My suggestion would be to cap your utilities at a certain amount and have Tenants pay anything over that amount.That will help you manage your expenses, and also allow Tenants to gage their usage each month, and make adjustments if they don't want to go over the allotted amount.As far as collection, provide the bill showing any overages and just have them pay for it along with their rent. 

A major part of the success or failure of an STR investment is the design, furnishing and management plan.

This also lets investors manage maturity dates, guarantor exposure, market exposure and other factors.We service loans on our balance sheet and manage construction draws for all loans we originate.I am happy to answer any additional questions or provide additional insights.

Vaughn is 40 years old, has a Bachelor of Arts in Marketing and Business Management from Temple University in Philadelphia, and resides in the City of Tampa, FL.Ms.

Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.

For owner managed properties like this we see expense ratios in the 35%+ range. 

@Lillian Pintaro,Birmingham’s a lucrative market—it’s been my stomping ground for nearly 20 years, and you can find some excellent deals if you know what you’re after and dive deep by zip code, neighborhood, and city block.For what it’s worth, we manage 2,000+ units (many for out-of-state investors) mostly in the north and west part of town—so think suburbs outside the city limits like Graysville (35073), Adamsville (35005), Mount Olive (35117), Center Point (35215), and the like.Since you’re also open to the surrounding areas, places like Odenville (to the east) and Tuscaloosa (to the southwest) could be worth checking out.

It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas.

My wife continued to be the administrator of record with the state as we added homes to our portfolio and she would assign the house manager as the administrator designee for the home. 

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.