Rental and Cashflow Property - Management, Strategies and More

As we look at doing some cosmetic work for our new rentals, I realize it would be a good idea to try to standardize materials used in each rental unit. For example, the same color of paints for each unit, maybe you may choose a creme color for the walls and white semi-gloss for the doors and trim. This will help with future touch-ups and you will have to keep track of less items for future use. I also notcied that the 5 gallon bucket of paint is a better value than the gallon size.

I am wondering if anyone has a formula that they are using when they are figuring out all of their expenses to determine if a property is going to create enough cash flow to make it a great deal?

Hello DG Members,

In the Midwest, I have began to notice more and more "For Rent" signs on various streets. I began to think about the buy and hold strategy and rental units. I believe the name of the game is to quickly get your unit rented and re-rentd. Nothing may hit the bottom line harder than an empty unit. Thus, know your local area rental rates based on size of the unit, area and condition of the unit. Do not just look in the local paper or on-line.

What I found out as of late, it helps to stage a house even for a rental. Sometimes, houses are staged in order to sell, but rarely for a rental.

Well, I have staged few of my houses that I couldn't rent out and they were rented within a week. I guess it gives people ideas of what can go where and sort of paint a better picture. Also, you can use the paintings and furnitures to hide the unwanted spots.

My wife and I were considering doing an open house for our next rental unit. We thought it may save a lot of time to find a prospective tenant. Has anyone out there done an open house for a rental unit and if so can you share the pros and cons? Thank you for your assistance. Believe and Achieve! - Joe

Sometimes we look at a rental unit and look at the big things such as the carpet, paint on the walls, etc. However, there are a few things that can really help your unit. In the past I have talked about the outside, neatly trimmed lawn hedges, etc. However it is the little things when you go in the unit. As they often say "you never get a second chance to make a first impression".

Hello Everyone,

I would like to know what is the best and the correct steps to take for the finders fee?

As I drove a new community to get a pulse of the community and look at other rental properties, I noticed some of the signs were falling over, faded, hidden behind a bush or tree, in a window 30 yards away from the street or had numbers so small you could not even read them.

Hello DG Members,

As all of the DG Members continue to find great deals, we may decide to "Buy and Hold" properties for the long term. Thus, you may be considering using a proeprty management company to manage your units. If any DG Members out there can share some information it would be great.

1. Thus, can fellow DG Members share, where they live in the country (state and rural or city) and what the typical Property Management Fee is such as 5% or 8% or 10% of the rents and do they keep the first month's rent when they first get a unit rented, etc.