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9 January 2025 | 4 replies
@Stacey OlsonRecommend 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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11 January 2025 | 7 replies
@Venka Pulla Many smaller PMCs are unprofessional, they can also be vindictive.So, suggest you get all the info you can from your Owner Portal before terminating them.Also, hire a new PMC BEFORE terminating the current PMC.Then, terminate and work closely with the new PMC to get tenant payments switched over and whatever documentation is missing.Hopefully, you'll screen for a new PMC better than you did to pick the current one!
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12 January 2025 | 5 replies
As long as you are on the loan, on title, and live in the home for 12 months minimum, then your non occupying coborrower can qualify for 5% down at owner occupied rates.
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31 January 2025 | 22 replies
Most of these forms are boiler plate, just changing owners name and address, and charging you several hundred for it.
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16 January 2025 | 1 reply
.🎯 Your 6-Month Timeline:Month 1: Foundation (5-7 hours/week)Morning routine: 1 hour daily market researchEvening routine: Deal analysis practiceWeekend: BP forums & networkingKey Goal: Analyze 10 deals on paperMonth 2: Education (8-10 hours/week)Complete 1 RE courseJoin 2 local REI groupsSchedule lunch breaks with agentsKey Goal: Build your initial power team listMonth 3: Systems (10-12 hours/week)Set up deal tracking systemCreate document templatesEstablish banking relationshipsKey Goal: Ready to make offersMonth 4: Lead Generation (12-15 hours/week)Drive neighborhoods after workWeekend open housesSetup automated MLS alertsKey Goal: Generate first 5 qualified leadsNow, the Owners and Brokers you deal with may not enjoy this, but you can certainly "practice" making offers.
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18 January 2025 | 1 reply
With an 8% mortgage rate, they would pay more than $650k in interest.One major problem for both buyers and owners beyond mortgage rates is the rising cost of property tax and insurance.
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18 January 2025 | 3 replies
They agreed to pay in accordance to the lease and failure to manage to the lease is the #1 reason why landlords fail (Source: American Apartment Owners Assn).Cowboy up and stop having the tenant control your ROI.Best.
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27 January 2025 | 21 replies
So a room used for laundry that is 100 sq ft (quite common) costs the owner about $72,000 over the course of a decade (in today's dollars).
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17 January 2025 | 3 replies
I looped in the owner of the company but things are still pretty rough.
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10 January 2025 | 11 replies
As the new owner, you’ll want the lease and your landlord insurance policy to take effect as soon as you take title to the property.Temporary Lease Considerations:While short-term leases can work well, leasing to a seller long-term often leads to complications.