Question Regarding ProFOR-manator
Hi Guys, i have been running the proerties that I have been looking at through the proFOR-manator and I have one small question that I hope someone can answer. There is a spot in there for management fees. I assume that these fees are if you use an outside firm to manage your proerty? IF that is the case, then how do I take it our as I will be managing my own proerties? I tried putting in zero but it still gives me a number.
Thanks
Joe 
[ Edited by joefm26 on Date 03/16/2004 ]
Unless you enter a number greater than zero, the field will default to 10% of gross rental income.
Suggest you enter $1. This will effectively eliminate the management overhead cost. Also, note that the purchase price field really becomes the amount financed. If you are making a down payment, then just enter the actual amount financed in the purchase price field.
Same with the closing costs field. Unless you are actually rolling your closing costs into your mortgage loan, enter zero in this field even if you are paying closing costs out of pocket.
One thing, you will also need to put in a rate for management. You HAVE to pay yourself for managing the properties. Not putting this in can be a problem.