All Forum Posts by: Jessica H.

Hi everyone,

This is my first year owning a rental property. My property manager shows fees like "posting & processing fees", "software", "showing the unit" in his financial statements. How should I handle these for tax purposes? Should I keep them in my spreadsheet (which I plan to share with my tax preparer)? These fees are in addition to the monthly fee I pay him. Also, I've noticed that the "posting & processing fees" are charged to me and later charged to the tenant so they cancel out.  I am assuming that if the tenant doesn't pay it back, they will stay as an expense to me.

Thanks in advance for your input! :)

Jessica 

@Eric H. - I created a separate YNAB budget. And also I do have separate checking account and credit card for my rentals. 

Hi fellow Owners,

Are there any concerns for the owner about this form when signing a PM agreement?

I have reviewed the agreement but thought I would ask about your experience. Thank you!

Jessica

@Alexander Felice - I'm going to watch the PM like a hawk! I'm still not sold he is the best choice because he's not pro-active. But he was the best choice amongst those I researched and interviewed. :-/

@Dick Rosen - I did look NARPM.org. There were no results for my area. :(

Jessica

Thank you ALL so much! I have read every one of your comments.

@Dick Rosen - I will definitely be lowering the rent. Your comment was very helpful! I'll also consider what you said about previous evictions.

@Chuy Gonzalez and @Dick Rosen - Regarding the PM - I've researched PMs in the area and most of them had bad or no reviews. Of the 9 I selected, I narrowed them to 3. I spoke to them on the phone, asked to talk to their current clients and requested a copy of their contract. I selected the best one out of those 3 in my opinion.Two of them were recommended here in the forums. I am open to other options but I have found it hard to find a good solid one.

Thanks again everyone! I'm keeping a positive attitude. 

Jessica 

@Nick Rutkowski - Photos are good. :) Good lighting, showing as much as possible inside with kitchen, living room, bathrooms and bedrooms photos plus outside including parking area.

@Caleb Heimsoth - It may be a C- but I don't think it's a war zone.  

Hi everyone,

I purchased my first rental property, a duplex, over 3 months ago and I have been unable to fill in the vacancy. Here is the info:

• It's located in the northern part of So Cal, in a C neighborhood.
• At the time I listed the Unit on Zillow/Craiglist, etc, I asked for a rental amount that other similar properties were going for. Since then, I've seen other (older) properties go for $25-$100 less. My building is new.
• I live about 2 hours away from the property and have hired a property manager for tenant placement almost 3 months ago.
• The PM has let me know they have been showing the property often. They have been receiving applications but of those, he only approved 2 applications. And after I reviewed the screening report, I had to deny them based on no proof of income in the local area (they were relocating), collections, delinquencies, could not verify some of the info submitted in the application, etc.
• His feedback on why this is taking so long is that people like the Unit but not the area.

I am starting to get worried about how long is taking me to find a proper tenant. Here's what I have done and plan to do to see if I can improve my chances:

• I accept small pets.
• My minimum qualification standards include being flexible with bad credit but proof of income and no evictions are non negotiable.
• I've recently started accepting section 8 tenants.
• And now I am considering lowering the rent by $25.

(On a side note: The tenants in the other Unit has been a lot of stress as well. They pay the rent late and they haven't paid this month's rent giving me all kinds of reasons. Now I'm faced with the decision to evict them but at the same time I know how hard it is to fill in the vacancy. I'm going to be hiring the property manager for ongoing management as it is proving challenging to collect rent on the existent tenants.)

I'd love to get your feedback. It has been very stressful and this community is amazing. I look forward to your thoughts! Thanks in advance!

Jessica

Episode 131. I wrote it down. @Alissa Engel  :-) 

Let me know what you do. I have a duplex and paying for water too. But the last bill was $30ish. 

Jessica

I have read the book and really enjoyed it! I found the stories they included especially helpful. They were real-world examples anyone can relate to. 

Btw, I met Matt MacFarland today at a local conference in Orange County, CA.  Hope to meet Amanda next. :)

Following this convo. I also use YNAB for my personal finances and just created a new budget to track my rentals. :-)