All Forum Posts by: Account Closed

I was wondering what everyone's favorite renovations are while rehabbing a rental prop.
What sort of things do you do to your kitchen and bathroom? Which sort of countertops? Paints and colors? Floors? Any little things that you do which tenants appreciate? Id love to get everyone's input!

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@Denny Robert and @Brent Coombs, awesome thanks for the info guys!

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Im not sure if anyone's mentioned this yet, but I actually just talked to Navy Fed about using my VA loan for multi family props and I was told ONLY up to a duplex.

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Originally posted by @Amber Gonion:

You get what you pay for. 10% without any other fees for new tenants doesn't leave much for advertising, background checks, multiple showings, contract signing, time for turns, multiple move out inspections, and new renter/ key transfer/unit education. I know everyone thinks that property managers make a killing on new tenants, we charge 1/2 months rent and believe me I would rather keep the place rented than collect the 1/2 months rent.

You might say well why is the X% there? We put together monthly reports with photos, collect rents, issue notices, make sure fair housing laws are being adhered to, keep owners from being sued, 24/7 emergency access, hire and supervise contractors, supervise caretakers, supervise maintenance personal, ensure evictions can legally occur, respond to tenant complaints, organize and file receipts for expenses, respond to online reviews, and, ensure city compliance.

Cheaper rates may mean they are just collecting rent and nothing else unless someone calls, or a craigslist as for renters and a poor screening process. A bad pm will cost you much more money than a good one. A good one will save you more money than they cost.

This was a pretty helpful post regarding some of the responsibilities of a property manager. Thanks for the incite!

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Thanks for the tip, @Matt Lefebvre!

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I'm just curious as to some average costs of property managers (around the Augusta GA area). I have been looking online and it seems most places charge you 10 percent/month, including a month's rent whenever they find you a tenant. Is this legitimate? Unless my guesstimate is wrong, that's almost 20 percent of your income/year you are paying in order to have a property manager!
Is it worth it? Or am I looking in the wrong places?

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Awesome this helps a lot! Thank you!

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Any good tips, or strategies to making sure you don't lose a lot of money renting a unit when you (as the owner) are responsible for the electricity bill? Can you incorporate something in the lease regarding a tenant paying a fluctuating electric bill... or do you just charge your tenants more rent to cover the cost? What happens if you charge too little and are stuck with an expensive 12 month lease? Any feedback on this subject would be awesome. Thank you!

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 19 times.

Post: What are your favorite types of renovations to increase rent?

Post: What are your favorite types of renovations to increase rent?

Post: Deal or No Deal...VA Loan or FHA loan.

Post: Deal or No Deal...VA Loan or FHA loan.

Post: How much do you pay your property manager?

Post: How much do you pay your property manager?

Post: How much do you pay your property manager?

Post: Determining rent if owner pays electricity?

Post: Determining rent if owner pays electricity?