All Forum Posts by: Jason A.

Hello,

What company is this? I would like more info, thanks.

Regards,

Hi Jesse,

Speed is a huge factor in how good a PM is. Nowhere in a standard PM contract will it say “we will work fast for you”. Word of mouth and referrals is all we got it seems in finding a good property manager. I like texting and phone calling my direct contact with the PM. A good PM will respond within the hour. A good PM will start to market the property even before the tenant moves out, etc. There should be a review section for PM’s on BP. Maybe that could help everyone out.

Good luck in your endeavors!

Regards,

I'm looking at a 3 month vacancy already because we had to do an eviction which I just got the bill for at $400. Just this one unit already is costing well over five thousand dollars, but the majority of that is the turn cost. 

Thanks everyone for your input.

True, I'm not sure If I would be spending that kind of money every year. Looking at the items that need attention, it seems pretty standard for a turn. Clean this, paint that, fix that etc. Thinking positively, I'd be spending maybe $2000 a year on a turn. I was just curious what people are spending on a turn for this kind of unit. 

By “turn” I mean “the turn”. A phrase that people use when going from one tenant to another, and getting the property rent ready from the previous tenant. This isn’t a rehab/remodel. The property is more or less in good condition. I believe it’s material cost as well. Nothing is being replaced however, just getting it ready for the next tenant. It seems expensive to me and here’s why. If there was a new tenant every year and the associated turn cost, then $4000 would eat up about 6 months of rent every year. 

Thanks guys for your input. 

Hello everyone,

I just started investing out of state and was wondering if this calculation sounds about right. I had a PM company do a cost analysis on a turn for a duplex that I just bought. Estimated cost is $4,000 for a single 650 sq. ft. unit. Here is a breakdown of the items they saw that needs attention.

Estimated cost is $4,000. 

Rents bring about $550/month for the area.

What do you guys think? Is this about what you spend on a turn? Any feedback is appreciated.

Kindest Regards,

@Nick Hawley Did they buy mostly the glue down or click lock style?

Hello everyone,

I'm looking for homeowners insurance for a duplex in Indianapolis, IN. So far everyone has quoted me a really high price, north of $1400 (about 7 companies) and they don't do cash only coverage. They only do rebuild cost coverage. Does anyone know where I can find cash value only coverage, I'm assuming cash value only coverage is a lot less expensive than rebuild cost coverage.

Regards,

John,

That's exactly the answer I was searching for. I spoke with the less expensive mortgage broker and I asked about loss of rental income and he said it would come out of Section A, dwelling. If that was needed, its good to know that its covered either way.

Regards,

Hello everyone,

I am well into escrow with a 4plex house hack (primary residence) that I am doing. I got two quotes for homeowners insurance. One quote is nearly double the amount than the other quote. I asked the broker why their quote was so high and they said because it is being treated as a rental property and lenders require insurance for rental income. On the surface it makes sense, but why would it be double the premium. Any help or insight on this is appreciated, thank you.

Regards,