All Forum Posts by: Patrick Hancock

@Eric Starks

I prefer Rentometer

- Pat

@Marci Stein

I’m currently using Apartments.com. Liking it thus far and customer service has been terrific.

@Tristan Roth

100% great idea and props to you for taking the initiative!

I've seen the amount for repairs that the tenant is responsible for handling increase over the years I'm sure for just this reason.  I remember $50...then $100 and now I see many property owners have increased that to $200 to help reduce the number of calls from tenants who can't change a lightbulb, replace the flapper on the toilet etc.  

I just added new modern ceiling fans to one of my properties as I was doing a substantial renovation.  If I had not done the renovation I would have not added the fans.  Brand new modern looking fans with three year old carpet, dark painted walls and seventeen year old white appliances adds zero value.  However, the new modern fans as part of the "complete package" of a newly renovated and remodeled property would add value in my humble opinion. 

From what I have seen is that their business model is to lock the deal down and then ultimately purchase your property below market value by beating you down after the inspection and with fees. However they arrive at the final offer price it is below market value.  

@Karla Simmons

Absolutely if you prefer to handle it yourself than there is nothing wrong with that. For me personally I own properties in different markets as well as where I live. And as I mentioned I’ve procured tenants and managed properties for dozens of investors over the years. What I found is it’s not worth the money, the headaches and my efforts/focus is better spent elsewhere to continue to scale. Just depends o. What your goals are.

@Mel Park

I have been managing both my own properties and those for other investors for 17 years and I can say without a doubt to let someone else do it. Make sure to hire a great management company and factor in the 8-10% monthly management fee when you first analyze the deal before acquisition. This is especially true if your goal is to scale. You simply won’t have time to do it and it can be unbelievably distracting.

@Bobby Larsen

While working with many buyers the lack of inventory combined with high demand driving prices beyond affordability has caused many to just rent. I’ve also had many sellers “cash out” then rent with the expectation that there will be a market correction which will increase inventory and lower prices when at that point they will “buy back in”.

@Garrett Hollenbach

That should be addressed in the lease before tenant moves in. I usually make it the tenants responsibility to take care of pest control. I do, however, and if especially if it’s a wood frame home will hire a company and pay for it to treat and monitor for termites. Definitely do not want to take the chance the tenant is not consistent when it comes to termite prevention.