All Forum Posts by: Kathryn MacGeraghty

I have found that payment in full is best. If I get a short pay, I'll start a dialog. If they are slow learners, I will post a 3 day and return the check. Don't think my evictions attorney would go to court with someone over $75. Your jurisdiction may vary. On the other hand, if I let it slide, they won't shape up. 

Years ago, a tenant replaced a water heater without telling me and tried to get me to pay him. No old one, disposed of, I was just supposed to believe it was needing replacement. Don't think so!

The short answer is the PM is there to represent and advocate for you, keep on top of legal issues, keep abreast of the market, minimize costs, maximize income and minimize liability. 

I am a PM, and hope to resemble the above. I started investing out of town about a year ago and had trouble finding someone like me.

Kathryn

Each year (on the small handful of S8 that I manage), I am given the opportunity to raise the rent. To do that, I review comparable rentals to justify the rental increase. Maybe you can appeal for this year, but you have an opportunity each year to bring the rent up to market.

People working on your investment property should have liability insurance. If they have employees they also need workers comp insurance. You definitely need multiple bids, and should also consult with your original inspector to get a good understanding of what needs to be done. If he's worth his salt, he will spend time with you on this. If the property was built before 1978, you should also get a lead based paint test before starting a big job involving drywall, windows or paint.

By the way, it is normal for the manager to mark up the bids, to compensate them for organizing, supervising and approving.

That sounds great for the labor. Our lawyer/court fees are 1/3 that in Denver.

For us, it's usually $5 for a pull. Trying to comply with some anti-kickback law.

Escrow company is same as the title company. They are helpful to real estate licensees. A nominal fee for any kind of data pull.