All Forum Posts by: Ramon Flores

Hello everyone I have a property management question. My SFH was listed for rent on 8/15. On 8/17 I received a notification saying that they found a tenant and the lease starts on 9/17 and ends 8/31 next year . Now I assumed this was a typo and I assumed the tenant was moving in quickly. Well today I found out that the tenant's lease really does start on 9/17.

Personally I am already upset with this PM because they took a month and a half to turn over a property that needed minor repairs. Long story short the contractor had a death in the family and it took longer. Now I am okay with this but I am unsure what to think about the PM allowing a 1 month gap before they move in. 

Is this normal for property managers? Do a lot of leases start 1 month after? I am unsure if I should be upset or not. At this point my property will be vacant for 2.5 months.

Thanks for the help!

I have a question regarding property management and turn over time in regards to a SFH. My tenant left my property in July 1st. When my PM sent someone to inspect the property they said they needed "very minor repairs". Mainly repainting and getting a new door. The overall cost is $750. The work was supposed to start around 7/22 but the contractor said there was a death in the family and repairs will start on 7/30.I requested to have another contractor but the PM said it would take longer because they would have to get a new quote.

So I waited until yesterday, then I emailed the PM because a week went by and I never heard anything. The PM contacted the contractor and the contractor said the unit will be completed on 8/12.  

Now this is my second property and my first property took about two weeks to fix and market. When I inquired about why its taking so long the PM says because the contractor had a death in the family. I asked why it will take two weeks for a contractor to complete "very minor repairs" and she says that contractors have multiple projects that they are working on at any given time. She apologized for the process taking a long time but she said it was due to a death in the family.

Now so far this PM has been good and this is my first turnover with them. I have voiced my frustration several times and I am confused if this is normal or what. My questions are:

1. Is this timeframe reasonable taking in consideration there was a death in the family?

2. What suggestions do you have?

3. Am I over reacting and being inconsiderate?

Any insight would help thanks!

@Warren West First of all congratulations! Second, I recommend hiring an electrician and a plumber to do an inspection in addition to a regular inspector. Also be very conservative with your numbers and always have reserves ready. Congrats!

@Bishoy Takla It's hard to recommend something without having all the numbers. If you can, I would suggest 20% down and conventional. It also depends on your location, reserves, prices, appreciation, cashflow, etc. When you put 20% down you would get rid of the PMI which can add up to a lot.

@Chris Taylor You want to keep your rental property account separate than your personal account. It makes accounting a lot easier when taxes come around. Personally, I take my cashflow amount and transfer it to another account for real estate investing ONLY. The rest I let it build there for emergencies. 

It's really up to you on how you want to organize it. 

@David Smiley Hi David, I assume you are getting an FHA loan and moving into the building. If so you will also have to pay for mortgage insurance on the property. You also need to take repairs in consideration. What about utilities? Lawn care? Pest control, etc? As a landlord you may have to pay for some of these. Hope this helps!

@Shon Drennan If you scroll up on the website to "education", then go to "guides"; you will find excellent resources that can help you. It is easier to look at this rather than explain it, lol.

@Account Closed The cool thing about real estate is that most if the time if you find one good agent, they already have a team in place. Personally I would say a knowledgable real estate agent is the most important person in the beginning. Obviously property managers, lenders, contractors are also important.

I am not sure if you have the funds or what your circumstances are in life, but if are serious find an agent and tell the agent what you are looking for. The agent will give you a courtesy call and eventually will ask you to be pre-approved. Hope this helps!

The lender will want to see the last two months of your banking accounts. If the lender does not see any income you may not get pre-approved. Hope this helps!

@Gabriela Johnson I am not sure of your market or location. But if you can, have the first property you buy be your own or the one you live in. If you still can't afford to buy a property with 20k in your market, or if you already own a property. I would invest out of state and buy a SFH that cashflows in the midwest for around 75k.