That's with licensed electricians and plumbers and a GC, but me doing a lot of the grunt work.

Other local LLs will often share names, as will back-counter guys at Lowe's, or maybe your regular plumber, real estate agent, and so forth.It will cost nothing to call, introduce yourself and ask for a bid.

Hi John,I'm not a doctor, a lawyer, or a plumber, etc. etc.You're off to a great start.Since your assets are basically the rental itself and your own cash, it's unlikely you need an LLC for protection of assets.An umbrella policy would be a good idea, just to make sure you do have some coverage in case some dorkhead slips and falls on your property.

It can also be be attached for expenses incurred by the seller, like real estate commissions if a buyer simply walks.You can use a promissory note as an EMD, I have done so many times, but the circumsatances of the deal and your reputation as well as your ability to close will likely be consideredwhere you desire to use a note.While it is customary, it is not required, if that is acceptable to a seller.

Remember the audit is there but the big x factor is the lawsuits.E and O quotes higher rates for property management.Even if the landlord and or the tenant or BOTH are at fault they almost always blame the real estate brokerage.Sometimes it is merited and many other times it is not.So to run a property management company you have to be very meticulous with everything.Many investors are out of state so they will want turn key management (one stop shop).Rates will depend on what type of asset and the size.When you go to IREM there is different training for different classes and sizes.For example the scope and management on a 20 unit apartment building will be very different from a 200 unit complex.Generally for apartments fees are 8 to 10% for 50 units and below and 50 units and above 5 to 7 percent of gross rents.Retail can be as low as 4% management fee.Houses you will be competing with low ball agents who are having a hard time selling real estate.The problem for landlords is once the managers start closing real estate sales they could care less about the rental.This is just like many agents doing bpo's now and when sales pick up they will dump doing the reports fro 50 bucks.If you want to be serious about management do it full time.In my area for houses the most reputable companies charge about 10% plus half of first months rent for houses.It's not about what you charge but what you provide for that fee.You will get landlords trying to squeeze the management fee because they overpaid for the property.That is not your problem when taking on rental property.I don't do property management but one of my broker friends manages over 400 homes with 10 property managers for his company.He likes the residual income it provides.He also land sales off of it as a side benefit.

i can't help you with your market or what the banks are thinking...i dont' think any of us can figure their games out...but, i'd double check to see what sorts of leaks these are...of course an agent will downplay them bc they're looking for a payday..if there's leaks in the walls, you'll be paying some plumber 150/hr to take his time and rip out sheetrock to find the leak.

I had a reputable person come out who will put in the flashing for $150.

I would off course have the property inspected, lawyer/title company on board then and agent. 3) How do I find a reputable property manager, that can market my property, manage rental income, and pay expenses, and deal with tax?

Also install siding and finish exterior carpentry.Phase 5: Repair structure after the plumber cut the whole thing up running pipesPhase 6: Sheetrock and wood floors, trim.

Theres a way to get around it where you dont have to put up the funds yourself personally in which your buyers would be putting up the funds and thats after you have built up a reputation for bringing them deals but i suggest you knock out a couple of these reos first...you could also jv with another wholesaler and go split the costs which u would workout the wholesale fees or however you work that out with the other guy...the $1000 sometimes is 2k as well,just depends totally.I would also suggest you read up on here a lil bit more on wholesaling reos cause it seems as though u are new to this although im not trying to bash you or anything ..the earnest money deposit is emd for short.