At this point, you've witnessed my journey through acquiring and renovating a property. Those two aspects of real estate investing might seem like the biggest priorities, but finding and placing a good tenant is just as important. Having a great quality property management company maintaining your property is HUGE! One bad tenant or one major expense that's ignored...and BOOM, there go all of your returns.
After signing a Property Management Agreement with a company the Turnkey Company referred me to, and sending them direct deposit information, here are the terms:
-$150 tenant placement fee per lease term.
-10% of monthly rent to property manager.
-Owner shall reimburse manager for all advertising expense upon presentation of bill.
-Maintenance services shall be provided at cost of $20 per man hour or at Cost + 10% for outside services.
-Eviction: $100 fee + court costs.
-Must provide 30 day written notice to terminate Property Management agreement.
-Create a separate checking account for any new rental property you own. Keep accounting clean!
-Interview multiple Property Management companies, and compare how their rates and terms compare.