I moved last year and rented from a place under management. The management company had a policy that the water had to be turned on before they'd give the tenant the key. But they didn't make sure all valves were off. All 4 apartments in the building flooded. Then, when they did the walk through with me, just before "close of business" and discovered the flood, they didn't act on it until the next day. And if that weren't enough, they had someone try to connect the fidge's ice maker that wasn't hooked up and caused more flooding. So this damage affected me, moving in (yes, the market was very tight so I moved into a flooded apartment) and the three other units (only one was owner-occupied) AND the management contract said they aren't responsible for water damage done to the apartment. The owner was stuck covering it all, cleaning up their mess, and potentially paying for the other 3 units' damage. Management companies really can screw the owners in the contract. So I really appreciate your candor in explaining the contract fees here.
Goodmorning Ken, thank you for all you do. I live in San Antonio, not sure if you still have properties here but who would you recommend to property manage? I appreciate it. Take care
I run a family owned property management company in San Francisco, and we don’t charge ANY of these absurd fees. (And we probably should have some fees for the legal hoops SF makes us jump through)
Like Ben Mallah said, no one else will take care of your baby more than you ( rental apts). Guys, take the chance handle investment stuff yourself. That is like trusting someone else briefcase full of 100,000 dollar bills. 9 out 10 property management are BAD, not a good %smh-geesh
Way to make us all look bad! Been in property management for 20 years! It can be a thankless job! I hold myself to integrity and do not nickel and dime my investors as this is relationship business! Fees cover expenses! We can’t work for free!
The problem with this video is they are conflating the fees from the management company and fees they would incur without the management company. It’s not the management company’s fault the rent on this condo is $1,000 and won’t cash flow..
This property management company is insane. I’ve never seen these fees all on one agreement. Usually they have a verity of fees, take out one but have another, but this is crazy on top of it all 12% geez. Not sure what the average in NV is but that is insane after all the fees.
Great video the property management fees mentioned here make you not want to get into Real Estate Luckily there is more than one way to skin a cat. Thanks for the tips!
Ken McElroy is underrated and undervalued for sure..
I moved last year and rented from a place under management. The management company had a policy that the water had to be turned on before they'd give the tenant the key. But they didn't make sure all valves were off. All 4 apartments in the building flooded. Then, when they did the walk through with me, just before "close of business" and discovered the flood, they didn't act on it until the next day. And if that weren't enough, they had someone try to connect the fidge's ice maker that wasn't hooked up and caused more flooding. So this damage affected me, moving in (yes, the market was very tight so I moved into a flooded apartment) and the three other units (only one was owner-occupied) AND the management contract said they aren't responsible for water damage done to the apartment. The owner was stuck covering it all, cleaning up their mess, and potentially paying for the other 3 units' damage. Management companies really can screw the owners in the contract. So I really appreciate your candor in explaining the contract fees here.
Helpful hints about hidden charges. Thank you for the video.
The fees are small but they always add up quickly.
Love Ken’s videos
Good info. Thanks
Great video. Can't wait to see the progress
Ken, what property management company do you use in Las Vegas?
A lot to watch out for. Thank you.
Always great videos and information Ken. Thank you!
Always useful content, Ken! 👍
Great information!
Thanks for sharing.
Hello Mr Ken
I would like to start to learn flip the house . Could you help me how to have good buy or foreclosure ? thanks.
Goodmorning Ken, thank you for all you do. I live in San Antonio, not sure if you still have properties here but who would you recommend to property manage? I appreciate it. Take care
I run a family owned property management company in San Francisco, and we don’t charge ANY of these absurd fees.
(And we probably should have some fees for the legal hoops SF makes us jump through)
Awesome. Thank you!
Great info thanks
MY management company made out like a bandit. Im on a payment plan and my properties don’t look any better for it. 🤦🏻♂️
Great talk as always, buuuut ,
Those ability to raise rents also turn down to lower rents as these. Bubbles pop and this economic depression unfold.
Real education!
Holy highway robbery. Fees + Fees + Fees + Fees + 12% !!!
Like Ben Mallah said, no one else will take care of your baby more than you ( rental apts). Guys, take the chance handle investment stuff yourself. That is like trusting someone else briefcase full of 100,000 dollar bills. 9 out 10 property management are BAD, not a good %smh-geesh
Whats the name of your property management guy in Las Vegas?
I was going to ask that too!
Way to make us all look bad! Been in property management for 20 years! It can be a thankless job! I hold myself to integrity and do not nickel and dime my investors as this is relationship business! Fees cover expenses! We can’t work for free!
Sheesh. These will push you into the red slowly and sneakily.
The problem with this video is they are conflating the fees from the management company and fees they would incur without the management company. It’s not the management company’s fault the rent on this condo is $1,000 and won’t cash flow..
This property management company is insane. I’ve never seen these fees all on one agreement. Usually they have a verity of fees, take out one but have another, but this is crazy on top of it all 12% geez. Not sure what the average in NV is but that is insane after all the fees.
That is one robust contract!
Maybe too robust and unreasonable, they will be losing future clients.
$100 a month * 12 months = $1,200
Great video the property management fees mentioned here make you not want to get into Real Estate Luckily there is more than one way to skin a cat. Thanks for the tips!
I. HATE. EXTRAS.
Period.
pull a putty ....1000 key fee
Ruuuuun
First