Monday, June 25, 2007

Keeping Late Fees Seems To Be S.O.P.

I've been away on vacation for a couple of days, but upon my return, I picked up some messages from the other property management companies I contacted last week. Turns out, keeping the late fees is standard operating procedure at management companies, at least in the Tulsa area. I don't like it, but it appears I don't have much choice.

I'm off on a other little mini vacation to Las Vegas tomorrow, so expect another slow week here on the blog.

I still have not gotten the mortgage release document for the refinance that shows the original mortgage paid off. That was supposed to be mailed a while back, but apparently, the title officer's assistant had a death in the family. Now it's the end of the month, so they are swamped with closings, but hopefully, they will get the document mailed to me soon. Nothing is being held up or anything by this, but it's just another loose end that I want wrapped up. And if I forget and it never gets done, it becomes a title issue when I go to sell or refinance.

I am also still planning to post a full analysis of the profit and ROI numbers for Rental #1 now that the refinance is complete. That'll happen sometime next week.

1 comment:

Patrick in Philly said...

You're right on the money with your statement about a conflict of interest. They have no incentives to ensure you get good quality tenants into the property. They make more money through turnover, late fees and new tenants. That seems one of the problems with professional management companies. So far all my properties are local.

You might be better off looking contacting an REI or Landlord users group out there to see if they know of a better solution. You might be able to find a Realtor just starting out in the management business. If you specify that you have final say on all prospective tenants you could ensure they meet your criteria instead of some arbitrary criteria he/she may have.

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