All Forum Posts by: Erik Bringleson

Hi,

I recently purchased a single-family home using subject to financing. I took over the existing mortgage and am paying the seller monthly for their equity. I know I could throw together a google spreadsheet to track payments and equity remaining balance, but wanted to see if there is any low cost or free software to better track and report this promissory note?

I am pro member so i have access to rentredi, but i dont see a way to track this. Any help is appreciated.

Erik

Hi,

Yes, I agree with your opening statement. I have been watching some videos on what questions to ask before hiring a pmc. Your article is very thorough and helpful. I had a question about this statement in part 1 of your post.

Do they use the standard “income must equal 3x rent” or something better? What is something better?

I put together an email to send out to potential pmc. Can you give me your thoughts? Is it too much info to ask right away? Maybe I should just ask 1 or 2 questions from each section to quickly weed out the bad or just ok pmc? Then do a deep dive on the pmc that makes the first cut?

Here is my sample email draft

Hi,

I own a single-family home in Loveland and I am looking for a property management company. I have some initial questions about the services your company offers.

     Tenant Screening:

• What is your income requirement?
• Other than credit score, what else are you evaluating on their credit report?
• What do you require applicants to submit and how do verify all this information isn’t fraudulent?

1. Maintenance & Repairs:

• How do you handle tenants’ requests for repairs?
• Do you use a handyman for small repairs?
• When are options discussed with me (i.e. installing a cheap plastic faucet that may break again soon or a more expensive metal one that should last longer)?

1. Rental Marketing:

• Where and how will you advertise the rental property?
• What information do you provide to justify your suggested rent amount?
• What update information do you provide and how often - online views, inquiries, showings, applications, etc?

1. Communication & Documents:

• Do you have an online portal for tenants to pay rent and landlords to access documents?
• What documents do you routinely provide to property owners?
• How often do you check on tenets and the property in person?

1. Fees:

• Monthly management fee?
• What other fees do you charge? (Late fees and what percentage the owner receives, Tenant placement fees, Lease renewal fees, Vacant property fees, Maintenance fees, Eviction fees, Inspection fees, Bill processing fees, Etc.)

Thank you, Erik

Hi,

I am getting ready to rent a single-family home in Loveland and looking for any recommendations for a property manager. 

Thanks, Erik