All Forum Posts by: Shaun Patterson

Yep everyone over 18 living in the property has an application and full credit, background, and financial.  

This is definitely a wish for alot of people but as said before any sue happy tenant will have a field day when they find out why you denied them.  My motto is the best offence is strong defence. One of the things we look for when we screen is the ability of the tenant to pay and pay on time thats just one of the 20 things we look at when we go through our screening process.  

Also in regards to Managing the property manager i would suggest specific rules and situations for them calling you. I wouldnt want my manager calling me every day for little things that dont need my immediate attention.  I should be getting calls for expenses over a certain amount and not for 20 dollar repairs. You will annoy yourself and the manager. They should also have monthly calls to go over what was done the past 30 days and any issues they came across that need to be brought to your attention for the future. 

10% of 1850 is $185 per month. If you want to offer him a set rate based on what he is doing that can work but if you switch to hourly or per call or event your going to end of loosing a lot of money. Also with PM's the reason he isnt into this is because he doesn't have the scale that he needs to live comfortably. One house at 100 per month will barely pay the gas it takes him to drive back and forth. It might be easier just to hire a PM company for the task that you need done. They may have some in your area that will set it up where they only do maintenance calls for a percentage of the revenue and you will still be able to get the reports every month outlining the expenses and what was done. 

In going to assume that you will be self managing so the first thing I would say is find a property management program that has a screening section included.  this will help streamline your process of collecting information and also help you screen better. I know that we currently charge 75 for an application but our cost is partly for the credit pull and having to comb through bank statements and tax returns and calling employers and so forth.  So don't just look at how much it will cost you to pull the report calculate how much time and effort you will put into screening the applicant.  

I always ask people who are thinking about self how much is your time worth? If you are making more money doing your full time job why would you add more work to that plate for the little you will save? I know I am biased but that's how I see it. If I'm not looking to create the systems that are needed to self manage your properties then don't waste your time doing it.  focus on hiring someone that has already created those systems and that have experience using them. It's good that you got someone to help take that unneeded stress off your back so you can focus on building your unit count (as long as they are a competent management firm and not going to cause you more headaches) 

I have some owners that we work with sell their properties on the east coast of Florida just to buy on the west coast because of the lower property values 2 hours away.  The same property that you have on one coast will buy more on the other. It's true each area especially in Florida has its own price cycle. 

I have a lot for sale in loxahatchee, FL that I am looking to get rid of. Willing to trade or sell out right. Pm for more info

each persons investing style is different you have cash flow and appreciation investors and each of them have a different take on what to do in each market.