All Forum Posts by: Kim Meredith Hampton

agree with @tayenguyen

Because I give the vendors volume work, I get them for $99, and that is passed on to the tenant as an "admin fee". We really don't make any money on this, but I find that the third party is extremely helpful when it comes to disputes, and we all know how the tenants like to say that it looks better than when they received the property. Helps alleviate a lot of those issues 

I have my properties professionally inspected several times a year, and the majority of the cost is bore by the resident, but more beneficial for the owner. Everyone (tenant and owner) are given a copy of the inspection( very transparent),

Your maintenance personnel or team should give you a heads up whenever they visit the property to perform any work. 

We have just started charging "pet rent " on a monthly basis. I have seen anywhere between $10-$25

Give notice to vacate, this is not how you want to start out on your first property. Check your law with regard to proper notice. If you want her to leave right away, then possibly offer to give her cash for keys if she doesn't seem to enthused to leave.

A lot of month to month leases   Go in accordance with how she was paying her rent (month to month) , then thirty days notice

Please make an effort in the paper and thru social media. Did you have an application with whom to contact in the event of an emergency? 

Every state is different with regard to abandoned property and death.

Would be helpful if they had a will and who gets what, etc... never let anyone take any items unless you have documentation 

I'm not sure what's the law is in California, but in Florida we can not terminate utilities at all for any reason. Please be careful with that situation.

Best thing to do is pay the bill, then after them after they are evicted, make sure to get a judgement. I have had people come back years later and pay when they wanted or get approved for a loan 

ANother thought is to have a small increase in the second year

I have actually a different view of this. I actually have found that most Realtors trying to also do the PM, are just trying to protect their clients relationship, so they dont lose them to anyone else and actually know very little to nothing about all of the pitfalls and statutes that govern PM. This is actually a detriment to the investor, most of them are only looking out for themselves. I believe that a Professional PM, is worth their weight in gold! Please be careful and do some due diligence and see how many houses they manage, do they hold the escrows, how do they run applications, perform maintenance, how do you receive your monthly proceeds, the list goes on and on....

The Q2 2016 US Home Flipping Report from Realty Trac on house flipping in Orlando

All Home Sales: 8% (up over 8% year over year)

National Rank: 15

Purchased with Cash: 83%

Median Purchase price: $106,000

Average Gross Profit: $60,000

Most of the largest hedge funds have internalized their management. 

Personally, we managed for American Homes For Tent for 2.5 years prior to internalizing, and for one year for Progress before they internalized. In addition there are many that have 1000 units or less that hire some of the largest or more experienced PM's throughout the US. 

The one negative that is glaring with the largest hedge funds is the abdundent amount of negative reviews they get online 

There is a IMN conference coming up the first week of December with most or all of the large funds in attendance