All Forum Posts by: Amy McArthur

@Tal Simpson  Are there any turnkey companies that you recommend in Birmingham?  I am interested in that area.

I'm mostly concerned about the slopes. It is in the mountains in Eastern TN. I need to know that it is a viable option for building (or placing) a cabin.  I've spoken to one RE agent, but she doesn't seem to know much about land.

I am looking at some land out of state, and I need a local person who can look at it for me.  I've heard about wegolook.com but don't know much about them.  I need to know details about the land so I can know what prep work will be needed.  Any ideas for finding someone who can help with this?

I am looking for advice on making offers on houses to use as short-term rentals. I currently own 2 vacation rentals in the beach town in Florida where I live and have a good record regarding income and consistent 5-star reviews.

Now I want some properties in a college town where I have 2 sons in school. I’d like to rent them out on Airbnb throughout the year and also have as a place for my husband and I to stay when we visit. I am looking at a few houses that are listed on Craigslist as long-term rentals. Ideally, I’d love to buy them instead of rent them to re-rent (I would be completely upfront with the owner about my intent.). I am looking for advice on offers to make to the owners. I’d love to be able to rent-to-own if possible. I’ve never done that though. How can I make a rent-to-own offer that would be very appealing? And what approach should I take if they are not open to rent-to-own?

Thanks, @Cain McNeil.  I will give them a call.  Are they in Panama City?

@Doug B. and @Cain McNeil  I live in Fort Walton Beach, and I am looking at a small studio condo here to purchase.  It is a condo hotel, and I am running into road blocks with financing because of that.  Do either of you have any suggestions for lenders (local or otherwise) that will lend on condo hotels?

I am a new rental property owner, and I am very nervous about this! I am trying to find a property manager now.  What can I do to protect myself from things like this in the agreement?

I have just purchased my first rental property, and I would like to have a property manager manage it. I am reading the agreement that I received from a PM that was recommended to me, and there are things in that make me nervous. I feel like I am signing away all of my rights as an owner to them. I’d love to know what is reasonable and what isn’t.

Here are some of the things in the agreement that I find questionable:

• Term is 12 months. Can be cancelled with 60-day notice with a cancellation fee equal to 1 month’s rent. If tenants are in the home upon cancellation the agreement will be extended as long as the tenants are in the home. (This doesn't sound like a cancellation to me.)
• They will make any repairs under $250 (from funds I provide) and call me for repairs over $250 except for emergencies. They will make emergency repairs without notifying me. (I don’t have a problem with this in general, but in the beginning I’d like to be notified of everything in advance until I have worked with them long enough to develop a trust. Is that unreasonable?)
• Is it typical to charge extra for showing the home?
• Is it typical to charge for advertising the home in addition to the leasing fee?
• It says that they have the right to offer lease discounts for early payment of rent. (I'd like to know about this in advance.)
• It says the Property Management Agreement can be assigned to another Broker or Property Manager without my consent.
• It says if the property is sold to the tenant that they get a 5% commission on the sale and this provision shall survive any termination of the Agreement.

I have heard horror stories about property managers, so I am nervous about signing something that ties me to one so strongly. And trusting someone I don't know with the “unknowns” of repairs is scary.  Thanks for any input!

Thank you all for your response.  I will respond to each of you privately.

I am seeking funding for the purchase and rehab costs for a buy and hold investment property.  Will refinance after the rehab is complete.