G'Day everyone,The team (@Dominique Osborn, @Sean Mahoney) and myself have an opportunity to on-board 189 units.This would be a very nice "chunk" of new business but to be honest, I'm inclined to pass.I have always believed in doing business on your terms and for terms not to be dictated by someone else.Especially when you are looking to hire us/me to do the work for you.Also, business done right needs to be a win/win for all involved and this doesn't seem like a win for us.I do however understand the caution and reluctancy to "let go of the reigns" per se as many landlords get screwed by property managers.But at the end of the day, you have to "let go" and let someone else do it or just do it all yourself.I'd love your advice on the suggested terms given to us below:1) In AppFolio they want admin level access to their account.2) They want a standardized list for maintenance items so they know in advance what repairs would cost.3) They want a copy of all invoices from contractors to us so they can verify we are not marking up more than promised.4) They want to be able to talk to our contractors before work is done (each time) so they can talk contractors down in price themselves.5) They mentioned that they pay around $300 for full paint in a 2-bedroom unit.... we do not have a contractor that will touch a full paint on a 2 bedroom for $3006) They want tiered PM Fees based on occupancy.... for example (their example): at 90% they would pay 8% PM fees, at 70% occupancy they would pay 2% PM Fees, and at 50% occupancy we would part ways.The deal breaker in my opinion is points 4, 5 and 6.With the lack of oversight/control on maintenance we have little control over the occupancy and it kills our process and efficiency.So in a way, we are destined to fail from day 1.Also, if someone does want so much control why not just self manage.The unit count justifies hiring 1-2 full time people to run it.Otherwise, let us do our job.

Hi all, trying to get a HELOC on my primary residence and having a hard time finding a bank that counts depreciation towards income

So you don't respond to the phone at all.Best practice: Send over the application and lease, the 3 day notice, bullet points on how it was served, the other unpaid rent for the second count, a check for the fee and ask when to be in court.

@Steve Cho the offering documents are what counts.

In my experience, and the experience of hundreds of professional property managers I network with, counting the late fee as "extra income" will come back to bite you.

This amounts to lost opportunity because if you had purchased RE, at the closing it can start producing return. 5) ADUs detract from the existing structure whether this is privacy, a garage, or just yard space. 6) this is related to number 1, but there are many more buyers looking to purchase homes for their family than there are RE investors looking to purchase small unit count properties.

Because if you just count the years 2020, 2021, 2022 it was my primary residence but 2022 only up until October 2022.

The posted value of the house per the county assessor is below purchase price but we have $40k in equity not counting what we have done to the house.

I would think that the bank is still going to hold me responsible for the mortgage and that the mortgage would still count against my debt to income ratio, making it more difficult to get another house. 

The state is Florida.I did not consider this first mortgage an issue because I was simply going to live rent and mortgage free in this property myself, rent bedrooms, make good money and recoup my investment in short time (netting 4k income per month if you count not having to pay my current rent).