All Forum Posts by: Phoebe Hodges-Carter

Hi Pocketeers!

I need some assistance.  Does anyone have any suggestions on a program or software that would allow me to create project files for different projects I'm overseeing?  I need to create the project, track scope of work, assign contractors to jobs, track purchases, track deposits and create reports for the clients to see all this information.  I think I may be asking too much.  This is not for property management.  This is for renovation management and consultation services.  

Thank you in advance.  

Hey there,

A colleague is in need of an architect in the south/southwest suburbs to design for a commercial/retail space.  Any suggestions?

Thanks @Jim B., that is something I did not know!  I started doing this to help out a a friend who didn't want to deal with the back and forth of the property.  I am not working for a licensed broker and assisting him with his properties and bringing in new business.  

Okay, 

I have the opportunity to submit a price on a short sale that is ABOUT to be listed in the really great neighborhood on Chicago's South side.  When it is listed I want to be ready.  It's a 2/1 approx. 1,200 sq. ft. with a partially finished basement and 2-car garage.  The resale values are great and there are less than six (6) homes for sale in the neighborhood.  

The bank is looking for $100k for the property and it does need updating (e.g. kitchen, bathroom, basement needs to be taken down to the studs and bath/bedroom should be added in my opinion)  With that said I'm thinking an addition $70k would be needed to cover reno and closing costs.

Comps for the area are $150k for a 974 sq ft property, $226k for 1,700 sq. ft. property and $252k for 1,665 sq. ft. property.  After mapping out all the addresses the property I'm interested in sits in the of the neighborhood and in no way is on the periphery.  

All the people I've been meeting at REIA and Meet Up meetings and I thought had money to invest don't.

1. How do I shop this and I don't know where to go to shop it since I've tapped into the network of buyers I thought I was building??

2. I guess another question would be is if this is even worth pursuing???

Hmmm... the Rentec site seems to be pretty darned good.  I love that you can manage multiple properties in one place along with reports and accepting ACH payments.  Allowing the homeowner their own login and password to check up on this is AWESOME!  The prices are decent for the background and credit checks too.  I'm going to try it out for a month and see how I like it.

Thanks for the wonderful feedback everyone!  I'm going to check out these sites and see which one fits best for me.  I had an open house yesterday and have six applications that need to be processed tonight.  

Okay, so I'm taking applications on my rental and at first I thought I was going to use SmartMove for my tenant screening services because the price is right and it seemed easy.  That changed for me after the first one.  While the price for a credit and background check is reasonable, SmartMove requires the applicant to respond to a link sent to them via email authorizing the check to be done.  I had the signed application in my hand when I purchased the report.  This resulted in the check not being completed until 3 days later when the applicant finally went in to check their email.  I don't like this process.

Can anyone suggest a service that is $35 or less.  I've charged the applicants $35 and I think that's high enough.  Some of my applicants are low income and many get taken advantage of.  

Thanks for your input

Thanks everyone!  No @Jim B. I'm not a licensed broker.  As a matter of fact this is my first property, so I'm getting my footing.  I've spoken with a couple other people as well  and have decided NOT to charge different security deposits.  Everyone will pay the same amount.  I'm keeping things simple.... (this time)  LOL

Wow!!  This is great information!  Thank you all for your examples and suggestions.  I am not a broker or an agent and this is my first house so I'm a little nervous and very anal about protecting myself and the owner.  I appreciate all the comments.  I have an open house tomorrow and am going to update the application to include the clause about insurance being required!!!

I am a new property manager.  I want to require my renter to purchase renters insurance and add it as a condition of the lease with any damages to the property to be made payable to the home owner if the tenant is responsible for causing the damage with say a fire or unreported leak, etc.  How do I write that into a lease and where on the policy is the homeowner listed on the policy?