How do I get started with real estate investing? To get started contact our office to discuss our various programs. Every investor has a slightly different goad and situation. RPMG Inc likes to manage real estate investments to meet the specific needs of the investor.
What are the criteria used to determine a good real estate investment? Good real estate investments must create positive cash-flow and have a good long-term potential for appreciation. These two basics requirements can vary depending the program, strategy, and goals of each investor. We expect annual net positive cash flow to be between 8%-12% of the total investment. Appreciation will vary based on the price point and location of each home. We expect appreciation to be steady, but we do not try to measure it in terms of growth. Instead, we buy home that we expect to appreciate based on pour expertise.
When are investors paid? We process investor checks on the 11th, 15th, 25th, and last day of each month. The date and amount of each check vary based on when rent is collected.
What if my ending balance is negative? Investors do not have to write a check to cover any negative balances. We will carry the negative balance forward and it will be the beginning balance for the following statement. We will continue this until the income covers the balance due.
When is rent due and when are evictions filed? The rental payment is due on the 1st of every month with a grace period until the 5th of the month. Late fees are automatically posted on the 6th of every month if rent is not received. To protect the investor’s interest, we start the eviction process by filing a dispossessory on the 11th of every month if rent has not yet been received. Tenants have many opportunities to pay during this process.
What is the eviction process? Once we file the eviction with the courts, it is in the hands of the court. The tenant will be served the eviction paperwork usually within one to two weeks. Once they are served the tenant has two choices. If they fail to answer the summons then we get the WRIT of Possession. After we receive the WRIT we are just waiting for the sheriff to schedule the actual physical eviction.
If the tenants respond to the summons there will be a court date set? After the court date we can request the WRIT. This course of action takes longer than the above mentioned choice. An eviction can take anywhere from one and a half months to three depending on the courts.
What do I do if I receive an HOA violation letter? Please fax or email all HOA violation letters to our office. It is very important to receive violation letters in a timely manner to avoid fees. Any fees resulting in the tenant’s actions will be placed on their account, but it is best to give the tenant an opportunity to correct the violation and avoid the fine.
Can we accept partial payments once an eviction if filed? Once we accept any amount of money after the eviction is filed, we have to re file a new eviction and start over. We prefer to accept the full amounts but will contact the owner if a tenant brings in a lesser amount of the due rent.
How is my ending balance calculated?
Checks are calculated as follows: Bank Balance for Ownership * Percentage of Ownership - Total Reserves (owner reserves) = Check Amount or Draw. Your reserve will always be left in your bank balance.
If you have multiple units, add together the Ending Bank Balance for all of the units * Percentage of Ownership per unit – Reserve per Unit = Total Check Amount.
Do you offer direct deposits for investor checks? We do not offer direct deposits at this time.