Any landlords on ATOT?

[Arkitech]

I'm going to look for a few rental properties this weekend, I'm thinking of getting start with a few single family homes and duplexes and eventually move up from there. I've already started working on lease agreements and rental applications for future tenants. I've also started doing research on Illinois renter laws and similar information. My only concern though is being able to find a property manager, I'd like to find a person or a firm who will do a good job but not try to rob me blind.


Anyone ever use a prop manager before? Was your experience good or bad?

 

[lightpants]

I don't use a property manager, why would you need one? Couldn't you do it yourself? For a few units, I wouldn't want the extra expense.

 

[Arkitech]

Originally posted by: lightpants
I don't use a property manager, why would you need one? Couldn't you do it yourself? For a few units, I wouldn't want the extra expense.

I'm not really handy and I usually don't have much time after work to take on any additional projects. It would be a lot easier for me to build a good relationship with a manager now, especially since my goal is to buy and rent out as much property as I can.

 

[Red Dawn]

Originally posted by: Arkitech

Originally posted by: lightpants
I don't use a property manager, why would you need one? Couldn't you do it yourself? For a few units, I wouldn't want the extra expense.

I'm not really handy and I usually don't have much time after work to take on any additional projects. It would be a lot easier for me to build a good relationship with a manager now, especially since my goal is to buy and rent out as much property as I can.

Keep in mind that a Property Mananger has many units to oversee and will not give your property the attention you would as the owner.

Ex Property Manager

 

[Tiamat]

Im coming from the other side of the story... As a leasee, whenever there is a problem with my apartment, the property managers dont give 2 sh1ts. Its so very hard to get any work order done. They also hire cheap labor that do a half-ass job in repair. They look over so many pieces of property, that one persons problem isnt enough justification for them to get off their butts. It took them 3 weeks for them to fix my bathroom (Upstairs were getting new bathroom, water leaked through my cieling and left 8" deep puddle that leaked into my dining room. There were undesirables in the puddle from upstairs. Needless to say, I had to move in to my gf's place for 3 weeks because it was unbearable.

When I called them, they said that they would get to fixing when they could. I was bull sh1t. I thought this type of work order would be taken care of within 2 days cause of the health risks.

Sigh... end rant.

 

[lightpants]

I think most Realtors will manage your property for you, and they will have someone to do the maintenance. I prefer a more "hands on" approach, I think it helps to be available to your Tennants. You can fix small problems before they become large ones. If your property is in good condition, and you only have a few, I would recommend doing it yourself in the beginning. You can always hire someone to make any repairs for you.

MAKE SURE YOU CHECK REFERENCES FOR YOUR TENNANTS

This is the most important advice I can give you. Even if a prospective tenant appears to be a fine upstanding member of society, and wants to give you cash on the spot to move in, make sure you check them out. One bad tenant can destroy a property and put you in positions you don't want to be in.

 

[Ausm]

Originally posted by: Arkitech
I'm going to look for a few rental properties this weekend, I'm thinking of getting start with a few single family homes and duplexes and eventually move up from there. I've already started working on lease agreements and rental applications for future tenants. I've also started doing research on Illinois renter laws and similar information. My only concern though is being able to find a property manager, I'd like to find a person or a firm who will do a good job but not try to rob me blind.


Anyone ever use a prop manager before? Was your experience good or bad?

I guy I work with owns a condo and he has a property manager. he seems very happy with his set up and the amount of free time he has. The property manager has a spending cap limit for normal wear and tear but has to report to the owner for large expenditures.

The property manager is also responsible for busting deadbeat tenants balls for rent also. 😉 However ,if it comes down to eviction then the owner must show up for court.



Ausm

 

[Arkitech]

Originally posted by: Tiamat
Im coming from the other side of the story... As a leasee, whenever there is a problem with my apartment, the property managers dont give 2 sh1ts. Its so very hard to get any work order done. They also hire cheap labor that do a half-ass job in repair. They look over so many pieces of property, that one persons problem isnt enough justification for them to get off their butts. It took them 3 weeks for them to fix my bathroom (Upstairs were getting new bathroom, water leaked through my cieling and left 8" deep puddle that leaked into my dining room. There were undesirables in the puddle from upstairs. Needless to say, I had to move in to my gf's place for 3 weeks because it was unbearable.

When I called them, they said that they would get to fixing when they could. I was bull sh1t. I thought this type of work order would be taken care of within 2 days cause of the health risks.

Sigh... end rant.

I definitely don't want to leave any tenants in a bind like that. In my opinion if I can keep the tenants happy then there may be less problems down the road.

 

[Arkitech]

Originally posted by: Red Dawn

Originally posted by: Arkitech

Originally posted by: lightpants
I don't use a property manager, why would you need one? Couldn't you do it yourself? For a few units, I wouldn't want the extra expense.

I'm not really handy and I usually don't have much time after work to take on any additional projects. It would be a lot easier for me to build a good relationship with a manager now, especially since my goal is to buy and rent out as much property as I can.

Keep in mind that a Property Mananger has many units to oversee and will not give your property the attention you would as the owner.

Ex Property Manager

Yeah that's definitely another angle to look at. Did you work for yourself or were you with a prop mgmt company?

 

[Arkitech]

Originally posted by: Ausm

Originally posted by: Arkitech
I'm going to look for a few rental properties this weekend, I'm thinking of getting start with a few single family homes and duplexes and eventually move up from there. I've already started working on lease agreements and rental applications for future tenants. I've also started doing research on Illinois renter laws and similar information. My only concern though is being able to find a property manager, I'd like to find a person or a firm who will do a good job but not try to rob me blind.


Anyone ever use a prop manager before? Was your experience good or bad?

I guy I work with owns a condo and he has a property manager. he seems very happy with his set up and the amount of free time he has. The property manager has a spending cap limit for normal wear and tear but has to report to the owner for large expenditures.

The property manager is also responsible for busting deadbeat tenants balls for rent also. 😉 However ,if it comes down to eviction then the owner must show up for court.



Ausm

That seems to be the best way to handle things in my opinion, to put a cap on expenditures.

I've been working on kind of a rough plan I'd like to put in place with any prospective managers I work with.

1. I would setup a voicemail box for tenants to call 24 hours a day. The VM would page me as well as the prop mgr that way I can verify any work or repairs that are being done are legitimate. Also I would be the only person who could delete voicemails to ensure everything is on the up and up.

2. I guess I'd have to work out a response time on when calls should be answered.

3. I'd offer a small bonus (every month) to the manager if he was able encourage tenants to pay the rent early by a specified amount of days

4. Prop mgr would do tenant interviews but final authorization would need to go through me