All Forum Posts by: Chad Hale

I typically use $300-400.  

Unless you are planning on appreciation or flipping, SFR are not the best RE investments in San Jose.

@Gary B.  A few issues with #2.  From the owners perspective, giving access to someone else to my checking account.  I wouldn't do it.  From the PM perspective, I want to control the account as I know what is coming in and out and when.  I don't want to be coordinating with someone else wondering what outstanding payments might exist.  Also this doesn't work well with account automation and monthly reconciliation.

@Alpesh Parmar We do open a separate account for every owner.  This removes any issues with co-mingling of monies and keeps CA PMs out of hot water with Department of Real Estate.

Here's some additional info if interested.  Or google real estate trust funds property management.

www dre.ca.gov/files/pdf/openingtrustaccount.pdf

In my experience rento-meter is a ball park tool at best.  You need to check the various sites that are advertising rentals, craigslist, trulia, zillow, hotpads etc to see what your "exact" area is renting for.  Time of year affects pricing too.  November through March is typically a little lower.

Also need to compare apples to apples and make adjustments appropriately.  Some things that matter:

location (neighborhood, safety, freeway access, parking)

amenities  (W/D, appliances, dishwasher, storage, garage, fireplace, AC, walk in closet, etc)

number of bedrooms/bathrooms  (

layout

condition  (Is it clean, remodeled, dated, light and bright ...)

Yard, privacy, balcony, 

One of the most important pieces affecting pricing is number of bedrooms.

In short, spend some time checking comparables and then price accordingly. (slightly under market to lease quickly).  Also, watch the comparables for a few weeks to get an idea of how quickly they are going of the market.

Check Craigslist, Zillow, Trulia, etc or whatever is commonly used in your area to see what rents are going for.

Rentometer is a ballpark tool in my experience.

Congrats!

As a PM I do number 1 with all of my clients/customers/partners.  

Too many downsides for both parties using #2.

FYI  roof.io charges $2/tenant  (www dot roof. dot io/pricing/)

As a PM, that doesn't make sense for a residential property for most/all situations.

I want to align the owners (my client/customer) goals/success with my own.  

PO Boxes are fine for collecting rent.  However, in California a physical address is required for the purposes of serving personal notice. ( Summons and Complaint)