All Forum Posts by: Brandon Kamm

Keep it simple. You don't want to completely exclude them as it will diminish your potential tenant base.

Charge a flat fee $300 dog, $200 cat. This is nonrefundable. They should not be surprised by this as everyone else is charging it too. Rarely will you find an owner allowing pets with no extra fees.

Have an addendum that they sign stating that the are paying a NONREFUNDABLE pet fee and they are allowed to have 1 dog, 1 cat etc. You can use this as a lease violation if they pay for 1 and you show up for maintenance, etc and they have 3. You will then get the "i am watching this one for a friend" excuse, but just follow up in a timely fashion.

If something doesn't seem right, it rarely is, move on

I feel like i have this conversation at least once a day with someone who already owns a property, usually bought site unseen, out of town, from a friendly on the ball agent that disappears once closed.

Based on the thread and not knowing any more details, dump them, you will bleed slowly for a couple of reasons.

1. Sounds like bad neighborhood if PM not interested.
2. Maintenance will be annually reoccurring. The "never ending renovation"
3. Having a PM do all this work will kill the bottom line

Let this thread be a lesson to anyone reading who is new at this. Be VERY aware of buying a property that is far away from you. The fact that there is a section 8 tenant in there, or was there, does not translate to easily rent able house. Before you buy the property have PM in place and ask their advice on the property. We could have saved investors thousands if they just would have called us before closing and asked our opinion, instead the call us after they close. The real estate agents job is to sell you the property, once he has he's done. The property managers job is to run it for you. WHY WOULD YOU NOT CONSULT THEM BEFORE BUYING.

If you must buy out of state, travel there, visit the area DAY AND NIGHT. i cant tell you how many times people will tell us "we were told this area was good"

/rant

We often see these as a negative. Jon is right in his assessment. While they may cover some items, i cant tell you how many times they have come out and nitpicked to death to find a reason why its not covered.

Most would be at the county courthouse, some private companies hold them at various properties that are being foreclosed on.

Jeff, not sure if you can do that asvshe is section 8.

I would get a licensed company to comeout and investigate. If they can vouch that your clean, then you should be good. It's like the typical tenant who claims mold without knowing what it is.

Getba pro and go off their results.

If the old owner had a licensed tech work on it as you stated, probably no recourse.

ThIs would be a great idea. I would be willing to fly, attend, etc. I would think a thursday night opener, Friday and saturday sessions and social events and then back home on a Sunday would work. It would be great to have a big group of investors with no predetermined sales agenda leading different sessions etc. Something along the lines of experienced investors etc teaching newbies and part timers or the like.

Anything that would allow for the spread of ideas etc. Throw in a couple of nights at a bar, et.c and your good

If you have the ability to, why would you not put it in the MLS? We pay a sliding scale based on rent amouts to anyone bringing a tenant.

I can Vouch for Kevin, he typed nearly word for word what I would have posted. 48,000 is astronomical to pay for that area and property. I wouldnt touch it for over 20,000 and would never advise anyone to pay for than 25,000.

I am sorry, but I see no way that by paying 48,000 with a management company, paying retail for repairs that it would earn 10%. if it has I would be wary of variance. You will have vacancy, non pays, maintenance that will cripple that return.

Great detective work. You have to take their word with a grain of salt.