Here are some frequently asked question and answers we for people considering renting out their homes
Question: How much does it cost?
Answer: I charge 10% of the monthly rent and $100.00 for every new lease or lease renewal. I do not charge for advertising or marketing and I do not have a minimum management fee, so I don’t get paid unless you do. I don’t have a lot of junk fees like a lot of my competitors do
Question: How much money should I have set aside in a rainy day fund for my property?
Answer: You may want to consult your accountant but a good rule of thumb is 2 months rent in reserves
Question: How and when do I as an owner get paid
Answer: Assuming the tenant pays their rent on time you will get paid electronically (if you desire) via Automated clearing house (ACH) around the 15th of each month. Or will mail you a check if you prefer.
Question: Do you as the property manager pay my mortgage and real estate taxes.
Answer: No we do not
Question: Do you handle maintenance items
Answer: Yes we handle typical maintenance items by using local vetted tradesmen. Our management agreement authorizes us to automatically handle items under $300 that we deem necessary.
Question: How do I know what the expenses on my rental property were on a monthly and yearly basis.
Answer: We will send you monthly expense reports every month and a yearly report in January of every year. If at all possible these reports will include the original work order requests and the invoices from the vendors.
Question: What expenses are owner and expenses and what are the tenant’s responsibility.
Answer: Typically we will clean the furnace in the fall, blow out the sprinklers in the fall, turn on the sprinklers in the spring, and clean fireplaces as necessary all at the owner's expense. Owners are responsible for systems and appliances. Tenants are responsible for yard maintenance and day to day maintenance.
Question: What damages are the tenants responsible for after they move out?
Answer: According the lease and statute law tenants are responsible for damages that are beyond normal wear and tear. Normal wear and tear can be an ambiguous term and open to some interpretation in a court of law. Some judges refer to the IRS depreciation schedule to define it. Typically carpet and paint have a 3-5 year life span in the eyes of the law.
Question: If the tenant’s don’t pay rent can you help with the eviction process
Answer: Yes we will facilitate any necessary evictions