Hi all,
I have a financed house where no one lives but for various reasons (including a low interest rate), I would like to keep it and rent it out. It seems the house could rent for about $2.5k monthly.
The thing is, I know nothing about how to be a landlord or fix things, etc. I also work full time and take classes at night, so I’m really not super interested in being a landlord (although I do live fairly close to the property, and I have not completely rejected the idea of taking on that role).
I was wondering if a property management company would make sense for me. Most of the companies I’ve looked at charge first month’s rent to find someone to rent, and then about $100 monthly after that.
I’m wondering whether people have found property management companies worth it or not for just a single house. I’ve also heard that several tax benefits are lost by using a rental company, although I’m not really sure I understood the specifics on that.
I’d appreciate any insights or advice!
I’ve been a landlord twice – once I rented out my condo when I went overseas for a few years for work and I used to own a long term rental property in another state. Both times I had a management company and I wouldn’t do it any other way. For the condo rental I paid 7% of rent per month as the management fee (this was a discount because I actually found the realtor who acted as the listing agent first and she had a relationship with the property management company that clients who used her paid 7% instead of 10%. She got first month’s rent as her commission). For the long term rental house, I paid 10% of rent.
With a property management company I had exactly zero contact with any of my tenants which was exactly how I liked it. They were the ones who had to go let the HVAC repair guy in and sign the forms (repair costs deducted out of the rent payment they sent me once a month). They were the ones who had to have the person-to-person interaction with the tenants when they broke up THREE DAYS after signing a 1 year lease extension and were having an existential melt down on who was going to stay and who was going to move out (spoiler: they both moved out and didn’t pay that months’ rent so I kept their deposit). They produced all the paperwork I needed for tax season (a 1099-MISC and a detailed breakdown of all the incomings and outgoings. I actually had a copy of this last one that I kept for myself, but it’s always nice to have a double check of the #s).
Yes, just pick a good one that runs a credit check. Otherwise you get screwed
Long distance real estate investing by David Greene. This book will have all the answers you need, also explains how to get a good management company.
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