All Forum Posts by: Marc Mahadeo

Thank you for the recommendation Sarah.

Yes each is on its own parcel.

Let me add a few details.  The deal is a duplex, triplex and 5 unit on three separate parcels.  I have not found a bank willing to do a 30 yr loan. 

Good afternoon BP family...

I am reaching out to see if anyone can steer me in the right direction to a lender who has a 30 year product for an investment property.  I think my biggest scare right now is seeing a lot of ads, but not knowing who is legit and who is a scam.  Hoping someone has a good recommendation.  I'm in GA but the property I am looking at is in TN.  

Thank you in advance for your feedback.

Great information from all.  Thank you.

First and foremost...I have an engaged and well-connected property manager who I would go into the trenches with.  We may not agree 100% of the time, but he always has my best interest 100% of the time.  My success to date was not achieved by contracts and dollars alone. 

Matt Devincenzo I 100% agree.  
"I want vendors who charge fairly, and see the value in me paying quickly and providing repeat business. I value them for their service and want them to charge the market rate for that service so they can be profitable and effective."

I think a discussion is in order so that we can maintain a mutual win-win relationship for both of us. 

Completely understand the property management logic Nathan and Kim...

I am on the investor side and have a property manager working off a 10% property management fee. I am about to almost triple his income by doubling his units.  I don't want to insult anyone and wanted to know if there are any standards out there as to when that 10% becomes 9% or 8% based on total volume. 

Thanks
 

Question to the BP Network-

With the steep increase in rents in the marketplace.  Is anyone seeing adjustments to Property Management fee percentages?  What is fair?  At what volume should a discount be discussed? 10 units? 20 Units? 20+?  It is a needed function of my team, but it is a large expense.  Love to hear how some have overcome or dealt with this situation.  Thanks in advance.

70/30 on gross revenue and netting 500 over the owner financing. Still looking for a simple contract if someone has template I could start from.   

I wish I could.  I still work a full time job and have not had time to investigate the ins and outs of the short term rental business.  It also keeps me investing and moving forward in the space I know.  In this deal the tenant will be paying on a rental agreement and they will also be paying a split of gross revenue on a separate contract.

Hello Bigger Pockets family.  I am entering into a deal where my tenant will be utilizing the home for an AirBnb business.  Does anyone have a template for a business contract that would have a split for the AirBnB revenue?