All Forum Posts by: Jason Pi

I found a property with an ADU. It is zoned as CRO and the code enforcement has confirmed that I can rent it to two different tenants. The main part is a 4b/1.5b and the ADU is a 1b/1b. It is a B+ neighborhood so there is definitely a market for 1b. Now my main concern is whether there will be any potential issues to attract tenants, especially for the 4b, since I assume tenants who want to live in SFH would be a family and they might prefer not to share space with other people. Has anyone had experience with this kind of property? Thank you in advance.

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Thank you Bob. Flying there would be a good idea, but right now I don't feel very safe to take the flight. Also, does general contractor have conflict of interest for overseeing the renovation process? Thank you.

Originally posted by @Bob Okenwa:

@Jason Pi

10% for checking in on a contractor seems high to me and there's no guarantee your agent knows what she's looking at or what to look for. I'd request that the GC send photos and video of the progress. Make sure you talk to him/her regularly to stay on top of what's going on. Worst case, you can fly out there every now and then and check on the property yourself. I'm sure it'll be less than the 2k your agent is wanting to charge you.

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Thank you, Joe. My realtor's company also has a property management division and 10% is what her company charges as part of the property management agreement. I have reached out to other property management companies and one of them charges 15%. I am a new investor and this would be my first rehabbing house, therefore, I am not sure what I should look for. So if I hire a general contractor, I guess he would be responsible for overseeing the whole progress, right? But since he/she is also part of the whole process, wouldn't this be a conflict of interest? Thank you for your help.

Originally posted by @Joe Funari:

@Jason Pi A good property management will have a Project Manager to GC the rehab work being done. They generally are very good about giving you regular updates and photos of the progress of the work performed. I feel 10% is too high for a Realtor to GC the project for you when a good property management company will have someone already doing that. Seems your double dipping the fees for no reason. Also, the property management that I recommend does the aforementioned very well. But as added insurance I always offer to my clients to go check the work that has been performed by the property management at no additional charge. As a seasoned investor who has rehabed a many rentals and flips I know what to look for. Also, I am very picky. So when they know I am doing the final inspections there generally are no issues. If so they correct them within a day or two. Hope this helps in your search.

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Hello BP investors,

I am living in the NYC area and the price and tax here is insane for rental properties. I started to look for out of state opportunities. At first, I was trying to find turnkey providers but found out that the rent to price ratio is too low to make meaningful return. Therefore, I tried to reach out to some real estate agent and property management company to find some discount deals. Right now I am planning to buy a property that would require approximately 20k for renovation. However, I am not sure how I could oversee the renovation process and check the quality of the work. Shall I ask property management company to do that? My agent said she could oversee the process but will need to charge 10% of the total expenditure of the renovation for that. I think I am ok with the extra fee but want to get some advice from the BP community. Thank you in advance.

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All Forum Posts by: Jason Pi

Jason Pi has started 2 posts and replied 4 times.

Post: Anyone has experience with property with ADU?

Post: Out of state brrrr. How can I oversee the renovation process?

Post: Out of state brrrr. How can I oversee the renovation process?

Post: Out of state brrrr. How can I oversee the renovation process?