How hard is it to manage one rental property?

[Electrician4you]

Originally Posted by gentlearts

I agree, the kid was happy when she was being a hard ass on his behalf, but now for whatever reason he doesn't like her. I have his POA and I got this PM in the first place, since he is a soldier and isn't around a lot of the time, so I think he just wants someone else he feels more comfortable with.

The contract says it terminates upon completion of a lease, or 90 days. She is trying to charge him for 3 mos fees despite the fact that it was at the completion of the lease. According to a family friend lawyer, she is bluffing.

Any way, y'all are right and we aren't going to offer to manage it.

Did anywhere in the lease state some sort of notice by either party to be given of intent to terminate or a continuation if x condition is not completed? I ask only because most leases have some specific termination/continuation steps that must be taken where either party must notify the other of termination but not necessarily of continuation.

Originally Posted by CptnRn

Any person with average intelligence can manage a rental property, if they bother to educate themselves on their state laws and how to do that properly. You can find some excellent guides here as well as lease contracts written for your state laws. Landlords, Rental Property & Property Management - Nolo.com

This is very true. But it is still a lot of work. In the beginning and throughout its course. But my concern is really getting into the "family" involved business. That just up's the ante that much more. Your decisions now affect your sons finances. How much work are you willing to put in it? The 2am emergency or the weekend this needs to be repaired? How about the guy that won't pay rent and you gotta evict. You gotta know how to do it or you're prolonging the torture. Some like CptnRN or myself seem willing to do it. I can juggle a few bowling pins at once but I'm doing it because this is my added income and eventually part of the retirement plan.
When I was a young idiot boy I lost a lot of money over the years when I rented. I didn't know what I was really doing. But eventually you learn. But you will lose money. Sometimes a good chunk. Eventually I learned what not to do. I still am learning what not to do 20 years later. Being a LL isn't for everyone.

Getting involved with family or friends in any business is imo as bad as renting to them

[NoMoreSnowForMe]

OP, I completely understand your situation. My daughter and I had a royal riff over her expecting me to manage her rental, yet criticizing every thing I did on her behalf - while she went off to the beach with her friends.

We love our kids, but there comes a time when we have to let them deal with their own decisions. I got mad at her for leaving everything to me, and she actually got mad at me - for getting mad at her - saying my love should be unconditional (as in, I should manage her rental for her for free, while she goes vacationing, and yet put up with her criticisms as to how I managed it, as well).

Some of us have spoiled our kids, and there comes a time and age when we need to say, sorry, hon, this is YOUR rental, maybe you should look for another manager if you don't like this one...but it won't be me.

I also took over after a bad manager she had hired that she was unhappy with (for good reason), but then she was unhappy with my free services.

So, per my personal experience, tell your son that you totally agree that this manager is horrible, and wish him well with the next one - which won't be you.

He'll probably be mad at you over that, too. You probably can't win for losing - but at least you'll save yourself a lot of time and hassle in being his unappreciated free manager.

I love my daughter, don't get me wrong, but my advice is to say no (or don't volunteer) to your son on this one.

[STT Resident]

Originally Posted by gentlearts

Any way, y'all are right and we aren't going to offer to manage it.

A wise decision!