All Forum Posts by: Kenny Dahill

@Leah C. welcome to the party!  BiggerPockets is a great resource for real estate education!  Best of luck to you.

Hi @Jeremy Cardenales, the insurance is fairly common.  As Nathan pointed out, it's typically just adding them as 'additional'.

However, the special account for them to collect rent is a little concerning.  Will they have access to your account?  Is that account for them to deposit-only to?  Who holds the security deposit? Etc.  I would definitely have them clarify this.

If you do decide to get another PM, check out Burbz to help get multiple bid proposals from your market.

Hi @Darel Ison, make sure to get competing bids and really understand their fee structure. Most are willing to provide it upfront, but some hesitate and they are the ones to avoid.

It is important to understand how they will pay you, WHEN they pay you monthly, when they pay you when rent is late, and their inspections policy. There is much more to property management agreements than monthly rates.

Hi @Leslie Carter, make sure to get competing bids and really understand their fee structure. Most are willing to provide it upfront, but some hesitate and they are the ones to avoid.

It is important to understand how they will pay you, WHEN they pay you monthly, when they pay you when rent is late, and their inspections policy. There is much more to property management agreements than monthly rates.

Hi @James Knight, make sure to get competing bids and really understand their fee structure. Most are willing to provide it upfront, but some hesitate and they are the ones to avoid.

It is important to understand how they will pay you, WHEN they pay you monthly, when they pay you when rent is late, and their inspections policy. There is much more to property management agreements than monthly rates.

Hi @Jared Hendren, lot's of property managers in Columbus.  Make sure to get competing bids and really understand their fee structure.  Most are willing to provide it upfront, but some hesitate and they are the ones to avoid.  It is important to understand how they will pay you, WHEN they pay you monthly, when they pay for late rents, and their inspections policy.  There is much more to property management agreements than monthly rates.

@Mallory Guerrero Make sure you get multiple bids and understand clearly how the generate their revenue.  Every management structures their fees differently, getting to fully detail their terms is the trick to comparing.

From the owners perspective.  Correct?

@Brandon Hall @Cathie Kovacs @Simon W.  When you mention hiring, are you referring to the owner or PM hiring a bookkeeper?  

Also, from your experience how many management firms handle their own bookkeeping vs. hiring out?  I'm sure the nightmare is the PM themselves doing bookkeeping to save the money.

@Colleen Prescott Take a field trip to where ever you are investing.  Spend a few days meeting with realtors, property managers and vendors.

Or find a partner that has connections.  BP is a great place to find such people.