All Forum Posts by: Jim Shonts

@Alex Hamilton Best of luck to you on your new venture. I'm rooting for you! Startups are tough and the emotional roller coaster is real. Stay in tune with your market, network, find a good BNI group and stay positive... you got this!

@Jihan Shareef I have found that tenants that are pushy and demanding during the application process seem to be pushy and demanding the whole time they are tenants and even more so after they move out. If he is polite and understands that you have due diligence and respects your standardized process, then i see no reason not to follow through with a qualified applicant. But dont skip your due diligence because of their hurry.

@Wayne Connell My current lease has a one month re-leasing fee, but the tenant continues to owe me the rent until re-rented. This way I am fairly compensated for my time and effort, but also allows the tenant flexibility that they are not stuck somewhere they do not want to be. Tenants that want out of a lease will find every reason under the sun to get out of that lease. All of a sudden they all become lawyers and know every single state law. If you work with them, you can show while they live there, they most likely will have it cleaned so they get off the hook as soon as possible. And if they need to move during a winter season, you list at the same rent and terms they would have had because they are still paying rent, so it really does not sting that bad.

@Kyle Hern Is it foolish to hire a property manager? Absolutely not foolish. Mamy of the largest and brightest investors on BP are using managers. Can you manage yourself, sure. Just being on BP puts you miles ahead of many landlords. But you are investing the time in education. Many others that hire us dont want to spend the time getting educated...because to do it right is a lot of time. Some of my clients travel or do not want to deal with a tenant. They pay a manager do they do not have to know any of this. Anyone could do an eviction...if they spent enough time learning the systems and doing the correct notices and waiting at the county court..and I could handle an eviction as well as a property manager and invested the time to learn, but I still hire lawyers because they are the pros and know the ins and outside of state and local laws. Property managers know the ins and outs of your local area and are experts in this field as well. I ultimately save my clients money even after they pay my fees. I get deep discounts from professional contractors when needed. I market using syndication partners that do it yourselfers often dont tap into. We offer programs for tenant retention and tons of other things that free my clients from management burdens. I started just like you, house hacking a 4plex. I traded weekends in the mountains for fixing up my property. Financially I am probably further ahead because of it, but lost out on those opportunities and adventures. It is your ultimate goals. If that extra money to a manager means you get a life experience and not work on your rental than dont let someone make you feel bad for choosing not to manage. We see a lot of properties that we self managed...or managed on the wait for it to break cycle. They saved a lot of money because they did not maintain things or manage anything. I bet you could do it and would be great at it, just how much time are you willing to invest to be great? I put in a lot of educational hours, and now ultimately I manage for other people now because of the knowledge I built. It was a choice i made long ago. I found a passion for the job of helping investors...not taking them to the cleaners. What are your goals and where do you want to spend your time? Best of luck to you!

@Kyle Hern Some agents may offer this service, but in most states property managers are licensed real estate agents and are specialized in this service. We offer this service to Landlords, often because they are out of state and cannot show themselves or do a very poor job of self marketing. I charge a flat fee at this time, but many charge a % of monthly rent. If we manage the property as well, leasing fees are much lower. They is a lot of data setup and marketing plan setup upfront, so I try to convert to full management as well. For just a little bit extra you get a manager all year and sit back and collect checks.

@Casey Caton I would recommend PMI Birdy Properties. The owner is the national president of NARPM (national Association of residential property managers) and the company holds the highest certification you can get. Family run business for years. Great team with great people to look after your investment.

@Kemar Daley Welcome to Denver! If you ever have any questions about LL-Tenant in CO, dont hesitate to reach out. I have never been on the wholesale side of RE, but I have been in buy and hold multifamily and PM for the last decade here. PM any time.

@Joseph W Lennon For a longer term tenant with a good history Of payment and communications we would consider this. but we would never accept it in the middle of an eviction. It would reset the clock on the eviction process and just make it longer for them to stay in your home without paying you your full contracted rental payment.

@Chandler Scott PMI Indianapolis. Ask for Joe Atha.

@James Green We ask all tenants with service animals (or any animals) to submit an application and documentation. We use petscreening.com to do the due diligence for us. It is free for the LL to use and they do everything within the legal constraints of the laws. They do not charge an app fee for service animals, but they do charge an application fee for pets. You get a full pet profile and they score the pet for you. As for the adult being added to the lease, make sure they follow the same application process. We note that all adults over 18 must apply and pass our published minimum criteria. Good luck!