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Yes, I own & manage my own rental properties; residential and commercial.
Treat it as a business. Don't fall "in love" with any rental property, or you'll be disappointed more often than not.
Collect, up front, all of the deposits and damage deposits. The folks who cannot come up with all of the money in a timely manner will most likely be the ones who never do, and cause the most damage and expenses to you.
Obtain and check references.
Don't get greedy. Buy right so that your cash flow can carry the overhead and debt service and a modest ROI with some compensation for your time that may be needed to maintain a place.
Don't hesitate to evict with cause to cut your losses on a place. Even if that means an interruption to your cash flow. You'll save money in the short and long run.
If you don't have a lot of people contact skills, consider an independent property manager for your portfolio. You simply must have the time, energy, and outlook to deal with all the situations and stuff that comes with this business. A cast iron stomach helps ....
Yes, I own & manage my own rental properties; residential and commercial.
Treat it as a business. Don't fall "in love" with any rental property, or you'll be disappointed more often than not.
Collect, up front, all of the deposits and damage deposits. The folks who cannot come up with all of the money in a timely manner will most likely be the ones who never do, and cause the most damage and expenses to you.
Obtain and check references.
Don't get greedy. Buy right so that your cash flow can carry the overhead and debt service and a modest ROI with some compensation for your time that may be needed to maintain a place.
Don't hesitate to evict with cause to cut your losses on a place. Even if that means an interruption to your cash flow. You'll save money in the short and long run.
If you don't have a lot of people contact skills, consider an independent property manager for your portfolio. You simply must have the time, energy, and outlook to deal with all the situations and stuff that comes with this business. A cast iron stomach helps ....
I am considering renting a home that I have inherited. What is the percent of rent that a property manager usually receives? I live over 400 miles from this house, and the reason that I don't want to sell is that I would virtually make no profit after paying a realtor. Any suggestions would be appreciated. Thanks.
I had some rental properties for a while (duplexes), and no, I would not rent to college students, unless perhaps they were graduate or doctoral students.
SXMGirl ... I'm assuming that you inheirited a house that has a substantial mortgage against it with very little equity in it for you.
Unless it's in a "hot" rental market where you can forsee a good positive cash flow over your costs/expenses (debt service, insurance, maintenance and repairs, etc.) after also paying a local property manager .... you'll be better off selling this property now for whatever nominal asset value it has for you.
The only way you'll justify taking the "loss" on this property by converting it to a rental ... that's losses due to typical damage to the place, running down of it's condition due to tenant abuse ... is if you need the tax deductions that the property can give you. If you don't need those deductions, don't rent this house out.
Even with a property manager, there's a lot of work and "headaches" associated with a single family rental house for the absentee owner. If you don't have the time and ability now to deal with this, having a property manager won't be justified for you.
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