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My family has been in the rental business for quite sometime. I guess I have followed in their footsteps, so I actually manage my own properties. I have two rental properties, which consist of three units and they are both minutes from where I live.
Management companies make sense if you do not live near the property and don't have the time to show and sort though the prospective tenants and maintain/supervise repairs.
Most management companies will charge approx 10% of the gross rent on average. If you have the time, patience, and knowhow it will be one less expense if you manage it yourself. My properties are both on busy roads, so all I do is put a rent sign in the yard and they rent themselves. Surprisingly I have found tenants from all over the country this way, you will be surprised who rides by your property. You may also advertise in the local paper or craigslist.
Theres a lot involved in managing your own property:
Advertising the property,
Showing the property to prospective tenants,
Screening the candidates by requiring appications,
Evaluating background, credit, personal, and employment references,
Maintaining the property or schedule maintenance,
Periodically inspect the property to make sure tenants comply with policies,
Organize expenses and paperwork for tax time
If your property is in Paw Paw that would be quite a drive for you to show the property. I have had several occasions where a person requests to see the property at a certain time, but never shows. So take that into consideration. Something like that for you would ruin your whole day.
I know in Martinsburg there is Cherry Properties and Phenix Group that manages properties, I am not sure if they serve the Paw Paw area.
Thanks for the info. We are about an hour away. Like you we had someone really lowball us with an offer that we know he was just going to rent the property. We went there every weekend until we moved to WV. We have been paying the mortgage taxes..etc so it wouldn't be a burden if we did get non-paying tenant just a hassle but the main thing is that we want it to get destroyed.
Thanks for the info. We are about an hour away. Like you we had someone really lowball us with an offer that we know he was just going to rent the property. We went there every weekend until we moved to WV. We have been paying the mortgage taxes..etc so it wouldn't be a burden if we did get non-paying tenant just a hassle but the main thing is that we want it to get destroyed.
I hear you, nothing is worse than seeing your place trashed. For the most part the damage done is cosmetic and can be fixed fairly easy: Replace carpet, paint, remove trash. However, this still costs money and sometimes it does outweigh the security deposit. You just need to make sure you have a good repair fund set aside. The ideal tenant is a single professional or married couple, however you take a chance with any tenant.
Did you find your renters on your own or did you go through a company. We have a property that we have been trying to sell in Paw Paw that is not going anywhere and have been thinking about renting it out. Because it is a mobile home I am worried about damages and of course getting good renters that pay on time.
If you have any advise, I am open to hear the good, the bad and the ugly, lol.
Paw Paw is a tough market, especially for a manufactured home, and as RD said the rental business is just that, a business that takes the time to make the money.
If it's a single wide, you might consider just getting it rented for as long as you can, because the mobile doesn't contribute much value to the property and can be replaced fairly inexpensively. I've known people who make a good living by renting older single wide mobile homes. When it's past the point of repair, they just drag another used $5,000 house onto the site, dress it up a bit and rent it out again.
But if you really want to sell it, Paw Paw is the problem. Marketing times there are long. Values/prices haven't declined as much as the rest of Morgan & Berkeley, but there are not many buyers looking for that area, so it takes alot longer to sell, and you have to price it right because there are so few buyers.
If you want a professional opinion of a value, PM me and I can give you a price to appraise it.
Also when it comes to fighting your RE taxes, there is a set time each year when you can challenge your assesment. Sometimes it helps, sometimes it doesn't.
We have a property that we have been trying to sell in Paw Paw that is not going anywhere and have been thinking about renting it out. Because it is a mobile home I am worried about damages and of course getting good renters that pay on time.
Hi,
Sorry to make this my first post (without an intro. first), but I've been looking to rent (and maybe purchase) in that area. Could you tell me a little more about the property (DM if you prefer)?
For rental, I can provide great references. The home I live in now is a historic property (built about 1775) and is owned by Maryland Park Service and administered by a "Friends of..." group. I have been here 5 years and am as much caretaker as tenant. The only reason I am moving is that the house will be closed Oct. 31 for restoration and re-opened as part of a living history program.
Sorry to make this my first post (without an intro. first), but I've been looking to rent (and maybe purchase) in that area. Could you tell me a little more about the property (DM if you prefer)?
For rental, I can provide great references. The home I live in now is a historic property (built about 1775) and is owned by Maryland Park Service and administered by a "Friends of..." group. I have been here 5 years and am as much caretaker as tenant. The only reason I am moving is that the house will be closed Oct. 31 for restoration and re-opened as part of a living history program.
It is a double wide built in 2003. It has 3 bedrooms and 2 baths with a fireplace. The house has never been lived in since we only used it on the weekends.
I'm not into trailers per se, Janipoo...but that is a very good price for that property...very good!
2 acres? are you kidding?
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