Hi Guys,
First of all, I would like to thank those investors who shared their investing experienced in the US. Certainly, Steve McKnight will be proud of you by sharing your knowledged of investing.
For those investors who have invested already in the US real estate market, and have not used a buyer's agent, as part of your due diligence, I have some questions to ask:
- How did you managed to find a good property manager to manage your property?
- How can you tell a good property manager from a bad one, there?
- Did you have to flew over there and meet with him or her face-to-face?
- How frequent your distant communication with your property manager after the settlement (i.e., tenant has moved in)?
- How much is the management property fee each month, letting fee and advertisement to find a tenant in the event of the property being vacant?
Thanks in advance.
DHCP –
I can help you with a few of your questions:
1. Depending on the region you are looking to invest in – the best way I believe to find an honest and trustworthy property manager is through a referral.
2. A good property manager will be up front with you, providing all necessary documents, and anything you ask for. To verify everything they are telling you, I would also ask for a list of their current clients. I would contact those current clients to see if they are happy with their service.
3. Not everyone will fly over to meet a property manager, it depends on each individual investors level of comfort and trust with the property manager.
4. Usually a property manager will not contact you unless their is an issue (or unless you want them to notify you when a payment has been received). In my experience the less I hear from my property manager, the better it is going.
5. Most property managers charge one of two ways. 1. They will take 10% of each monthly rent as their fee or 2. they will keep the first months rent as their payment. Either way is standard and usually the investor will have the choice to do either.
I hope this helps!
Take care,
DHCP wrote:Hi Guys,First of all, I would like to thank those investors who shared their investing experienced in the US. Certainly, Steve McKnight will be proud of you by sharing your knowledged of investing.
For those investors who have invested already in the US real estate market, and have not used a buyer's agent, as part of your due diligence, I have some questions to ask:
- How did you managed to find a good property manager to manage your property?
- How can you tell a good property manager from a bad one, there?
- Did you have to flew over there and meet with him or her face-to-face?
- How frequent your distant communication with your property manager after the settlement (i.e., tenant has moved in)?
- How much is the management property fee each month, letting fee and advertisement to find a tenant in the event of the property being vacant?
Thanks in advance.
Leo,
I have invested in upstate NY, I have partnered with a group of like minded investors who do all the rehabs, find the tenants, have property management in place. Very well run group
I believe that it does help to work with locals who have the contacts….to deal with people half way across the world is really going out on a limb.
I pay 10% management fee per month.Jeff
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