All Forum Posts by: Peri Eryigit

Thanks for the responses. Really just wanted to figure out what a fair tenant finder rate might be but appreciate the feedback.

@Rick Albert Thanks for the feedback! Yes, it's a poor system for actually getting a place rented. Just trying to work out a fair "tenant finder fee." Currently settled on half of first month's rent. 

@Nathan Gesner This is his first PM job although he is an experienced investor, house inspector, and contractor. Dedicated and trustworthy PMs have been very hard to find our area so we'd rather build the systems and train someone to become a part of our team than outsource to someone we can't trust. 

I'm just interested in what other people are paying for tenant finder fees to ensure our agreement is fair on both sides. He seems content with replacing the costs per each showing with half a month's rent. 

Thank you for all of those points! I will keep these in mind for future reference! 

@Nathan Gesner Thanks for the feedback! We wrote our own PM Agreement and showing fees are not a part of it; we only agreed to pay a new signed lease/tenant finder fee. Our PM is asking us to reconsider so I'm trying to see what other investors might be paying for this service. 

The pre-qualification process is a great point. Thank you!

Does anyone pay a tenant finder fee to a property manager or agent? 

We have a property manager that we pay 8% of rents to plus a tenant finder fee. He also wants to be paid per showing because we've had many showings per each listing and it's taking months to get a tenant. 

How much do you all pay for these services? (In Kentucky or elsewhere)

Thank you!!

@Bonnie Low Wonderful insights, thank you so much!! 

@Kevin Hart amazing! Thanks for sharing. Do you use Furnished Finder? 

Does anyone have experience or data sources regarding the mid-term rental market in Louisville? 

I am considering furnishing one of our long-term rentals in the Old Louisville area and marketing it to mid-term renters instead (30+ days). I'm not sure how in-demand this would be, who would be renting it (just traveling nurses?), where to advertise it, etc.

Any insights would be appreciated. Thank you!!

We invest in multifamilies in Louisville. We'd love to connect and share what we've learned so far! 

Hey Eric, my partner and I househack and we are about to close on a couple multifamilies in (Old) Louisville as well! Every unit we've bought has had a tenant in it when we closed. Not all of them have been great but we haven't had a problem getting them out. We usually plan to move in and rehab each unit one by one so we look at the leases and start with the unit with the lease that's ending next. We introduce ourselves to the tenants as soon as we close, ask if there are any problems in their unit, anything we should know about. If we're kicking them out, we explain we're doing it per the conditions of the loan we got and wish we didn't have to... Even if they aren't great tenants, they usually respond well to friendliness/concern and don't create further issues.