Rental Properties
All you need to know about rental property investing and landlording.
First and foremost; ALWAYS ALWAYS ALWAYS ask experienced investors in your area who they use for property management. If they don't use a manager, ask them if they know of any other good managers other investors they know use.
The following is the list of questions I ask a property manager when I first interview them over the phone before setting up a meeting. If you don't like their answers, it will save you from wasting your time on a face-to-face meeting. There are plenty of managers in any decent sized metropolitan area, so there is no excuse for just hiring the first person who is willing to manage your properties for you at a reasonable rate.
1. What are your management fees (% of rents, new tenant fees, lease renewal, etc)?
2. What services does that fee cover?
3. What does your company charge for other services(evictions, finding new tenants, lease-options exercised)?
4. Is the maintenance you use in-house, or just a contractor frequently used? Do they charge by the hour, or the job? How much?
5. Do you manage properties in the (area you own property) area? If so, how many?
6. How many property managers do you have?
7. How many units does each manage on average?
8. How long has your company been in business?
9. What is the average length you’ve managed the client’s properties for?
10. Do you manage any lease-options/rent-to-own properties? (if you have any or plan on having any)
11. What info do you provide the owner with on a monthly basis? What do you need the owner to do on a monthly basis? How many phone calls to the owner per month on average?
12. How do you advertise and market the properties?
13. Could you email me references right now? (Make sure you call their references!)
Good LUCK!
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Filed under Rental Properties by mattmiller
Buying rental property is supposed to provide you with long term passive income and increased net worth. If purchased at a good price with good terms, even the most challenging tenants will prove to be only a minor inconvenience on your way to real estate investing wealth. But, whether it is not paying rent, damaging your property, or even suing you, a trouble tenant is a landlord’s biggest headache. Here are 5 tips to help you build your real estate portfolio while avoiding a costly bad tenant.
1) Always have prospective tenants fill out a rental application.
Many sample rental applications can be found online and downloaded for free. It is important that you not ask any “discriminatory” questions on the application, as it may be later used against you in a lawsuit. It is important to find out where they lived before and their previous landlords’ contact info, how much money they make, as well as asking a couple of general questions regarding their credit.
Full article… Real Estate Investing Landlord Tips – Preventing Trouble Tenants
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Filed under Rental Properties by mattmiller
