All Forum Posts by: KC Zhang

I'm in the process of start DM targeting small (5 to 50) apartment buildings with equity and long time (>10 years) ownership. I looked at some sample data from listsource and data quality seems not very reliable. I used "number of unit" to find apartment building. 

I'd echo previous comment that response from owners of larger apartment building owners are very low. For larger deals, you need to have strong relations with brokers specialized in apartment buildings. 

Steve DellaPelle I bought mine as my 1st rent property after attending an seminar by a local real estate investment “guru”. He was pitching out of state properties to CA investors back then. Myrtle Beach was one of those areas where this guru had local team helping CA investors with cash flow properties. I didn’t go with his program even though it didn’t charge any money on paper. I knew he get paid at the back end after the transaction is done. I had it for sometime and it’s time to get the Equity and invest in small apartment t buildings. Happy investing!

I sold my rental in myrtle beach few months ago. In my opinion, Myrtle beach has decent demand for long term rentals. Mine never stayed vacant more than two months. It seems all the money is pouring into beach front/close rental, which might create less competition for long term rental deals. I’m only speaking from my own experience, local vacancy rate and other economic indicators might give you a better picture of local long term rental market.

@Keisha F.  

I'm working with a mortgage broker on the refinance. The house is still under rehab and we will do appraisal after that. I'll keep you posted on the refinance. Let me know if you need the mortgage broker info.  

@Sergii  I'd love to meet and talk about real estate. I'll PM you with my contact info. 

@Maria Looking forward to work with you. 

@wai wah Chan You might want consider partnering with a local investor or find a reputable property manager, with extensive knowledge of that area. Look up Chicago property management threads on BP, you'd find some good information. Other than property tax, I'd user higher vacancy factor and capital reserve. Good luck.

@Brad Larsen

Points taken. 

I forgot to mention that this company wants $475 every time they bring a new tenant.  

Thanks for all those responded to my question! 

Additional information to put things into perspective... 

* the property is a secondary city in IL... smaller market compared with less number of property management companies compared to bigger metro areas, like Chicago. 

* My property is a tiny 2br house that can be rented for $700 to $750. 

@Kim Meredith Hampton 

I totally get your point about PMs working really hard to manage rental properties, and landlords should repair whenever necessary. I would like to see  more details to quantify this term because I don't want to get into a situation where the property manager can arbitrarily use this term to cancel the contract while I am still on the hook to pay management to the end of three year contract.  

Thanks again. 

I'm in the process of hiring a property manager in IL and found some terms in one property management contract hard to agree to. I'm fairly new to owning properties in IL, and want make sure these terms reasonable practice in IL. 

Here are the terms I'm having problems with: 

"Owner agrees to pay a one-time early termination fee of $1500 if said contract is cancelled in the first year (Note: they require 3 year contract), plus $100 for every month remaining on said contract"

".... If at any time owner does not authorize necessary repairs or adjustments that affect the well being and or safety of person, or if manager determines at any time that for any reason, continued representation of owner may adversely affect the reputation of manager, manager may unilaterally terminate this agreement by giving owner 60 days written notice prior to first day of the month. Manager shall be paid as above-agreed through the date of termination."   

These terms are one sided in favor of the property manager. No where in the contract that it mentions owner can terminate the contract if property manager does not perform property management duties, etc. Am I fussing over a minor thing or shall I try to add terms to protect my interest or look for other property managers? 

Thanks 

Ray Harrell my unit is 3br, 1.5ba, about 1300sft, w detached 2 car garage. I'm planning to hire a property management company. Let me know if you can recommend a good one. Thanks