All Forum Posts by: Kim Meredith Hampton

ANother thought is to have a small increase in the second year

I have actually a different view of this. I actually have found that most Realtors trying to also do the PM, are just trying to protect their clients relationship, so they dont lose them to anyone else and actually know very little to nothing about all of the pitfalls and statutes that govern PM. This is actually a detriment to the investor, most of them are only looking out for themselves. I believe that a Professional PM, is worth their weight in gold! Please be careful and do some due diligence and see how many houses they manage, do they hold the escrows, how do they run applications, perform maintenance, how do you receive your monthly proceeds, the list goes on and on....

The Q2 2016 US Home Flipping Report from Realty Trac on house flipping in Orlando

All Home Sales: 8% (up over 8% year over year)

National Rank: 15

Purchased with Cash: 83%

Median Purchase price: $106,000

Average Gross Profit: $60,000

Most of the largest hedge funds have internalized their management. 

Personally, we managed for American Homes For Tent for 2.5 years prior to internalizing, and for one year for Progress before they internalized. In addition there are many that have 1000 units or less that hire some of the largest or more experienced PM's throughout the US. 

The one negative that is glaring with the largest hedge funds is the abdundent amount of negative reviews they get online 

There is a IMN conference coming up the first week of December with most or all of the large funds in attendance

I would go ahead and make the claim for the items mentioned above that you feel were beyond normal wear and tear. 

Something I do, is send the refund check with your certified claim. Most people are less likely to complain when they have funds in hand. In Florida we can claim on security deposits for

Cleaning.

Always check your state statutes 

@christroutner they are all good unit sizes. I think a lot of it depends on the area. I know that Pasco does have a lot of retirees, so 1 bedrooms sound appropriate. Depending where in Pinellas, the area  tends to be more for the families. 

Doing your due diligence on the front end helps to avoid the tenants you don't want

I would go with new, you typically dont get much of a warranty with used appliances, better to go with new in the long run

Sears scratch and dent

Home Depot and Lowes

Craigslist

All the above should have your size appliances. I usually budget around $2000 for everything, it is also dependent on the neighborhood and what is usually expected

Can you show the property to rental propsects? Does the property show well? If both of the above are No, then I would wait until she vacates. 

Most professional property management companies provide monthly accounting via an online or paper statement and give you a year end 1099 for your taxes. They usually can pay all expenses associated with your property I.e. Lawn, pool, HOA, maintenance repairs, taxes etc...

Leases

Rent roll for each tenant

Previous maintenance calls

Keys

Utility information

Phone numbers, emails, contact numbers

Security deposits 

Any warranties

HOA/COA information (if applicable)

Etc.......