FAQs for First-Time Investors

 

Q1: I’m new to real estate investing. How can you help me get started?
A: We provide a comprehensive worksheet that calculates the Return on Investment (ROI) before purchasing any rental property. This thorough ROI analysis lets you estimate cash flow and profitability upfront. Most of our investors began with one rental and have expanded to multiple properties, relying on our professional management every step of the way.

 

Q2: What services do you offer in property management?
A: Our services include tenant recruitment and screening, lease administration, rent collection, maintenance coordination, government subsidy program management (e.g., HUD), and transparent reporting.

 

Q3: How do you handle tenant screening?
A: Tenant screening is conducted through major online credit bureaus. We verify credit scores, income, criminal records, and eviction history to ensure trustworthy tenants and minimize risks.

 

Q4: Can you assist with legal or tax questions?
A: Yes, we collaborate with local legal and tax professionals to provide consulting or referrals as needed.

 

Q5: How often will I receive updates about my property?
A: We use advanced systems like Rentec and ZInspector to provide real-time updates accessible via client portals and maintain regular communication tailored to your preferences.

 

Q6: What if I need renovations or repairs?
A: Our in-house licensed repair team promptly handles maintenance and renovation needs, minimizing downtime and protecting your investment. We also utilize home warranty plans to cover major systems and appliances. Additionally, we assist with renter’s insurance claims to maximize coverage benefits that can protect the landlord.

 

Q7: Do you manage government-subsidized housing programs?
A: Yes, we have extensive experience managing HUD and other government subsidy programs, ensuring compliance and maximizing your benefits.

 

Q8: Can I customize the management services based on my needs?
A: Absolutely. We offer flexible service plans designed to fit investors with small portfolios as well as those managing multiple properties. We are very patient and work closely with first-time investors, moving carefully and at their own pace.

 

Q9: What makes Five Stones Plus different from other management companies?
A: We combine over 10 years of local expertise, personalized care especially for first-time investors, advanced technology use, and a commitment to being your partner in overcoming investment challenges.

 

Q10: How do you handle late rent payments or problem tenants?
A: We enforce clear lease terms and have established procedures for late payments, including timely reminders and follow-ups. For problem tenants, we handle communication professionally and, if necessary, coordinate legal actions to protect your investment.

 

Q11: What is your fee structure for property management?
A: Our fees are competitive and transparent, typically based on a percentage of collected rent. We provide a detailed fee schedule upfront with no hidden charges.

 

Q12: Can you help me find good rental properties to invest in?
A: Yes, leveraging our market expertise and local network, we assist clients in identifying promising properties that align with their investment goals.

 

Q13: What kind of insurance should I have as a landlord?
A: We recommend landlord insurance covering property damage, liability, and loss of rental income. We also assist in coordinating renter’s insurance for tenants to add an extra layer of protection.

 

Q14: How quickly can you fill a vacancy?
A: Thanks to our extensive marketing channels and screening process, we typically fill vacancies within 30 days or less, minimizing your income gaps.

 

Q15: Do you handle eviction processes if necessary?
A: Yes, we manage the eviction process in full compliance with local laws, working to resolve issues amicably first but prepared to take necessary legal action to protect your property.

 

Q16: What is the typical lease term you recommend?
A: Lease terms vary based on property type and market conditions, but we often recommend one-year leases to balance tenant stability and flexibility.

 

Q17: How do you handle maintenance emergencies?
A: We have an on-call team for urgent repairs outside business hours to minimize damage and tenant inconvenience.

 

Q18: Can you assist with property tax assessments or appeals?
A: While we don’t handle tax appeals directly, we can connect you with trusted local tax professionals who specialize in assessments and appeals.