PROPERTY MANAGEMENT

The Property Management department of FAPTI effectively manages the operation, control, maintenance, and oversight of our real estate and project revenue ensuring a financially viable and stable operation. We do it all - advertise the rental property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a movein inspection, move the tenant(s) into the property, collect rental income, coordinate any maintenance issues, and supply the investor(s) with financial statements.

Project Timeline (Example)

Start - 01, January

Acquire

Price

$139,000

Rental Income

$1,100/month

1 story single family home
Land size - 10,000 Sqft.
Building size - 1,367 Sqft.
Year built- 1954
4 bedroom, 2 full bathroom
Owner occupoed over 30 year

Phase 1
01, January - 15, January

Rental Income

$1,200/month

Rent out As is -
Rent it out to current occupant or new tenant after basic cleaning

Phase 2
15, January - 30, April

Rehab Cost

$150,000

Rental Income

$3,300/month

Convert main building to -
1x 2 bedroom/2 bath unit
at $750/m per room $1500
2x 1 bedroom/1 bath apartment
at $900 per month $1,800

Phase 3
01, May - 31, July

Rehab/Build Cost

$110,000

Additional Sqft

1,300

Rental Income

$1,800/month

Build 2 Story Garage Apartment
on 2nd floor
2x 1 bedroom/1 bath apartment
at $900 per month $1800

Finish - August

Summary

Start Date: 01, January

End Date: 31, July

Total Cost: $399,000

Total Income: $5,100/ m

Quarterly Payout:
Owners distribution is based on excess reserve over 40% of full potential annual rental income after the finish date

Fee Schedule

FOR LEASING: A Leasing Fee in the amount of half month’s rent is due at the beginning of the tenancy.
FOR MANAGEMENT: A Management Fee of 10% of Gross Rent Collected and Management Fee will begin in the first month of occupancy.
RENEWALS: A Renewal Fee of fifty percent (50%) of the new rent amount is due upon the renewal of the lease. Any extension of the Tenant occupancy shall be deemed a renewal of the previous rental term for the purpose of renewal compensation.
APPLICATION FEE: Application will be collected, and the amount will be used by the property management to process the application and generate the lease. Fee will also be used to maintain and upgrade the website for the application.