-Typical Detroit rent 1000 sq ft house (in a solid neighborhood): $850
- 10% management fee= $85 per month
- 8% management fee= $68 per month
- Savings per month= $17
Assuming the purchase price + rehab is on average between $30,000 - $40,000 is $17 per month enough of a savings for you to go bargain hunting for the company that is overseeing your investment and making sure it is secure? If a $17 savings means that your property is vacant an extra month per year you would be loosing much more that the $17 dollar savings.
Property management is not the area to try and cut corners in real estate investing. Go with a proven company and happily pay the 10%. Having peace of mind that they will be in business a year from now and that your house stays rented is far more important that saving a few dollars a month.
Detroit Cash Flow Properties, LLC
He handles and manages hundreds of properties for USA and overseas property investors.
Tell him Stephen the CCTV / Network guy suggested him to you, his number is on 1-313-808-8771
http://www.thesheashow.com and http://www.SecuritySystems.withusnow.com
God I wish someone would have answered this question for me when I started buying investments in Detroit. I have been burned too many times by too many property management companies. I would suggest that you call Linda over at Premier Property Management. They do a great job, and they actually live up to what they say, 248-838-3811
The company I represent, Real Living Kee Realty does handle propery managent with an in house company called Gold Shield Services, LLC
> Gold Shield Services, LLC (GSS) currently manages over 80 rental properties in the Detroit Metro area.
> Here is a list of the Property Management (PM) services we provide:
> 1. Find qualified tenants
> -We will list your home on the MLS and Craig's list -Schedule and show the property -Screen potential tenants, verify income and pull their credit report -Sign the lease, and all other related documents
> 2. Collect rent (includes sending late notices, filing with the court if necessary and eviction)
> 3. Handle all repair calls from tenant
> 4. Handle all city inspections and city registrations (client pays city fees)
> 5. Provide owner with two monthly reports: a tenant and an owner report that details all income received and expenses paid.
> 6. Send owner a check monthly for anything over the minimum balance.
> The charges for the PM service are:
> -10% of the gross rent collected
> -1st months rent to place a new tenant (this pays all real estate commissions)
> The owner is also billed for all expenses, including repairs (you can do the repairs yourself if you prefer) and any utility bills. Utility bills are paid by GSS while the property is vacant and charged to the owner's account. When the property is rented the tenant pays gas & electric, GSS pays the water bill, charges the owner and bills the tenant. When the tenant pays the water bill, the owners account is credited.
> The owner account must maintain a minimum balance of $1,000. Checks are sent to the owner monthly for everything over the minimum balance, the entire balance is refunded when the account is closed (contract expires). You do not have to send us money, we will collect and hold the rent until you have obtained the minimum balance.
I hope this helps, please contact me for additional information or to review our contract. We would be happy to asist you with all your property needs.
Real Living does have over 600 office nationwide.
Pam Bava, Realtor
Real Living Kee Realty
Give me a call. I'm a licensed attorney and real estate broker. I will tell you exactly what to expect. You should be able to get real time information on your investment. My team can certainly assist.
Typically your average property management company will charge 8% to 10% depending
on the company and sometimes the volume.Whomever you decide to go with make sure
that they are transparent in the managing of your properties.Meaning making sure you have
access to the rent payment history,tenant info,repair estimates and so on.Knowing you have
that information at your disposal is great for a peace of mind and makes you a more effective
Metro Detroit Rental Experts
16250 Northland Drive suite 202
Do me a favor and email my CEO Ryan Burk about this question: Ryan@InTheNowInvestments.com - He has done over 300 deals in Detroit over the past 3 years and has gone through a few management companies. He would be a great person to talk to about what to look out for in a management company. Yes, 8-10% is very typical here in Detroit. Hope that gets you started. Check out http://BuyHomesInDetroit.com for more updates on the Detroit real estate market as well as turnkey properties for under 40k. Take care!
My name is Tedd Hamilton and I consult internationally for a company called Smart Homes Investments LTD.
They offer home buying for investors world wide with property management companies they own as well.
They have sold over 400 homes they partner withand manage for inveswtors during past 16 months.The City of Detroit works closely with them because every investment home is rehabbed and provided section 8 renter and land contract tenants allready in place for you.Plus you get monthly rental return from $600-$1,200 per month all inclusive turn key with property management in place for only $20,000 USD
Please contact me to know more plus website I will send you if interested.
Tedd Hamilton 778.708.3682 email@example.com
Best of luck Eddy I hope that I was able to help