All Forum Posts by: Glen Michael

Absolutely agree. We aren't going to require those. 

I thought it would be a good topic to discuss and was just curious if it's common Nationwide.

Thank you for your reply. We currently don't require these documents either. Was just starting a conversation.

Just seeing who requires new owners/landlords to provide their financial documentation upon signing a management agreement?

Assuming it's written in your management agreement somewhere that states the owners are current on all financial responsibilities related to the property, does anyone require them to actually provide a current mortgage statement, HOA payment record, taxes paid, etc..... at least at the time of the original management agreement signing.

Recently had a new owner sign the agreement, only to find out after we had secured a new tenant for them, that they were in financial distress to say the least (inquiring about bankruptcy) . We only found out that early in the lease because of several maintenance issues shortly after the tenant moved in and we have had to go back and forth with the owner for monies to pay certain invoices.

Good morning all....

Your thoughts on sending surveys to your owners (landlords) and to your tenants asking how you are doing as their property manager?

Also, what do you think about attaching a link for/requesting a Google Review with every email or work order?

Good afternoon all

Just for general discussion.....and I know there is a lot of information not given....

I was discussing with several colleagues at a recent investor meet up, on their thoughts on best practice/method to acquire another property management company in our geographic location.

We were approached by another management company who's owner wanted to retire and presented us with an offer.

Original discussions with the other management company(seller) had them wanting a one time payout, say $100,000. Obviously we still need to discuss and get more information to try and determine its true valuation, etc...., but we thought initially it would be best to offer a cash down amount($20,000) and then offer a percentage of revenue over a three year time frame. (50% of management fees collected: yr1, 30%: yr2, 20%: yr3) until the balance of the "acquisition" price was met.

Again I know I've left out a lot of info but this was just to hear some ideas or previous experiences.

Some generals:

Approx. 100 doors

Most are 2yr leases

Most are long term clients of the current company

Average rent of $2300

Thanks in advance and have a great weekend!

Just a quick hello to everyone! 

We are new to the BiggerPocket family but already loving what we have here!

We are a full service property management and real estate brokerage based in Virginia looking to assist anyone as well as invest on our own.