Security Posted May 19, 2014 Posted May 19, 2014 (edited) My friend had a good idea, that I would do if I did not hire a management company for my property. I would not tell the renters you are not the actual owner. Tell them you work for the person who is the owner and it is your job to collect the rent. Edited May 19, 2014 by Security
Miyagi-Do Karate Posted May 19, 2014 Posted May 19, 2014 How much does the management service cost? If you could make the margins work I would think this would be a nobrainer to hire them even if they cut into your cash flow. Who has time to deal with all of this stuff, especially if you have a demanding job/wife/kids. Exactly my thinking. They take 10 percent of the monthly rent for the fee. Even with that and all my costs, I am still making a little profit each month. I am not looking to live off my rental income; just kind of hold the property while I pay it off and can maybe re-sell in the future at a higher price. (This was a townhouse that we used to live in).
PromoTheRobot Posted May 19, 2014 Author Posted May 19, 2014 My friend had a good idea, that I would do if I did not hire a management company for my property. I would not tell the renters you are the actual owner. Tell them you work for the person who is the owner and it is your job to collect the rent. I've read that in several places. Easier to blame "the a--hole who owns this dump" for being inflexible. Yes, we plan to buy close by, like 15 minutes from where we live.
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