Rental Property and Absentee Landlording

[usmarinemike]

It's that time again to get a new tenant. Thing is, my property manager is getting out of the business. Over the past two years, there has been virtually nothing that I couldn't handle from where I am or have my brother in law go over and handle. I firmly believe that the key to having a good rental property experience is to find the best tenants and to keep the relationship nonadversarial. I almost can't justify burning over 100 bucks a month for someone to collect and deposit the rent. So does anybody do it without a property manager? Has anybody been burned by not having one? Thanks.

 

[Gus Gorilla]

I've been doing one for 17 months. It has worked so far. The rent is always in the mail by or before the due date. Even with mail time it usually gets here by the 5th. I found a good set of people and as you said, keep it non adversarial. It's a young married college couple. I took a small risk on them being so young but I interviewed them face to face in the house and required proof of employment, references, etc. In 17 months I've only been back 2 times. Not because of the house, but because it's home. I have had to call some professionals to take care of small things as well as one or two small favors from a friend but all in all it's been good. No major drama. No major failures.
Almost as important is having a solid house. So long as nothing breaks and the rent is on time nobody gets hurt.
I don't want to do it. Overall I don't like the feeling of being so far from my property. Given the chance I would sell but everyone knows how well that is going currently.
So there's my two cents. It's not a long landlording history but it's something. I'm sure there are many who have had bad experiences so I consider myself lucky.

 

[The Chief]

If you are the sandbox, with unknown tenants in your house, a property manager makes some sense. If you are close by or have relatives, (good friend) close by a PM is a waste of money. As stated, you need to screen your tenants well. Non-adversarial in all situations, flexible on trivial matters but hard nosed on important issues. If things start getting to much to handle, you can then get a PM.

A closing thought: There just might be a good property manager out there that actually earn their pay.