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All Forum Posts by: Steven Warner

Steven Warner has started 2 posts and replied 59 times.

Post: Kansas City Property Management

Steven WarnerPosted
  • Posts 62
  • Votes 50
Quote from @Nathan Gesner:
Quote from @Jake S.:

Remember: cheaper doesn't mean you'll make more money.

Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!



 Excellent Post Nathan!

Thank you

Quote from @Will Fraser:
Quote from @Steven Warner:
Quote from @Will Fraser:

Hey @Steven Warner, if your expectations are to get a response (in ANY timeframe at all) and you've called (and left a voicemail), texted, or emailed their sales lines then you're not looking for a unicorn at all!  It sounds more like you're looking for a PM company who is showing up for work and doing their jobs, which I'm certain there are a few of in Wichita.  

Let me ask my guild and see if I can come up with any excellence-minded PM companies in Wichita to connect you with.

Thanks Will - I certainly would appreciate it. 


 Yo Steven, have you had any interactions with KeyRenter?

I have not had any contact with them.  I was disappointed in their site in that they seem to be focused more in other areas and not so much the Wichita area, though I may be wrong. Have you had any luck with them? 


Quote from @Daniel Gutierrez:

Hey Steve, I am going to send you message. I am Realtor and investor here in Wichita and have a couple good recommendations for you.

Thank you Daniel

I left you a contact email so please feel free to send them directly to me.

Also, would you have a title company there as well?  I am think we might want to take out a policy on this one. 

Again, thank you

Steve

  

Quote from @Will Fraser:

Hey @Steven Warner, if your expectations are to get a response (in ANY timeframe at all) and you've called (and left a voicemail), texted, or emailed their sales lines then you're not looking for a unicorn at all!  It sounds more like you're looking for a PM company who is showing up for work and doing their jobs, which I'm certain there are a few of in Wichita.  

Let me ask my guild and see if I can come up with any excellence-minded PM companies in Wichita to connect you with.

Thanks Will - I certainly would appreciate it. 


Does anyone have a reputable property management team in the Wichita area?  

I have reached out two a couple in the area and they have not responded.

Am I looking for a "unicorn" in Wichita?  

Thank you in advance

Steve

No way!!  The purpose of a co-signor is to guarantee that payment is made.  

Moreover, a co-signor is signing and allows for you to name them in any suit for non-payment/damage to the property.  If they are out of the country, how are you going to collect on any judgment in your favor? 

Here, there is a good chance on the "kids" are judgment proof and have no money while the parents are in another country which is more than likely impossible to seek enforcement of the judgment on.   

While I have allowed a co-signor,  I make sure they qualify and can are actionable for any judgment I may have to enforce.  

I hope this helps..

Steve   

Vanessa

When you say the daughter was deeded off the property, what did the new the deed say about tenancy?  I doubt that there was a right of survivorship but you never know.  

The daughter is the lawful owner, she is just not on recorded title to the property.  

Also, were there any other children or potential heirs?  You do not say but you do not want to land in an estate fight. If there are other heirs, then there is that potential even if the will said daughter is to get the property.   There still may be a need to open a probate, but that will depend on your jurisdiction.   

Now will the daughter sign a deed and a contact for sale? Or give her some cash for a deed to get her off as the owner?  A simple purchase contract referencing her as the heir of the will and the rightful owner would suffice.  I would ask for a copy of the will which would show her as the new lawful owner. You want to keep track of the title to avoid title issues down the road.     

The great thing is that the daughter is on the mortgage so see if she will sign an undated authorizations allowing you to speak to the mortgage company or their representative about your plans as a family member who is taking over the property. I would prefer two of these authorizations as there is usually a time limit of 60 -90 days on how long the authorizations are good for.  

After you gain control of the ownership, contact the mortgage company and bring the loan current before starting any rehab work.  

Good luck

Steve

Post: How do you find comps?

Steven WarnerPosted
  • Posts 62
  • Votes 50

Hi

For me it depends on that I am doing, am I screening deals and just looking at potentials, or am I looking to make a serious offer.  If I am just screening potential deals, Zillow if fine or any of the other AVMs will do.  I am am looking to nail a deal down then I am using every available AVM out there to find a consistent valuation.  

Not sure if that helps... 

Steve

I have a rental in Gulfport MS and I am looking to see if I can get the homeowner insurance premium reduced.  Does anyone have a referral for an agent/agency that has coverage for the Harrison County Area?  

The property is north of US 10 so it is NOT sitting on the coast; it is a is a few miles inland.  Even with Katrina the loss claimed was minimal compared to others.   

Any help would be appreciated. 

Thanks

Have a great day!

Steve

Daniel

Let me add one little thought- will the seller do owner financing on one or both?  If so, go with the high dollar amount and get it done!

Just another little thought... 

Steve