All Forum Posts by: Dustin Kooy

Any wholesalers working in Kankakee or will county?

@Nathan G. I charge $15 per day starting after the 5th day and a maximum of 10% of the monthly rent. I’ve had some tenants pay $150 extra per month for the last year.

@Alexander Hogarth Are you from the area and what is your experience in real estate? Plenty of lenders in the area willing to work with you as long as you have experience in real estate or have a good w-2 income

@Ian Walsh I think you have the best point out there. I need to focus not only on the cost of the pm, but the quality. 

@Caleb Heimsoth

I like your thinking. Also I need to remember why I am doing this in the first place and that is to free up my time to pursue more properties.

@Caleb Heimsoth Thank you for your response. The lowest I have seen so far is 50% one months rent to lease and 8% of gross collected rents. 50% of one months rent would be on average of about $700 which I think is still to high. These are not apartment buildings and do not have the same turnover or require as much management. The average tenants stays 2.5 years.

@Brandon K. I sent you a colleague. That’s more along the lines of what I was thinking

Basic change out $550 - $800 including material and labor

I was also thinking it was high given it isn’t just one property. I’ve leased the properties myself and have handled all tenant repair calls so I understand the time that goes into handling everything.

I am currently negotiating with a property management company to take over 24 single family homes in Kankakee county IL.  All properties have been rehabbed in the last couple of years and we are seeing about a 20-25% turnover each year. 

Most of the rents ranges between 1100-1500 per month.

The companies I have spoke with so far want one months rent to lease a vacant property and 10% of the collected rents.

This seems too high to me and I just wanted to get the BP community’s opinion!