Owner & Investor FAQs

ANSWERS TO EVERY WISE INVESTOR’S QUESTIONS TO THEIR NEW PROPERTY MANAGER

Please find a list of resources and frequently asked questions below.

  • As of Q4 of 2023, we cover the following areas: Kissimmee, Poinciana, Winter Haven, North Port, Punta Gorda, Cape Coral, Lehigh Acres, Labelle, and Port Charlotte.

  • Yes. We are actively building new rental homes in these markets, which requires boots on the ground for both leasing and property maintenance.

  • Our standard management fee is 8% (discounted fees apply for larger portfolios)

  • Our tenant placement fee is equal to 75% of the 1st month’s rent (or minimum of $495). (discounted fees apply for larger portfolios)

  • On any lease renewals, there is a $200 admin charge. (discounted fees apply for larger portfolios)

  • Great question! We have our doc boxes all over the place where we are building new construction homes and it includes our phone numbers. We also have a leasing office setup next to some of the largest home building companies.

  • We have every future tenant over the age of 18 apply. During the application process we run a credit check, income check, and criminal background check. We have a list of requirements we look for when evaluating the applications. Please read the Tenant Requirements page for more detailed information.

  • We put a lot of attention into the areas that we invest. We do not use the Zillow Rent Estimate. We run an in depth analysis for each market we are in on a routine basis, especially given the volatile market conditions in today’s rental market. We use a variety of tools given only to licensed real estate professionals along with in house checklists and procedures for updating market rents.

  • We do charge $5 per month to manage the HOA accounts if you choose to have us pay this out of your monthly rental income.

  • Since we manage our own properties in the same HOAs that our construction company is building in, we have a great relationship with the HOAs that we offer our services. We know people who can help lead us in the right direction if a new problem arrises.

  • In a normal situation, the eviction process typically takes about 30 days from the time it is filed and costs around $1,000.

  • Our 3 day notices to vacate go out by the 5th of each month to each tenant. We then will file for possession with the courts by the 14th.

  • My New Rental performs a move-in, 6 month, and 11 month inspections prior to lease renewal. We inspect all systems in the house to make sure everything is in good shape. While we are in the property, we can check on things such as smoking, undocumented, pets, etc as well as making sure that all of the tenants problems are taken care of at that time.

  • This can vary depending on the potential applicants. We offer in person showings as well as self touring to our potential applicants. Future residents have the ability to send in a picture of their drivers license along with other information and are able to get the code to the lockbox (which is later changed).

  • Our typical deposit is no less that one month’s rent. If an applicant is approved by underwriting in some areas, but slightly lacking in others, we may request additional security deposit(s) to secure the lease.

  • Yes. We require a $350 nonrefundable pet fee that goes to the owner.

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  • Yes, we do require $250 to be placed in reserves by the owner for each property we manage.

  • My New Rental, LLC holds the tenant security deposits in a separate bank account dedicated to security deposit funds held in escrow

  • We typically will start with a 12 month lease, with the intentions to renew. Lease durations could vary during

  • You will have one dedicated contact who is your account manager, however we have multiple people behind the scenes who help make sure things run smoothly!

  • Yes we do keep the late fees to help us cover the costs of calling and following up with the tenant(s) along with making site visits to drop off late notices.

  • Yes, absolutely. Any charges that arise will always have an invoice uploaded to your owner’s portal.

  • We use Appfolio for our client portal. We also have an Investor Portal that has more advanced features on tracking your real estate.

    • Trips to the property to file police reports or meet insurance adjusters

    • Trips to court to handle litigation with tenants

    • Emergencies related to fire, flood, hurricanes, etc.

    • City, county, HOA, and insurance compliance matters

  • No, we do not charge a management fee until a tenant has been put in place.