All Forum Posts by: David Barnett

Hi Guys really appreciate your time and help, I am new to the real estate business, we recently bought into the property market in Ohio with 3 multi units with approximately 50 units in total.  Are the following charges normal? 

The agent wants to charge 7% management fee of all Receipts monthly, All Receipts are defined as follows: all rental income; all parking income, all vending and laundry coin income, all late fees and lease settlements, etc 

He also wants to charge 85% of one months rent for finding  new tenants? 

The Agent shall receive a project management and supervision fee equal to eight percent (8%) of the labor and material costs of any major capital improvement or major repair project, This fee does not apply to routine suite preparation and other routine maintenance/repairs.

Again, thanks for all your help guys.

Harvey

can you send me details [email protected] thanks.

Soji - can you send me details - we are interested.

[email protected]

David

matt - we will give you a cash offer- not a problem -but we need a management company to handle the rental- suggestions???

drop me an email at [email protected]

Management Companies - offer your clients more!!!! sudden contractor bills that hurts cash flow - we offer another option - we spread the cost of the bill over 4 months at very affordable rates . No obligation and No long term committment - sure - its not for every bill - but we hope we can be useful tool at certain times in the year - and yes we pay commission!!!

http://spreadmybill.com/

Bill, Jesse et al,

Its a tight market for sure - and getting a lending license is expensive and timely. 

I am wondering now if the loan was to spread relatively smaller amounts - say for example a Painting Bill for under $2k or a Plumbing Bill for $1,500 -whether or not there is sufficient demand for this service amongst Real Estate Investors? Or is this facility just too small and easy to gain from peer to peer etc..

guys - sorry to drive you mad- but would be really helpful- if we could hear some more of your feedback -thanks so much.

Jesse - thanks for your comments.

Guys

Thank you so much for your replies thus far. Really really helpful....

Let me start by apologizing for my poor grammer- rushed out the office without reviewing properly. 

The idea is to effectively to steer away from actual product financing and move into spreading the cost of contractor bills. 

The Contractor is paid immediately without having to wipe out cash flow for the month or having to attempt to negotiate a payment plan.

USP would be instant approval on a non recourse loan, minimal paperwork and no credit scoring. 

Let me know you thoughts -once again thanks so much for this!!

Dave

I have thought a new service which could offer landlords cash to spread the cost of big ticket expenses over 10months. You think there is any mileage there??? Or do you think kost contractors spread the cost anyway -so no one is going to pay for this>??

Thanks