All Forum Posts by: Sing Ho

Hey Edward, Welcome to PB. I am new to BP as well and watch many podcast and also a newbie investing in real estate. I am from the philly area too. I have a fulltime job as well and trying to do investing on the side. I do have a few properties I and my wife purchased but still need to get more education in the world of REI. I would like to find time to meet in some REIA groups and network with some of these people. I wouldnt mind joining you one of those REIA groups. Gotta find one first.

Nice job. I am in philly myself and deals are hard to come by here but good job on first rental!

Did the survey

I was looking for PMs to manage my property and actually found one by chatting a contractor that recommended one. I checked their rates and compared it to other PM companies and rates and fees are similar. Only difference is this company charges 9% compare to the regular 10% that others charge. We spoke with the company a week ago and ask if this number is negotiable, and they said it prob wasn't but they can ask their boss. We were searching for a couple more PMs online and called a few other places but at the end thought that we would go with the recommended PM and kinda even told them we would go with them. Just got a call today from the PM to confirm our appt today and they out of the blue guy told me they would drop the fee to 8%. It was good news to me but kind of strange. What do you guys think? Red flag?? I will be meeting them to discuss today so I have some questions for them to answer.

Brent Neuenschwander always nice to hear from someone with similar situations.. It is an eye opener when first confronted with issues but I am dealing with it and learning at the same time. Although i would like to manage this property myself, I am thinking about getting a PM for the first year and continue to learn and get more education. BP site has been very helpful thus far.

This was a commercial loan with 4.75 fixed 1-5 yrs. 30 yrs

I use 30 yr loan from a bank.

Thanks for all the advice.. This is a learning experience and hope to obtain as much knowledge as I can and build on it. 

Jana, since this is the first month and the rent is already late by 24hrs, when is the right time to post the eviction notice? 

lol at Tim.. here is the link that I am reading and it says a PM is required if you dont reside in county. Dont see away around it as of now.

http://www.wilmingtonde.gov/business/residential-rental-property-program/how-the-program-works

Thanks Marcia, I am considering getting a PM for now and then learning the art of landlording. So far, with the other tenants, I have gotten good feedback from them. I do have alot to learn so thank you for the comment.