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. Takeaways -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. -Tyler
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