Hi David Oh-You asked about a profit sharing bonus for property managers to give them an ownership mindset and incentivize them to align with your goals for quality property management.I love this idea.While I do not have a formal profit sharing plan, I always like to recognize the property management company with gift cards to the operators and the people within the property management company I have regular contact with that help keep the property running well and keeping costs down.Related to this, a handwritten thank you card to the same people periodically goes a long way.I also like to do the same for the tenants that have been paying rent on time.To your success!

Keep it up!

This helps prove your direct participation.Proof or Documentation – Keep receipts, invoices, emails, or even before-and-after photos as evidence of your work.

How do I determine how much of a down payment I should make (keeping my goal of buying more properties in mind)?

I can certainly touch all of them in a long version of the story & analysis with ample details, but that would take me a while to write.

I currently use Wells Fargo and it’s a pain in the butt to keep going there in person and setting up a security deposit account.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Given you also have a management company to do books for I would suggest the more expensive option of getting a management software that has accounting capabilities so that all you would have to keep track of on a spreadsheet is the management company.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Always stay calm and keep the conversation focused on the value the buyer is getting.Also, consider leveraging professional staging if the house is empty or just doesn’t show well.