All Forum Posts by: Wayne Newland

I am  a real estate broker in Zanesville, Oh. Our market is still very hot with low inventory and homes selling above average. Just curious is anyone out there is starting to see a shift yet or a downturn in sales in your area and the reason why. 

I am curious how property managers are getting paid under their brokerages? I am thinking of starting a PM division in my brokerage. I would likely charge a 10% fee per property to manage. Is it customary for the manager to get a percentage of this 10% or any other fees collected? Or would the manager get a base salary or hourly fee? How are some of your managers getting paid?

Market is Zanesville, Oh. Surprisingly the units were well cared for and most had new roofs. The heating and cooling were simple wall units for each door. If it goes out you yank it out and install new like a window air conditioner.

For our area these rents were a little low but not by much. Each unit was all electric with tenants paying their own elec. The owner pays water and trash.

I am experienced in single family homes and 2-3 units very well. I recently had the opportunity to bid on a 69 unit complex that showed to net 74k after all expenses paid. These units were well maintained and in great shape. Many upgrades and 92% rented with a full time maintenance man and manager on site. My question is how most of you would value this? It had 12 studio units renting for 439 each, 49 1 beds renting for 539 each and 8 2bed units for 639 each. That's potentially over 36k cash flow monthly. The place sold for 1,850,000, did the buyer get a deal?

Eviction for sure. The tenants problems are not yours. Well they are until you get them out.