All Forum Posts by: Jonah Hartsburg

Notwithstanding the local laws and what your lease states as others have mentioned, I'd set the expectation of at least the whole month due. But in practice, I'd be surprised to get any additional rent, and would instead focus efforts on getting the unit turned and leased as soon as possible. The vacancy will likely be the largest variable affecting the unit's income. If the unit isn't damaged, I would consider withholding part of the security deposit for unpaid rent.

When it can be done, I try to sign a new short-term lease once closed with mirroring terms as to what everyone has already verbally agreed to. 

I'd caution to expect some resistance in booting out a 9-year tenant if they don't already know it's coming. While it seems simple enough, even "good" tenants tend to cause great delays on a project like this or refuse to move, forcing an eviction process. 

Pinata is a popular resource that's free for tenants to use whether or not the landlord participates!

Well said. And you might as well close the toilet lid before taking photos.

I like to grab a quick walkthrough video while I'm there and create an unlisted YouTube video for prospects. If you're doing in-person showings, you may notice the show rate of prospective tenants is alarmingly low. This helps make sure they have a remote interest in the layout of the unit before spending time at the property.

You could also bundle this service into property management software that services all your needs on one platform: Applications, credit/background screening, electronic rent collection, document storage, and maintenance requests. If you use the search bar, you should be able to find numerous opinions on the best platform for that, ranging from free and basic to more expensive and comprehensive. Congrats on your first tenants!

Hi @Leah B., I would enjoy the opportunity to discuss your specific situation and how we might help. My experience with virtual assistants stems from earlier experience in property management. I'll send you a DM if you'd like to schedule a time to chat. 

I worked with a PM in a different college town in Indiana that would charge 12-15% on rent, but they didn't mark up maintenance, would often visit the property to help diagnose repairs before sending out a vendor to avoid trip fees, used local handymen that were cheaper, and only charged that percentage on late fees as well. Unlike some PMs, their fees were transparent. 

@Andrew Postell's point is spot on. It seems a local referral would help reveal the nuances of that company and market.

Hi Joy! I like to think of management activities in terms of buckets. First, I see what requires boots-on-the-ground people, probably some showings, property visits, and maintenance. Then I look at what activities can be remote. These tend to be administrative tasks such as bookkeeping, leasing communication, application screening, tenant questions, renewals, property management software, utility coordination, billing, answering the phone line, etc. From there I can decide what I want to do, what I want to hire out, what tech can assist, and what remote work I can utilize VAs for. With 65 units, I wonder if management can be successfully achieved with a handyman, leasing agent, and a few VAs without having to go through the W2 process yet keeping the system under your control and oversight. 

Most people don't wake up and want to be a property manager. They might like the idea of less profit (or sometimes a lot less profit) and keep the investment more hands-off. Similarly, you could also become a lender, RE agent, insurance agent, lawyer, or contractor to save money. How do you want to spend your time? 

I would agree with you both. I think it often boils down to how you want to spend your time and what kind of skills you want to learn. Personally, I'll manage my local properties, utilizing tech and VAs until I want to spend my time elsewhere.

Out of the $3,000 turn cost, how much were the additional items you wouldn't have consented to repair? 

For me, if a manager is going to exceed the repair threshold on non-emergent repairs, they better do what I normally would've done or have a convincing explanation for why it was in my best interest. Generally, I would rather they get the turn done quicker so it can get marketed sooner than go back and forth on smaller items.

It sounds like you would otherwise like to keep working with this manager. Since the expense doesn't make sense for you, I assume there's likely a mark-up profit on the repair that you could negotiate with to meet in the middle.