It will be a great instruction manual for you. 

Talk to some lenders today to get instructions on how to build credit fast and when you would be able to qualify for your first loan (in a perfect world). 

The purpose is to identify yourself as the new owner/manager, give some basic instructions, answer questions, and establish a starting point for moving forward.Introduce yourself as the owner/manager.

But that rate-ship sailed a year ago and Private money lenders are like leprechauns, they are very quite, hidden, and you try to follow the end of the rainbow but can never quite find the exact spot they’re in among the trees! 

The guts of how houses work, all of the hidden costs that eat away at your capital, the challenges of working on a home that you live in (lost heat one winter and it was 34 deg inside!)

The guts of how houses work, all of the hidden costs that eat away at your capital, the challenges of working on a home that you live in (lost heat one winter and it was 34 deg inside!)

Received a form called 2022-ANNUAL REPORT INSTRUCTION FORMIt looks just like the state of Oregon LLC form to renew but it is phony.

We found the hidden value and by making a few simple altercation we turn into 2500/month unit. 

>Tenant Procurement/Placement – could be percent of monthly rent or a flat feePictures, 3D Tours, etcAdvertising prep and determining market rentProperty advertisingAnswering inquiries (phone/text/emails/etc)Scheduling showingsShowingsApplication processingLease signings and MoveInsFollowing up on all of the above, hopefully consistently updating owners>Maintenance ChargesCommon: owner agrees in contract that PMC can perform work without owner approval up to a certain threshold (Example $500) or in an emergency.Questionable: owner doesn’t find out about charges below threshold until they get their monthly statement.Hourly – PMC bills at hourly rate depending on type of ServiceTech sentEXAMPLE: Owner billed at $65/hour for handyman workMarkup is hidden in that rate as highly unlikely PMC is paying their handyman the whole $65/hour.PMC or a subsidiary billing – PMC submits bill from their companyEXAMPLE: Owner receives a bill for licensed HVAC work on PMC form.Owner does not get the licensed mechanical contractor bill, so has no idea of PMC hidden markupTransparent – original bills from all contractors sent to owner, PMC charges a pre-approved markup for their time to handle.EXAMPLE: Owner receives a bill for licensed HVAC work on contractor’s form.Only challenge is some PMC’s get illegal kickbacks from contractors owners don’t seeThere are then many different IF -> THEN fees to cover evictions, emergencies, filing insurance claims, etc.WARNING: never assume you won’t be charged for something unless it states so in the management contract!

Usually prior to closing, instructions are sent from the realtor's brokerage to advise on how funds should be disbursed (i.e. wire/check, split between realtor and broker, etc.).