All Forum Posts by: Samir Shahani

@Justin K. 

Based on my understanding, it isn't legal to operate as a property manager in PA without a broker representing you.

@Chris K.  Thanks Chris, as always,for your advice.

What are the typical costs for a refinance? 

Hypothetical: bought a house for 80k, it would likely appraise at 110k today.

Is it worth pulling the money? 

It depends on so much!

In my personal opinion (based on the numbers I would accept in my area) you should aim for a 10% cap rate. Be HYPER conservative when determining expenses for Capex, maintenance, utilities, etc. 

Ask for all REAL documents (real taxes for 2016, real rent roll for 2016, real expenses 2016, etc) in order to determine what to expect going forward.

Also, for further help, post some actual numbers for this property.  It will allow the BP members to give real advice instead of just generalities.

Hi all,

I was approached by a family friend yesterday who wants a property manager for investment properties (50+ units).

I am a local investor in the same market, but I started thinking about property management for other local investors.

I understand for you to be an official property manager in Pennsylvania you would have to have your RE Broker's license.  

However, Is it legal for me to take on his responsibilities as a private deal/transaction? Can I manage FOR him, not as a general property manager?

Any/all comments welcome and appreciated.  Thank you.

@Chris K.  That is exactly correct. 

@Chris K. sure, anything you want.  Ask away.

Here is the details on one of my houses.  Mind you guys, I do not buy every house on the market. 

 My partners and I are VERY, VERY, VERY selective.  I'll repeat it, VERY selective.  But that's exactly what you need to do.  Nobody is going to hand you a good deal and have it cash flow endlessly at 20%.  You have to look at and analyze 200 homes before you find one that works.

**Incidentals includes all repairs, CapEX, maintenance, etc. 

@Will Barnard Look in any small town in USA. I own several properties (SFH's) in Pennsylvania that I make over $500/mo cash flow with cash on cash returns over 20%.

My calculations (and now I'm living proof) includes all necessary expenses, property management, vacancy, PITI, CapEX, repairs, etc.

@Kenny L. I would probably include the following relevant/tailored info. on you: resume, short cover letter/explanation, financial info.  

The seller may decide to take the property off the market if he likes your profile ^as described above.

@Clay O.   What happens when a new tenant is required after yr 1? Do they make you pay 75% first months rent again?