Property Manager Archives

What to Know Before You Invest in a Rental Property

Buying a second home may seem like an extravagance in today’s cash-strapped economy, but it can potentially become a secondary source of income. With low home prices and interest rates, this may be an ideal time to become a real estate investor. However, you’ll want to conduct your research carefully and keep the following tips in mind before you invest in real estate and sink your money into a rental or holiday property. Invest in Real Estate and Rental Property Look at Different Types of Investments Before you invest in real estate and make this significant investment, you’ll need to look at all of your options closely. Some investors look for a vacation home that they can rent out on … Read more

How to Evaluate the Rate of Return on Rental Property

by Hank Coleman

Being a landlord is a great way to build your wealth and increase your net worth. In fact, Money magazine listed becoming a landlord as one of its highest-rated ways for the average American citizen to become a millionaire. But, how do you calculate a return on rental property? Even after the housing bubble and credit crisis that hit the United States in 2008, real estate is a great way to increase your wealth, save for retirement, and supplement your income with a new stream. So, how do you go about evaluating if rental real estate is right for you? There are a few things that you need to consider when evaluating your options on the return on rental property … Read more

Top 10 Things I Learned About Renting My House

by Hank Coleman

Getting your house ready to rent is a lot like getting it ready to sell. There are several things that I have learned about renting my house along the way that have greatly helped speed up the process. And, there were a few stumbling blocks too that could have tripped me up getting my house ready to rent. Here are ten lessons that I learned about renting out my house and hopefully it will help you as well. Ten Things I Learned About Renting My House First Impressions Matter The other day we were surprised with a tree that fell down in our yard and a call from the property manager that a guy wanted to come by and look … Read more

The Unintended Costs Of Being A Landlord

by Hank Coleman

My wife and I recently listed out home for rent with a property manager. I found a great property management company that I have really enjoyed working with after asking tons of questions before hiring a property manager.

Now that we have started to get the ball rolling finding renters and even showing our house to potential renters I have found a few expenses that have cropped up. Some of these costs were expected, but a few of these new expenses have kind of caught me a little off guard.

Unexpected Expenses Of Being A Landlord

Advertising fee with the property manager – $100
Getting our HVAC tuned up – $100
Purchasing a home warranty – $500 per yearOverdue yard maintenance – $300
Storage unit since we are downsizing – $150 a month
Moving truck rental – $300
Maintenance fund our property manager requested – $500
Carpet steam cleaning – $200

TOTAL INITIAL COSTS – $2,150

Twenty Questions To Ask A Property Manager Before You Hire

by Hank Coleman

More homeowners are finding themselves as accidentally landlords recently. Whether you are moving for a new job or relocating to be closer to home, many Americans are finding that they cannot sell their homes for what they owe on their mortgages. But, do you know the right questions to ask a property manager?

So, if you are a landlord, the next question becomes whether or not you hire a property manager? A property manager will help you find tenants, fix problems with your home, and collect the rent or do you do it all yourself.

My wife and I have recently decided to rent out our home. And, we have decided to hire a property manager. We are currently interviewing three different companies that were recommended by friends and coworkers. Of course, this is not a decision to be made lightly.

Questions To Ask A Property Manager

Here are several questions that you should ask a property manager before hiring them.

How many properties do they manage? – One property manager than I interviewed limited the number of properties they handle per person so they can give your property the attention it deserves.

What are the costs? – Do they take an industry norm of 10% of the rent as a fee? Is there another feed every time the home is vacant and a new tenant is needed? Is advertising costs wrapped up in the monthly fee?