All Forum Posts by: Ryan M.

We run a credit/background checks before allowing people in our parks. Its about a 50% approval rate currently. We require 7 days before a reply. People that move in the next day are concerning.

4.2% gross, 3 million liability

Don't get me wrong we hire things out a lot but I prefer to make the call. I prefer to take the calls first, for example, I had a tenant call a few days ago after 10 p.m.. They said there is water leaking, through talking I was able to determine it was the water heater had them shut the inlet valve and put a pan there to collect the water. I went over there the next morning and found the TP valve leaking. Swapped it out with one I keep in my vehicle. I would be afraid to see the bill from a PM for that. There would have been a plumber there that night. Most tenant calls are quick fixes and I encourage tenants to call no matter what the problem is. That way I can 'check up' on everything.

As far as rehabs I almost hire everything out. This is something that can be shopped. I have multiple contractors that have done work for us for every type of work. Some things I do myself depending on timing like; flooring, painting, drywall.

I'm a spreadsheet nut, the main thing is return on cash, for me anyway, COC. The landlording is a byproduct. Its like paying a high load on mutual fund when you can buy the same fund for no load. I'm 3rd generation landlording so it's always been a 'way of life'

Thanks for everyones input

Thanks for pulling these good reads.

Maybe I'm just a control freak, workaholic then.... We keep a bookkeeper on staff but the buck stops here.

This is a question I have always had.......A property management PM takes upwards 10% of gross for receiving the rents. Bills every time for a repair and some add a rider on top of the repair. Bills a substantial amount for finding new tenants. Not to mention most PM companies have their own rentals in that area. Do you think they are goind to place the 'cream of the crop' in your units or theirs. Why would they they make good money on placing tenants.

Hopefully someone has some insight to change my view.

I found a handyman really easy, O wait its me. Haha

With a small deposit you really should get the ball rolling. If he pays great if not atleast your not behind on time.

@Arthur, $10 increase X 72 units = $8,640/year. Being off on the rent leaves a lot of money on the table.

What is the deposit