I’ve recently had to start interviewing new property managers. At the same time I started my search, I had a client who was doing the same thing. He happened to ask me a question at exactly the same time I was wondering the question myself: Should I go with the large property management company or an individual property manager? The two potential options for a new manager that he ...
The items below are all things I hear repeatedly by investors; they aren’t necessarily misconceptions for every investor, though. In particular, investors just starting out need to be aware of the following: 1. Wholesaling. Everyone hears how easy wholesaling is and how you can make soooo much money doing it. Yes you can make a lot of money, but it’s not easy. It takes mega amounts of work. Additionally, ...
Oh, property management — such a love/hate concept. On one hand, I absolutely love you because you are the reason I don’t have to spend any time (or brain power) on my real estate investments. On the other hand, you really test my sanity sometimes! If you have invested outside of your local area or you live close to your investments but prefer someone with more expertise or interest ...
Long distance relationships get a bad rap. They’re complicated, messy and simply don’t work, right? When it comes to real estate, however, distance is a good thing. Why? Think about it in terms of farming. Real estate investors grow wealth; farmers grow food. Successful farmers usually live apart from their farms (even if it’s just half a mile down the road). Gardeners grow their greens in their ...
When a thunderstorm hits Atlanta, knocks off siding and parts of the roof of one of my rental properties, and I’m in Nicaragua. The Reality If I didn’t have a property manager looking over this house and I managed it myself, how would this have played out? I would have had to take the call from the tenant about the damage, coordinated with the insurance company’s inspector ...
To invest out-of-state or to not invest out-of-state? That is the question. You mean I might have to trust someone else to take care of my property? Have you lost your mind? Yes, I have lost my mind. Welcome to the idea of professional property management. Property managers don’t have good reputations (and rightfully so in most cases). I get it. I actually don’t argue the reputation because ...
