All Forum Posts by: Tim VandenToorn

We pay water for the tenant and bill them later for it.  This ensures the water is paid and not attached as a lien at move out. 

@James Compton I would love to be apart of your long term investment goals here in Grand Rapids.  I noticed @Randy Charboneau posted above and I would highly recommend connecting with him for our purchasing needs.  If you need a second opinion on any properties or a perspective from a management company please let me know.  Check out our company United Properties!  If you have other questions or if you would like to sit down let me know. 

@Sarah Williams connect anytime.  If you message me, I will provide my email.  That may be a better way to communicate =)

@Jordan Puffer When you get into rental amounts over $450.00 per room on a single family or small multi-family apt you start competing against the new construction, and its not a market you want to compete with.  I have completed several high end properties in the last year for my personal portfolio, and have shifted gears back into the middle/lower income area as this demographic is having a hard time finding quality homes that are reasonably prices.  In general wouldn't expect more than $400-425.00 per bedroom.  

@Rachel M. thanks for the plug!! 

Thanks for the mention Jake.  I look forward to speaking with you @Jorge J Gonzalez

@Joe Kim  I recently sent this to an investor complaining about out "leasing up" fees.  We charge 60% of one months rent.

-Marketing- We pay an employee to take pictures, measurements, write an advertisement upload pictures etc to market your property on nearly 50 sites. This process alone takes a couple hours per unit. At $25.00 a hour.  This cost around $100.00  If we hire a professional photographer (which we do on higher end units) and pay extra for this.  Between $70-$100.00.  We still write the add, coordinate the pictures etc.  Higher end units cost about $150.00 to market

-Calls- we generally take dozen of calls on properties answering numerous questions prior to scheduling a showing. There is labor time involved here and requires office staff. $100.00 

-Showings- we send a leasing agent to show your properties every time a person calls to schedule. We do same day showings. On lower end units the cost of this is even higher as lower end distressed properties are hard to rent. Our leasing agent likely spent 5 -10 hours showing each unit of your prior to renting. This cost $100 to $200.00 

-Leasing bonus - we pay our leasing agent a bonus when they place a qualified tenant $75.00

-Background- We check employee references, landlord references, draft lease documents (containing roughly 15 pages of customized documents) prior to moving a tenant in. Along with supplying keys and explaining the lease, this is an hour long process. $25.00.

-Move in pictures/video- Upon completion of the rent ready we take move in pictures and or a video of your property. We generally take 25-50 pictures per unit prior to move-in that is billed for in the placement fee. This requires an employee to make a trip to the house and to upload the pictures which are stored on our hard drive.

-Signs- we have cost associated with purchasing, maintaining and placing signs at each property we advertise. These signs cost $50-$75.

-Website- we maintain a website to advertise and pay for a service to syndicate the listings.

I would rather renew a lease, then place a new tenant any day of the week.  

Jake, I appreciate the referral.  

Courtney, thanks for the compliment! Justin the contractor will have to be approved by your bank to handle 203k loans.  This is not difficult to be approved, but you will want to make sure that any recommendation you get meet this requirement. If the remodel is under $30,000 the bank's involvement is much less.  Over $30,000 than they do inspections etc. 

What is the scope of work you are looking to have completed? 

@Charles Kao.  Good thought.  I was advised to get a stamped copy of the form you turn into the assessor's office noting that they "received" it.  I have not had any issues with fighting the taxes on properties I have completed this on.  I do have a referral for property tax appeals if you would like.  Sometimes its just easier having a professional handle it.  I have had success both on my own and hiring someone.