I would like to rent a property, but I’m moving out of state and won’t be anywhere near to manage it. I would like to avoid the fees associated with a property manager (eats at my profits) and I don’t have family in the area to look after it.
Anyone have experience with this? I won’t be renting for less than one-year contract, and it would be easy for me to travel out once a year (business expense write-off) to clean it up and get it ready to rent again. Of course, the cost of traveling out here and doing it myself is nearly as much as a property manager.
What should I do? Property manager or try to go it alone? By the way, I’m in a military town and can rent to military personnel that are typically very responsible and I know how to garnish their wages, so I’m not real worried about getting a bum tenant. I just want to see what others think.
Nate,
If it were me, I’d hand it off to someone else. I don’t think anyone can really answer this for you as there are too many variables.
What if you get several sets of tenants in a row you end up having to evict? Yes, I agree it would be nice to have at least a year between management issues, but that may not end up being reality.
Alternatively, give it a go initially. You can always hire someone later.
I would have a hard time managing a property far away. Sell the place at a discount and get rid of the potential headache or hire a good management company if you need to keep the property for some reason. Do not try and see because you could get stuck the first time with a bad tenant and could cost you hundreds to get them and and hopefully get a better one next time. At $50 per month or so and a % of the first months rent they will find better tenants and give you peace of mind as well. If you can not afford to hire the managers ten again dump the property.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737