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Rookie Reply: Pre-Foreclosures and How to Cut Your Property Management Costs
Description
Let’s face it—property management fees aren’t cheap. While you may need to hire a property manager if you’re investing out of state or are unable to self-manage your property, these costs can quickly eat into your profits if you’re not careful. How can you ensure that you’re getting high-quality services for a fair price and keep your overhead under control?
Welcome back to another Rookie Reply! If you’re struggling to pull the trigger on hiring a property management company, we understand why you might be hesitant. Fortunately, Ashley and Tony are here to shed some light on the topic and share their own experiences with property management companies. They also talk about insuring properties during the rehab phase, as well as buying pre-foreclosed properties. Finally, they discuss balloon payments—what they are, how to use them to your advantage, and when it may be risky to get a loan that has them!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to find the BEST property management company for your rental
Property management fees and how to keep costs down
Why you MUST insure your property during the rehab phase
How to use balloon payments to your advantage (and avoid more risk!)
What you need to know before buying a pre-foreclosed property
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
0 Doors, 100% Creative Financing with Pace Morby
Rookie Reply: Loan Amortization and Balloon Payments Explained