Investor=Property Mgr.

[donksky]

- If you manage property yourself, on average, how much time/hassle does it take? Do you get called 2x a month, what`s the frequent issue?
- Or have any of you just used one tenant to maintain things? If so, how do you compensate them-how do they handle things?
- Or has anyone self-managed but kept local handymen/contractors on call-if so , how?
I know property mgr. is best but it may be hard to get one handling just 1 or 2 residential houses in a far-away city...this dilemma`s been keeping me from jumping in.thx

 

[SamEfford]

I have had calls every week, then I dont hear from them for 2 months. It all depends on the property and the tenant.

 

[gambetti]

Hello Donna,

You will find that to a large extent it will depend on the tenants that you choose.

We had a great tenant for 2+ years who was in the trades and who choose to do all the work on the apartment we were renting him. He put in all the work and only asked to be compensated for the materials that he had to purchase. He actually installed 5 new windows and asked for only $700 for the windows themselves (which he found on a super sale !!). We then opted to give him a gift thank you ($150) to show our appreciation.
If you choose to ask your tenants to perform some of the work, find someone in the trades - they will be better with their hands than white collar workers .. like me :O )

I would suggest to new real estate investors to do their own property management for the first 6-9 months. This will give you a better appreciation of what a property manager will need to do, and give you a good experience for what to ask once you start looking for a property management firm.

The amount of time will also depend on the status of your home/apartment. A newly update property will obviously require much less maintenance than a property that has not been maintained as thoroughly over several years. Preventive maintenance in this case helps tremendously.

I hope this helps.

Claudio :O )

 

[Jana]

Hi Donna
From one lady property investor/manager to another, : )
My strategy is to purchase newer properties, 10yrs or less, so I don`t have much problems/calls from tenants since I manage our local properties. Though when something goes wrong, I`ve hired handy man to go in and fix minor things like sink washers etc. and I pay him by the job. If it`s something serious I call certified professionals, who will gurantee their work, but that only happened twice in the 5 yrs.
There is always a way to make things happen, don`t let this one stop you.

Happy investing.

Jana, Calgary

www.sunpar.com