All Forum Posts by: Tony Cook

Been trying to learn as much as humanly possible before I jump in as well! Good luck on the deal! 

@James Gilpin this does seem like a good deal to me based off the numbers as well! 

@Roger Pokorny thiat makes total sense! I am still in the "educate myself" phase and that explanation really helped a lot ! Is there a typical CoC or Cap Rate that you would never go below? I hear anything above 8 on the cap rate is ideal but there are obviously a lot of other variables to take into consideration.

Just listened to the podcast on this today . I think it was #9 or something. Check it out .

I work for a property management company in Baltimore and a few things I will tell you are : 1. Don't let them keep the late fees if the tenant is late 2. Don't let them markup the invoices and overcharge you 3. Don't let them charge you a renewal fee. If you are paying 10% (which is pretty standard) and a leasing fee up front to place the tenant, then there shouldn't be any other charges. I don't know what the rent is on the property you have in mind, but if they are getting $100.00/month for collecting rent and basically paying it to you , then that should be enough. If a repair needs to be done, then they would probably send an in house tech and get income off that job as well. If your rent is really low then I recommend you negotiate a flat rate management fee and a flat leasing fee and roll with that .

Roger can you explain how you arrived at your calculation? Much appreciated !!

John what is an EM? Thanks for the input as well!

That's a good point!! Let them know what price range you are looking for and see if they can work with you .

Angie's list is the way to go.  It's hard to come by good ones in Baltimore City that's for sure. I work for a property management company and we have been through dozens.