All Forum Posts by: Dean West

Hi BP Community,

My Property Manager (Great Jones) has sent a mass email saying that any landlords with an 8% management fee, will see a rise to 10% next month.  I've read through the Property Management Agreement, and it doesn't specify an end term to the agreement (I signed it 5 months ago).

My question are, (1) has anyone experienced Property Managers raise their management fees out of the blue?  (2) Is there any guidance that has worked for others in pushing back on this increase?

I built my pro-forma for my multi-family property around the management fee of 8% that they agreed to and this will obviously impact my monthly cash-flow.

Thanks in advance for your thoughts.

Thank you everyone again for your input.  As I hate not finding the ultimate answers when I look at other people's postings, here is how this situation was resolved:

This property was labeled as a commercial property for TAX CLASSIFICATION purposes (any property in Marion County, Indiana that has between 4 - 19 units is taxed commercially).  However, this property is ZONED as D-8 (residential zoning) which allows one to get a conventional loan.

I hope this helps any other investors out there that have encountered similar situations!  Thanks again BP community for your quick and thoughtful responses.

@Cory Carlson @William Hochstedler @Greg Dickerson Thank you all for your valuable insight into this! I will reach out to a few more conventional lenders to see if this is something they can finance.

Hi BiggerPockets Community,

I am looking to purchase a 4-unit property in Indianapolis, however, looking at the property parcel card, the property has been zoned as a commercial property.

Would I be able to get a conventional loan for this property, or would I be required to go down the commercial financing route?

The cash-flow for this property looks great using a conventional loan, however, I understand commercial financing is more expensive and will make the property less attractive if I have to go down this road.

Thanks in advance for any advice you can provide!

Thanks for organizing @Brenda Chen! See you there.

@Lesley Ray @Albert L. thought this may be of interest to you both!  I might try attend myself and see what all the Cleveland fuss is about...

Thanks! Will brave the rain and head on over. See you tonight.

Brenda, thanks for organizing.  Is this event a replacement of the "Meet the Investors" happy hour that is usually at the Mantel Bar?

@Shital Thakkar really appreciate the handful of neighborhood suggestions!  I will start digging in and doing some research.

We were looking at $200k or lower as is for a 3/2 home.