All Forum Posts by: James Conaway

@Kenny Dahill It's a total monthly fee of 4.9% assessed to tenants. 2.3% for city taxes and 2.6% for admin fee, which is assessed to process tenant monthly payments and manage payment of city taxes.

The $65 management fee per door is a flat monthly rate. There are other fees assessed based on turnover, for example lease renewals have a fee ($150), marketing and lease starts have a separate fee. So they make more than the $65 monthly fee through turnover.

I have a few properties under a management company that charges me, the owner, $65 per door.

They also charge the tenant's a 2.6% admin fee each month, which equates to for example $20 a month on a $750 monthly rental payment. $20 a month, in the example, to process a payment seems high to me.

Is charging tenants an admin fee, which I believe is to cover the costs of accepting and processing their monthly payment, common for property management companies?

Would 2.6% be considered a industry average amount?

Looking again for recommendations. Went through a local State Farm agent and found they were not competent. They issued a policy and then followed up by having it denied as written, with the adjustment adding orders of magnitude to the cost.

Thanks for sharing, I decided to go with State Farm, their rates were superior to USAA.

I currently use USAA for my multi-family insurance coverage. I am looking to change to another agency. Could I get recommendations on an insurance agency you use?

To confirm a model that would be permissible would be, corporate rentals based on a minimum of 1 month stay periods?

Does anyone know of a consultant or RE agent I could consult with on the viability of purchasing a property in Redondo Beach to be used as an AirBnb property?

Alternatively is there anyone currently doing airbnb hosting in R.B. and how is your experience with the city permits/enforcement been?

What I am trying to understand is what R.B.'s government's zoning/permissible policy is on airbnb properties.

I have seen this here in AZ with what are likely illegal immigrants. You can approve them without a SSN, just use other criteria.

I had that with a tenant. You charge them for the phantom service calls. That incentivizes them to not call you unless they are sure it's real. If it's a real issue then landlord can pay for it.

That is a pretty big hurdle, beyond coming up with a 20% down payment. Is the down payment considered a part of your net worth? So it is possible to get a commercial loan without a 1:1 net worth requirement?