All Forum Posts by: Peter Mason

Thank you, Glenn I use Trend Realty. I worked for them as a PM for several months and know their system and people well. I couldn't be happier. They know the student market and regular market well and how to account for the differences in marketing and management for the two. They have 3 maintenance guys that are great and get the job done adequately and safely while keeping your wallet in mind.

Hello everyone! Man am I glad I found this place. I have been searching for a site like this to get more information on REI but clearly have not been putting in the right search words. So first I want to say thank you to the developers of this amazing site and to all the members who contribute your hard earned knowledge.

Here's me...

I have a regular full time job and have been doing part time REI since 2010. I got the bug when I was forced to take over several of my Grandparents rentals. I then read Rich Dad Poor Dad for some insight and that was it...I was hooked. I turned those rentals I took over into a few more and now have a portfolio of 10 SFH's in Gainesville, Fl. A couple years ago I received my Real Estate license and got hired as a Property Manager while I was unemployed from my proffesional line of work. That is a HARD job and much respect to all you PMs out there.

Being unemployed for a couple of years made me have to put my goals on hold for a while but now that things are better I am looking to ramp up the ole REI goals once again! However, now my family and I are moving to Largo, Fl in the next month and I have absolutely no "team" down there and am not familiar with the market either.

What are my REI interests? Well, I like the idea of buying and holding which has worked well for me thus far. I would like to move on to bigger and better things such as multi family housing and apartment buildings. I travel for a living and when I am home I'd rather be with my family then fixing toilets so I use and am a big advocate of property management.

That's my story. I've got a few years of experience in the REI world and hope I can share some of that knowledge with you fine people and hope I can learn a thing or two as well.

Let's accomplish those goals and dreams! Who's coming with me?

I agree. I have put $300k liability insurance on each of my rentals and have a million dollar umbrella policy covering them and my personal home and cars as well.  My insurance agent told me the good thing about an umbrella policy is that not only is it added monetary protection but if you are ever gone after by someone they will have to deal with the insurance companies lawyers first. And we all know how much they like to protect their money!

whoops, sorry missed the reply where they fessed up. Sorry. Guess I get away with keeping my life at least.

dog or cat for sure. Would bet my life on it.

I agree with Jerry. I used to allow dogs because I have dogs and am sympathetic. However, not anymore! I have been hit in the wallet so many times now because of allowing dogs that it has become cheaper to wait for a Tenant without animals.  Even with a large deposit of $600 I have lost tons of money. 

I will say this...It depends on your property. If you have new or newer carpet I wouldn't recommend it. 9 times out of 10, pet damage (even the self proclaimed cleanest pet owners) will be unreversable on carpet and the pad. I am talking about smell, stains and claw snags. You can count on having to replace the pad and carpet at a cost of $1000-$2000. This damage is more prevalent in a SFH situation like yours because you probably have an outdoor area that the dogs will frequent and bring inside. Obviously if your townhome is all tile or mostly tile you are better off.

I do allow pets in my rentals only if I know that the carpet is on its last use and that it would have to be replaced after the tenant anyway.  But I still charge high deposits because if there are any fleas brought into the home you will have to do flea treatments (up to 3 depending on the severity) even if you are changing the carpet.

My rentals are town homes and this is my personal experience and perspective. Good luck!

Hi Canadace,

I can tell you that after managing my own properties for a couple of years and switching to property management my life has become A LOT LESS stressful. I wish I would have done it sooner. Even though it may appear that having a PM may hurt your bottom line, you have to look at the whole picture.  How much is your time with your family worth or time for yourself worth. Also because a good PM is more streamlined in their processes (marketing, notices, repairs, new tenants etc.) over time I believe you will save money. I also got to personally involved with tenants when I ran them causing me to not charge late fees or give them a chance to catch up on rents (that usually never happened). Another reason for me a PM saved me money.

As for the fees they charge...

It sounds reasonable to me honestly. But it also depends a little on the area that you live. But like I said it sounds reasonable.

Some things to consider when interviewing a potential PM if it's not too late:

- check their turn time on move out vacancies. Is it a couple of days, a week, 2 weeks? 

- not sure how many properties you will be bringing them but see if they will give you a break in fees.

-and very important.. Are they organized? is their office a mess? What software do they use? Do they provide you with an owner portal and do they have tenant portals?

These are just a few good things to look for besides the typical ones like how long they have been in business and are their staffing levels adequate.

Good luck and I believe you are making a good decision!