Joe Matthews
Milwaukee Multi-Family Neighborhood Help
29 August 2021 | 5 replies
Milwaukee is a hidden gem - couldnt get over all the investment.
Roxanne Contreras
Property Management Fees
1 September 2022 | 7 replies
>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!
Ben Traxel
Property Management Fees
3 May 2021 | 7 replies
I'd definitely make sure there are not any hidden fees involved.
Adam Clear
New member from Trenton, MO
4 June 2018 | 1 reply
My search for how-to guides and DIY instructions brought me to the BiggerPockets Podcast, which has in turn lead me here.
Robert Shorey
Wholesaling and the phony ethics police
9 June 2021 | 5 replies
I wholesale as one of my strategies and most of the houses I get under contract are such as that Realtors won't touch them.Banks and mortgage companies sell ( wholesale) mortgages all the time and the phony ethics police are silently hidden in the tall grass and then crawl out from under their rocks when it comes to wholesaling.One of the specious arguments that the ethics police assert is that if the wholesaler can't find a cash buyer they can't purchase the house.
Kevin Polite
Title Issue selling even with Title Insurance
1 October 2012 | 12 replies
All parties sign the amended escrow instructions or the amended contract or everyone is "out of contract".
Joshuam R.
For the love of realness... Where is the dislike button for forum posts?
30 June 2023 | 74 replies
Ive often posted things where I know maybe you, or Jay Hinrichs or someone else will get the joke, that no one else even realizes there's a hidden joke.
Cindy Craft
I've got WAY more leads than expected or than I can handle!
18 June 2019 | 14 replies
If I get a call asking any basic question, I know immediately that the person cannot read and/or follow instructions and are not the tenant for me.
Linda Roberts
My tenant ignored rent increase, what to do next?
5 March 2021 | 10 replies
I read all the instructions before sending a letter of lease termination, so I hope this part is correct.
Oscar Rodriguez
Inheriting Tenants with No Deposit
24 July 2020 | 10 replies
Include instructions for rent payments, reporting maintenance, etc.