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7 October 2024 | 2 replies
@Vishal ChandanRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
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4 October 2024 | 7 replies
Our current criteria are: no evictions, no bankruptcy, income 2.5x rent, max of 5 non-medical related collection items, and no collections related to unpaid rent or other past rental related obligations.
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9 October 2024 | 9 replies
Going to make this into its own post for others to reference in future!
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9 October 2024 | 16 replies
- How long the unit sits vacant for repairs/cleaning, and finding a tenant- City/town/state the unit is inPlease respond with your thoughts, hopefully with the bullet points above as points of reference and stated as such in your reply (I know, I am asking for a lot from you all :) ) But, for example, a Class D property in Milwaukee, WI probably requires less turnover time, lower quality materials, not as precise of a paint job, etc, than perhaps a Class A property in San Francisco, which would require higher quality materials, higher labor costs, longer vacancy since more precise craftsmanship would be required, etc.
6 October 2024 | 1 reply
No underwriter wants to lose their job over a "missed" item like that.
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9 October 2024 | 23 replies
Beyond the formal checklists: no evictions, 3-4x income to rent, prior landlord references, employment checks; I would also look at things like responsiveness to communication when we are setting showing, were they on time to showing, did they look me in the eye and shake my hand, did they show up to showing high?
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7 October 2024 | 3 replies
You never know when you’ll need to refer back to these records, especially in case of a dispute.
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5 October 2024 | 10 replies
I have a house in Toledo, Ohio that I’m trying to get over the line with section 8 inspection.My contractor (who I know and trust) did significant work to ensure the house was up to code.The first scheduled inspection was cancelled by the inspector stating there were too many deficiencies, I endeavoured to reach out for details of the deficiencies but was met with silence and unable to get any info.The second inspection came back with a list of 18 items, some of which I consider petty, such as a small groundhog hole in the backyard.She is also asking for “Front attic window area and front fence needs a full house lead clearance examination by a licensed lead inspector “.
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5 October 2024 | 6 replies
Even though we do run credit and background, I refer to us as private money lenders rather than hard money lenders based primarily on the cost of capital.
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8 October 2024 | 16 replies
Here are a few of my top tips for making your property pet-friendly:Research local pet fees: Ensure your pet fees are competitive while still allowing you to cover potential wear and tear and make a profit.Set a pet limit: Specify the maximum number of pets allowed on your short-term rental platforms and highlight this in multiple areas of your listing, including your property rules.Provide pet essentials: Invest in items like a large dog crate and pet food bowls for guest use.Create clear pet rules: Share these rules with guests during check-in.