All Forum Posts by: Phil Earley

Narpm.org

National Association of Residential Property Managers is a good place also

Scores under 550 are an automatic denial for us.  We have a graduated scale to increase security deposits as it lowers to the 550 cut off.     It takes a lot of effort to try or not try to get a score lower than 550.  

@Chad MilesIf you are able to stop by the office and meet the staff,  you will get a true "feeling."

If the office and staff are fine tuned, organized, and up beat, that philosophy will typically flow towards their clients and customers also.      

In my opinion, a management companies main role is to react on your behalf.   

Ask about what their processes are to react to maintenance, rent collections, tenant inquiries, applications, leasing, etc.....

If you don't agree with or are uncomfortable with their processes and procedures, keep interviewing. 

Hiring someone should make your life easier, not harder.  

Another good source for your state specific trust accounting rules and regulations would be the Pennsylvania Real Estate Commission. 

Congratulations on the new investment.   Being out of pocket weeks at a time can be problematic for you and your tenant.   Murphy's law will prevail.  

Google  "fannie mae landlord guide"  Its a great publication by Fannie Mae to help you through the process.  

I'm not sure who I'm quoting but this one stuck with me. 

"you never have to regret what you don't say or write"

I spoke with a gentleman a couple of weeks ago who appears to be pretty successful with his vacation rentals in Tybee.   He uses a 50% occupancy rate in his initial calculations.   He beats that number by doing all the marketing himself using every available vacation site out there as he put it.  Once the week is approved for booking, he passes the contact information over to his property manager to handle the paperwork and funds.    

For those who may not have a safety cushion built into their investment; programs for evictions, rental proceeds, maintenance, etc, can offer piece of mind.  If or when a safety fund is in place, you probably don't need to spend the extra money. 

National Association of Residential Property Managers.

narpm.org  

This is a great place to start.