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2 August 2021 | 4 replies
I am considering working with a MENTOR to help me with Wholesaling; does anyone have any advice on what I should expectas well as what type of questions I should ask prior to hiring them.
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24 May 2021 | 2 replies
Not sure I feel to confident with this at first glance.I'd recommend paying yourself if you're self managing as it's time/energy and (i'm assuming) at some point in the future, you'll hire a PM?
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1 June 2021 | 9 replies
The PMC you hire will have to deal with whatever you buy until you sell it or you part ways.
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26 May 2021 | 34 replies
And yes, you can expect to get a bad rep if you can't close on a property you contract for.
8 July 2021 | 17 replies
Once I'm done hiring a manager, It'll truly be passive income then.
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25 May 2021 | 14 replies
Hi,First time needing to hire an electrician.
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25 May 2021 | 2 replies
Yes, you could go to small claims court... fight it all... hire a lawyer... blah blah blah... but that will cost you more than a $1,000 and would be to help your ego and not based on a financially wise decision.
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28 May 2021 | 6 replies
So, they won’t work with us.We’ve also learned that contractors usually fall into one of the following categories:Type 1 (High Quality, High Price)They can do new construction, additions, full remodeling, but maintenance work is too small for them.Typically pay for advertising, have sales staff, separate bid preparers, inhouse designers, full office support.Equates to a lot of overhead, leading to markups of 50%+.Bids: Usually have a dedicated salesman that does their bids, so able to supply quality bids.Comment: Usually have the highest prices & quality, and so these are the contractors you’d hire to work on your own home.
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26 May 2021 | 9 replies
They only look at their back of the napkin calculations of what they pay a PMC, assuming it's 100% profit, because they NEVER consider what expenses a PMC has.Since you like to crunch numbers, why don't you calculate how much it would cost for YOU to hire people to do the following:Inspect a property to make sure it's ready to marketTake marketing picsPublish and refresh for rent adsTake all the phone calls from adsSchedule showingsChase applications, process & screenGet deposits and sign leasesCollect rents, chase delinquencies & evictionsHandle maintenance requests, which are never handled fast enough for tenants, or cheap enough for ownersChase tenants for lease renewalsCoordinate MoveOuts, damage charges against security depositsGet RentReady bids to owner's satisfactionFollow up with maintenance to make sure done on time and done rightStart the cycle all over againProvide accounting services for all of the above, including owner reports and payments, annual 1099's, etc.Don't forget to factor in payroll taxes, employee benefits, company office space cost, company insurance, equipment, phones, etc.Once you do all that, you'll quickly find that PMC's are NOT making more than owners.FYI - this is why investors should always factor in 10% PMC Fees, 10% Vacancy and 10% Maintenance when running numbers on a potential rental purchase.
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25 May 2021 | 4 replies
I hate deep cleaning and have never even remotely done it as a profession, but I do a substantially better job than any company I've ever hired.