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21 February 2025 | 4 replies
Any brokerage can be the right fit for you so long as you commit to taking initiative and putting in the work.By 'work', I mean income-producing activities (lead generation and follow-up) i.e. cold calling, door-knocking, contacting your sphere of influence, networking, hosting open houses, running online advertising, marketing (paper or online), or anything else that will get you in front of prospective clients.My first broker rarely answered my phone calls and by the time she responded, I'd often already have the answer I was looking for.
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21 February 2025 | 5 replies
Don't cheap out on this, and don't try to take photos with your cell phone.
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20 February 2025 | 8 replies
Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee.
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20 February 2025 | 7 replies
I would get a slab/foundation company out there to take a look at the property and see what the quote is to repair it.
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20 February 2025 | 1 reply
The inspection report did not mention many of the expensive repairs I'm facing.For one, one of the units cannot even be rented until I spend at least $10k getting the electric up to code, among other repairs, so its been sitting vacant.
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16 February 2025 | 3 replies
As wholesalers, we’re trained to look for distress—motivated sellers in tough situations, properties needing major repairs, or financial struggles forcing a quick sale.
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17 February 2025 | 4 replies
From there you can even skiptrace for a phone number and email.
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13 February 2025 | 1 reply
Does it need repairs or a full replacement?
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21 February 2025 | 3 replies
That affects your loan amount and then principal & interest payment.2) Estimate rents based on recent rental comps3) Account for all operating expenses such as property taxes, insurance, repairs & maintenance (landscaping, snow removal, cleaning etc), property management (if applicable), vacancy, utilities (what does the tenant pay vs what you would pay?)
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19 February 2025 | 7 replies
There is an offer to buy but if I include everything I've spent over the years, mortgage P&I, taxes, insurance, HOA, and recent repairs, I will just break even.