All Forum Posts by: Emily Powell

@Michael Sepe I would say that those rates are pretty standard.  Also, know that everything is negotiable. I recently changed PMs for one of my properties and was able to negotiate a lower monthly fee (from 10% to 7%) and a lower lease renewal fee (from half a month's rent to $100) because the new PM wanted my business and I have several other properties that I could potentially move over as well. So yes, those are pretty standard, but you can both shop around and negotiate. 

There is no right or wrong way to build wealth.  But one way will get you there much faster than the other. But you have to do what you are most comfortable with. 

@Clint G. would you mind sharing the lender/broker you've used? I'm looking to refinance a few properties in Texas.  

@Cameron Tope would you be willing to share your lender info? I'm looking to refi a few properties in TX and would love to get a rate in the 3's. 

Hi, @Ryan Jones. I am an out of state investor myself and have several properties in Houston.  I have an agent who I know and trust deeply. He specializes in the Woodland area, so if that's an area you are interested in, feel free to PM me and I can give you his info.  

@Rebecca Graziano I think what it all comes down to is transparency and honesty.  If you are going to have a pet guarantee, then that policy needs to be outlined so that the investor can make an educated decision about whether or not they want to participate in the program.  A PM can't just decide that they're keeping pet rent and then claim to have a pet guarantee when there has been no mention of such a policy in the past. It all just felt dishonest and smarmy to me.

I wish I had done more due diligence on Property Managers. They will make or break your investment, so make sure you research multiple companies and call references.

I had the same issue with them and started a similar thread here. I got lots of great feedback from folks on here.  When I questioned it, they told me "The fee would be given to you if the pet damages the home and the damages exceed the deposit. If this is not the case then we would keep this service fee." But I have never seen a policy that outlined this or specified how much they'd cover in the event of damages. I told them I disagreed with this policy (because they didn't implement it properly and distribute what the actual policy is) and they agreed to give the $ to me directly. The change in policy was executed very poorly on their end. 

I need a new PM in KC. Send me your recs! (there seemed to be a fair amount of DM action above, so trying to get the info myself)

I too am 100% travel and have been able to put all of my $ into investment properties.  The biggest piece of advice I can give, since you've already picked a market, is spend more time than you think you need to researching property managers.  They will make or break your investment, so do your due diligence and get references on PMs in the area. Without a good PM, long distance investing will break you. BP is an excellent resource, so use it to your advantage - there is incredible knowledge and unending experience and lessons to be learned from fellow BPers.