All Forum Posts by: Chad Hale

Here's a new player I have not heard mentioned.  

https://unitdash.com

No idea if it is good or not?

If you know a trusted realtor, I would use them. A good realtor will reach out to their networks and list on the MLS. Lots of cash buyers on the MLS too. If you need realtor recommendations, please feel free to PM me

@Jon Altschuler  those are reasonable numbers for a 3bd.  But there are a lot of factors about how quickly a unit gets rented, location, condition, upgrades, unit layout, etc.

The rental market has slowed down.  It is still good but not chaotic like the past several years.

@Sagi Kumar

"What is the scope of responsibilities of a PM?

Do they find a tenant, do open house, rent and collect payment? Do they cover regular maintenance requests also? What about major maintenance needs? "

PM's can do all of that and then some, file withholding taxes if required, handle tenant issues, routine property inspections, advise on rent rates, marketing to find tenants, keep up with local housing laws, pay utilities, cash for keys, evictions, etc

It is best to have a list of what you need and then ensure that a PM is able to meet them.

Chad

@Sagi Kumar

10-15% is way too high for the bay area unless we are talking war zones, maybe.

But for everything else 5-8% can be found from quality PMs.

My strategy is not to make money per se on the coin ops, but part of the overall housing package that I provide to the tenants.  You'll make far more in maintaining good units and giving appropriate yearly rent increases.

Some multi-units own the equipment others rent.  The benefit of renting is all maintenance/repairs are included.  A step closer to passive management.

Agreed security deposit is a good incentive.  

Make it clear to the tenants that you want to return 100% of their deposit and you will happily do so after they return the unit back to you in the same or better condition than they received it.   If you work in a professional manner, the tenants will believe you.  

I am returning 100% of a security deposit this week.  I met with the tenants two weeks prior to end of lease.  We went over the move in move out sheet.  I noted several items that needed attention or cleaning.  I also reminded them that I wanted to return the entire deposit.   They addressed everything.  

I have a clean unit that is move in ready and they get 100% of their security deposit back.  Win win for all involved!

Great advice above.  Even if all of these things are in your PM agreement or tenant lease, still sounds like a bad PM to me.

I always do a pre-move out walk-through with the tenants.  This gives them an idea of what to expect and also a chance to cure anything before move out.  Then if/when I do have to have some things done that are chargeable to the tenant they are not shocked.

@Kent Baltare   a 2/1 currently rents for b/w $1800-$2900 depending on location, size, condition (new/updated/old), parking, yard, etc.

You can always check craigslist or rentometer dot com for some rental comps.

Here's home that I know that sold last December that had a detached studio unit in the back.  Perhaps this can help?

redfin dot com/CA/San-Jose/1701-Grace-Ave-95125/home/731875

I would let the tenants figure it out amongst themselves.  They are adults who signed a lease. Make it clear that they need to treat each other fairly and with respect and that you expect them to work out issues between themselves.

I have had no issues with tenants sharing coin-ops.  

Also, I would post hours of operation if the machines noise could disturb nearby tenants.

In short set the expectation right from the beginning and fairly enforce.