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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: TobagoJack who wrote (53509)	2/12/2006 1:45:30 AM
From: shades	Read Replies (1) of 110194

The second post I promised you on fla real estate: Just yesterday I called wiechart realtors and talk to some friends I have there in the real estate business in pinellas county over here on the west coast of fla. They were telling me about this new program in thier rental department - this is how it works - they take 10% for management fees - collecting your rent and getting things fixed like broken plumbing and such - they take this fee out of every months rent. Now you understand General there are lots of new york type investors that don't live in the area and need this service perhaps - I can understand the VALUE for this service to them perhaps. However they have this NEW PACKAGE they are selling - on top of that MANAGEMENT FEE - they are now charging another 10% fee - only this FEE is paid upfront - the entire annual fee is paid on day 1 - not month to month like the other fee. This new FEE is only for them to find you a renter and get him into the real estate (a service that USED to be included in the old management fee)- I asked my friends ok - so you find this renter - this renter stays for 20 years - you only did work ONE time to find this renter - how do you justify charing a 10% fee every year on top of the regular management fee for doing work one time and the renter stays for 20 years and you never find another renter again - my friends said SHHHH shades - we have lots of new york investors that haven't figured that out yet - dont tell anyone. I said how do you sleep at night - he said very good on his nice silk sheets! HAHA! He said there was talks in the works for divvying up other parts of what they used to do under the all inclusive management FEE and they will break it up and ration it out and tell thier NY landlords about all these new paradigms and eventually have them all paying 40 - 50% of thier rental incomes for what they USED to pay only 10% for and having them pay it UP FRONT! How long does an industry last where you do the EXACT same thing you did before - but now make 50% instead of 10% because you are scamming your customer with claims of new VALUE ADDED service that is nothing new. I told my realtor friend who used to be an air force pilot - don't count on your job lasting long - after increases in Fl property taxes, increases in hurricane insurance - and increases in your HWY ROBBERY management schemes - investors will be bailing in droves from negative cash flow - he said well no they wont shades - they always have the appreciation in the real estate to fall back on even with negative cash flow - I sent these guys the link to Ben Jones housing bubble blog where centex was giving 100K discounts and I said what asset appreciation? HAHAHAHA!

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