Thanks again!

My experience is lenders are typically are very picky when it comes to Condo as the HOA effects the debt ratio and if there is a risk that if a few of them become available you will be responsible for the mortgage and the HOA as well and all this adds up. How much is the HOA? What is the debt coverage ratio?

I think it depends more so on what you can and can not do. For me personally I travel a lot for work so doing in on my own is not feasible, so I hired a property management company. As for the management fee it is all negotiable the rate will typically depend on the type of property, location, number of units, the property management company's size and experience etc. You can negotiate a certain rate that will decrease as you acquire more units and give it to them to manage. I have seen people managing anywhere from 5% to 10%. Hope this helps.

Joel,

I am using equity trust company for our self direct IRA. I am in the process of buying a property in that. I think setting up was pretty easy but I hear operating and managing it is a challenge. Will share more as we go through the experience.

HJ

Thanks all for sharing your insights. I actually use Buildium and have my Property manager manage my properties in it. I do setup budget for the year and then I compare the actuals with it and I do review with them every month on the rent collection and other things that they did on the property. Just wondering how other people do it.

Thanks for the response. I am looking for more information on what to do after you have assigned the property to a property manager. What are some of the things that work and not work when it comes to monitoring and managing the manager.

Just wondering if people/property owners have any tips/suggestions strategies that they have used in the past to manage property management company. Primarily to ensure they are achieving the desired operational (leasing, rent and other fee collection, maintenance upkeep etc.) efficiency with positive cash flow.