All Forum Posts by: Patrick M.

nj- $4500-$5500 a year

@Mark Vandzura, understood. My feeling is if you take on a W2 then you will still be actively managing your property and an employee- even though you may believe otherwise. Best to work on getting together a good team that includes a property manager so that you can dedicate yourself to acquiring.

@Amy H. sums up one of my concerns- the modified kick-back scenario. 

The other problem I have is the 8-10 percent. It rewards the poorly cared for property. You have a 4 unit building, completely renovated with high market rents and top shelf tenants. You did this- you built it... manager hardly has to lift a finger. $84,000 a year in rents

PM: Me want 10%, me want $8,400. no rhyme no reason, me want!!!

Slumkinski has an old 4 unit building one block over that he does not want major renovations done on. band aid and duct tape. Tenants- not so good. $48,000 a year in rents.

PM: Me want 10%, me want $4,800. me want!!!

I am subsidizing Slumkinski.

It is the same problem I have with a realtor- I make my home beautiful and marketable. It is in a higher end market, just list and sell. Me want a cut, me listed on Zillow for you!

I am curious with purplebricks and redefy gaining traction, and with everyone on here recognizing the ease at which properties can be "tele"managed whether we will see a flat-fee start-up in the property management arena.

Ultimately @Mark Vandzura, If you are at the tipping point, I think you must decide whether you want to be an active landlord or an active property investor/acquirer. If it is the latter then you must find a trust worthy property PM company.

@Thien Luu, I have not. I regularly follow Zillow/ craigslist in my market and I know each apartment building, multi-family and complex in my area. That is to say, I could have a 2 bedroom on the 3rd floor of a walk up Victorian home (think sloped walls) with the same square footage and location as newer apartment. There is enough variation in my market that I feel I am much better than an algorithm. This may not be the case for you.

@Thien Luu, I refund my tenant(s) the cost of the background check after receiving the 1st months rent. Quite frankly I don't think I would have to, my tenants are very happy to know that anyone moving into the building will be background checked. I do it because that was a decision I made and it provides me and my other residents with piece of mind. You could go either way.

I do not specify in the lease that they need to provide it through cozy- or electronically. The new tenants are already familiar with cozy from the background check and quite frankly they are happy not to have to write out and mail a check. If you have a tenant worried about ACH debit then you should be more worried ;)

I love Cozy. It saves me money- plain and simple. I no-longer have a ups box.

It gives me piece of mind- it lets me know a couple days before the rent is due when each tenant is lined up to distribute via ACH. Lets me know when the draft is made and when it will hit the account.

It incentivizes electronic payment for the tenant by making it easy and allowing it to be reported to a credit agency.

It incentivizes electronic payment for the landlord by doing it for free.

It throws my nice ad up on realtor.com and doorsteps and allows for online application.

It listens to its users- go back through old threads and look at some of the gripes ("I can't tell who is paying the rent when it hits my account.") and you will see them actively addressing each issue.

It does a lot more: credit check, rent analysis, express pay, simplified renters insurance.

I give them my background checks as a small thank you.

Failure to pay a water bill where I am will result in interest and a lien against the property. If the bill is being mailed to the tenant you won't even know about it until the damage is done.

Give them the socks and factor it into the price of the shoes.

@Account Closed HERE! HERE!

@Bryan O. that is good to hear. Btw, I have added you to the list so you are covered.

Not sure if @Darwin Crawford was typing this from the 1980's based on his thunderbolt like epiphany that energy conservation= $$$.

I am always amazed at how these millennials repackage things : https://vimeo.com/131422396

;)

@Bob H. there is just so much you can guard against- but if I worked off of just scores I would be more worried about them changing that- that would be simple.

I am very welcoming of inquiries by tenants as to their credit. I tell them that their credit is only a factor I will consider. If someone went through a bad divorce or medical emergency and it devastated their credit I don't want them to be reduced to a number.