All Forum Posts by: Jason Rector

Right, but you searched the address that I provided you of 19699 Jewell Dr. Gravette, AR, correct?

My question is if the docket does not provide you the physical address, and instead provides you the legal tract/parcel whatever that is, how do you find out the physical address from the information alone?

Forgive me if this has been posted before, but how do I find out the address of a property when it's given in the county clerk petition? Here is an example:

"TRACT 16 OF THE PROPOSED JEWLL ESTATES AND FURTHER SHOWN AS PART OF THE NORTH HALF (N 1/2) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 11, TOWNSHIP 20 NORTH, RANGE 33 WEST, BENTON COUNTY, ARKANSAS, BEGINNING AT A POINT 717.02 FEET SOUTH 89 DEGREES 21' 44" WEST OF THE SE CORNER OF SAID N 1/2, THENCE SOUTH 89 DEGREES 21' 44" WEST 196.48 FEET; THENCE NORTH 663.32 FEET; THENCE NORTH 87 DEGREES 58'41" EAST 196.59 FEET; THENCE SOUTH 688.07 FEET TO THE POINT OF BEGINNING. SUBJECT TO AND WITH THE RIGHT OF WAY OF JEWELL DRIVE ALONG THE NORTH SIDE THEREOF AND ANY OTHER EASEMENTS OR RIGHT OF WAY OF RECORD."

The case number was listed so I looked it up and found the first complaint filed which had an attachment. That attachment had the same description listed as above, but it also listed the normal, readable address. The address is 19699 Jewell Dr. Gravette, AR.

Is it possible to determine the address from the description provided in the county clerk foreclosure notice? If not, how do you normally find out what the address is to know what property is up for sale?

Thanks everyone for the advice!

@Phil Weiler I'm definitely going to visit some of the smaller towns such as Dunedin. Do those small towns still attract tourists to rent for vacation stays?

@Michael Short thanks for the tip about regulations on renting. I'll definitely make sure I find out before I make my purchase.

@Elisa Uribe I am definitely lucky to be in this position :)

Does it generally matter if you buy during summer or winter? In Arkansas, best prices are generally found when the market is cold in the winter. Not certain if this is different for Tampa

I'm flying in Orlando in August to scope out a place to buy a vacation house. I want to become a much hated snowbird :) I will probably stay from Nov - April and then head back to Arkansas for the Summer.

I'm torn between Orlando and Tampa but everything I've read says I want to be in a suburb of Tampa.

I'm 30, single, no kids. I want to rent the house out during the summer months, so it needs to be some place attractive for tourists. I will be working from home, so job market and commute isn't an issue. I would prefer some place closer to the beach, but driving a bit is ok. Don't want to live in an old community.

My budget will be around 200k. Any advice?

@William Walker The conversation has definitely deterred a bit, but that's okay as I'm learning why people see the value in their PMs so much.

Ultimately, I would be much happier to pay a $500 tenant placement fee than I would pay half months rent when the rent is $1000. As other people have pointed out, they need to make enough money to be worth it to them. However, taking a percentage feels like they are taking percentage of my company.

I would also like to add to add that many of the activities people are saying their PMs take care of simply to not apply in my situation. I screen the tenants hard and look for people that I feel will be the least trouble and take care of the property the best. I know not everyone is in a position to get tenants like that, but when you have great tenants there is very little PM work to be done.

On the very rare occasion that something does come up, I would like to pay a fee for taking care of it rather than a percentage. Maybe I need to network some more to find the right company/person that can do this for me.

@Joe Villeneuve Exactly, I want them to charge me a fee for everything they do. I'm sure your properties are different than mine, but as I manage them myself, I can tell you it is very rare that I have to do anything at all. I am certainly not doing something on a monthly basis...

@Julie Marquez Looks interesting, thanks! Not entirely sure what all services they offer but I'll look into it some more.

@Julie Marquez I suppose that is fair. However, I would assume that C class properties would require much more work from the PM than the high end properties, which would result in more fees. Also, under a fee structure, I would expect my fees to be much higher as they are one off services which is the same as a plumber. Because my properties don't demand the same amount of effort as a C class, I should not have to pay as much as a C class property.

@Patrick Liska I definitely understand their value, especially when your properties are 3 hours away.

I'm sure there is an intersection point in which a percentage structure is more cost effective than a fee structure, but not for my situation at 7 properties with hardly any upkeep. I would be much more comfortable with a fee structure similar to the following:

• Listing Fee = $50
• Showing Property Fee = $50 a showing
• Application Fee = $20
• Background/Credit Check = $50
• Maintenance Issue = $50 an inquiry

If I had the property shown 4 times with 2 applications processed I would owe $340. I've had a PM tell me that they could get a signed lease for half of months rent with no additional services. That might be a better route, but that's still a percentage of what I'm able to charge for rent and not a fee structure.

@Joe Villeneuve I do understand the value a PM brings. I've also worked with lawyers that bring a lot of value, but they charge me fees for their services when I need something done. If your plumber charged you a percentage of your rent as opposed to a fee I'm sure you'd be flabbergasted.

I currently own and manage 7 single family properties. I've thought about getting a property manager in the future, but I really don't understand why they require a percentage as opposed to a fee for the work done. The obvious answer is because that's the way it's always been done and the PMs make more money that way. That only answers the question why DO they get a percentage rather than why they SHOULD.

I have two major problems with this payment structure. 

The first is that I see the value in a PM just as I do a plumber. If my property has a plumbing issue, I will call my plumber and he will fix it. I will then pay him for his services based on the effort of the job. I do not pay my plumber a percentage of gross rent collected. Why shouldn't I be able to pay a PM based on the work done on the property rather than based on a percentage of what I am able to charge rent?

For my next issue with this structure, consider two properties, both of which are in similar, good condition and are 1500 sqft 3 bed 2 baths, but are in different locations. One property is $1000/month while the other is $1600/month. I was able to acquire a property in a great location which allows me to charge a higher rent. The higher rent will also tend to get me a better tenant. What warrants the PM to the additional $60/month for my better location and better tenant? They will likely have to do less work!

I've not come here to rant, but rather inquire to the nature of this pay structure to and to find out if anyone has been able to set up a fee based pay structure as to percentage based. Based on my two scenarios above, why do you think PMs should get a percentage of the gross rent collected?

I currently have 7 rentals in a centralized area for around 2 years with no tenant turnover. I do all the property management myself (10% is outrageous) and I am finding that working with tenant request for repairs to be a little challenging.

Say I have 2 tenants which report an issue. One reports the breaker keeps flipping and another reports the garbage disposal stopped working. Typically I will contact my electrician for the first issue and contact my plumber for the second issue. I will call each profession, whom I work with on a regular basis, and give them the tenant's contact information to schedule a time to work on the repair. Because I'm not involved with the actual repair, I have to rely on both the professional telling me what was replaced/fixed, and the tenant confirming that their issue was fixed appropriately.

What can I do to help improve communication between myself, the professional, and the tenant? How do property managers typically manage repair requests from many tenants to make sure everything is done in a timely manner?