Investing

Do you handle evictions? If this is your first question, I highly suggest that you rethink your commitment to growing a rental portfolio. Since opening in 2019, we have not been forced to file a single eviction. We are glad to say that we have had a 100% success rate with receiving rental income. While there is always a chance a tenant could default on rent, we are prepared to take the necessary steps to collect rent and remove the tenant if it comes to that. We take care of every step in the eviction process. ________ What do fees look like? 256 Realty only charges two fees: A $100 set-up fee. This fee is paid only ONCE per property. There are no fees for re-leasing to a current tenant or finding a new tenant. This fee is deducted from the proceeds after the first month’s rent is paid. It is not due up front. A 10% monthly recurring fee. If the rent on one of your properties is $2000 per month, 256 Realty receives $200 per month. 256 Realty does not charge fees for home repairs such as rekeying locks or for legal issues such as eviction. While we will take care of such issues for you, we will NEVER charge a fee. While the price of the repair or service will be your responsibility, 256 Realty will never charge its own fee for those services. ________ Can I do inspections with you? This is not possible. The goal of 256 Realty is to do these things for you and take work off of your hands. You are entitled to visit your property as often as you would like, but 256 Realty will not be a part of that. ________ What does the rental process look like? After you sign the leadership agreement and hand the keys to us, 256 Realty: Takes pictures, places the home on the market, and sets up showings Leases the property, collects and disburses rent to you, and handles inspections and maintenance issues Completes the move-out process once the tenant vacates at the end of the lease We handle everything. ________ What does the payment process look like? All payments will be disbursed to you via direct deposit and is the only method of payment offered. We require you to fill out a direct deposit form and provide a voided check to the account you desire your funds to be sent to. Monthly statements, leases, and other data can be accessed through the Buildium owner portal. ________ How does 256 Realty screen for applicants? 256 Realty’s screening process sets us apart from other management companies. All tenants are subject to/must prove: A credit report Rental or homeownership history Employment and income verification Proof of liability insurance Huntsville is home to Redstone Arsenal and Huntsville Hospital, two of the highest paying employers in the region. This area boasts a high quality tenant base with a high income level and phenomenal credit scores. ________ Can I be involved with the screening process? ​ No. ________ Can I ask for a “no smoking policy” in the lease? Paying for damages related to smoking is covered under the Lessee Obligations section in the lease. ________ Can we strictly say “no pets” in the advertisement for the rental? We can clarify “no pets” in advertising. You can be as strict as you want with pets. However, a "no pets" advertisement may significantly reduce the ability to lease the property. We prefer to have the final call on pets. We always analyze the applicant's likelihood of maintaining the property with a pet in place. ________ Do you serve properties in all areas of Madison County? We handle homes in much of the Madison County area. Our average rental home leases for over $1,200. However, we are willing to take properties slightly under this amount based on several factors such as marketability, turnover frequency and characteristics of the home. We do have the right to turn down leadership of any property for any reason.