All Forum Posts by: Account Closed

Rent. That's the best option long term. Sell now, get a couple of bucks once, or continue to earn indefinitely. How much profit monthly is up to what you can handle or are comfortable with. Remember it's not just the monthly cash flow, but the paying down of the mortgage, and the appreciation.

I manage for owners who don't make or make pennies monthly, but theirs is the long term asset plan.

Find a good manager, set aside a couple of K for expenses and vacancy because they both will happen, and enjoy the wealth building.

Your title alone means you have a problem.

Some PM's mark up maintenance, some don't. There's pro's and con's to both sides of that issue. More than one $249 invoice means your NTE is $250 and someone/everyone knows it.

I'm all for minimums, and have no problem with people making their rightful money but the tie cannot always go to the contractor. Sometimes it really just is the batteries in the garage door opener are in backwards. Free, no, 250 no way.

Contractors and maintenance people need to see the long play. The money is in the long term relationship and regular steady, growing income. This is difficult when a fair majority, financially can't see beyond the end of the week.

I have no problem with minimums, trip charges, service call charges, whatever you want to call them. That ensures there's some money on the table for the contractor. But it's not trip charge, THEN start the timer. No way.

Sounds like you have some real probing questions for your property manager. Start with your agreement, reread that, then give them a call and start talking it out.

Hi @Austin Wise I'm a Property Manager in Atlanta. We manage properties for investors all over the world, not just the United States. This year has been interesting, many of my investors have been 'locked down' in their home countries due to COVID and travel restrictions. Takes business as usual to a different level. HIt me up if you'd like to connect.

It's really quite common. And finding a good cleaning service is a continuous challenge. There are two big headaches you'll run into, and neither of them will be you finding work. PMs always need cleaners.

1. Employee turnover/Employee quality of work. These are low paid positions, it comes with the territory. Most of the time the cleaning window is very small, which means no shows turn your whole day upside down. Employees will most certainly need to be QC'd until they prove they don't need it.
2. Pricing: Investment Properties are not retail pricing, by a lot. Your profit will be in volume. Most normal properties are broom clean and need to be made ready for move in, that's sub $200 often by a lot.

When you meet a new PM, find out what pricing they're used to. Try to work in that....see if it works, then adapt from there.

Good luck, I always need good cleaners.

@David To you can take my vote away. I’m not sure what I was thinking when I was typing earlier. Property Manager’s still have to do all the work, but no, no management fee to the owner. Only on rent collected.

I think everyone in this post empathizes with the pain you’re feeling..

If you're happy with the current one, and comfortable with what is set out. 

Hi @David To, I'm sorry to report that your assumption is not correct. If a tenant isn't paying we're still charging the owner full management fees, here's the why.

We still have to manage that property. Fair housing, and about million other rules, mean we still have to perform maintenance, inspections, preventative maintenance, respond to calls, work orders, complaints, etc. Just because they don't pay doesn't mean we don't have to fix the ceiling fan. The work doesn't stop. Non-payment doesn't eliminate their rights as tenants, nor our responsibility on your behalf.

Also, we still have all of the management administration, accounting, even negatives, ledgers, tax forms AND just because no court will take an eviction case....jurisdictions vary, doesn't mean we don't still have to file dispossessory and keep all that eviction activity up to date to basically hold our place in line. 

I'm sorry you're frustrated, you're not alone, this pandemic has impacted everyone... except Patrick Mahomes.

Lease specifies what fines will incur, what will be charged to tenant, what reasonable access is.

I'd need to know what securities are being offered to even consider it. The insurance is nice, but the business should offer something to protect the property/owner/pm. Would the sober living business be the guarantor on the lease? So, above market rent, and assumption of all damages? :P

I'm all for people turning their lives around, and I know places like this are needed. This is business though. 

I just realized you're in Atlanta. My emails in my signature, hit me up if you'd like to chat.