Anyone Here BUY by Age 30? Single-Income? How?

[FastRider6]

Originally Posted by seiketsu

I have a property manager and basically distance myself from my condo. Maintenance up to a certain amount is pre-approved, and my pm automatically deducts it from what is deposited into my account. Only once in the past two years have I had to approve a costly repair, and I responded same day. I am also a renter myself, so Golden Rule and all.

As for craigslist...meh. At least in the DC area, the vast majority of listings is either outright scams or frequent, spammy ads by a handful of the same apartment complexes. Of the remainder, many are by people who have an overly optimistic view of how much their property is worth. Not that I blame them -- I have no doubt there are a lot of people out there who bought a few years ago and who need $2000+ to cover the mortgage on an outdated studio. Unfortunately, they will have to drop their prices to match those who bought 10 - 20 years ago and can turn a profit even when charging the low side of market rate. My advice on approaching craigslist is to search for several hundred dollars higher than your budget and negotiate. Also check old-fashioned newspapers (where people have to PAY to list, and thus must think very carefully about their strategy) and realtor listings.

Thanks! What does your PM charge for their services? Is it based on % of rent received or is it a fixed rate?

Also, do they market your property for you as well? I'm hoping to rent out my place at some point and move into the city.

[seiketsu]

Originally Posted by FastRider6

Thanks! What does your PM charge for their services? Is it based on % of rent received or is it a fixed rate?

Also, do they market your property for you as well? I'm hoping to rent out my place at some point and move into the city.

Mine is a fixed rate. PMs will market your property for a fee. I tried finding a tenant myself (craigslist, facebook, bulletin boards, etc) and, after a couple of weeks of non-responses and flaky inquirers who scheduled appointments but didn't show, realized that the PM's fee was well-earned.