All Forum Posts by: Chad Hale

I've had no issues with WASH.  Even had a service repair call done in the last 30 days.

Wait times to get to a person has gone up, I would agree.

Yep, the rental market is slowing down.  Some units I manage in San Jose / Campbell area dropped rents around 10% to get them rented compared to one year ago.  Part of the real estate cycle.  Also, this time of year tends to be slower too.

Feel free to PM for a CPA that is real estate aware.

@Tuan Tran to answer your specific questions.

Adding broker as additional-insured is normal and should not cost you anything.

As the owner, you should be allowed to determine the terms that you want for your property.  The PM may have some input but it is your decision.  Personally I like month to month in pro-tenant states. 

Fees are negotiable.   Though each area tends to have differences as to what is customary.  The only cancellation fee I have is if I market, interview, show, screen, place a tenant and then the owner wants to part ways within the first year, I collect a previously agreed fee for my services.  Otherwise, I keep it simple with 30days notice for either party.  Why would I want to force an owner work with me if they are unhappy?   Their success (and satisfaction) is directly related to mine.

Interview at least 3-5 PMs with the same set of questions/criteria.

Also, there are lots of other great resources on BP about how to interview PMs, what to ask, etc.

PM me for a recommendation if needed as well.

The economies of scale often don't really kick in until you have enough units to keep maintenance personnel working full time.  Until then you are still hiring out individual jobs.  Hopefully with increased discounting as you grow. 

I would expect almost zero difference in scale between a 4 and 8 plex.  

As far as property valuations, do each of them individually. Rules of thumb are a first pass analysis at best. Once you hit 16units on a single parcel, you are required to have an onsite manager in CA. So there's an additional expense to consider. Different asset classes go through different cycles. So 4/8plexes may be the hot item for a time then some intermediate sizes, say 12-40 units, then another class. So this will affect ROI analysis at specific points in time too.

rentometer was good for ball park numbers at best.  Not a big loss and would definitely not pay for the data at least in the San Jose area.

Best way to find data is look at current and recent listings.  Even call some.  Watch the scene some before you need to rent to get the trends picture.  Often, pricing varies neighborhood to neighborhood so you want to be accurate with each specific property to maximize your goals.

Have the prospective tenant fill out an application just like any other tenant. If they pass your guidelines.   You can add them to the existing lease via an addendum or sign a new lease. 

Craigslist worked really well for the past number of years until recently (last yearish) as @Will Gaston stated.  Zillow and Trulia have been better recently.  Also, a sign in the front yard can do wonders depending on neighborhood/location. 

I converted a 4plex to non smoking a few years back when I took over managing it.  I gave everyone a notice in change of terms and a letter explaining.  I gave 90+ days to ease in the transition.  I made the no-smoking policy clear, not allowed anywhere, inside, outside, driveway, walkway, carport, etc...   I had one tenant say thanks that's the push I need to quit smoking.

And yes, your future tenants will appreciate a no-smoking property not to mention your wallet come turn over time!