All Forum Posts by: Jeff Manni
Jeff Manni has started 2 posts and replied 5 times.
Post: Property Management Fees in Boston
- New to Real Estate
- Burlington, MA
- Posts 6
- Votes 4
Originally posted by @Kevin Kelly:
Hi Jeff,
8-12% is a safe bet depending on how intensive you want the management company's services to be. For example, some property management companies will charge a higher percentage if they're handling renovation projects, lawn care/snow removal management, evictions, etc.
You can get on the cheaper end, even as low as 6-7% if you just want the basics which include putting a tenant in place, leasing, maintenance services, annual reporting for taxes, etc. but will not cover renovation projects or lawn care/snow removal management. This requires you to be a little more involved in the property.
Also keep in mind that almost all property management companies will charge either 1/2 or 1 month's rent + initial leasing fees to get a tenant in place. This covers either the broker fee going to the agent putting the tenant in place or an in-house fee the management company has to place a tenant. Also, if your management company handles renovation projects, they will most likely charge a markup fee % or flat rate for managing the project. Just a couple things to keep in mind that investors often forget about when running their numbers.
I hope this helps!
This is the type of response I was hoping for! Thank you Kevin this was very helpful.
Post: Property Management Fees in Boston
- New to Real Estate
- Burlington, MA
- Posts 6
- Votes 4
Hello BP people! I am trying to analyze my first rental deal and I was wondering if anyone in the Boston/Worcester/Springfield area has any experience with paying a local property manager and what your monthly percentage cost is? I've been running with anywhere from 8-12% when determining cash flow but I'd just like to make sure I'm not way off base here.
Thanks in advance for any info!
- Jeff
Post: Newbie from Boston, MA
- New to Real Estate
- Burlington, MA
- Posts 6
- Votes 4
Thank you all for the welcoming words!
Post: Newbie from Boston, MA
- New to Real Estate
- Burlington, MA
- Posts 6
- Votes 4
Originally posted by @Santiago Marquez:
Hey Jeff congratulations on your first purchase! In mentioning your 2nd investment property have you considered a possible duplex house hack? If the numbers make sense you could be living rent free in the 2nd property until things change & you find a 3rd investment. Just a thought.
Thank you Santiago! I have read about the house hack many times and have seen a few friends do it. Currently I'm happy in my house for now and would like to find a 2-4 family to completely rent out; I'm not a fan of moving and neither is my girlfriend 😂 my next primary residence I'm planning to buy around 6-8 years from now (I'm playing the long game baby!). However I'm really not looking to make a purchase until 2022 so I'm happy to use this time to learn as much as I can before I have the capital and can jump in. Thanks again for reaching out!
Post: Newbie from Boston, MA
- New to Real Estate
- Burlington, MA
- Posts 6
- Votes 4
Hello!
I am Jeff Manni from the Boston area. I'm 27 years old and I recently purchased my first single family home, which is my primary residence, back in October of 2020. My father and I have our own company where we design and build lasers for various applications, depending on what the customer asks. I also work part time at a small laser optics company.
My real estate experience is limited in terms of buying and selling, but my mother has been a licensed real estate salesperson for 17 years so I did grow up in the business. I too have my salesperson license that I've never used but I renew it every two years in case it comes in handy. I joined BiggerPockets because I'm interested in taking the next step and making that second property purchase but this time, a rental investment!
Looking forward to learning more!