MIG INVESTS

Real Estate is a team sport - Who do you need to be successful ?

I’m standing in the middle of this massive stadium in Minneapolis, watching Wyclef Jean performing on stage surrounded by kids in hoodies and bright Nike sneakers while scrolling through their OpenSea app. As a 40-something year old Real Estate professional from New Jersey, I could’ve felt out of place but truthfully, I was right at home. I was at VEECON.

We will also explain how you can build a rental portfolio using your FHA loan

Be prepared before you hire a Property Manager  1. Is the Property Management Firm licensed? In most states property managers and property management companies must be certified real estate professionals to place tenants and collect rent on your behalf. Make sure you understand these laws in your state and municipality. 2. How Are the Property Management Fees Structured? This is probably the most important question. Make sure you understand how the fees are triggered, how they are paid and when you want to be notified before fees are charged. The fees you'll pay can vary due to many factors. These factors include amount of units, class of property (A, B, C or D class), deferred maintenance and location. You will also pay extra for tenant placement and capital improvements. Also ask about the costs & process to evict a tenant. 3. Do they have a base fee? A base fee is a set amount the property manager will receive monthly no matter how the property or the manager is performing. YOU SHOULD NEVER PAY A BASE FEE! The #1 job of a PM is to collect rent and if they are going to receive payment without collecting rent, in my opinion the owners and PMs interests are not aligned. 4. What software do they use for Property Management? Owners should inquire about the software the manager is using to see what kind of investment they are making in technology. They don't have to use the most expensive software, but they shouldn’t be using spreadsheets either. The right software will make this cumbersome process of owning property much more efficient. 5. How Much Experience Does the Management Team Have? Longevity and experience are important factors when it comes to a property manager’s success. If the business has many years of experience, they should know how to anticipate your needs and adjust accordingly. Also, you want to make sure that the property management team has experience with your property type – be it commercial or residential. BONUS: Does your property manager own rentals as well? This may be a personal choice, but I want my PM to own rentals as well. There will be many situations that arise where you want your PM to use their experience and knowledge to guide you through the options. If they own themselves, I feel more comfortable with their suggestions.

What you NEED to know about the Eviction Moratorium Ending

Do I file for eviction in the midst of a Pandemic? -

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What to refresh between residents. —