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4 June 2024 | 8 replies
On top of that, if the property is being used as an STR, most lenders will want to verify that you have experience owning managing short term rentals.
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4 June 2024 | 14 replies
@Brooke Williamson I would advise that you get on the phone and verify what the PM is saying
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5 June 2024 | 10 replies
It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions.
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3 June 2024 | 7 replies
What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?
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3 June 2024 | 3 replies
What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?
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3 June 2024 | 4 replies
What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?
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3 June 2024 | 19 replies
Just the process of looking at credit reports and applications, calling references, talking to people and verifying employment/income will make you a better landlord/screener for future vacancies.
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3 June 2024 | 56 replies
Please send to me for review, so I can verify authenticity.
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2 June 2024 | 2 replies
After a tenant moves in, we normally call to verify with the utility provider that the tenant has setup their own utility accounts.
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4 June 2024 | 54 replies
All of the data they provide is not filtered or verified and therefore mostly inaccurate or disconnected contact info.