All Forum Posts by: John Scribante

One more thought… as a professional property manager, we spend thousands of dollars with forensic fraud prevention. Since Covid renters have taken credit hits and have become desperate. For $295, you can buy a fake identity including id, selfie, tax return, utility bills, credit file, even a phone number where someone will verify employment. As a DIY’r odds are you will be a victim of fraud.  Your PM using forensic tools can save you thousands $$
https://snappt.com/blog/tenant-fraud-statistics/

https://www.quora.com/Where-can-I-purchase-a-new-clean-ident...

https://www.safetydetectives.com/blog/dark-web-the-average-c...

A GOOD property manager will make you money, not cost you money.  One day turnovers, volume discount on maintenance, faster maintenance response.  Tenants only want respect.  They want fast maintenance and good communication.  That’s it.  To keep tenants renewing leases, give them respect. A good manager can increase rents and lower costs therefore increasing profit to cover the pm cost.  Not all managers can deliver this.

It is common to be "Additionally Insured" as this saves the landlord money because it is a unified defence, rather than two defense that is paid by the landlord under the indemnity.  Best to find a policy that will provide an "additional insured" listing (not additional interest).  Saves the landlord the double defense cost.

Be wary of those who discount services.  Property management is difficult and if the manager discounts, they will not be able to keep talented staff and you will end up with a cheap manager who can not properly service your property.  A good property manger should be able to cover their costs in lower vacancies, lower maintenance costs, and better quality residents.

Crappy tenants seek out DIY landlords because they know they can get away with things a good professional manager would not tolerate.  A+ tenants seek out quality managers because they know the hot water heater will be fixed tonight, not two weeks from now.

83% of Property managers cited fraud in at least some rental applications last year, how many DIY landlords even knew the fraud was present?  It costs thousands of dollars per month to detect fraud in a post covid era where tenants are desperate.  A good manager will prevent an eviction/trashed house.

Just my biased opinion.

Erick, there is a lot of risk to anyone who lists your property on the MLS. That is why there is a commission charge. 90% of the lawsuits involve buyers suing the seller and their agent. Which is why you don't see many legitimate "listing services' who will just post your property cheap. MLS is a service of the National Association of Realtors, so only Realtors can list.

I would suggest that you rent the property and consider using a property manager who can finance the improvements for you up front and be repaid out of the rent so you can have passive rental income over the long run.  We can do this.  Let me know if you would like to talk.