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20 February 2025 | 15 replies
Now it comes to the tax season and I am looking for a local CPA who has good experience with REI.
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17 February 2025 | 2 replies
Many of the cities are now requiring someone to be a Local Agent in Charge if you don't live in Cuyahoga County.
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26 February 2025 | 13 replies
Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee.
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20 February 2025 | 3 replies
Quote from @Tomasz Kaminski: I'm looking locally at my county auctions and there's properties for sale due to foreclosure.
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23 February 2025 | 5 replies
@Edwin AlvarezI recommend finding local meetups to attend. https://www.biggerpockets.com/forums/521I have found all of my best connections at local meetups.
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17 February 2025 | 6 replies
Call some local competitors.
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11 February 2025 | 4 replies
@Kuba Rogut options:1) In-house maintenance team2) Out-sourced local maintenance team3) Outsource to Latchel, Porch, etc., 3rd party companies4) Mix of the above
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23 February 2025 | 7 replies
Start by networking at local meetups and connecting with investors, agents, and property managers.
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19 February 2025 | 10 replies
Quote from @Phil Hale: Investor targeting 5+ unit deals in Columbus—where do you network locally?
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14 February 2025 | 2 replies
I understand that you borrowed from VCF, but I'm curious if you talked to any local banks/credit unions to comparison shop and if they were competitive?