All Forum Posts by: Mica Moore

Property management is the armpit of real estate. The tenants drama, maintaince & vacancy. It looks like easy money on paper -- but the reality is a lot of hard work. A PM helps but it doesn't solve all the problems. Tenants are ruthless -- you would not beliive it unless you experience it.

The fix & flip side? Have you dealt regularly with contactors? Very big headache --- getting them to perform ontime & within budget or even to have the crew show up at all & do quality work --- takes a lot of patience & oversight. Think you can DIY? Not as easy as it looks either, you could run into an array of issues. Then when time to sell -- it could not be as quick & easy a sell as you think. You're on the clock to make a profit and 99% of the time there is more work & energy involved that estimated.

There are a lot of big dreams & big talkers in this game -- but few consider the realities.

Make sure you have a partnership agreement. An LLC is best. Its all fun and games until 1 of you disagrees with something. Have a contract.

Thanks all... I'm going to keep investigating. 

Title Company?  Tax Assessor?

The first step is to be sure that you have confirmed through your research that what you're asking in rent is realistic (despite you're own financial issues -- be honest).

There are Different Strategies:

Offer a move-in special (carefully craft the terms). Always give a rent discount instead of a security deposit discount (the SD is the main power you have over the tenant if things go south -- make sure they have enough skin in the game). Make it has high as possible.

An Example:  $2000 Security Deposit, 1st months rent free (never the other way around) or some other amount for a lower 1st month rent (1/2 off, etc.) -- if they sign a 1-year lease.  

A rent price of $1,695 looks more attractive to tenants (its a psychological thing - it under '$1,700).

Pets - it's complicated.  If you can find a no pet tenant they are worth more to your bottom-line -- cater to them (less potential for damage).  But pets are hard to avoid in this day and age -- so don't limit your tenant options.  Just be sure to screen them and collect an additional deposit (state laws vary).

Lock the door with a keypad & only give tenants the combo. Other useful ways to have deterrents: fences & security cameras, no loitering/trespassing signs.

You consider an opinion to protect yourself negativity? Good luck in your deal I hope you figure it out.

To everyone else -- make wise choices. There's an old adage he who represents himself has a fool for a client.

 I would say that's a bad idea. As a buyer an agent is free -- you need someone with experience ( which it doesn't seem you have) or you might find yourself in bad situations. 

Your Real Estate Agent is not helping you? That is their job.