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10-30-2009, 07:44 PM
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Senior Member
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Join Date: Dec 2008
936 posts, read 390,584 times
Reputation: 471
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Do I need a Property Manager for my 10 units?
I have inherited 5 duplexes which have been in our family for 50 years. Most of this time my mother used "managers" who never checked on work being properly done, etc. Now DH and I have moved back home and are taking a real hands on approach to this property. DH works from home and is pretty flexible with hours and very handy. We are seeing how much money is spent on labor for such ridiculous jobs. I'm a stay at home Mom and have time and talent to interview prospective tenants, draw up papers and find pros to do work DH can't do.
An absentee landlord pays out the nose for poor repairs, inadequate maintenance and other things so we are thinking of managing these properties ourselves now that we live in the area. What do the Pros on here think?
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10-30-2009, 08:42 PM
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Real Estate Agent
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Join Date: May 2008
Location: Tempe, Arizona
781 posts, read 209,998 times
Reputation: 303
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If you can handle it, then fine. Others don't want the extra work, or have to hire management if out of area. Just be sure to understand your local tenant laws and rights.
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10-30-2009, 09:54 PM
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Realtor
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Join Date: Aug 2007
Location: Columbia, SC
3,546 posts, read 2,207,523 times
Reputation: 1167
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This pro says: I don't know. Do you?
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10-30-2009, 11:36 PM
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Realtor® Extraordinaire
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Join Date: Mar 2008
Location: State of paranoia
875 posts, read 538,766 times
Reputation: 665
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The answer is ... it depends.
We manage our own - though sometimes I'd love to hand over the reins to an impartial third party, I'm far too cheap to hand over the cash.
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10-30-2009, 11:43 PM
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it's all good!
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Join Date: Jan 2009
Location: Colorado Springs, CO
1,027 posts, read 395,717 times
Reputation: 770
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You will need to study and understand the landlord / tenant laws of your state. You must understand the fair housing laws, too.
If you can handle treating the property as a business, it can work. See if you can hook up with any local landlord groups. For heaven sake - talk to a good landlord / tenant lawyer - just as you would to set up a new business. Also, have a sit down meeting with a CPA - it's business all the way!
Best wishes.
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